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				<title><![CDATA[Five Minute Dentist]]></title>

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				<itunes:keywords><![CDATA[business,dentist,dentistry,entrepreneur,leadership,management]]></itunes:keywords>

				<itunes:author>Stomato Group</itunes:author>

				<itunes:subtitle><![CDATA[Stomatogroup.com]]></itunes:subtitle>

				<itunes:summary><![CDATA[Five Minute Dentist is your best source of quick insights on the business of dentistry. We cover topics like scheduling optimization, problem solving, inventory management, and leadership skills in about 5 minutes. Five Minute Dentists is a must listen for entrepreneurial minded dentists who want to improve their executive skills and embrace their potential as a CEO of their business. Five Minute Dentist is a production of Stomato Group, a dental practice consulting firm dedicated to building executive leadership skills in dentist CEO's.]]></itunes:summary>

				<description><![CDATA[Five Minute Dentist is your best source of quick insights on the business of dentistry. We cover topics like scheduling optimization, problem solving, inventory management, and leadership skills in about 5 minutes. Five Minute Dentists is a must listen for entrepreneurial minded dentists who want to improve their executive skills and embrace their potential as a CEO of their business. Five Minute Dentist is a production of Stomato Group, a dental practice consulting firm dedicated to building executive leadership skills in dentist CEO's.]]></description>

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					<itunes:name>Jamie Wood</itunes:name>
					<itunes:email>[email protected]</itunes:email>
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						<title><![CDATA[005 - Inventory Management Part 2]]></title>

						<itunes:title><![CDATA[005 - Inventory Management Part 2]]></itunes:title>

						<pubDate>Tue, 23 Jan 2018 02:54:16 GMT</pubDate>

						<itunes:duration>6:48</itunes:duration>

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						<itunes:subtitle><![CDATA[Last time I told you that you’ve got thousands of dollars wasting away on your shelf, and it’s true. All that cash you we all love so much is sitting there trapped in the form of inventory. Wouldn’t it be great if you could translate that...]]></itunes:subtitle>

						<description><![CDATA[<p>Last time I told you that you’ve got thousands of dollars wasting away on your shelf, and it’s true. All that cash you we all love so much is sitting there trapped in the form of inventory. Wouldn’t it be great if you could translate that trapped cash into something that could help generate even more revenue like new equipment? There’s got to be some fancy gizmo that you’ve had your eye on but can’t seem to scrape the capital together for.  But how do you do it? If you think you need to purchase an expensive electronic inventory management system to help optimize your inventory, you’re wrong. All you need is basic arithmetic and a couple of bins. Enter the two bin kanban system.</p> <p> </p> <p>Kanban is a japanese word meaning sign-board or billboard. We get the word from Taichi Ohno, the father of the Toyota production system and pioneer of what we now call Lean. A two bin kanban system is a low-tech, easy to maintain, highly visual method for managing our inventory. And it’s very simple to get up and running on it. Let’s use injectable anesthetic for our example. I’ll use nice round numbers to make the math a little easier. But if you know how to use a calculator, you’ll be set to go with your own numbers.</p> <p> </p> <p>Step 1: Find out how many injectables you go through, on average, in a given day. Let’s say you tracked your usage for a week and found out that you go through 20 a day. (it’s a decent size office). Great! Your daily use rate is 20 per day. Write that number down. 20</p> <p> </p> <p>Step 2: Find out how often your supplier will ship you the product you want. You call up Blenry Shlein or Skrawbman and they tell you they can deliver in two days from when you place an order. Great! Your Supplier Lead time is 2 days. Write that number down. 2</p> <p> </p> <p>Step 3: Define how much buffer stock you want on hand. You’re a little skeptical of this whole japanese bin business, so you say you want an extra 50% on hand, just in case. Great! Your buffer stock is 50%. Add one to it and write that number down. 1.5</p> <p> </p> <p>Alright this next step is really hard, because we’re going to calculate how much stock to put in each bin (there are two of them, remember). Are you ready. The amount of stock you need PER BIN… is your daily use rate (20) times your supplier lead time (2 days). 2 times 20 is…. 40. Now, multiply 40 by your buffer stock number of 1.5. Oh man, you gotta multiply by a decimal, can you do it? 60!</p> <p> </p> <p>Guess what everyone, you just calculated how much stock you need per bin! But why two bins? Start off with two fully stocked bins, and re-order the second you run out of the first bin. Run through the second bin and by the time your new supply of 60 injectables shows up in 2 days, you’ll be down to 20 injectables in the first bin. You just cut your inventory down to 2 and a half days and all you had to do was multiply 3 numbers. But how much cash did you just generate?</p> <p> </p> <p>Let’s say you used to have a 3 months supply of injectables on hand. You work 16 days a month so that’s 320 *3 = 960 injectables. That’s about 20 boxes at $55 a box, and you’ve got your old inventory cost of $1,100 of cash tied up in inventory sitting on your shelf. 2.5 days supply is 60 or just over 1 box worth at $55 a box. $1,100 - $55 = $1,045 that used to be sitting on your shelf in cash that you just… converted to cash! Now rinse and repeat for some high dollar items and you’ve gifted yourself a pretty significant cash infusion. Granted, you only get the benefit one time - while you draw down your existing inventory and hold onto the cash you would have spent on new inventory. But that one-time cash infusion can be the difference maker in upgrading from some old equipment, being able to afford that office remodel that’s been overdue, or investing in some patient relations or marketing efforts that you’ve struggled to find the cash for.</p> <p> </p> <p>Give yourself a pat on the back for sitting through not one, but two podcasts entirely devoted to an ostensibly very boring subject. But, this is why you’re going to be successful, you’re different. See you next time.</p>]]></description>

