Toolbox Tuesday Episode Recap: On Target Tracking Series - Week 3 Diving Deep into Doctor Scorecards" **Introduction**: Welcome back to Toolbox Tuesday from Pathway Dental Solutions! This week, we’re thrilled to bring you the third installment in our four-part series on the On Target Tracking system. We’ll be examining one of the most potent tools in our repertoire: the Doctor Scorecards, an essential component for setting and achieving realistic income goals for your dental practice. This episode is all about understanding the nuts and bolts of Doctor Scorecards and diving into the actionable items surrounding each metric listed. **Key Takeaways**: 1. **Introduction to Doctor Scorecards**: Jennifer Paxton began by explaining the purpose and structure of Doctor Scorecards. "These scorecards are designed to break down your annual goals into manageable daily and hourly targets, allowing you to see exactly what you need to do to achieve your financial objectives," she said. This clarity is key in transforming ambitious goals into attainable tasks. 2. **Breaking Down Metrics**: Dr. Sten Ericson emphasized the importance of understanding each metric on the scorecards. “Aiming for a big number like $1 million can seem daunting, but when broken down by days worked, vacations taken, and specific clinical additions, it becomes more manageable,” he explained. Examples of critical metrics include daily production goals, clinical days worked, and various clinical additions such as IV sedation, surgery, and implants. These metrics allow providers to track their progress comprehensively. 3. **Accounting for Time Off**: Work-life balance is crucial. Jennifer noted, "We ensure that taking time off has minimal impact on production. It's about planning ahead and knowing how to manage your schedule before and after vacations.” This approach empowers providers to take necessary breaks without sacrificing their financial goals. 4. **Consistent Tracking and Feedback**: Regular tracking and feedback are integral to success. "We use a combination of weekly, quarterly, and annual averages to provide a clear view of where our doctors stand," said Jennifer. This consistent tracking helps identify trends and make necessary adjustments promptly. 5. **Importance of Treatment Planning and Case Acceptance**: Treatment planning and case acceptance are pivotal elements. Jennifer highlighted, "It's not just about how much treatment you plan, but how much of it is presented and accepted by patients." Accurate metrics and honest self-assessment are essential. **Quotes Worth Remembering**: - "These scorecards are designed to break down your annual goals into manageable daily and hourly targets." - "Aiming for a big number like $1 million can seem daunting, but when broken down by days worked, vacations taken, and specific clinical additions, it becomes more manageable." - "We ensure that taking time off has minimal impact on production. It's about planning ahead and knowing how to manage your schedule before and after vacations.” **Key Actions for Dental Business Owners**: - Utilize scorecards to break down annual goals into daily and hourly tasks. - Track key metrics consistently to provide clarity and guide actions. - Plan ahead to ensure work-life balance without compromising financial goals. - Focus on improving treatment planning and case acceptance rates. **Closing Thoughts**: This episode highlighted the immense value of Doctor Scorecards in managing and achieving financial goals for dental providers. By breaking down ambitious targets into digestible metrics, consistently tracking progress, and focusing on treatment planning, you can create a clear and actionable path to success. If you found this episode valuable, don’t forget to subscribe to our podcast, leave a review, and share it with your network. Tune in next week for the final installment of our On Target Tracking series, where we will delve into the importance of team motivation and buy-in to...

