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How Can I Lower My Overhead?

Welcome back to Coaches Corner! We are happy to share our years of experience working with dental offices all across North America. Here is today’s question.

Hey Coaches!

My practice is doing pretty well, but I always sweat it out when payroll comes around, or there is a large bill of some type. How can I cut my overhead and get a little breathing room?

Dr. James
Enid, Oklahoma

Dr. James-

First of all, is that your first name or your last name?? We are not sure what to call you here.

Lowering your overhead is a great goal, but without knowing more about your practice it is difficult to give you truly effective pointers. When we do this for our coaching clients we have a fairly intense interview process and get really specific. But….. here are ten things that you can do, many of them starting tomorrow, that will surely help!

  1. Get on your collections! Make a list of everyone that owes you money for one reason or another and call them!! If you need to leave a voicemail, be somewhat vague. (In other words, instead of saying “I’m calling about the money you owe, you damn deadbeat!” say “We have a quick question for you that is very important…”) Get a credit card number from them right on the telephone! For those who don’t pay, send them a # 207 form!
  2.  Raise your fees! Do it now!! Don’t overthink it – just do it. And get paid more from your PPOs too! If you haven’t negotiated your PPO fee schedule, get in touch with Apex Reimbursement immediately!
  3. Offer fluoride to all adults. It’s not a huge money maker but it sure helps with cash flow.
  4. Offer sealants to all adults and kids. Both of these (fluoride and sealants) will bring in a little cash AND improve the health of your patients.
  5. Renegotiate your credit card fees. Establish a great relationship with your bank and let them know that you want to pay less for credit card processing. You may just be amazed!
  6. Renegotiate your lease.  Even if your lease is not up, with commercial real estate still down a bit, you can totally re-do your terms if you sign on for a few more years. This can immediately put cash in your pocket.
  7. Pay less for your lab bill!! Are you using our favorite lab, Maverick Dental Laboratories? They have extremely reasonable pricing and high quality. Plus – they will give you three free crowns – BruxZir, emax, or PFM –  just for trying them out! At the very least you’ll save a few hundred bucks, and probably more!
  8. Always get paid up front – don’t be a bank!! Never do in-house payment plans; you will get burned. That’s what Care Credit is for. Get the money in the bank and don’t look back.
  9. One bad apple DOES spoil the whole bunch!! A team members who saps everyone’s energy and positivity is costing you a TON! If you are in this situation, you know what we are talking about.
  10. Have a long talk with your accountant about the upcoming year. Now is the time! Are there deductions you should be taking? Things you can legally charge to the business that you aren’t? A good CPA can help immensely!

So there you have it – ten quick and easy ways to shave your overhead. While none of these are “home runs,” do five or more and we promise results!

Coach Rich
Coach Dave

 
Dr. David Madow and Dr. Richard Madow are actual dentists who have been helping dental offices become more successful for over 28 years. They are down to earth, real people who personally connect with their clients and are proud to call them friends. If you have a question for this column, please write to them at coaches@madow.com. We are now offering a complimentary 30-minute coaching session! Please CLICK HERE to schedule yours. Doctors only please.

Collect Money Today

We have just crafted a new form and it has the potential to bring a lot of money into your office starting today. One of the biggest problems we have is actually collecting money from patients that for some reason or another have a balance that resulted from their insurance company paying much less than anticipated!

We now have a brand new free form available on our website that will hopefully mitigate this problem. It is our Credit Card Authorization Form and it can be found by clicking HERE!

Go ahead – download and modify this form for your own office and then make sure you get all patients to authorize you to keep a credit card on file. Make sure they sign the form and you are good to go. Whenever there is a balance due, all you have to do is bill it to the credit card on file! It’s that easy!

WHAM!!! Your collections just went up!!!

Important: For those difficult to collect overdue accounts, try our Madow #207 collection form. This has been used for over twenty years and has helped dentists collect a total of well over one million dollars!!! Why? Because it works! If you have overdue accounts, order a supply of these forms immediately to have on hand. You will see your office become MUCH more profitable.

One more thought for the day to increase your income! If you have not yet joined THE M CLUB, what are you waiting for? You have vowed to be more profitable this year, right? So why haven’t you taken the step to purchase all of your dental supplies at the best prices? Please click that BIG BLACK BOX at the top of the page or click HERE if you don’t want to scroll back up. Either way, let’s get this done and check it off on your list. By the way, it is TOTALLY FREE to be a member of THE M CLUB! Just do it!

Resolution # 1 – Collect What You Are Owed

The plumber doesn’t work for free, and neither does the grocer. No one wants to work for free. So why should you?

Patients who owe you money are ripping you off plain and simple. You work hard – it’s time to collect what you are owed!

Our famous CMR # 207 “Statement Of Delinquency” form was developed over twenty-five years ago and continues to work well today? Why?