						<itunes:summary><![CDATA[<p>Last time I told you that you’ve got thousands of dollars wasting away on your shelf, and it’s true. All that cash you we all love so much is sitting there trapped in the form of inventory. Wouldn’t it be great if you could translate that trapped cash into something that could help generate even more revenue like new equipment? There’s got to be some fancy gizmo that you’ve had your eye on but can’t seem to scrape the capital together for.  But how do you do it? If you think you need to purchase an expensive electronic inventory management system to help optimize your inventory, you’re wrong. All you need is basic arithmetic and a couple of bins. Enter the two bin kanban system.</p> <p> </p> <p>Kanban is a japanese word meaning sign-board or billboard. We get the word from Taichi Ohno, the father of the Toyota production system and pioneer of what we now call Lean. A two bin kanban system is a low-tech, easy to maintain, highly visual method for managing our inventory. And it’s very simple to get up and running on it. Let’s use injectable anesthetic for our example. I’ll use nice round numbers to make the math a little easier. But if you know how to use a calculator, you’ll be set to go with your own numbers.</p> <p> </p> <p>Step 1: Find out how many injectables you go through, on average, in a given day. Let’s say you tracked your usage for a week and found out that you go through 20 a day. (it’s a decent size office). Great! Your daily use rate is 20 per day. Write that number down. 20</p> <p> </p> <p>Step 2: Find out how often your supplier will ship you the product you want. You call up Blenry Shlein or Skrawbman and they tell you they can deliver in two days from when you place an order. Great! Your Supplier Lead time is 2 days. Write that number down. 2</p> <p> </p> <p>Step 3: Define how much buffer stock you want on hand. You’re a little skeptical of this whole japanese bin business, so you say you want an extra 50% on hand, just in case. Great! Your buffer stock is 50%. Add one to it and write that number down. 1.5</p> <p> </p> <p>Alright this next step is really hard, because we’re going to calculate how much stock to put in each bin (there are two of them, remember). Are you ready. The amount of stock you need PER BIN… is your daily use rate (20) times your supplier lead time (2 days). 2 times 20 is…. 40. Now, multiply 40 by your buffer stock number of 1.5. Oh man, you gotta multiply by a decimal, can you do it? 60!</p> <p> </p> <p>Guess what everyone, you just calculated how much stock you need per bin! But why two bins? Start off with two fully stocked bins, and re-order the second you run out of the first bin. Run through the second bin and by the time your new supply of 60 injectables shows up in 2 days, you’ll be down to 20 injectables in the first bin. You just cut your inventory down to 2 and a half days and all you had to do was multiply 3 numbers. But how much cash did you just generate?</p> <p> </p> <p>Let’s say you used to have a 3 months supply of injectables on hand. You work 16 days a month so that’s 320 *3 = 960 injectables. That’s about 20 boxes at $55 a box, and you’ve got your old inventory cost of $1,100 of cash tied up in inventory sitting on your shelf. 2.5 days supply is 60 or just over 1 box worth at $55 a box. $1,100 - $55 = $1,045 that used to be sitting on your shelf in cash that you just… converted to cash! Now rinse and repeat for some high dollar items and you’ve gifted yourself a pretty significant cash infusion. Granted, you only get the benefit one time - while you draw down your existing inventory and hold onto the cash you would have spent on new inventory. But that one-time cash infusion can be the difference maker in upgrading from some old equipment, being able to afford that office remodel that’s been overdue, or investing in some patient relations or marketing efforts that you’ve struggled to find the cash for.</p> <p> </p> <p>Give yourself a pat on the back for sitting through not one, but two podcasts entirely devoted to an ostensibly very boring subject. But, this is why you’re going to be successful, you’re different. See you next time.</p>]]></itunes:summary>

