DR. ACE GOERIG
OWNER & CO-FOUNDER
As summer enters its last few weeks, life shifts into a different gear. Lazy, hazy weekends at the lake and poolside barbeques start to fade into memory. The sun sets earlier, and the weather starts to become more mixed. Kids settle into their school routines and traffic patterns become more congested.
Overall, there is a sense that life has become a bit more business-like. It’s a time to focus on work, productivity, and getting things done between now and Thanksgiving, when the holiday season mindset takes over.
That’s only a 2-month window from mid-September to mid-November, but it’s a terrific opportunity for practice owners to think about next year’s goals. Otherwise, next year will be upon us and you will be unprepared without a plan.
3 key factors for goal setting
To be clear, I am not talking about budgeting or any kind of tedious financial analysis. Mucking around in those financial details is hardly an inspiring process. Instead, you should focus at this time on high-level goals and objectives that excite and motivate you for the coming year. Here are the three key factors I suggest:
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How many days do you want to work next year?
Setting the right work calendar is a huge part of having work-life balance and being able to enjoy the profession. Endodontics is a demanding profession and a doctor working 5 days a week for 50 weeks a year is on a fast-track to burning out early.
The two biggest factors to consider are the number of days per work week and the number of work weeks per year. The balance of weeks in a year are therefore allotted to time off, vacations and continuing education.
Ideally, I believe that endodontists should aim for 10 weeks off per year, which gives you a two-week break every quarter plus 2 weeks to flex during the year.
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How many cases do you want to complete next year?
Cases drive revenues, so setting a goal to complete more cases is going to automatically increase revenues and, more importantly, dramatically increase profitability. Remember that every additional case you add to the practice will flow to your bottom line with over 90% profitability on the collected fee.
It’s easier to plan based on cases because it’s relatively easy to pull that history from your practice management software. If you plan a 10% increase in cases, you can reasonably expect that revenues will increase by 10% too, while expenses are largely unchanged.
Even if you are planning to reduce the number of days you work next year, you should not be reducing your goal for the number of cases completed. A doctor supported by a well-trained team can easily complete 6 to 8 cases per day (or more, sometimes). Unless you are exceeding that threshold, reducing your days worked should not affect your goal for cases completed.
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How can you make each day in the practice more enjoyable?
We spend so much time in our practices that it’s important we enjoy that time completely. We should feel happy walking in the door in the morning and walking out of the door at the end of the day. Even though we’re working, we should feel energized and motivated all day, rather than stressed and run down.
Think about the changes you would like to see in your practice next year that will reduce stress and increase enjoyment. Are there team dynamics that you want to evolve in some way? Are there facility or equipment changes that would make the environment more aligned to your success? How can the team support you more seamlessly? How can you avoid taking any work home with you at the end of the day?
Committing to your goals
To commit to your goals, changes and improvements must be made in the team and practice. And just like now is the best time to set goals for next year, the beginning of January is a great time to start a program of change and growth designed to achieve those goals.
January is great for several reasons. First, the holiday season distractions from Thanksgiving to New Years are over. Second, there is the psychology of setting resolutions for a new year. And third, it’s the beginning of the year, so it feels like the right time to begin and measure results.
The first step to any project is always to get started. You are never going to begin any project with all the answers laid out for you in advance. But you can begin by taking the first step down the path that will lead to the solutions you need.
Endo Mastery’s January seminar “Mastering the Effortless Endodontic Practice” in Las Vegas is a great way to get started. Designed for doctors and teams to get aligned and motivated around new practice strategies, begin your journey by planning now (and save on early bird tuition).