How Much Financial Data Should You Share With Employees?
The benefits of revealing more than the reschedule rate
By Joanne Bishop | March 1 2019
Dentaltown is celebrating 20 years at this year’s Townie Meeting at Talking Stick Resort in Scottsdale AZ. I’ve written about how significant these achievement anniversary milestones are, in fact, 70% of SMB’s fail in their 10th year in business, meaning just 30% will survive. So BIG congratulations to Dentaltown for hitting the big 2-0! If your practice is past the 10-year mark, congrats! If you’re approaching – get ready!
Patient News, now in our 26th year, is participating in the Townie Meeting this month. Marketing Consultants, Jessie Stamp and Patti Lou Robinson will be there to dazzle you with the latest news on marketing and how the use of marketing and business intelligence technology will set your practice up for success in 2019. Plan to visit Jessie & Patti Lou in Booth 300 – I can’t give anything away, but promise you’ll love the special gift they have for you when you do!
Townie includes 15 hours of live CE – practice management, clinical, hygiene, and team development. The event organizers do a great job of setting up activities to encourage networking – golf, welcome reception, exhibit hall cocktails, plus the Party Like It’s 1999 costume party! It’s been fun to participate for many years, and we’re looking forward to reconnecting this month. Of course, Howard Farran will kick off the meeting with his legendary opening remarks – always fun, always insightful.
Speaking of Howard Farran, in his January column he wrote about the importance of communication and I want to use that as a jumping point for today’s blog.
At Patient News, we keep communication high on our priority list, both internally and externally. We always find that when things don’t go as planned, guess what – more communication would have helped.
It’s interesting to us when we run into practice owners and managers who just don’t want to communicate or share data with their teams. Some offices don’t want to share production numbers, others don’t even want the front desk to know they’re marketing for new patients!
They key is to share IMPACTFUL information; to encourage everyone to work more productively.
It’s said that transparency in business is more important than ever. Without knowledge employees can be resentful, imagine bad things happening, may not realize “why” you’re pushing for more new patients or investing in new-patient marketing (e.g. a corporate competitor or decreasing production) or they just won’t understand your long-term vision and where they fit.
When everyone on your team understands your vision and the realities of your current situation, it instills security and creates a culture of hard work to ensure the practice achieves goals. Sharing information is good for your business.
The question is, what is so very secret? You have a business and it needs to be profitable. What horrible thing could possibly happen if your front desk team knew that your production was $1.5 million last year? Why shouldn’t they know that a new patient’s first-year value is twice that of an active patient? Why don’t you want your team to know you need more new patients to continue to thrive, and that you’re marketing hard to attract them?
Rather, what would happen if your team completely understood the financial impact of only rescheduling 52% of your new patients into a second visit? All of this will build a culture of trust and positivity for the practice.
Your front-line members are face-to-face with your patients and potential new patients every day. They are the ones that will either dazzle with superior customer service or have patients and new patients choose not to return. Getting a team involved in the goals of the organization, with clarity around results, can only improve engagement, patient satisfaction, and ultimately practice profitability.
Here are a few ways to boost your team communications:
- Have your practice vision and mission clearly outlined and posted in your office.
- Have your top competitive advantages identified (and posted) for marketing, and educate your team on them.
- Establish and post production goals, new patient growth, and scheduling goals, and track and report results.
- Share your marketing strategies, content, offers, and campaign goals with ALL team members at regular huddles – being inclusive helps encourage engagement and interest in practice success.
- Train and role play articulating your top competitive advantages and key attributes (with everyone on the team) so that staff can reinforce your messaging with patients and area connections including friends and family.
- Enhance patient and new-patient communications; monthly newsletters, direct mail, email, and referral and review campaigns – make sure everyone on your team gets copies of all active marketing campaigns – and have a show and tell; explain who you’re targeting, review content, messaging, and offer strategies, and talk about the related desired outcomes (more new patients, more referrals, upselling a new service, reactivation, etc.).
- Share wins and losses. Consolidate and share patient reviews at your weekly huddles. When negative points are made, don’t get defensive. Consider the validity to the poor review and use it for an operations improvement. Boost morale by sharing great reviews with a pat on the back, and have your team help you respond to all reviews quickly.
- Hold regular team functions where you share achievements, acknowledge team members’ contributions, and talk about future plans. We do this at every team event, and especially love doing this at our annual holiday event with family and partners so we can also thank them for their support of our team, allowing our peeps to spend their time helping to grow Patient News.
A team that feels part of a team is always better. A team that understands what growth means to your dental organization – and their job security – will improve job satisfaction, morale, and your patient experience. Instead of having a team that views more new patients as more work, they’ll see it’s a necessary goal for a healthy practice! Taking the step to engage your team in your business – its challenges and its successes – will help you generate more referrals, upsell additional services, convert more new patients, and reactivate lapsing and inactive patients.
We can help you get started with a FREE Live Demo of your practice metrics in Practice ZEBRA. We’ll show you the key data points you can have at your fingertips and the support we can provide you and your team to drive practice growth. We’ll give you a bonus report of your top-value patients NOT scheduled to come back!
And if you’ll be at the Townie Meeting – visit booth 300! Here’s to a happier and more productive workplace!