Alex Nottingham, JD, MBA highlights potential revenue loss in dental practices, stressing the importance of taking action. Explore effective solutions at allstardentalacademy.com/webinar.
Resources:
About Alex Nottingham JD MBA
Alex is the CEO and Founder of All-Star Dental Academy®. He is a former Tony Robbins top coach and consultant, having worked with companies upwards of $100 million. His passion is to help others create personal wealth and make a positive impact on the people around them. Alex received his Juris Doctor (JD) and Master of Business Administration (MBA) from Florida International University.
Episode Transcript
Transcript performed by A.I. Please excuse the typos.
00:00
This is Dental All-Stars, where we bring you the best in dentistry on marketing, management, and training. Here’s your host, Alex Nottingham. Welcome to Dental All-Stars. We’re going to look at the big picture in this podcast. I’m sure you read lots of books. You listen to DVDs or podcasts or trainings, audio, or even visual at home or at the office. You’ve been to seminars.
00:28
one of these one day seminars where you learn all this information. And what happens when you get back to the office? What happens to all this information that you learn? Nothing. But you say, Alex, knowledge is power, right? No. Knowledge is only potential power. It’s when we can put it into action, when we can implement what we learn, that’s power. And look, your business is not your life.
00:57
And some of you feel that’s the case, that I have to work so much in my business, in my business, and I’m basically an employee for the business. No, you want your business to serve your life. And so let’s look at the big picture. So each day you are bleeding money. And let’s do some of the math. Now, I did other podcasts and in the webinar, alls backslash webinar, I go into detail about phone skills, broken appointments, and turnover.
01:26
but I want to give you a big picture of what it’s costing you. Conservatively, 16 missed calls are happening per month. And I don’t mean just we didn’t answer them. We did not convert them. That’s one per working day at $642 per patient, first year value of the patient, and that’s conservative. That’s $10,000 a month in missed phone opportunities. And then for broken appointments, if we’re getting two broken appointments a day in the doctor’s schedule,
01:56
$500 times two times four, that’s $4,000 per month. And if hygiene is getting eight broken appointments a week, four weeks per month, at $100 an hour, that’s $3,200 for hygiene or $7,200 total. And then if we’re turning over one entry-level position, that’s one employee at $30,000 and that’s low, that’s $30,000 in turnover. So these three silent killers, if you add call conversion, $10,000 a month that we’re losing.
02:24
Broken appointments, $7,200 a month that we’re losing. Turnover that we’re amortizing over the year, $2,500 a month. That’s $20,000 a month your practice is bleeding or a quarter million dollars a year. That’s $1,250 per day lost in revenue. One primary care procedure, gone. So you’re probably saying to yourself, Alex, that’s depressing. What do I do about it? Well, go to…
02:53
allstardentalacademy.com/webinar, and I’m gonna tell you what to do about it, how to fix these issues, these silent killers in your practice. So go to that webinar, and until next time, go out there and be an AllStar.
03:11
We hope you enjoyed this episode of Dental All-Stars. Visit us online at allstardentalacademy.com
