OFFENSE + DEFENSE = PROFITS

The Key to a profitable financial plan is having a solid offense (your production and marketing towards the right patients) and a strong defense (reasonably reducing expenses and overhead), but finding the perfect balance between the two is what will ultimately bring you financial success in your practice!

If you solely focus on producing, although you will most assuredly provide quality services to your patients, you will do so at the expense of your profit margin. Some practices will place too much of their focus on reducing and cost-cutting, which in turn directly destroys the culture and core values of their office!

Even though no two practices are exactly alike, we have found, in our practice, (through much determination, as well as trial and error) that a 10:1 focus on producing vs reducing has been the sweet spot for our continued financial success! This has allowed us to efficiently cut costs where we can WITHOUT sacrificing the quality of our production!

I saw this stat during an NBA game recently and I thought that it related nicely to this topic! This is exactly the reason why the Utah Jazz are #1 in the league this year. They have consistently won because they have been the only team in the NBA to rank in the top 5 in both their offense AND their defense!

As you work on both your production and reductions, remember that it will take time, and a little trial and error to find a good balance between them (but don’t expect perfectionyou don’t need it to strike gold!), but ultimately you can, and will, reach financial success through that balance!

From everyone here at Pinecrest Practice Growth, we sincerely hope that you find the perfect balance between your offense and your defense to become more financially successful, and that your practice continues to grow because of it! Have a great week everyone!

Making it COUNT!

Did you know that the average winning point margin in an NBA game is right around six points and that the team with the highest free throw shooting percentage wins more often? Rick Barry, named one of the 50 Greatest players in history by the NBA in 1996, was ranked as an outstanding scorer and all-round player. He is “the only player to lead the NCAA, ABA, and NBA in points per game in a season” (Wikipedia.org). It’s no coincidence that he also held an average of 89% successful free throw attempts during his career. This ultimately wins more games!

Barry shot his free throws “Granny Style,” which is not a glamorous shot by any means, and it’s definitely not the way most players shoot! But it worked for him, and it does still work today. (A few years ago his son, Canyon Barry, played as a shooting guard for the Florida Gators and also shot “Granny Style”.) Wilt Chamberlain, the only player to ever score 100 points in a game, had a horrific shooting percentage from the line of just above 50%. When a coach convinced him to shoot underhanded (Granny Style), his percentage shot up that season, and he sunk 28 of 32 in his 100 point game!

Sometimes, however, those game-winning shots just don’t fall. Michael Jordan, known as one of, if not the greatest NBA player of all time, was known for his game-winning shots. However, what you don’t see or read about as much is all of the game-winning shots he missed, or the mistakes he made. He is human just like all of us. The difference with Michael Jordan is he used those mistakes as a springboard to work harder, learn from them, and use those experiences to get better. He had a different mindset than the average player which, in my opinion, is what makes him so great!

You’ll never have a week or month where everything will go perfect in your practice, because you can never “hit every shot you take.“ The key is to keep getting better and focus on the process, not just the result with your team! It’s interesting to me that professional sports teams practice multiple days per week for just one game, but in our practices and business we do exactly the opposite. We jump right into “game time,” often with very little practice or time to mentally prepare.

Sometimes the not-so-glamorous “Granny Style” process is what gets the job done profitably and proficiently. Most dentists don’t realize they receive more profit using an amalgam filling (you know, those old silver things?), compared to Botox dental fillings (which have very slim profit margins), yet everyone wants to jump into this “fancy new technology.” Don’t chase the newer, shiny objects. If you want to be different, better at what you do, and have a practice that really excels and actually exceeds the expectations of your patients, you need to practice, practice, and practice some more.

From everyone here at Pinecrest Practice Growth, we encourage you to keep at it, and we hope that you have a great week!

Get Jazzed About Your Growth!

For years my family has been big fans of the Utah Jazz. Way back from the glory days of John Stockton and Karl Malone, back to back years in the NBA finals.

This year, they are the best team in the league as of today. Here’s a recent clip from CBS Sports:

“Jazz set record for 3’s in half, beat Magic 137-91.

Even with the best record in the NBA, the Utah Jazz are always looking for ways to improve.

