Profit First for Dentists

This is my new series about the business side of owning a dental practice. Each week I will be posting a new video on specific topics of business and how It relates to dentistry. I will also be sharing the challenges that I see dentists facing. After reading this week's blog, don't forget to check out my video on this topic as well.

Now, if you are like many of the dentists that I speak with, things are a bit hectic and you are never able to get everything done. There is always a lot going on in a practice. I always say that dentistry has a lot of moving parts. It makes the day fly by and at times it seems to just slip away. It may seem that you never have that extra time to manage all the administrative tasks of your practice.

My goal is to simplify the money management process in a dental practice. I do this by using the Profit First system. I help dentists to fully know where they stand in regards to their finances. I teach them how to pay themselves first, how to pay their...

What if I told you that focusing on profit would actually allow you to provide a better patient experience? While some people may fear that prioritizing profit is a selfish act that creates distance between you and your patients, it is actually a key component to creating a healthy, positive patient relationship. You are taking wonderful care of your patients when you put profit first!

While this may feel unintuitive, the reason for this is quite simple: stress is challenging to manage and can negatively impact relationship dynamics (which can not only affect your work, but also your life outside of the workplace). Relationships with patients are no exception to this! When you are feeling comfortable and confident in your cash flow and profit margins, you will be able to fully focus on providing the best care that you can for your patients. 

On the flip side, when things are tight and you are feeling financially squeezed, it is inevitable for some of these feelings to shine...