</item>

				<item>
						<title><![CDATA[004 - Inventory Management Part 1]]></title>

						<itunes:title><![CDATA[004 - Inventory Management Part 1]]></itunes:title>

						<pubDate>Tue, 23 Jan 2018 02:48:39 GMT</pubDate>

						<itunes:duration>4:46</itunes:duration>

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						<itunes:subtitle><![CDATA[What’s the most scintillating topic in the business of dentistry? Everyone say it with me - INVENTORY MANAGEMENT!!   Early in my career i took a tour of Seattle Children’s Hospital’s outpatient surgery center in Bellevue. This state of the...]]></itunes:subtitle>

						<description><![CDATA[<p>What’s the most scintillating topic in the business of dentistry? Everyone say it with me - INVENTORY MANAGEMENT!!</p> <p> </p> <p>Early in my career i took a tour of Seattle Children’s Hospital’s outpatient surgery center in Bellevue. This state of the art facility was built with an 1,800 square foot ( 600 square meter) supply room originally stocked full of guaze, surgical kits, sheets, IV bags, and all the other supplies needed to perform world-class pediatric surgery. By the time I went through it, however, all of the inventory on hand fit on two rows of neatly organized inventory racks. “How much inventory do you have on hand here?” I asked. The executive director responded “About 3 days. It took a while but we’re still not done. I’m pretty sure we will get it down to a day and a half at some point.” I was shocked, but one thing this seasoned leader taught me that day was this: Inventory is waste.</p> <p> </p> <p>When I walk through a clients dental office for the very first time, one of my favorite stops is the supply room, or sometimes rooms. I once walked through an office heavy into implants, who stocked every shape and size of implant known to man, with enough to last several months. That’s hundreds of thousands of dollars of inventory sitting on your shelf. Not to mention the expired items that turn up from time to time.</p> <p> </p> <p>Inventory costs money in two ways. The first is obvious - cash goes out the door when you purchase it. On your profit and loss statement this shows up as an expense (generally as cost of goods sold). When you look at your balance sheet, however, that inventory sits in a potentially surprising spot - as an asset. See, what you’re doing is trading in one asset for another - cash the king of all assets - for inventory - the jester of all assets. The suppliers get the cash, and you get the inventory that you’re ostensibly going to use to generate cash sometime in the future, if you use it before it expires of course. So, one way to think about inventory is cash that’s sitting on your shelf that you’re unable to use for anything else. It’s locked up in a tiny box labeled “fluoride”. How much money is sitting on your shelf right now? If you’ve got more than say, a weeks inventory on hand for most of your items, it could be in the tens of thousands, if not hundreds of thousands of dollars for larger offices.</p> <p> </p> <p>But what can you do? You need supplies to treat patients, and suppliers give you great deals when you buy in bulk! Why not stock up and order supplies once a quarter? The problem is you can run your practice with far less inventory on hand than you ever imagined. And you don’t need a fancy expensive electronic inventory tracking system to do it. It’s basic math. That’s for next time on 5 minute dentist.</p>]]></description>

