• 10 WAYS TO TRANSFORM YOUR PRACTICE AND TRANSFORM YOUR LIFE!

    Sponsored Content August 18, 2021

     

    As endodontic coaches, we help doctors maximize success by creating growing stress-free practices, eliminating debt and financial limits forever, and significantly transforming their enjoyment of the profession and life outside the practice. Here’s the top ways we help doctors to achieve their vision:

    1. EARN MORE

    While money isn’t the most important thing in life, it sure helps with the things that are. The average doctor can double or even triple their take-home income. The key metric in every endodontic practice is the number of cases completed per day.

    The typical endodontist completes around 3.5 cases per day on average, and they work about 210 days annually (after vacation time and holiday days). They generate close to $1 million in annual revenues and take home around $350,000 on average. Assuming the approximate value of one case is $1350 (based on those typical practice numbers), what is the impact of adding one or more cases per day?

    • 1 more case per day results in $283,000 more revenues.
    • 2 more cases per day results in $567,000 more revenues.
    • 3 more cases per day results in $850,000 more revenues.

    Team costs and major operating expenses don’t change when you complete more cases, so those increased revenues are essentially pure profit. Even if 10% of increased revenues are used for clinical supplies and an improved marketing budget, it’s easy to see how you can double or triple your take-home income.

    2.  SCHEDULE PRODUCTIVELY

    With advances in materials, instruments and technology like cone beam, high-quality root canal therapy has never been more predictable or efficient. The vast majority of cases, from bur-to-tooth to obturation, can be completed by an experienced endodontist in less than an hour in a single patient visit. If the average doctor is completing only 3 to 4 cases per day, what are they doing during the rest of their time?

    Scheduling based on the actual expected time to efficiently complete a case is the foundation for improved productivity. It creates time in the doctor’s schedule so that growth can occur. Most endodontists are in the practice for 9 hours a day, which should allow effortless completion of at least 6 or 7 cases with plenty of time left over for all the other doctor essentials that need to happen daily.

    3.  OPTIMIZE TEAM DELEGATION

    Focusing on “doctor essentials” is a key driver for growth, and doctors should only be doing what is legally required (with a few tweaks for personal preferences). Everything else should be handled by their highly trained and professional team. The primary job of every team member is to ensure the doctor has a stress-free productive schedule every single day.

    For the admin team, that includes ensuring patients are appointed properly based on practice goals and the scheduling template, that patients arrive on time, that patients are prepared in advance to accept treatment immediately following diagnosis, and that patients are prepared for their financial costs. For assistants, that means ensuring the treatment room is prepared, that patient symptoms and imaging are pre-assessed to the doctor’s preferences before the doctor enters the room, and that the doctor is fully supported chairside so treatment occurs without delay or disorganization.

    4.  INCREASE REFERRALS

    A patient in pain needs treatment quickly—ideally the same day. This is possible with efficient scheduling so there are at least 6 to 8 treatment times available everyday, with some always blocked out for same-day appointments. Unlike general dentistry practices, which are largely pre-scheduled well in advance, endodontic practices thrive and grow on rapid short-notice emergency care. GPs learn that it is easier, faster and better for the patient when they refer endodontic care, and especially when they refer the patient to you since the patient returns quickly to resume restorative care in the GP office.

    However, great clinical care is not enough. Every endodontic practice needs a marketing coordinator who builds practice-to-practice relationships with referrers. Marketing must be systematic and focused on connecting with your A, B and C referrers regularly according to an effective relationship marketing strategy. Your marketing coordinator is your practice ambassador who ensures referring offices develop “top of mind” loyalty to your practice—loyalty that translates into more cases being referred.

    5.  ELIMINATE DAILY STRESS

    The typical endodontist will complete over 30,000 cases in a 40-year career. More productive doctors will be closer to 50,000 cases or more. Unless you eliminate daily stress, an endodontic career can feel like a marathon where doctors are always at risk of burnout. That’s why it is so important that every day in your practice is joyful, fun and without stress. Your practice should empower you, rather than pulling you down, and you should be able to leave the practice everyday with energy to enjoy your family and time outside the practice.

    Daily stress comes in many forms: team drama, breakdowns in systems or communications, fearful patients, management issues, financial concerns (particularly in low-productivity practices) and incomplete tasks such as chart notes and referral reports that carry over to the next day. Sometimes you can feel behind before you’ve even seen the first patient of the day. Great practice systems and team training can alleviate stressors and return a sense of control and enjoyment to daily practice.

    6.  CREATE WORK/LIFE BALANCE

    Many endodontists work 4 to 5 days per week and take only a few weeks of vacation per year. When practices are only completing 3 to 4 cases per day and have weak referral marketing, taking time off to enjoy your life is perceived as risky. How much revenue will be lost? Will referring doctors jump ship to a different endodontist if you are not available?