Toolbox Tuesday Episode Recap: On Target Tracking Series - Week 2 "Understanding Overhead and Defining Our 'Why'" **Introduction**: Welcome to another insightful episode of Toolbox Tuesday from Pathway Dental Solutions, where we aim to empower dental business owners with practical advice and actionable insights. We're diving into the second installment of our four-part series on the On Target Tracking system, a cornerstone for effective practice management and growth. This week, we turn our focus to evaluating true overhead expenses and establishing the powerful "why" behind our providers' income goals. **Key Takeaways**: 1. **Evaluating True Overhead Expenses**: Jennifer Paxton highlighted the importance of understanding and managing overhead expenses. She noted, "Many team members have a misconception that doctors pocket nearly all the revenue from procedures like crowns, without understanding the actual overhead costs involved." By educating the team on these expenses, we helped shift perceptions. As Jennifer put it, "Expenses don't stop when the practice is closed for holidays. Mortgage, rent, and loan payments are due regardless." This transparency has been crucial for team members to grasp the full picture of practice finances. 2. **Breaking Down the Numbers**: It’s important to break down large financial goals into manageable components. “Big numbers can seem insurmountable. We break them down into monthly and weekly targets,” Jennifer explained. Small wins accumulate and create momentum, making larger goals feel attainable. 3. **Establishing the ‘Why’**: A significant part of this episode was dedicated to understanding the "why" behind providers' income goals. Jennifer remarked, "Team members often feel that their efforts simply make the doctors richer." By shifting the focus to personal financial planning and goal setting, team members become more invested. Dr. Sten Ericson emphasized, “It’s not about pointing out what team members don’t know. It’s about guiding them to see possibilities beyond their current situation.” This alignment helps everyone feel valued and motivated, leading to better performance and job satisfaction. 4. **Improving Team Morale and Performance**: Transparent conversations about finances have positively impacted team morale. "Once team members understood the overhead expenses and their role in the practice's success, they became more engaged. It's not just about their payroll, it's about being part of a thriving business," said Jennifer. The introduction of the profit-sharing plan also played a pivotal role. "Instead of a token gesture like a gift card, our plan offers substantial rewards that reflect the team's hard work and contributions," Jennifer shared. **Quotes Worth Remembering**: - “Expenses don’t stop when the practice is closed for holidays. Mortgage, rent, and loan payments are due regardless.” - “Big numbers can seem insurmountable. We break them down into monthly and weekly targets.” - “It’s about guiding team members to see possibilities beyond their current situation.” **Key Actions for Dental Business Owners**: - Shift team perceptions by educating them about true overhead costs. - Break down larger financial goals into smaller, attainable targets. - Help team members establish their personal "why" to foster better engagement. - Ensure transparency and offer substantial rewards through profit-sharing plans. **Closing Thoughts**: This week's episode provided profound insights into two critical components of practice management: understanding overhead expenses and aligning team motivations with financial goals. By fostering a culture of transparency and shared success, you can dramatically improve both morale and performance within your practice. If you found this episode valuable, please subscribe to our podcast, leave a review, and share it with your network. Stay tuned for next week’s episode, where we will continue exploring the components of the On Target Tracking system...

Episode Title: "Laying the Foundation: Setting Obtainable Production Goals with Dr. Sten Ericson"

Introduction: Welcome to another episode of Toolbox Tuesday, your go-to podcast for insightful discussions and actionable advice for dental business owners! This week, we kicked off an exciting four-part series on our On Target Tracking system, designed to help you streamline your operations and achieve your financial objectives.

In this first episode, we had the privilege to sit down with Dr. Sten Ericson, a renowned dental practitioner and business innovator, to discuss the importance of setting obtainable production goals and managing overhead expenses.

Key Takeaways:

1. Realizing the Need for Obtainable Goals: Dr. Ericson shared his journey of recognizing the necessity for setting realistic and obtainable production goals in his practice. By underpinning the importance of actionable targets, he highlighted how setting benchmarks that are both ambitious yet attainable can lead to sustained progress and motivation within the team.

2. Reviewing Overhead Expenses: One of the significant turning points Dr. Ericson discussed was understanding his overhead expenses in depth. He emphasized the critical role of regular reviews and audits of financial statements to identify areas where costs could be optimized without compromising the quality of care provided.

3. Outproducing isn't Always the Solution: An eye-opening revelation that Dr. Ericson shared was the hard lesson that outproducing alone isn't the answer to financial woes. He narrated his personal experience with attempting to simply increase production rates to address financial troubles and how it led to burnout and inefficiencies. He underscored the essence of strategic planning and cost management over sheer production increases.

Quotes Worth Remembering:

• "Setting obtainable goals isn't just about hitting numbers—it's about creating a roadmap that inspires and guides your entire team towards growth."
• "Reducing overhead doesn't mean cutting corners; it means smarter spending and investing in what truly adds value to the practice."
• "Trying to outproduce your way out of financial troubles is like running a marathon on a treadmill—you'll expend energy and go nowhere."

Key Actions for Dental Business Owners:

• Begin by assessing your current production goals and adjusting them to be both ambitious and achievable.
• Schedule regular reviews of your financial statements and overhead expenses to pinpoint unnecessary costs.
• Focus on strategic planning and efficiency improvements rather than simply increasing your workload.

Closing Thoughts: This episode set a strong foundation for our new series, offering invaluable insights from Dr. Sten Ericson’s experiences. His story is a testament to the power of proper planning, goal-setting, and financial prudence. Make sure to join us next week as we continue our series on the On Target Tracking system, bringing you more expert advice and practical tools to enhance your dental practice.

Call to Action: If you found this episode helpful, don’t forget to subscribe to our podcast, leave a review, and share it with your network. Stay tuned for the next episode where we'll delve deeper into optimizing operational efficiencies!

Thank you for tuning in to Toolbox Tuesday. Until next time, keep your toolkit ready and your goals in sight!