In this episode, we discuss five strategies for reducing dental practice overheads. These tips can help dentists lower their expenses and increase profitability. Tune in to learn how to cut costs without sacrificing patient care and satisfaction.
This episode also features a Clinical Tip Dr. Omar Khaled Montaser on Root Canal Preparations.
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Reducing overheads is crucial for the success and sustainability of any business, and dental practices are no exception. High overheads can eat into profits and make it difficult for dentists to stay competitive. By reducing overheads, dentists can increase their bottom line and have more financial stability to invest in new equipment, staff training, and marketing efforts. Additionally, lower overheads can also help dentists offer more affordable services to their patients, making dental care accessible to a wider population. Overall, reducing overheads is essential for a dental practice’s long-term success and growth.
Timestamps
Today’s Dental CPA Insight
- 00:03:10 – Omar Khaled Montaser on Root Canal Preparations
Coaching In Action
- 00:08:49 – Why does Naren like this episode’s topic?
- 00:09:54 – What is today’s reality regarding practice overheads in dental practices.
- 00:12:09 – What is the realistic goal regarding practice overheads?
Gary talk’s about the strategies to reduce practice overhead.
- 00:12:57 – Strategy Number 1.
- 00:19:32 – Strategy Number 2.
- 00:21:58 – Strategy Number 3.
- 00:25:59 – Strategy Number 4.
- 00:30:55 – Strategy Number 5.
Q&A Segment
- 00:34:41 – Question Number 1 – My practice has experienced a production plateau. As a practice we are producing right at a Million Dollars each year, but we have plateaued here and I can’t see to break through to grow. Any suggestions?
- 00:37:00 – Question Number 2 – I am currently spending about $4,000 to $5,000 per month on Google ads. I think we are getting decent results from these ads. However, I would love to reduce my marketing costs. Any thoughts?
- 00:41:58 – Question Number 3 – I have attended your MasterClass on reducing insurance dependence and my main goal in 2023 is to successfully resign from the 8 PPO Plans I am currently contracted with. Is it realistic for me to be completely Fee-For-Service by the end of 2023?
- 00:43:56 – Question Number 4 – I have a goal of growing my hygiene department. I am a solo-dentist practice working four clinical days per week and I currently have 6 days of hygiene each week. 1 hygienist works 4 days per week and the other works 2 days per week but would like to add another two days for me. How do I know when I have enough demand to add these two additional days of hygiene?
Resources
Gary Takacs
Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe. As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!