Business of Owning a Practice - Benefit Plans
Mar 12, 2022
This week we are talking all about dealing with benefit plans in your dental practice. You can watch the video here!
There are many coaches and consultants out there who specifically work with dentists to figure out how to deal with benefit plans. I believe that no matter what approach they’re coming from, they are all doing good, valuable work that can work for different practices. However, my approach comes from a profitability stance because the Profit First system is what I am trained and certified in.
I believe that any good business decision can be made only by looking at the data. It does take work to determine what data is really true data, but once you are able to determine what your cash flow is, you can begin to make decisions that will increase your profitability. To begin making good analysis of benefit plans and making educated decisions about how to deal with them, you need to determine if your cash flow is sufficient, and if not, how to increase it by calculating Overhead + Time costs for each procedure and adjusting prices based on profit margin. Once you’ve done this, then you can begin to go through each benefit plan and determine what to do about it.
I would love to talk more with you about this if you have questions or want to learn more. You can schedule a call with me at call.barbstackhouse.com. I look forward to hearing from you!
Also, check out my book, “Profit First for Dentists,” which dives deeper into this topic and many others related to profitability models for dental practices.
Don’t forget to follow me on YouTube so you won’t miss any of my weekly videos!
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