Bill Kimball
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Integrity Practice Sales
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Buying, selling or adding doctors to a practice is a life changing step and I’ve been honored to help hundreds of doctors complete successful transitions over the last 15 years.
Today, I am excited to announce the ‘grand opening’ of Integrity Practice Sales, my new California dental practice brokerage specializing in the region north of Los Angeles and south of San Francisco.
As part of our ‘grand opening’, I will be offering seminars in San Luis Obispo, Santa Maria, Santa Barbara and Ventura on Maximizing Practice Value. These events are sponsored by Patterson Dental, Wells Fargo Practice Finance and Affordable Image. Click here to find out more about the seminar and how to register as my guest for no fee.
Don’t miss this great opportunity to discover great tips for maximizing your practice value and preparing for any transition, no matter what stage of practice you’re in! |
Case Study - Meet Dr. H
Securing Your Facebook Page
I have posted before about the difference between Facebook Profiles and Facebook Pages. The former is for individual people, while the latter is for dental practices (and other businesses / non-profits / brands / etc.). Now, you need a Profile to administer a Page. No personal Profile, no business Page. On the other hand, any one Page can (and should!) have multiple administrators. Unless you plan to maintain your practice’s Facebook Page all on your own, you NEED multiple administrators.
It is very important to keep your personal profile personal. You hopefully trust your team, but you probably haven’t given them the keys to your home. As the doctor, it is important that you set up your own personal profile and your practice’s page. Then, every team member who helps maintain your Page needs THEIR OWN profile. Instructions on how to allow them to access your Page as an administrator are below (copied from Facebook).
To appoint other admins to your Page:
- Select the "Edit Page" option when you are viewing the Page you currently administer.
- Select "Manage Admins" from the left hand sidebar.
- Type the name or email of the person you wish to add as an admin. The friends you select will be able to help you manage your Page. Every admin can manage the Page from their own Facebook account using the Page Manager application.
There is no limit to the number of admins a Page can have. If you’ve been allowing your team to administer your Page through your own personal Profile, it’s time to stop! Set up multiple admins today and change your password!
Why Your Facebook Promotion is (Probably) Illegal
I have seen lots of dentists run very successful promotions on Facebook, doubling or even tripling the number of fans who ‘Like’ their page and - consequently - dramatically increasing their social media influence.
Unfortunately, most of these promotions have been ILLEGAL.
Facebook has rigid guidelines for running “contests” (contestants compete for a prize of monetary value where the selection of a winner is based on a criteria of skill) or “sweepstakes” (contestants compete for a prize of monetary value where the selection of a winner is based only on chance). From the Promotions Guidelines (found here: https://www.facebook.com/promotions_guidelines.php):
- Promotions on Facebook must be administered within Apps on Facebook.com, either on a Canvas Page or an app on a Page Tab.
- Promotions on Facebook must include the following:
a. A complete release of Facebook by each entrant or participant.
b. Acknowledgment that the promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook.
c. Disclosure that the participant is providing information to [disclose recipient(s) of information] and not to Facebook.
- You must not use Facebook features or functionality as a promotion’s registration or entry mechanism. For example, the act of liking a Page or checking in to a Place cannot automatically register or enter a promotion participant.
- You must not condition registration or entry upon the user taking any action using any Facebook features or functionality other than liking a Page, checking in to a Place, or connecting to your app. For example, you must not condition registration or entry upon the user liking a Wall post, or commenting or uploading a photo on a Wall.
- You must not use Facebook features or functionality, such as the Like button, as a voting mechanism for a promotion.
- You must not notify winners through Facebook, such as through Facebook messages, chat, or posts on profiles or Pages.
In plain English: you MUST use an outside app to run a contest on Facebook. If you choose ignore these guidelines, you run the risk of
There are lots of these outside apps. Two with free basic options include https://www.facebook.com/easypromos and http://offerpop.com/SiteHome.psp.
Has anyone had good luck with third-party apps for Facebook? Let us know!
QuickBooks Training
Bookkeeping is one of the most important tasks of any small business owner - this includes dentists! The good news: if you’re good with QuickBooks, maintaining timely and well organized financials is a breeze! The bad news: We’re not all QuickBooks experts!