						<itunes:summary><![CDATA[<p>What’s the most scintillating topic in the business of dentistry? Everyone say it with me - INVENTORY MANAGEMENT!!</p> <p> </p> <p>Early in my career i took a tour of Seattle Children’s Hospital’s outpatient surgery center in Bellevue. This state of the art facility was built with an 1,800 square foot ( 600 square meter) supply room originally stocked full of guaze, surgical kits, sheets, IV bags, and all the other supplies needed to perform world-class pediatric surgery. By the time I went through it, however, all of the inventory on hand fit on two rows of neatly organized inventory racks. “How much inventory do you have on hand here?” I asked. The executive director responded “About 3 days. It took a while but we’re still not done. I’m pretty sure we will get it down to a day and a half at some point.” I was shocked, but one thing this seasoned leader taught me that day was this: Inventory is waste.</p> <p> </p> <p>When I walk through a clients dental office for the very first time, one of my favorite stops is the supply room, or sometimes rooms. I once walked through an office heavy into implants, who stocked every shape and size of implant known to man, with enough to last several months. That’s hundreds of thousands of dollars of inventory sitting on your shelf. Not to mention the expired items that turn up from time to time.</p> <p> </p> <p>Inventory costs money in two ways. The first is obvious - cash goes out the door when you purchase it. On your profit and loss statement this shows up as an expense (generally as cost of goods sold). When you look at your balance sheet, however, that inventory sits in a potentially surprising spot - as an asset. See, what you’re doing is trading in one asset for another - cash the king of all assets - for inventory - the jester of all assets. The suppliers get the cash, and you get the inventory that you’re ostensibly going to use to generate cash sometime in the future, if you use it before it expires of course. So, one way to think about inventory is cash that’s sitting on your shelf that you’re unable to use for anything else. It’s locked up in a tiny box labeled “fluoride”. How much money is sitting on your shelf right now? If you’ve got more than say, a weeks inventory on hand for most of your items, it could be in the tens of thousands, if not hundreds of thousands of dollars for larger offices.</p> <p> </p> <p>But what can you do? You need supplies to treat patients, and suppliers give you great deals when you buy in bulk! Why not stock up and order supplies once a quarter? The problem is you can run your practice with far less inventory on hand than you ever imagined. And you don’t need a fancy expensive electronic inventory tracking system to do it. It’s basic math. That’s for next time on 5 minute dentist.</p>]]></itunes:summary>

</item>

				<item>
						<title><![CDATA[003 - Ditch The Clipboard]]></title>

						<itunes:title><![CDATA[003 - Ditch The Clipboard]]></itunes:title>

						<pubDate>Mon, 22 Jan 2018 04:33:12 GMT</pubDate>

						<itunes:duration>4:43</itunes:duration>

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						<itunes:subtitle><![CDATA[Being different can be a useful strategy in and of itself. Think of your favorite music artist, a new restaurant that you recently tried, or a small perk you experienced on a flight or at a hotel. Odds are, what you liked about that experience or food...]]></itunes:subtitle>

