Practice Management
7 Dental Practice Management Tips for Profitable Dentists
Being a great dentist may make your patients happy, but it isn’t nearly enough to run a successful dental practice. It may be hard to hear, after all, dentists invest a lot of time and money into becoming a great dentist. However, in today’s competitive marketplace, you need to possess business savvy and have dental…
Read More7 Ways to Improve your Dental Practice Profits
There are nearly 200,000 dentists operating in the U.S. and the American Dental Association predicts this number will grow in the years ahead. It is safe to say that each one of these dentists wants to do everything possible to limit expenses and grow revenue. In order to run a successful dental practice, it is…
Read MoreBookkeeping for Cash Flow for Dental Practices
What is Cash Flow In essence, cash flow is the difference between the money generated by a business – cash inflow – and the cost to operate the business – cash outflow. As it pertains to a small business loan, for example, banks often take it a step further by incorporating personal obligations as part…
Read MoreDental Bookkeeping 101
As a competent dentist, you can fill a cavity with flair and perform root canal with aplomb. But when it comes to immersing yourself in the labyrinth of bookkeeping activities, your confidence level could take a plunge. Afterall, bookkeeping is a specialized field requiring financial acumen and expertise in organizing and preparing financial records so…
Read MoreChoosing Between A Study Club And A Dental Consultant
Dentists are always looking for new ways to expand their knowledge because dentistry is ever-changing. Whether it’s through study clubs or dental consultants, there are many routes a dentist can take in order to keep up with the latest developments in dentistry. But what is the best option and how do you know which one…
Read MoreImportance of Hiring Dental Accounting and Bookkeeping Services for Your Dental Practice
You spent years getting your education and work experience to be able to open your dental practice. And if you pursued the conventional way of obtaining your qualifications and schooling, you likely did not acquire skills in bookkeeping, or accounting for that matter. When you began your dental practice, you focused on the areas related…
Read MoreHow Much Can a Small Business Make Before Paying Taxes?
A majority of small businesses are owned by individuals. Sole proprietorships, partnerships, S corporations, and Limited Liability Companies (LLCs) do not pay income taxes. Unless a specific election is made by a small business to be taxed as a C corporation, the IRS (Internal Revenue Service) considers these various entity types to be “pass-through” entities.…
Read More3 Stats That Indicate a High Performing Dental Practice
Like any business, running a successful dental practice is a numbers game. And it’s not just dollars and cents, but, more importantly, statistical trends that bring to light why your bottom line moves one way or another every year. Being aware of these important numbers will help everyone at your dental business understand the advantages…
Read MoreThe most important number in your dental practice
In general, if you have 800 active patients that have visited your practice in the last year, you need to provide 3 doctor days and 4 hygiene days to meet the needs of your patients. You can accomplish this by being open only three days a week but have two hygienists working on one of the days (there are many options for making this work for your situation). If you have 1,200 active patients, you will need at least 4 doctor days and 5.5-6 hygiene days. Now, I ask you this question – are you providing enough doctor or hygiene days to meet the needs of your patients? If your answer is no, then you’re leaving additional revenue on the table.
Read MoreWhy your Annual Revenue per patient matters
Your Annual Revenue per Patient is the total collections in the past year, or over the last 12 months, divided by the number of active patients you have. For example, $600,000 in collections / 1000 active patients = $600 per patient annually.
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