Enter Susan Gunn - the “QuickBooks expert’s Expert!” Check out Susan Gunn Solutions at www.susangunnsolutions.com. Among her many resources are a popular book and an e-learning website (http://www.solutionsforyourpractice.com/). From the description of her book:
“If this economy has taught us anything, it has taught us that we better understand our finances! This book is a complete reference regarding using QuickBooks software specifically for your practice.
Easy to understand, step by step instruction guides you through practice tasks, such as entering deposits, writing checks, entering bill & paying bills, reconciling our bank statements, creating payroll, paying taxes and much more. Learn the importance of a Practice Management Chart of Accounts, Financial Organization layout, and using a Petty Cash Form.
Written by Susan Gunn and recommended for novice and skilled users, this easy to follow book takes you beyond tax accounting to managing your practice and understanding your reports.”
Check it out!
Tips for Avoiding Embezzlement
Embezzlement takes place far too often in dental offices. I've seen it many times. Here are some practical tips to safeguard your practice's finances:
- Be sure your book keeper takes vacations of one week or more.
- Be involved with your practice. Abdication of management control leads directly to these problems.
- Review and compare the day sheet, appointment book, and deposit slips.
- Check for and review adjustments.
- Sign off on the Day Sheet each day.
- Stamp checks “For Deposit Only” as they are opened or received.
- Where possible, get to know your banker. Personally meet with them and implement a policy that you, and only you, can make account changes or add new accounts.
- Bond employees responsible for financial aspects of the office.
- Make deposits daily rather than accumulating deposits at the office.
Preventing Cancellations and No-Shows
This technique is very effective for building the value of your patients appointments:
Each patient leaving the office needs to have a specific reason and date they will want to return to your office (an "Area of Concern"). It is not sufficient to dismiss the patient with “We’ll see you in six months.” We must focus on what is important to the patient and emphasize the time when it is appropriate for them to return.
“Susan, you are going to want to have me check that area again in March. It is important to monitor this area carefully before it becomes a serious problem for you.”
Notice that we did not say “in 6 months”. Time has a way of getting away from us and patients are more likely to remember their re-care date if we specify a month instead of a time frame.
It would be very appropriate for the assistant to follow up with the negative consequences if they miss this important follow up appointment. This comes quite naturally while walking the patient to the administrative office.
“Susan, we have seen patients who let that kind of dental problem go too long and the infection comes back. Since gum disease is the ‘silent disease’, you’re not aware of the amount of bone being destroyed and could eventually loose teeth.”
“Susan, when the bacteria gets under those old mercury fillings, the decay grows very fast. If it is not discovered quickly, we sometimes risk the possibility of having to do a root canal instead of a simple filling or crown. Cathy will make that appointment for you to see Dr. Friendly in March.”
By using “you are going to want to see us” instead of “we want to see you”, the patient perceives the value of the appointment and is less likely to forget or cancel.
One Question to Change Your Life
People don't buy what you do, they buy why you do it.
Enjoy this video and then take some time to think. As dentists, we all know what it is that we do. But it's the 'why' that makes all the difference.
Start with: I firmly believe… What is it that drives your belief? Next week we'll look at specific examples of how this applies to dentistry.
6 Things Every Dentist Should Post
So you've created a Facebook page for your practice - now what? You can't simply expect your patients to magically discover you on the web. Here are 6 ideas for great posts - 5 for your virtual wall and 1 for your real one!
- Make a physical display advertising your page and hang it in your waiting room! The display should include the Facebook 'f' icon (search Google Images for 'Facebook') and your page url. If you don't have the 25 fans need to have your own Facebook URL (e.g. facebook.com/yourpractice) - or if you just want to look hip - create a QR code (like the one above) and paste that into your display. Encourage your patients to join the conversation. You could even create an instant reward for patients who use their phones to like you on Facebook there and then!
- Post pictures of you and your team having a great time. Shots of the office are good to have, but photos of you and your team out to lunch or at a party are very effective. Other Facebook users want to see that you all have lives like theirs - lives that go beyond your practice.
- Post comments about positive local events - anything from runs to parades to charity events. Add a link to the event's website.
- Post practice specials. Give your Facebook fans an incentive to call and make an appointment!
- Post video responses to common questions patients ask. These are fairly easy to make - if you own a newer Mac you can easily use iMovie to record and post a video to YouTube.
