As 2011 is coming to a close, now is a great time to do some "global thinking" about your practice.  Because you are so immersed in providing the best care possible for your patients, it can be easy to lose sight of the big picture.  Specifically, is your business providing the rate of return you envisioned?  Is it running in an optimal and efficient manner? 


Below are some of the key areas you should review to help you answer the above questions.

Staffing:

• Are you missing out on key revenue opportunities by not employing a hygienist?
• Does the amount of staff fit the current size of your practice?
• Have you done an in-depth assessment and review of your employees?  The efficiency of your practice can be dragged down by one incompetent or unmotivated team member.
  
• Do you have a bonus plan in place to reward employees for setting goals?
• Do you have an employee manual that specifies the policies of your office?  You should have one prepared, distribute to each employee, and have them sign off that they have received it.

Equipment & Facilities:

• Your patients expect you to have the latest in technology.  Are you using modern equipment?  If not, you should consider utilizing dental equipment leasing to get up to speed.
• How does your waiting room look?  When was the last time the furniture was replaced?  Are the colors pleasing to the eye?  Are there a variety of magazines available that are current?
• Do you have enough examination rooms to match the number of patients you either have now or expect to have in the future?  If your patients are having to wait a long time for be served, you should consider expanding your facility.

Marketing:

• Have you gauged the effectiveness of your current marketing plan?  When times are tough, many dentists cut back on advertising.  This is a bad idea because although you may be saving expenses, a good marketing plan will strengthen your patient base in good times and bad.
• Do you have a website?  Surprisingly, many dental offices don't which limits their reach to the community.  You don't have to spend thousands of dollars for an elaborate site.  It can be done with a minor outlay.
• Do you have a Facebook page?  It takes little effort to set one up and can help you attain more business.  Your patients should be encouraged to become "fans" of your page so they can stay up to date on your latest offers and news.
• How much do you spend on yellow page advertising?  This medium is quickly becoming less effective as time goes on due to the increased usage of the internet to search for dental offices.   You might consider cutting back the size of your ad.
• Do you have a Google Places page?  It's free and it helps customers find you and learn about your business.
• Do you encourage patients who you know have had a positive experience to do an online review of your practice.  This is one of the best things you can do to increase your business.

Financial:

• Do you receive monthly financial statements?  Many dentists don't have an accounting system in place to receive current results.  Instead, they gather up all the data at year-end to give to their CPA for tax preparation.  Just knowing your production numbers isn't good enough.  You have to know the level of profitability each month.
  
• Do you regularly monitor your collections?  Don't make the mistake of assuming the front office staff has it handled.  Delinquent accounts can get out of hand quickly  Do a monthly review of your system's aging report.  If you have a serious problem beyond the scope of your office's ability to deal with it, call a professional collector like Green Flag Profit Recovery to collect our past due receivables.
• Have you analyzed just how much of the profits you're able to take out of the practice for your benefit?  You should consider working with someone that knows how to maximize wealth like Sandra Simmons of Money Management Solutions.
• Have you analyzed your debt structure?  If you have a variety of debts that require a lot of monthly payments, it could result in a tight cash flow despite profitability.  In such a circumstance, you should consider getting a debt consolidation loan.
• Have you had a meeting with your CPA to see what type of tax-saving opportunities might be available to you?

These questions are just the tip of the iceberg when reviewing your practice, but are some of the most important to answer.