Episode Title: "Laying the Foundation: Setting Obtainable Production Goals with Dr. Sten Ericson"

Introduction: Welcome to another episode of Toolbox Tuesday, your go-to podcast for insightful discussions and actionable advice for dental business owners! This week, we kicked off an exciting four-part series on our On Target Tracking system, designed to help you streamline your operations and achieve your financial objectives.

In this first episode, we had the privilege to sit down with Dr. Sten Ericson, a renowned dental practitioner and business innovator, to discuss the importance of setting obtainable production goals and managing overhead expenses.

Key Takeaways:

1. Realizing the Need for Obtainable Goals: Dr. Ericson shared his journey of recognizing the necessity for setting realistic and obtainable production goals in his practice. By underpinning the importance of actionable targets, he highlighted how setting benchmarks that are both ambitious yet attainable can lead to sustained progress and motivation within the team.

2. Reviewing Overhead Expenses: One of the significant turning points Dr. Ericson discussed was understanding his overhead expenses in depth. He emphasized the critical role of regular reviews and audits of financial statements to identify areas where costs could be optimized without compromising the quality of care provided.

3. Outproducing isn't Always the Solution: An eye-opening revelation that Dr. Ericson shared was the hard lesson that outproducing alone isn't the answer to financial woes. He narrated his personal experience with attempting to simply increase production rates to address financial troubles and how it led to burnout and inefficiencies. He underscored the essence of strategic planning and cost management over sheer production increases.

Quotes Worth Remembering:

• "Setting obtainable goals isn't just about hitting numbers—it's about creating a roadmap that inspires and guides your entire team towards growth."
• "Reducing overhead doesn't mean cutting corners; it means smarter spending and investing in what truly adds value to the practice."
• "Trying to outproduce your way out of financial troubles is like running a marathon on a treadmill—you'll expend energy and go nowhere."

Key Actions for Dental Business Owners:

• Begin by assessing your current production goals and adjusting them to be both ambitious and achievable.
• Schedule regular reviews of your financial statements and overhead expenses to pinpoint unnecessary costs.
• Focus on strategic planning and efficiency improvements rather than simply increasing your workload.

Closing Thoughts: This episode set a strong foundation for our new series, offering invaluable insights from Dr. Sten Ericson’s experiences. His story is a testament to the power of proper planning, goal-setting, and financial prudence. Make sure to join us next week as we continue our series on the On Target Tracking system, bringing you more expert advice and practical tools to enhance your dental practice.

Call to Action: If you found this episode helpful, don’t forget to subscribe to our podcast, leave a review, and share it with your network. Stay tuned for the next episode where we'll delve deeper into optimizing operational efficiencies!

Thank you for tuning in to Toolbox Tuesday. Until next time, keep your toolkit ready and your goals in sight!

Welcome back to another edition of Toolbox Tuesday, the weekly podcast series from Pathway Dental Solutions that equips dentists with the tools and strategies they need to build profitable practices. This week, we tackle a crucial topic: Financial and Cancellation Policies and how supporting these policies can free doctors to focus solely on their production schedules.

The Importance of Solid Financial and Cancellation Policies

Establishing clear financial and cancellation policies is essential for the smooth operation of any dental practice. These policies not only set expectations for patients but also empower your team to handle sensitive financial and scheduling issues effectively. By having robust policies in place, doctors can avoid getting bogged down in conversations about fees or missed appointments, allowing them to concentrate on providing excellent patient care and maximizing productivity.

Key Components of Effective Policies

1. Transparent Financial Policy:

   • Why it Matters: Transparency in financial matters builds trust with patients and reduces misunderstandings.
   • Key Elements: Clearly outline payment options, insurance processing, and what is expected at each visit. Provide this information in writing and ensure that patients acknowledge it.

2. Firm Cancellation Policy:

   • Why it Matters: A clear cancellation policy helps manage scheduling efficiently and minimizes lost revenue from no-shows or last-minute cancellations.
   • Key Elements: Specify the required notice period for canceling or rescheduling appointments, and outline any fees associated with late cancellations or no-shows.

Supporting Your Team

For these policies to be effective, it's crucial that doctors fully support their team in upholding them. Here are some tips discussed in this week's episode:

1. Empower Your Team:

   • Strategy: Train your team members thoroughly on both the financial and cancellation policies. Ensure they are comfortable explaining these policies to patients and handling any pushback.
   • Result: When the team is empowered, they can handle these conversations confidently, ensuring consistency and reducing the involvement of the doctors.

2. Back Your Team’s Decisions:

   • Strategy: Stand firm behind your team's enforcement of the policies. When patients see that the entire practice, including the doctors, supports these rules, they are more likely to comply.
   • Result: Doctors can focus on dental care and production without being pulled into financial or scheduling disputes.

3. Consistency is Key:

   • Strategy: Ensure that these policies are consistently applied to all patients. Consistency prevents confusion and shows that the practice is fair and professional.
   • Result: A more orderly practice where patients understand and respect the rules.

Benefits of Delegation

By delegating the enforcement of financial and cancellation policies to the team, doctors can:

• Increase Focus on Production: Reduced interruptions mean that doctors can dedicate more time to patient care and trea