Many dentists I talk with think that the key to growing their practice is simply increasing how much they produce. They often have a yearly target, which is great for setting goals, but from what I've seen, it's not the best way to measure real growth. I've had quite a few dentists come to me feeling overwhelmed and a bit let down. They put in a ton of work to increase their production and collections, only to find that their expenses had shot up too, leaving them without much extra in their pockets. It's difficult as now they're hiring more staff, spending more on marketing to keep those appointment slots full, and it seems like they need to do more of everything, including spending more time managing and leading.

That's where my book, "Profit First for Dentists," comes into play. It's all about focusing on profitability with a super simple model that uses everyday banking practices and plays into our natural habits with money. The set-up and getting acclimated to this new method takes a little time—like anything new—but once it's up and running, it takes just about 10 minutes each week and an hour each month to track your finances and really understand your profits.

Remember, making a profit isn't just about what you earn from doing dental work. If you bring on an associate dentist, their pay comes out of the practice's overhead. You should think of yourself in the same way—you're performing dental work and getting paid for it, but you're also the boss, taking on all those extra important roles that help your business thrive.

Being the leader, manager, and business brain of your practice means you should be paid too! Your practice needs to be profitable enough to cover your salary, taxes, and leave some profit for all the risks you take as the owner. I've worked with different systems in the dental industry, and I can tell you with full confidence that the "Profit First" system is by far the simplest and most effective way to boost your practice's profitability.

If you're curious to learn more about this approach, head over to my website at www.profitfirstdentist.com. You can download the first two chapters of the book for free under the Free Resources tab. And while you're at it, don't forget to hit the subscribe button on my YouTube channel for more tips and updates.  

-Barb Stackhouse, RDH, M.ED.

Mastery Profit First Professional