When you see the form, you will know. The wording is serious, and the two part “NCR” type paper shows the deadbeat patient that you mean business.

For some patients, phone calls, “friendly reminders” and a computer print-out just doesn’t cut it. Over 30,000 dentists and other professionals have collected over FIFTY MILLION DOLLARS with this little “magic form.”

Will it work for you? YES! If these forms don’t pay for themselves after you send them out, just send them back for a full refund.

So how about it? Do you want to be paid for your hard work or let a few undeserving people rip you off?

To order, just call 1-888-88-MADOW or click here. For the full effect, don’t forget the matching envelopes!

Talk to you soon – and Happy New Year!

Satisfy Your Hygienist (And Your Accountant!)

There is not much doubt that the Cavitron Plus ultrasonic scaler is the best on the market. As you update or grow your practice it is one of those “must-have” pieces of equipment.

And its also true that your accountant has probably told you that as the year comes to a close, NOW is the time to but any equipment you need to maximize your tax savings.

That’s why our “M”-azing M Club has gotten together an incredible EXCLUSIVE deal on the Cavitron Plus Ultrasonic Scaler and the Cavitron Jet Plus Ultrasonic Scaler with Air Polisher that you just won’t be able to turn down!

This is a once-in-a-lifetime chance to get close to five hundred dollars off of the price of the Cavitron Ultrasonic Scaler and close to a thousand off the Ultrasonic Scaler with Air Polisher.

Plus – to make things more fun, when more than ten people take advantage of this deal, the prices drop by hundreds more!

There is no doubt – this is the time to get one of the finest pieces of equipment made for providing high quality patient treatment AND save on your taxes for 2011. Why settle for some cheapo knock-off when you can get the real thing at this amazing discount?”

To view details of the entire deal and save a ton of money before 2011 comes to a close, please click here.

If you are not yet a member of The M Club – NOW is the time to join! Membership is free, the rewards are amazing, and you will get even more great exclusive deals like this throughout the year.

The M Club is where saving money is an everyday experience and dental supply buying is fun! After all, we are The Madow Brothers and this is what we do!!

You gotta check it out by clicking here. Then just call 1-855-THE-M-CLUB to join up (if you haven’t yet) and take advantage of this amazing deal!

By the way – these savings are only good through Friday December 23 – so ACT NOW! Pleae don’t miss out and kick yourself next year.

Should we save the date for you?

You may remember that quite some time ago we let you know that we are available to come to your office for an entire day of private coaching and consulting. That’s right, you get The Madow Brothers in a box shipped right to your door for AN ENTIRE DAY LIVE!!!  By the time we leave in the evening, you will have learned so many ways to improve your office, your entire team’s heads will be spinning (in a good way)!

Ever since we announced our availability, our phones have been ringing and our schedules have been booking quickly. This is a wake-up call to let you know that if you are even considering having us come to your office in 2012, please call us right now to discuss and let’s get a date penciled in. Again, the reason for this email is to let you know that only a small number of openings still exist for next year. Are you thinking that you may want us to come and give you the best day you have EVER had in dentistry? Our number is 1-888-88-MADOW. Call today before the holidays kick in!

And oh yes, we forgot to tell you that if you bring us to your place, we will do something at the end of the day that you and your team will remember forever! Let’s do it.

A Great Way to Collect Your Money Before the Year is Over!

If your dental practice is like many others, chances are you have quite a bit of outstanding money owed to you. It’s a simple fact, many patients are finding it very difficult to pay the dentist on time when they have so many other bills to pay. Although these are some of the toughest financial times we have seen, you are still running a business, which means you have your own expenses that must be paid in order to keep the business going.

To complicate things a little more, now that we are getting into the holiday season, you do not want to see your patients spending the money that they owe you on holiday gifts. That would definitely be a very dangerous situation!

Most accountants and practice management experts would tell you that as a debt ages, it becomes virtually worthless. If that is the case, wouldn’t it make sense to collect 90% of all of the money that is owed to you right now, as opposed to taking a chance at never seeing it again and having to write it off?

Here is an idea for you. Compose a letter to your patients that have overdue money on the books letting them know you would like to extend them a courtesy due to the tough economic times that we are all experiencing. Go on to tell them that they may deduct 10% from their entire bill if they pay everything in full before November 30.

Let’s face it, your patients do not want to owe you money. And if given an incentive such as this, many of them will want to settle up (before they hit the malls!). This could mean a lot of money coming into your practice this month!

One lesson we would like you to take with you for the future is that starting now, you should no longer act as a bank! Please let the professionals, such as CareCredit take care of your patient financing. Do not do it yourself or you may get into a situation that is very tough to get out of! No more in office “payment plans!”

One more thing… if you have any patients that have become nearly impossible to collect from, you may want to consider a form that has been working particularly well in this economy. Click HERE for more info on this.