Here we are at the last blogpost in this series, The Business of Owning a Dental Practice. I can’t believe it’s been nine weeks now. Thanks for hanging with me and if you haven’t yet read the previous eight posts, please go back and check them out. You’ll find some good stuff.
Today’s topic is all about GAAP and the Profit First Equation. You know by now, I’m the Profit First for Dentists lady. Yes, I do teach and coach dentists using this method. I also wrote the book and my hope is that more and more dentists will read my book and implement this cash flow system in their practice.
Why? Because it works! And I believe dentists are some of the most hard working people out there. They deserve to be paid well and I don’t always see that happening.
Let's get to the topic today. GAAP stands for Generally Accepted Accounting Principles. These principles were created and put into law in the...
This is blog five in the series The Business of Owning a Dental Practice. Todays topic is to discuss a Production Model or a Profitability Model of business and why more production doesn’t always lead to more money in your own pocket.
The prevailing theory of most dentists I speak with is the belief that increasing Production will grow their practice. The dentists I speak with usually have an annual number as their set goal for Production. And I fully support setting a production goal but it’s not the measure of practice growth I would choose to use.
That’s because I’ve worked with way too many dentists who came to me because they had done everything possible to increase Production and Collection only to find their expenses increased too and they themselves did not really make much more. They were frustrated with all of the extra work it was taking to make the increased production happen and then not see the reward for...
I’m starting a new blog series about The Business of Owning a Dental Practice.
Beginning next week and for 8 more weeks, I’ll post a new blog on a specific topic of business and how it relates to dentistry along with some of the challenges I see dentists face.
If you’re like many of the dentists I speak with, there a always multiple things going on at any given moment. Dentistry has a lot of moving parts making a day in the life happen. Time seems to slip away faster and faster and its seems almost impossible to manage all the business stuff.
My goal is to share with you how to simplify the money management in a dental practice by using the Profit First system. It's so important for dentists to completely know where they stand with regards to their finances, learn how to pay themselves first, and pay their taxes with ease.
The Profit First for Dentists System allows dentists to truly see the overhead picture. It's possible...