						<description><![CDATA[<p>Being different can be a useful strategy in and of itself. Think of your favorite music artist, a new restaurant that you recently tried, or a small perk you experienced on a flight or at a hotel. Odds are, what you liked about that experience or food or artists was that there was something about it that was different, something unique. Our most memorable and enjoyable experiences generally have something novel about them, something that makes them stand out in our memory. Experiences that are similar to each other, or - to use a business term - are undifferentiated, get lost in our memories.</p> <p> </p> <p>While being different can be scary, remember that you don’t have to be different in completely obvious or blatant ways. There are small things that you can try when seeking to differentiate your office from every other. Think about this:</p> <p> </p> <p>When a patient walks into a dentist office, 99 times out of 100 the exact same thing happens. A friendly person acknowledges them and hands them a clip board and asks them to take a seat. Maybe instead of a clipboard it’s an iPad, but the basic gist is exactly the same at nearly every single dental office. Walk in, get handed a clipboard, sit down in a comfy chair. Maybe there are magazines, maybe a tv, maybe a kids play area. But in general if you’ve been checked into one dentist office you’ve been checked into them all.</p> <p> </p> <p>How could you differentiate yourself during check-in? For one, you could ditch the clipboard. If your patient is in your system you probably have their picture on file. Greet them by name and offer them something to drink or to relax with some essential oils. Invite them to try on some VR goggles and go on a virtual roller-coaster ride. Put a pool table in your lobby. If you’re a pediatric office, have the kids check in at a separate counter or have them jump through a ball pit to get there. Hire a mascot to come into your office and give everyone high fives on the way in. When a patient is coming for their first hygiene appointment bust out a confetti cannon and surprise the hell out of them. Anything, do ANYTHING other than what they’ve done every single time they step into a dentists office.Save the clipboard for later, or keep their information on file so they don’t have to fill out redundant forms. I don’t want you to think I’m obsessed with clip boards or something. I’m just using this as an example of a portion of the patient experience that is completely uniform across the industry.</p> <p> </p> <p>What other small ways could you differentiate your practice? Still handing out toothbrushes to hygiene patients? So is my dentist. Thank you notes on my birthday? Mine too. $100 off implants for christmas? Look at you! If you’re having trouble getting started, think about disney, or the last truly memorable travel experience that you had. The travel and service industry are full of great examples of differentiators and delighters that can set your practice apart. You’d be surprised what simple, inexpensive, and out-of-the-box things you could try to delight your patients and differentiate your practice.</p> <p> </p> <p>Look at you, you’re starting to think like a CEO already! Thanks for listening, and we’ll see you next time on 5 minute dentist  </p>]]></description>

						<itunes:summary><![CDATA[<p>Being different can be a useful strategy in and of itself. Think of your favorite music artist, a new restaurant that you recently tried, or a small perk you experienced on a flight or at a hotel. Odds are, what you liked about that experience or food or artists was that there was something about it that was different, something unique. Our most memorable and enjoyable experiences generally have something novel about them, something that makes them stand out in our memory. Experiences that are similar to each other, or - to use a business term - are undifferentiated, get lost in our memories.</p> <p> </p> <p>While being different can be scary, remember that you don’t have to be different in completely obvious or blatant ways. There are small things that you can try when seeking to differentiate your office from every other. Think about this:</p> <p> </p> <p>When a patient walks into a dentist office, 99 times out of 100 the exact same thing happens. A friendly person acknowledges them and hands them a clip board and asks them to take a seat. Maybe instead of a clipboard it’s an iPad, but the basic gist is exactly the same at nearly every single dental office. Walk in, get handed a clipboard, sit down in a comfy chair. Maybe there are magazines, maybe a tv, maybe a kids play area. But in general if you’ve been checked into one dentist office you’ve been checked into them all.</p> <p> </p> <p>How could you differentiate yourself during check-in? For one, you could ditch the clipboard. If your patient is in your system you probably have their picture on file. Greet them by name and offer them something to drink or to relax with some essential oils. Invite them to try on some VR goggles and go on a virtual roller-coaster ride. Put a pool table in your lobby. If you’re a pediatric office, have the kids check in at a separate counter or have them jump through a ball pit to get there. Hire a mascot to come into your office and give everyone high fives on the way in. When a patient is coming for their first hygiene appointment bust out a confetti cannon and surprise the hell out of them. Anything, do ANYTHING other than what they’ve done every single time they step into a dentists office.Save the clipboard for later, or keep their information on file so they don’t have to fill out redundant forms. I don’t want you to think I’m obsessed with clip boards or something. I’m just using this as an example of a portion of the patient experience that is completely uniform across the industry.</p> <p> </p> <p>What other small ways could you differentiate your practice? Still handing out toothbrushes to hygiene patients? So is my dentist. Thank you notes on my birthday? Mine too. $100 off implants for christmas? Look at you! If you’re having trouble getting started, think about disney, or the last truly memorable travel experience that you had. The travel and service industry are full of great examples of differentiators and delighters that can set your practice apart. You’d be surprised what simple, inexpensive, and out-of-the-box things you could try to delight your patients and differentiate your practice.</p> <p> </p> <p>Look at you, you’re starting to think like a CEO already! Thanks for listening, and we’ll see you next time on 5 minute dentist  </p>]]></itunes:summary>

