Endo Mastery

Associate compensation insights

We always get a lot of questions from residents and new endodontists about how much they should be compensated as an associate. Current ranges typically go from 40% of collections in urban corporately run practices to 50% of collections in some independent private practices depending on location.

 

However, the percentage of compensation is not the most crucial factor driving associate compensation. The two factors that matter the most are:

For example, an associate completing 3 cases a day in a practice that collects an average of $1000 per case will gross $21,600 per month (16 days) at a 45% compensation rate. That’s $259,200 annually.

 

By comparison, the same associate completing 6 cases a day in a practice that collects an average of $1500 per case will gross $64,800 per month (16 days) at a 45% compensation rate. That’s $777,600 annually.

 

So, does it really matter if the compensation rate varies by 5% less or 5% more? No, not so much. What really matters is being in the right productive practice with the right referral network and the right fees. You can earn two to three times as much.

 

Endo Mastery clients are extraordinarily successful, team-driven, independent practices that offer superb environments for associates seeking financial success along with great lifestyle. If you’re looking for a great associateship or thinking about making a change, we have a list of practices who are looking for associates right now. For more information, contact: 

Angel Long:  [email protected]   |  1-800-482-7563

Engaging the endodontic team for practice growth

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

Last month, I wrote about The Reluctant Leader’s Dilemma and this month I’m dealing with its companion: reluctant teams who push back against practice changes or new goals. Many doctors experience this from their team in general or from one or two team members, which is enough to sabotage their plans.

 

Technically speaking, a dental practice is not a democracy. The doctor is the owner, leader and employer and they do have final say on what does or doesn’t happen inside their business. However, “my way or the highway” approaches to leading teams are rarely successful when implementing new objectives. Heavy-handed management can enforce some level of compliance, but absolutely kills the collaboration, enthusiasm and unity needed for genuine team-driven growth. 

The sources of resistance

Teams need to be engaged in a positive way that encourages and stimulates their discretionary energy to focus on new goals. When you meet resistance, it’s important to recognize the source(s) of it. Common factors include:

When you try to implement changes, it always creates an uphill climb to overcome “the way we’ve always done it”. The new way, even before it is fully implemented and the kinks worked out, can appear much harder or much less effective, so the team tends to revert to the old ways when they have doubts.

For teams to engage, they must believe that the goals are worthwhile. Some goals, especially financial ones, are difficult for some team members to relate to. They generally feel you make a lot of money already. Always try to express goals in service to great patient care, support for referring doctors, or to improve daily enjoyment in the practice for everyone. For example, a financial growth goal can be translated into completing more cases, which can be translated to more responsive scheduling for patients in pain (team relatable), which translates into implementing a better scheduling strategy (new team goal).

Everyone likes to know they are doing a good job, and they are not going to be criticized at work. When you implement changes, you push your team out of their comfort zone of knowing their job perfectly. Changes require learning new skills and doing things they haven’t done before. That makes team members feel vulnerable to making mistakes or not meeting expectations from you or other team members.

If you haven’t had success with past initiatives, or there is a pattern in your practice of implementing new things and then rolling back changes after a short time, team members learn that your commitment is often temporary. You might come back from a course with some nuggets to try out as the “flavor of the month”. They know after a few weeks, your energy around it will subside and you’ll drop it.

Solutions to team reluctance

Addressing team resistance requires effort from practice leaders on multiple levels. Here are the key objectives to remember:

Your vision establishes the values and principles for your practice. Share this vision with your team regularly so they can become aligned and invested in a common objective.

Allowing team members to communicate openly, share their ideas and offer insights leads to better decision-making around the path forward. Fully engaged and collaborative teams often set more ambitious goals than the doctor expects, and they become the self-managing, self-accountable teams that truly drive success.

Few, if any, teams have within them the know-how to grow the practice without any other support. Doctors need to think about resources that help the team, which can include a budget, training, new technology or improved systems. The greatest impact on the team is going to come from engaging an outside expert or coach who can bring proven strategies and provide confident experienced advice they can count on.

Keeping the team engaged requires the practice leader to always be encouraging and to express their appreciation for the team’s results. Surprising your team with gifts or incentives enhances everyone’s enjoyment and makes the effort worthwhile. A bonus system driven by improved financial performance keeps teams invested and focused on growth.

Doctors need teams to achieve practice success. Teams need doctors to invest in them so they can become fully participating and collaborative team players. A terrific way to jumpstart collaborative team growth is at an Endo Mastery seminar or webinar where doctors and teams get inspired together. Join us!

Who you should (and who you shouldn’t) market to

DR. ACE GOERIG

OWNER & CO-FOUNDER

Not all referring doctors are the same. What they refer and how frequently reveals a lot about their mindset and motivation. Here are some insights and tips on who to focus your marketing efforts on. 

GPs who refer practically everything

These doctors are referral champions. Since they regularly refer essentially all their endodontic treatment cases (especially routine and straightforward root canals), it’s clear that they would rather focus on restorative care in their own practice. Likewise, they prefer to refer to your office whenever possible. So, they check both boxes: high utilization and high exclusivity as referrers.

  

Keep these doctors close by inviting them to social opportunities, activities outside dentistry, special events, concerts, trips and thoughtful gifts, etc. Your marketing coordinator should be visiting these offices at least monthly with team-focused recognitions that surprise and delight the whole office. 

GPs who refer regularly

Any GP who is sending you at least 1 or 2 cases every month is a great referrer. However, looking deeper at the number of cases and the types of cases is revealing:

Easy cases are the secret to growth and productivity in endo practices, and the fundamental way to getting more easy cases is threefold:

As with all regular referrers, your marketing coordinator should be visiting the practice and connecting with the team monthly with pop-by surprises. Build goodwill practice-to-practice to become their preferred choice for all their root canals. 

GPs who refer irregularly

Doctors who are referring less than 1 case every month are part-timing you for some reason. Dig deeper into their profile and referral patterns to evaluate them:

GPs who never refer to you 

Doctors who have been around for a while and to whom you’ve probably done some outreach marketing in the past are not good marketing candidates. The exception is if they suddenly start referring a couple of cases to you. Something has changed and you should respond with immediate acknowledgement and gratitude, and a practice visit by your marketing coordinator.

 

The best opportunity among doctors who don’t refer is those who are relatively new to the community (new practice owners or associates in GP practices). These are great candidates for focused marketing. The number one marketing focus should be building the doctor-to-doctor relationship. You should look for opportunities to connect personally with these doctors, such as through local dental events. When they refer, always respond with appreciation and team-to-team activities with your marketing coordinator. 

Better marketing 

Great marketing creates the opportunity for growth and improved success in endodontics. If you’ve never implemented a structured marketing strategy (most endodontists haven’t), it is likely that your referral dynamics and revenues reflect that.

  

The heart of any marketing systems is an effective system to track referral patterns and highlight opportunities with specific doctors based on the frequency and types of cases that they send. The tracking system lets you and your marketing coordinator focus your marketing where it can have the greatest impact.

  

Marketing doesn’t have to be difficult, time-consuming or complex. In fact, Endo Mastery’s marketing strategies that we implement with practice coaching are practical, consistent and effective … and the results are amazing! 

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