Do you know your hourly rate as a dentist?
What is an hour of clinical dentistry worth to you?
The calculation is simple:
Work out how much dentistry you produced personally in a certain time frame [usually three or six months], then divide that dollar amount by the number of days you worked and there’s your daily rate.
Divide your daily rate by the number of hours you work each day to calculate your hourly rate.
Knowing your hourly rate is very powerful:
When you know your hourly rate for being a dentist in your dental practice, you can soon be able to work out those tasks in your practice that you SHOULD NOT BE DOING and should be delegating to someone employed or hired on a lower hourly rate.
You can also work out those tasks that you could hire someone to do in your office instead of you so that you as a dentist could concentrate on working and generating more income for your dental practice by doing more dentistry.
Here are some tasks in the dental office that you can pay someone a lower hourly rate to do:
- Fill out lab sheets
- Type up clinical notes
- Mix plaster and pour up models
Here are some tasks in the dental office that you can pay an expert a lower hourly rate than you earn, to do:
- Dental hygiene
- Front office phone skills training
- Customer service training for your team
Here are some tasks you do at home that you can pay someone a lower hourly rate than you earn, to do:
- Mow your lawns
- Wash your cars
- Clean your house
- Trim your hedges
Dr. Omer Reed said that in the USA, 95% of dentists reaching the age of 65 cannot afford to retire because they haven’t been able to put away enough money along the way to fund their own retirement.
They simply haven’t looked at the efficiencies of better time management and better time utilisation in their dental practice.
There’s no point employing a dental assistant and then putting your own matrix bands together, while the dental assistant sits there beside you twiddling her thumbs.
Similarly, why not employ an extra dental assistant to transfer the completed patient to, and who then transfers that completed patient and hands them over to the front office team, while you the dentist move into the next treatment room and begin doing dentistry immediately on the next patient.
You don’t see Lewis Hamilton filling up his own Formula 1 race car?
He’s paid a lot of money to drive that car.
Mercedes can pay other people a lot less to fill the tank of Hamilton’s F1 racer.
Similarly, I bet you don’t see Hamilton teaching the pit crew how to change tyres…. I’ll bet that Mercedes hire specialists to do that sort of training.
The other thing about Mercedes is that when they hire someone to help their pit team improve performance, they really make sure that they are getting the best available.
They do their research.
What they don’t do is train their pit team on what they the owners THINK needs doing.
They hire someone with a proven track record.
And it’s still a lot less expensive than training the pit crew themselves.
And it’s far more sensible than NEVER TRAINING their pit crew.
How’s things in your dental practice?
How are things in your dental practice?
Are you doing a lot of lower paid tasks in your practice yourself, instead of performing the dentistry?
And do you have dental office team members performing crucial roles in your business, who have never been trained on those roles?
LIVE Workshop: Dr David Moffet and Jayne Bandy:
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If you’re sick and tired of drilling all day long, and not having anything close to what you deserve, to show for it… or if you’ve ever wondered, “What can successful dentists POSSIBLY know, that I don’t?”… then register for this LIVE workshop Friday July 30, 2021 in Melbourne, VIC.
Need your phones monitored?
Are you concerned about the number of calls that are not being answered as best they can be?
You need Call Tracking Excellence.
For the cost of a less than one cleaning per week, you could have your phones being answered much much better….
Convert more calls into appointments…Click the link: http://www.calltrackingexcellence.com
Call Jayne on 1300 378 044 or email Jayne@theDPE.com for more details.
Have you read my book , How To Build The Dental Practice of Your Dreams [Without Killing Yourself!] In Less Than Sixty Days.
You can order your copy here: Click Link To Order
The Ultimate Patient Experience is a simple to build complete Customer Service system in itself that I developed that allowed me to create an extraordinary dental office in an ordinary Sydney suburb. If you’d like to know more, ask me about my free special report.
Email me at email@example.com