Dealing with Benefit Plans

Today, we're focusing on a particularly pertinent topic in the dental community: managing benefit plans. This subject is increasingly relevant, and many professionals dedicate their expertise to assisting dentists either escape these benefit plan contracts, enhance the reimbursements from insurance providers, or improve office productivity and staff training. Each approach has its benefits, but from my standpoint, the focus is on profitability. This is a key element in making informed business decisions based on accurate and complete data. 

True profitability involves effective cash flow management, ensuring that more money is coming in than going out. Although this sounds straightforward, many business owners struggle to capture these accurate financial figures from standard reports like profit and loss statements or balance sheets, which often don't tell the whole story. This challenge led Mike Michalowicz to develop the Profit First method, which I find incredibly effective.

As a Mastery Level Profit First Professional, I'm certified and extensively trained in Mike Michalowicz's Profit First program. I've tailored its principles specifically for the dental industry in my book, "Profit First for Dentists." 

Understanding your practice's real profitability, based on solid cash flow data, is crucial. This information is vital for crafting a detailed budgeting plan, accurately accounting for each overhead category and the cost and time of each procedure. This ensures that profitability is factored in—because why continue something if it doesn't increase your profits? With a comprehensive view, you can effectively evaluate all your benefit plan contracts and make the most informed decisions possible.

Ready to take control of your practice finances? Visit www.profitfirstdentist.com and tap the 'Free Resources' tab to download the first two chapters of my book for FREE!  You can also subscribe to my YouTube channel here. These resources are designed to support you in managing your finances effectively. 

-Barb Stackhouse, RDH, M.ED.

Mastery Profit First Professional