</item>

				<item>
						<title><![CDATA[002 - How To Develop A Dashboard]]></title>

						<itunes:title><![CDATA[002 - How To Develop A Dashboard]]></itunes:title>

						<pubDate>Mon, 22 Jan 2018 04:31:11 GMT</pubDate>

						<itunes:duration>5:29</itunes:duration>

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						<itunes:subtitle><![CDATA[When you’re driving down the road, your dashboard gives you lots of critical information in a highly visual format. Think about it. One glance and you instantly know how fast you’re going, how much gas is in the tank, how many RPM’s you’re...]]></itunes:subtitle>

						<description><![CDATA[<p>When you’re driving down the road, your dashboard gives you lots of critical information in a highly visual format. Think about it. One glance and you instantly know how fast you’re going, how much gas is in the tank, how many RPM’s you’re running, the temperature of the engine, how many miles or kilometres you’ve traveled, and whether or not your headlights are on. Having all of this information easily accesible and highly visual enables you to make good decisions as you enjoy your drive.</p> <p> </p> <p>Now Imagine if all of this highly useful information were inside the glove compartment, each in a separate folder, and instead of visual indicators you had spreadsheets of your gasoline or speed levels over time. If you wouldn’t accept that type of dashboard to run your car, why are you doing it for running your practice?</p> <p> </p> <p>There’s no need to overcomplicate the process of getting a dashboard in place. The key ingredients for a good dashboard metric are simple: Something that matters to your practice, something you can influence, and something that’s relatively easy to collect. I’ll bet you could think of 5 important metrics, right now off the top of your head, that you’d like to have better visibility on. Go on, think of a few…</p> <p> </p> <p>Here’s my list of 5, let’s see how much they overlap:</p> <p> </p> <ol> <li style="font-weight: 400;">Production - Topline baby! How fast is my car (or practice) going! How much revenue am I bringing in on a daily, weekly, monthly basis compared to my goals? A handy run-chart for your production will give easy visibility into a highly influenceable metric.</li> <li style="font-weight: 400;">New Patients - gotta keep these new patients rolling in. Don’t worry so much right now at how many you think you <em>ought</em> to have. Do you even know how many you get right now?</li> <li style="font-weight: 400;">Case Acceptance - You work hard to market and get people in there, once you come up with a treatment plan - what percentage of patients actually accept treatment? This is something that has big financial impact and is easily influenced.</li> <li style="font-weight: 400;">If you have hourly staff: Overtime pay as a % of total pay - Some overtime is acceptable and even necessary. You want to be able to accomodate that late add-on case, or to see scheduled patients if an earlier one runs late. But if you’re regularly incurring overtime in excess of say, 5% of total wages, there’s likely an opportunity.</li> <li style="font-weight: 400;">Profit  or Profit Margin - Bottom line baby! Is the car overheating? If production is stable or growing and profit doesn’t improve, then you’re just working harder for no good reason. How much actually drops to the bottom line will provide insights into how to improve your operations to net more for your hard work.</li> </ol> <p> </p> <p>There’s no need to build a huge dashboard with 15 or 20 metrics. If you think you have the time to focus and plan and strategize and work on 15 metrics at a time, then you’re much brighter and more capable than I. Just pick 5 things, heck, pick 3 things and watch the like a hawk. having a dashboard is critical for any Dentist that wants to actually run their business. Without one, you’re just driving blind.</p>]]></description>