Donovan Mitchell scored 22 points and the Jazz set an NBA record for 3-pointers in a half in a 137-91 win over the short-handed Orlando Magic on Saturday night, extending their franchise-best home winning streak to 22.

It was also Utah’s ninth straight win overall.

‘This is one of those nights for us where we played really well, and we played the right way,’ Jazz coach Quin Snyder said. ‘We played a team that is going through a transition. That said, we were happy with the way we played and continue to emphasize our identity as a team,’

The Jazz made 18 3-pointers in the first half, setting an NBA record in a season where the Jazz are obliterating all previous franchise long-range shooting marks.” -CBS Sports, April 4, 2021

The question for you is simple.

What are you doing to make your personal life, finances and/or practice better this week, especially when things are already going well?

From everyone here at Pinecrest Practice Growth, we hope you have a great week!

Innovation Equals Success

When it comes to the growth of your practice, one important aspect to incorporate is predicting the future desires of your patients, and designing innovative procedures based on those desires that will make the lives of your patient more convenient.

Just as Henry Ford once wisely said,

If I asked my customers what they wanted, they would have saidfaster horses’.“

When the world still traveled by horse and carriage, he designed and produced an innovative and more convenient alternative means of travel that the world didn’t even know it desired yet.

The same holds true in every business and practice; if you can offer your customers a product or service that is both an innovative and more convenient alternative to what is already available, in order to fulfill the future desires of your customers or patients, then you will ultimately become more successful.

Steve Jobs believed in this very same idea. Computers were for solving complex math equations and for big businesses, certainly not for an individual’s personal use! However, thanks to the innovation of Steve Jobs, computers were only the beginning, as he conveniently produced a computer so small, many of you may be holding one in your hand right now; the iPhone.

There were plenty of options for coffee and breakfast items when Starbucks came into being and despite the overwhelming odds, quickly became a worldwide coffee franchise due to their innovation of producing new high-quality coffee products, as well as placing importance on being more convenient to their customers than their competitors.

There was no shortage of orthodontists when Invisalign and Smile Direct Club offered a fresh and innovative look at dental health by conveniently providing their products online and shipping them directly to the customer, ultimately cornering a market that no one even knew existed for dental care!

You will need real data in order to accurately predict the future desires of your patients, and we recommend using a service like SurveyMonkey to track the trends, interests and feedback from your patients, as well as patients from other practices.

But, as always, you will need to constantly improve your practice for your patients as well as design something that they will desire and not just wait for them to ask for it!

From everyone here at Pinecrest Practice Growth, we hope that you all strive to become innovative in the services you offer, and become more successful in your practice as a direct result of the convenience of these innovative services!

CHOOSING Not To Use Excuses!

In October of 2020, amidst the coronavirus pandemic, the then undefeated Tennessee Titans played against the Buffalo Bills, who at the time were also undefeated. The Titans were supposedly at a huge disadvantage; not only were they locked out of live practices, physical activity, and facilities as a team, an outbreak of the coronavirus attacked them, leaving a multitude of players to quarantine for 2 weeks.

The only form of practice the team had:

Zoom meetings.

Due to the amount of players not able to participate, and limited amount of practice, sports analysts were predicting the Titans to make plenty of mistakes, turnovers, and be rusty as a unit, ultimately losing the game. One “expert“ even predicted that the Titans would set the new NFL record for penalties in a game!

On top of all of that, the Titans were playing with an uncertain quarterback with relatively limited experience due to injury while the Bills had a “superstar“, and possible MVP caliber, quarterback coming into full bloom.

Although the Bills were expected to outplay the Titans in every aspect of the game, and with the Titans low number of players, the actual result was the Titans handing the Bills a loss with a final score of 42 – 16. The Titans head coach Mike Vrabel wisely said about the win,

We owned all of the excuses, we just chose not to use them.“

Marketing expert Dan Kennedy once said, “It’s a matter of resources versus resourcefulness, the latter one being far more important.” In the Titans case, this is exactly what led them to victory. Their resourcefulness at overcoming the hardship they were facing was greater than the resources they had to prepare. Just as the old saying goes:

You can make money or you can make excuses, but you can’t do both.

From everyone here at Pinecrest Practice Growth, we hope that you choose to not use excuses in your practice going forward this year, and that you continue to thrive as a result!