{"id":2176,"date":"2022-12-02T16:10:49","date_gmt":"2022-12-02T16:10:49","guid":{"rendered":"https:\/\/www.tntdental.com\/blog\/?p=2176"},"modified":"2023-01-11T01:46:55","modified_gmt":"2023-01-11T01:46:55","slug":"2023-planning-4-numbers-to-know","status":"publish","type":"post","link":"https:\/\/www.tntdental.com\/blog\/2023-planning-4-numbers-to-know\/","title":{"rendered":"2023 Planning – 4 Numbers to Know"},"content":{"rendered":"
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\"smilingThis is a cool time of the year.<\/h2>\n

We get to be thankful, joyous, merry and bright. \u00a0We get to sing along, drink eggnog, give gifts and light candles. At the same time, we are supposed to be planning for a happy and prosperous new year. What? How is that going to happen?<\/p>\n

Those are the questions I started to ponder after recovering from my turkey coma on Black Friday. \u00a0Being in the technology business, I did not have to shop. We do that on Cyber Monday. \u00a0As a result, I had time to think and nap. \u00a0Both served me well as I actually came up with 2 answers to those questions.<\/div>\n<\/div>\n
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\"doctorThe first answer is easy.<\/h2>\n

Give me (Healy) or your Growth Leader a call. \u00a0We can help<\/strong>.<\/span><\/p>\n

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Over the past 3 years, we have developed a secret team at TNT. \u00a0We like to think of them as a dental skunkworks. \u00a0Officially known as our Strategy Team, they are here to support your planning efforts (among other things). \u00a0They have exclusive insights based on an analysis of more than 150 practices across the US. \u00a0As a result, they are incredibly knowledgeable about how the most successful practices grow.<\/div>\n
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Best of all, their services are included \u2013 at no additional charge<\/strong> \u2013 in your relationship with TNT.<\/div>\n<\/div>\n
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But if you are more of a DIY person, this second answer is for you.<\/div>\n
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\"TheReady to DIY? Here’s what you need to know.<\/h2>\n
I am lifting the curtain on the 4 numbers our Strategy Team utilizes to build their planning framework<\/strong>. \u00a0Let\u2019s start with a brief introduction and some definitions:<\/div>\n
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  1. % Growth You Want in 2023:<\/strong> Think about it realistically. \u00a0If you want to double the size of your practice over the next 10 years, 7% should be the goal. \u00a0If you have loftier ambitions, set your target.<\/li>\n
  2. 2022 Collections:<\/strong> Plain and simple, how much money has gone into your bank account this year. \u00a0This one should be pretty easy, and a good estimate should be possible.<\/li>\n
  3. Number of Active Patients.<\/strong> \u00a0This one is trickier than it sounds. \u00a0Before you find your Dentrix logins and attempt to navigate their maze of reports, realize your data is probably inaccurate. \u00a0Only 4 of the 150+ practices we have analyzed actually inactivate patients in a consistent manner. Active patients should be defined as anyone who has completed a treatment in the last 18 months. \u00a0If you have Dental Intel, Practice By Numbers, Jarvis or the like, you can get this one. \u00a0If not, you are likely to need professional help.<\/li>\n
  4. Rate of Patient Attrition:<\/strong> \u00a0Uh oh. \u00a0It is likely game over at this point as we have yet to find a practice that knows this number \u2013 even those with analytics software. \u00a0Our team calculates this as the percentage of active patients who have gone 18 consecutive months without completing an appointment.<\/li>\n<\/ol>\n
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    \"AIf you have started to question your DIY chops, do not despair.<\/h2>\n

    Less than 10% of all dental practices know these numbers.<\/strong> \u00a0We agree, that is crazy. \u00a0At the same time, my hope is the following example will motivate you to continue the pursuit. \u00a0Knowing and fully understanding these 4 numbers are critical to a meaningful plan for 2023.<\/p>\n

    Following are the actual facts and figures from a client we helped in early November.\u00a0 Since then, they have moved into the 2nd phase of planning, and everyone involved is truly excited about their potential for 2023 and beyond.\u00a0 Here is how it all started:<\/p>\n

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    This practice was a start-up in 2014.\u00a0 They have sights set on adding an associate dentist in the next 2 or 3 years, and they want to double their current, active patient base of 1,486 over the next 10 years (7% target growth in 2023).\u00a0 We helped them calculate their patient attrition at 20.2%, and their 2022 collections are set to total just over $1.2 million.<\/p>\n

    With these numbers, we can get to work and do some calculating:<\/p>\n<\/div>\n