    Your practice should serve your life, and not the other way around. It is completely possible to significantly increase your income, work 3 days per week, and enjoy 10+ weeks of vacation throughout the year. The secret is growing your practice to $1.4 million+ in revenues, strengthening your referral base, and then implementing an associate-based strategy for schedule coverage and additional growth. This gives you the flexibility to align your personal days to match your lifestyle vision.

    7.  ERADICATE DEBT QUICKLY

    Debt is a never-ending cycle for some endodontists that makes them feel their lives are owned by the bank. Plus, once you are in debt, banks are constantly finding ways to keep you in debt as long as possible. Between education debt, practice acquisition debt, practice reinvestment debt, home mortgages, vehicles, lines of credit, credit cards, etc., you can easily find yourself in the position where most of your income is being chewed up by servicing your debts and paying extraordinary amounts of interest to lenders. It’s a huge burden financially and emotionally.

    There is no rational reason to live under the cloud of debt as an endodontist. If you add two cases per day to your practice, that will generate over $500,000 in pre-tax profit annually—over and above your current income. In 5 years, that’s more than $2.5 million in added gross income, which is enough for practically everyone to be virtually debt-free in their practice and their personal life.

    8.  LIVE THE BEST LIFESTYLE

    With debt permanently eliminated, plus the practice producing at high levels, plus work/life balance restored, endodontists can have one of the most enviable lifestyles of any profession. This is the point where life transforms: Imagine easily grossing $750,000 to $1+ million per year while working 3 days per week and 10 weeks off per year. This is not an impractical dream in endodontics; this is very do-able with the effective coaching and business systems.

    When you live life at this level, everything changes. You have the ability to enjoy the most incredible experiences with your family. You have the resources to educate, influence and empower your children (and grandchildren) so they become set up for their best life. Your practice becomes a supercharged place that you love because it is so synchronized with your goals and maximum enjoyment for the profession. It’s a beautiful way to live.

    9.  ACHIEVE FINANCIAL FREEDOM

    Once you become a no-debt/high-productivity/high-lifestyle endodontist, you are so flush with positive cashflow in your life that you can easily save for financial freedom. Financial freedom is often defined as the day you can retire and live out the rest of your life on your savings. A better definition of financial freedom is that you can self-fund all your desired future goals.

    In today’s world, the scope of financial freedom is significantly more than just taking care of yourself and your spouse until your last days. It can include children, grandchildren, extended family, philanthropy, charity, hobbies, community projects, and more. True financial freedom is when you have a vision where you have chosen what your legacy (financial or otherwise) will be to your family and in the world while you are still here and after you have gone.

    10.  RETIRE IN PRACTICE

    Retirement (if that concept even makes sense anymore) is so much more than a few years of travel and then sitting on the porch. People can live active lives into their 80s, 90s and more. The idea of a fixed retirement date only appeals to doctors who are stressed, time-burdened, and want to escape the profession. Doctors who love their practices and love endodontics want to keep practicing as long as possible.

    “Retiring in practice” is the natural progression for doctors who would love to stay in endodontics, while still having the freewheeling flexibility to enjoy more time and pursuits outside the practice. Using an associate-based business strategy, doctors who want a semi-retirement lifestyle can reduce to two days per week when it makes sense economically (based on their financial freedom). In later years, maybe just one day per week, or one week per month, if it suits them. Ultimately, they can continue to own the practice as a business investment, and only spend a day each month on management and leadership.

    STARTING YOUR JOURNEY

    Endo Mastery helps doctor define their vision, create a growing stress-free practice, achieve financial freedom, and live in abundance. Under the leadership of Dr. Ace Goerig, owner and co-founder, our customized personal and practice coaching program works with you and your team to establish effective business systems, improve clinical efficiency, grow referrals, and create a highly-profitable practice that you love. The benefits flow from practice into your life with a huge impact.

    • “You are not going to find anyone more genuinely dedicated to your success in endodontics than Ace and the Endo Mastery team. Even though my practice is achieving higher profits than I ever imagined, it’s more than just money. Endo Mastery transformed my life.”— Dr. Michael Feldman, Long Island NY

    To discover your possibilities, we invite you to schedule a complimentary practice analysis and transformation roadmap with Debra Miller, Director of Coaching.

    • Call 1-800-482-7563 or Schedule Online
      (No obligation. No pressure. We promise.)

    TRANSFORM YOUR PRACTICE, TRANSFORM YOUR LIFE!

    www.endomastery.com  •  info@endomastery.com  •  1-800-482-7563

    Click below to learn more about this company.

    Endo Mastery provides seminars for doctors and teams and professional practice coaching to help you grow and experience the best life possible. Co-founded and owned by Dr. Albert (Ace)...
    Endo Mastery provides seminars for doctors and teams and professional practice coaching to help you grow and experience the best life possible. Co-founded and owned by Dr. Albert (Ace)...