- Finally, post questions. Give your fans an opportunity to be heard. Ask your Fans opinions on anything dental or postive local news As with number 3, it's probably best to stay away from negative news or controversial subjects.
What else have you found effective? Let us know in the comment section below!
6 Essential Reads
I’ve had a number of requests lately for recommended reading. The books below are an essential list for any dentist who wants to catapult their practice to the next level. I’ve selected these titles for the lasting impact they’ve had on me personally, as well as on a great number of very successful doctors. Enjoy!
The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change
by Stephen R. Covey
The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change was a groundbreaker when it was first published in 1990, and it continues to be a business bestseller with more than 10 million copies sold. Stephen Covey, an internationally respected leadership authority, realizes that true success encompasses a balance of personal and professional effectiveness, so this book is a manual for performing better in both arenas. His anecdotes are as frequently from family situations as from business challenges. Before you can adopt the seven habits, you'll need to accomplish what Covey calls a "paradigm shift"--a change in perception and interpretation of how the world works. Covey takes you through this change, which affects how you perceive and act regarding productivity, time management, positive thinking, developing your "proactive muscles" (acting with initiative rather than reacting), and much more. This isn't a quick-tips-start-tomorrow kind of book. The concepts are sometimes intricate, and you'll want to study this book, not skim it. When you finish, you'll probably have Post-it notes or hand-written annotations in every chapter, and you'll feel like you've taken a powerful seminar by Covey. --Joan Price, Amazon.com Review
The 21 Irrefutable Laws of Leadership: Follow Them and People Will Follow You
by John C. Maxwell
John C. Maxwell offers lively stories about the foibles and successes of Lee Iacocca, Abraham Lincoln, Princess Diana, and Elizabeth Dole in The 21 Irrefutable Laws of Leadership. Readers can expect a well-crafted discussion that emphasizes the core attitudes and visions of leadership. Maxwell uses the same tell-it-like-it-is approach that he honed in the bestselling Developing the Leader Within You. For instance, when explaining "The Law of Influence," Maxwell states that "job titles don't have much value when it comes to leading. True leadership cannot be awarded, appointed or assigned. It comes only from influence and that can't be mandated." Even after Princess Diana was stripped of her title, Maxwell says she was still able to lead a global effort toward banning land mines because of her sophisticated ability to influence others. -- Amazon.com Review
The E Myth Revisited: Why Most Small Businesses Don’t Work and What To Do About It
by Michael E. Gerber
In this first new and totally revised edition of the 150,000-copy underground bestseller, The E-Myth, Michael Gerber dispels the myths surrounding starting your own business and shows how commonplace assumptions can get in the way of running a business. He walks you through the steps in the life of a business from entrepreneurial infancy, through adolescent growing pains, to the mature entrepreneurial perspective, the guiding light of all businesses that succeed. He then shows how to apply the lessons of franchising to any business whether or not it is a franchise. Finally, Gerber draws the vital, often overlooked distinction between working on your business and working in. your business. After you have read The E-Myth Revisited, you will truly be able to grow your business in a predictable and productive way. -- Product Information, Amazon.com
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
by Thomas J. Stanley and William D. Danko
In The Millionaire Next Door, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become "wealthy." Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today's earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the "right" occupation. -- Library Journal
Raving Fans: A Revolutionary Approach to Customer Service
by Ken Blanchard and Sheldon Bowles
"Your customers are only satisfied because their expectations are so low and because no one else is doing better. Just having satisfied customers isn't good enough anymore. If you really want a booming business, you have to create Raving Fans."
This, in a nutshell, is the advice given to a new Area Manager on his first day--in an extraordinary business book that will help everyone, in every kind of organization or business, deliver stunning customer service and achieve miraculous bottom-line results. -- Product Information, Amazon.com
Everything is Marketing: The Ultimate Strategy for Dental Practice Growth
by Fred Joyal
Fred Joyal, the expert in dental consumer marketing, reveals how every single thing you say and do in your practice communicates a message to your patients. Everything is Marketing takes you step-by-step through your business, showing how little changes can have a big impact. Want to attract new patients? Convert more calls into appointments? Increase your case acceptance? Marketing can make it happen. -- Product Information, Amazon.com
