Most dentists hate ‘numbers’. I get it. We’re into helping people and numbers are just, well…BORING and an ANNOYANCE!
But as a practice owner, someone should be looking at the numbers and the trends they represent. But which one’s? How often? And what do they mean and what can be done about them?
There are MACRO trends (outside the practice) and MICRO trends (inside the practice) that should be viewed. There are historic trends and ones that pprospecive ones that can predict future performance. There’s ONE predictive trend that is not important. It’s not INFLATION, INTEREST RATES or GDP. The most relevant, predictive number for a dental practice is called the Consumer Confidence Index, or CCI.
This index measures the EMOTIONAL status of people’s willingness to spend money. And, like it or not, Dentistry, other than emergency care is viewed by most people as a DISCRETIONARY item. Hence, the CCI can predict marketing effectiveness, new patient flow, treatment acceptance rates, recall effectiveness and other MICRO KPI’s (key performance indicators) that all impact the most important KPI…Bottom line PROFIT.
Here’s the most recent graphic. Obviously, the 2020 Pandemic caused a rapid drop in CCI from through much of 2021, which has rapidly rebounded as we began learning to cope with it. Since then however, the CCI has been steadily dropping.
A drop in the CCI indicates the following for dental practices.
THE 10 PLAGUES OF A DOWNWARD TRENDING CCI
If you look at the graph, you’ll note that between 2008 and 2010, the CCI dropped precipitously, getting as low as 25. And,it took quite a while for the CCI to recover to the baseline of 100 (1985).
Then, from 2017 to 2020 and the start of the pandemic, the CCI was in uncharted, positive territory. People’s confidence and spending habits were way over the 100 level, getting close to 140 in 2019. It was a golden age for dentistry too.
But are YOU doomed to suffer the challenges that a low or downwardly trending CCI predicts?
Based on experience during the Great Recession of 2007-2010, the answer is a qualified NO.
It’s qualified because it depends on whether and how you adapt and react quickly enough to the trend.
And ADAPT you must. Doing things the same will most assuredly condemn your practice to some or all of the above plagues of a DOWNWARD CCI.
EVIDENCE-BASED ANTIDOTES TO THE 10 PLAGUES
Practice Perfect Systems, through its 6-decades of experience, has developed customized solutions that help practices cope with downward trending CCI’s and other vital KPI’s.
The process starts with joining the Coffee With The Coach Inner Circle. Because this program is geared towards the entire dental team, it’s the perfect place to start shoring things up. Having your TEAM on your side, working alongside YOU towards a common goal is like a prebiotic for anything else you want to do.
Imagine having your team come to you with ideas of how to improve your results, rather than YOU managing, dictating, or leading them?
Coffee With The Coach is the perfect antidote for these challenging times. And, at less than $2.70-3.20 a day(depending on the payment plan), or a cup of good coffee, it might be the perfect stimulant for a sagging CCI.
Don’t ignore the numbers. Don’t look at them and fret. Don’t stand by and do nothing.
ACT NOW and watch others suffer, while you flourish. That’s what happened to me in 2018. I watched as others saw their practices shrink by 25% or more. I watched as dental bankruptcies soared.
I watched as my practice withstood all these because of the sound advice I was being given by my coach and mastermind group. Those who listened thrived. Those who didn’t or were reluctant to act…well the statistics showed that it resulted in the average dentist delaying their retirement 5-7 years.
ACTION NOW CAN PRECLUDE DISSAPOINTMENT IN THE FUTURE.
The Coffee With The Coach Member’s Vault contains videos and other resources that specifically deal with each and every antidote mentioned above. They are immediately available to any member.
Check out the PROGRAM. YOUR TEAMS’ HAPPINESS AND EFFECTIVENESS DEMANDS YOU DO THIS NOW, SO YOU CAN START THE NEW YEAR OFF ON THE RIGHT FOOT.