271: 5 Essential Numbers You Need for a Successful Practice - Dr. David Moffet

(Audio) 

5 Essential Numbers You Need for a Successful  Practice  

Episode #271 with Dr. David Moffet 

You may say, “I think my practice is doing well.” But you can't just think it’s doing well — you’ve  got to know. And today, Kirk Behrendt brings in Dr. David Moffet, a retired dentist and private  dental coach to teach you the five essential numbers you need to know to help you build a  successful dental practice. Knowing the numbers will help you not only gain but retain new and  existing patients. Tune in to Episode 271 of The Best Practices Show to find out which five  numbers you need to know! 

Main Takeaways: 

- Knowing the numbers gives you a successful practice. 

- Know your daily, weekly, and monthly productions and collections.  

- Know the number of phone calls coming into your dental practice.  

- Know the number of patients being seen daily in your office.  

- Know exactly where new patients are coming from.  

- Know what a new and existing patient is worth, and how many new patients are coming in. 

Quotes: 

- “Coaching, to me, is necessary. If you want to get fit, you really need a personal trainer to keep  you accountable. If you want to lose weight for a wedding and then put the weight straight back  on, just do it yourself. That's the same. Just try and fix things yourself. Go to seminars, take  good notes, put the notes on the front desk. Two weeks later, they're on a shelf. That's called  “shelf help.” That doesn't work. (11:06—11:34) 

- “Numbers are the way of keeping score. We’ve got to know these important numbers because  they identify trends before they happen, and they allow us to predict rather than to react to  things.” (12:43—12:56) 

- “38% of calls to a dental practice either go to a voice mail or they don't get picked up. And  those people never ring back. And if that's a new patient, and that's a new patient worth $500,  and that happens once an hour, eight hours a day, five days a week, that's $20,000 a week.  That's $1 million in your practice that never sees your appointment book.” (26:47—27:19) 

- “The purpose of an appointment is to make another appointment.” (29:59—30:03) 

- “An appointment that is made is harder to cancel than an appointment that is never made.”  (30:57—31:02)

- “If somebody’s not playing for the team, guess what? They get traded.” (46:56—46:59)  - “The teams that are invested, the investment pays off for everybody.” (47:45—47:50) 

- “You can't just say, ‘Oh, I think we’re doing well.’ You've got to know. What gets measured  gets improved upon. What gets measured gets rewarded.” (48:50—49:02) 

Snippets: 

- Dr. Moffet’s background. (03:21—08:47) 

- Importance and value of a coach. (09:12—11:40) 

- Why are numbers important in dental practice? (12:17—15:04) 

- Australian vs. U.S. insurance companies. (15:18—17:31) 

- 1st essential number: production and collections. (18:18—22:41) 

- 2nd essential number: number of phone calls. (23:20—28:13) 

- 3rd essential number: patients being seen in your office. (29:21—33:21) - 4th essential number: where new patients are coming from. (33:53—35:46) - Best way to track new patients. (36:43—40:01) 

- 5th essential number: new and existing patients’ worth and their numbers. (40:07—42:37) - Guidelines and best practices. (43:42—47:51) 

- Last thoughts. (48:12—49:04) 

- Dr. Moffet’s 36-page report. (49:23—50:44) 

Reach out to Dr. Moffet: 

- Dr. Moffet’s website: www.theultimatepatientexperience.com 

Further Reading: 

- Dr. Moffet’s 36-page report: www.ultimatedentalreport.com 

- Dr. Moffet’s book, How to Build the Dental Practice of Your Dreams Without Killing Yourself in  Less than 60 Days on Amazon: https://www.amazon.com/Build-Dental-Practice-Your-Dreams ebook/dp/B0108Z4ICM