Bridging the Gap: Connecting Your Team with the Financial Goals of Your Dental Group.

As leaders in the dental industry, the term 'growth' often implies a focus on financial metrics – increasing revenue, decreasing expenses, and improving profitability. However, these financial goals can only be achieved through the people who make your dental group what it is – your team. It's a balancing act: prioritizing people, while keeping a keen eye on financial health. But how do you bridge the gap between your team and the financial goals of your dental group?

Before diving into the strategies, let me share a story that perfectly illustrates this challenge. I recently worked with a dental group that was struggling to meet their financial goals. After spending some time with the team, I made a critical discovery: the team was largely unaware of the group's production goals or the overall goals of the dental group. Furthermore, they did not understand why goals were important or how their work impacted the health and success of the group. This disconnection was, in part, holding the group back from reaching its full potential.

So, how can we address this? Here are some strategies to consider:

1. Transparency and Communication:

Open and transparent communication about financial objectives is key. Share your goals, discuss the strategies to achieve them, and explain how each role contributes to the bigger picture. From your front office team members, to your clinical team everyone must understand their impact. This action was my first step with the dental group. We started holding regular meetings to discuss our production goals, why they were important, and how each team member's efforts were vital in reaching them.

2. Employee Education:

Ensure your team understands basic financial concepts and how a dental practice operates economically. Offering workshops or training sessions on the basics of business finance, specifically tailored to dental groups, can be beneficial.

It is essential to link the financial goals back to the patient experience and oral health, providing relatable examples such as the discrepancy between the percentage of patients needing orthodontics due to functional problems and the current rate of referrals, or the percentage of patients with periodontal disease needing non-surgical periodontal treatment and the rate of scaling/root planing.

3. Linking Performance Metrics with Financial Goals:

Establish a system where the team's performance metrics directly correlate with the financial goals of the practice. Implement Key Performance Indicators (KPIs) that align with financial outcomes, enabling team members to understand how their individual contributions impact the group's financial success.

4. Incentivize Alignment with Financial Goals:

Consider implementing a bonus system or other incentives that are directly tied to the achievement of financial objectives. This encourages each team member to actively contribute to the financial success of the group and addresses the common question of "What's in it for me?"

5. Celebrate Achievements:

When the dental group achieves its financial targets, celebrate these successes with your team. This can help them see the direct impact of their efforts and foster a sense of accomplishment and shared success. Everyone wants to be a part of a winning team!

6. Foster a Patient-Centric Culture:

Remember that providing exceptional patient care is intrinsically linked with financial success. A satisfied patient is likely to return and refer others. Ensure your team understands this connection between patient satisfaction and the financial health of the practice.

Connecting your team with the financial goals of your dental group is a blend of open communication, education, incentive alignment, celebration of achievements, and a focus on patient care. By following these steps, you can create a cohesive team that understands and actively contributes to the financial success of your dental group. Not only does this ensure the financial stability of your practice, it also contributes to a positive, engaged workplace culture.