						<itunes:summary><![CDATA[<p>When you’re driving down the road, your dashboard gives you lots of critical information in a highly visual format. Think about it. One glance and you instantly know how fast you’re going, how much gas is in the tank, how many RPM’s you’re running, the temperature of the engine, how many miles or kilometres you’ve traveled, and whether or not your headlights are on. Having all of this information easily accesible and highly visual enables you to make good decisions as you enjoy your drive.</p> <p> </p> <p>Now Imagine if all of this highly useful information were inside the glove compartment, each in a separate folder, and instead of visual indicators you had spreadsheets of your gasoline or speed levels over time. If you wouldn’t accept that type of dashboard to run your car, why are you doing it for running your practice?</p> <p> </p> <p>There’s no need to overcomplicate the process of getting a dashboard in place. The key ingredients for a good dashboard metric are simple: Something that matters to your practice, something you can influence, and something that’s relatively easy to collect. I’ll bet you could think of 5 important metrics, right now off the top of your head, that you’d like to have better visibility on. Go on, think of a few…</p> <p> </p> <p>Here’s my list of 5, let’s see how much they overlap:</p> <p> </p> <ol> <li style="font-weight: 400;">Production - Topline baby! How fast is my car (or practice) going! How much revenue am I bringing in on a daily, weekly, monthly basis compared to my goals? A handy run-chart for your production will give easy visibility into a highly influenceable metric.</li> <li style="font-weight: 400;">New Patients - gotta keep these new patients rolling in. Don’t worry so much right now at how many you think you <em>ought</em> to have. Do you even know how many you get right now?</li> <li style="font-weight: 400;">Case Acceptance - You work hard to market and get people in there, once you come up with a treatment plan - what percentage of patients actually accept treatment? This is something that has big financial impact and is easily influenced.</li> <li style="font-weight: 400;">If you have hourly staff: Overtime pay as a % of total pay - Some overtime is acceptable and even necessary. You want to be able to accomodate that late add-on case, or to see scheduled patients if an earlier one runs late. But if you’re regularly incurring overtime in excess of say, 5% of total wages, there’s likely an opportunity.</li> <li style="font-weight: 400;">Profit  or Profit Margin - Bottom line baby! Is the car overheating? If production is stable or growing and profit doesn’t improve, then you’re just working harder for no good reason. How much actually drops to the bottom line will provide insights into how to improve your operations to net more for your hard work.</li> </ol> <p> </p> <p>There’s no need to build a huge dashboard with 15 or 20 metrics. If you think you have the time to focus and plan and strategize and work on 15 metrics at a time, then you’re much brighter and more capable than I. Just pick 5 things, heck, pick 3 things and watch the like a hawk. having a dashboard is critical for any Dentist that wants to actually run their business. Without one, you’re just driving blind.</p>]]></itunes:summary>

</item>

				<item>
						<title><![CDATA[001 - How To Set Production Goals]]></title>

						<itunes:title><![CDATA[001 - How To Set Production Goals]]></itunes:title>

						<pubDate>Mon, 22 Jan 2018 04:24:03 GMT</pubDate>

						<itunes:duration>4:58</itunes:duration>

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						<itunes:explicit>no</itunes:explicit>

						<itunes:subtitle><![CDATA[5 minute dentist is a production of Stomato Group. Stomato Group’s mission is to coach Dentists to build the skillset of CEO’s. For more info on how to get connected to a Stomato Group personal coach go to stomatogroup.com   How much do you...]]></itunes:subtitle>

						<description><![CDATA[<p>5 minute dentist is a production of Stomato Group. Stomato Group’s mission is to coach Dentists to build the skillset of CEO’s. For more info on how to get connected to a Stomato Group personal coach go to stomatogroup.com</p> <p> </p> <p>How much do you want to earn in 2018? It sounds like a simple question, but the outline for achieving that goal can feel like a mystery. Maybe you’ve thought about changing up your case mix, trying to do more implant dentistry, beefing up your hygiene business, or switching to new lower cost components. Before you get into any of those solutions, first you should define where you’ve been, so you can know where you’re going. In order to do that you only need to know 2 numbers:</p> <p> </p> <ol> <li style="font-weight: 400;">How much did I produce last year?</li> <li style="font-weight: 400;">How many days did I work?</li> </ol> <p> </p> <p>That’s it. If you know how much you produced and how many days you worked, then you’ve got the two pieces necessary to calculate your average production per day. Now that you know where you were, let’s find out where you want to go. For that, you only need to know 2 numbers as well:</p> <p> </p> <ol> <li style="font-weight: 400;">How much do I want to produce this year?</li> <li style="font-weight: 400;">How many days do I want to work?</li> </ol> <p> </p> <p>Congratulations, you just calculated your TARGET for average production per day.</p> <p> </p> <p>How do the numbers compare? How much more is this years target average production per day compared to last years actual? If they’re way off, by say over 30%, one quick answer might be to add additional work days and then recalculate. Once you’ve got your number into a range that feels realistic and motivating to you, the investigation begins into “why” the gap between current and target state exists.</p> <p> </p> <p>Most people start with something like “Well, the problem is I need to do more implants.” This is a common mistake, as you’ve actually defined a problem by a potential solution. “Doing more implants” isn’t a problem, it’s a solution to a problem. The problem is “Last year I produce $350,000 and this year I want to produce $500,000.” There are hundreds of different solutions to that problem, but you don’t know what the right one is until you do a little digging. The place to start digging is your scheduling template, and this is where we’ll end our episode today: How much daily production does your regular template produce? Is your mix of new patient exams, restorative work, and other (kendall help out here) designed to give you the production you want? Try to imagine what a template would look like, that’s designed to hit our target number. This is just one place to start, but you’ll never know unless you ask “why”.</p> <p>To recap. Step 1: Calculate your average production per day from last year. Step 2: based on your goal for total production and number of days you want to work, calculate your target average production per day for 2018. Take that number, and match it up against your daily scheduling template. Is your template built to hit that number? If not, start tweaking it until you’re hitting it.</p> <p> </p> <p>Look at you, starting to think like a CEO. That’s all for today, thanks for listening.</p> <p> </p> <p>Go to stomatogroup.com to learn more about how we’re committed to building executive skills in dentists.</p>]]></description>

						<itunes:summary><![CDATA[<p>5 minute dentist is a production of Stomato Group. Stomato Group’s mission is to coach Dentists to build the skillset of CEO’s. For more info on how to get connected to a Stomato Group personal coach go to stomatogroup.com</p> <p> </p> <p>How much do you want to earn in 2018? It sounds like a simple question, but the outline for achieving that goal can feel like a mystery. Maybe you’ve thought about changing up your case mix, trying to do more implant dentistry, beefing up your hygiene business, or switching to new lower cost components. Before you get into any of those solutions, first you should define where you’ve been, so you can know where you’re going. In order to do that you only need to know 2 numbers:</p> <p> </p> <ol> <li style="font-weight: 400;">How much did I produce last year?</li> <li style="font-weight: 400;">How many days did I work?</li> </ol> <p> </p> <p>That’s it. If you know how much you produced and how many days you worked, then you’ve got the two pieces necessary to calculate your average production per day. Now that you know where you were, let’s find out where you want to go. For that, you only need to know 2 numbers as well:</p> <p> </p> <ol> <li style="font-weight: 400;">How much do I want to produce this year?</li> <li style="font-weight: 400;">How many days do I want to work?</li> </ol> <p> </p> <p>Congratulations, you just calculated your TARGET for average production per day.</p> <p> </p> <p>How do the numbers compare? How much more is this years target average production per day compared to last years actual? If they’re way off, by say over 30%, one quick answer might be to add additional work days and then recalculate. Once you’ve got your number into a range that feels realistic and motivating to you, the investigation begins into “why” the gap between current and target state exists.</p> <p> </p> <p>Most people start with something like “Well, the problem is I need to do more implants.” This is a common mistake, as you’ve actually defined a problem by a potential solution. “Doing more implants” isn’t a problem, it’s a solution to a problem. The problem is “Last year I produce $350,000 and this year I want to produce $500,000.” There are hundreds of different solutions to that problem, but you don’t know what the right one is until you do a little digging. The place to start digging is your scheduling template, and this is where we’ll end our episode today: How much daily production does your regular template produce? Is your mix of new patient exams, restorative work, and other (kendall help out here) designed to give you the production you want? Try to imagine what a template would look like, that’s designed to hit our target number. This is just one place to start, but you’ll never know unless you ask “why”.</p> <p>To recap. Step 1: Calculate your average production per day from last year. Step 2: based on your goal for total production and number of days you want to work, calculate your target average production per day for 2018. Take that number, and match it up against your daily scheduling template. Is your template built to hit that number? If not, start tweaking it until you’re hitting it.</p> <p> </p> <p>Look at you, starting to think like a CEO. That’s all for today, thanks for listening.</p> <p> </p> <p>Go to stomatogroup.com to learn more about how we’re committed to building executive skills in dentists.</p>]]></itunes:summary>

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			<itunes:category text="Health"/>
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