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Running a successful dental practice isn’t just about providing excellent patient care; it’s also about managing your overhead efficiently. In today’s episode, we’re going to uncover specific, actionable strategies that will help you reduce costs, increase profitability, and ultimately, create a more sustainable and thriving practice.
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Timestamps
- 00:00:24 – Introduction to the Episode
Today’s Clinical Tip
- 00:02:31 – Tips to Remove Completely Bony Wisdom Teeth by Dr. Jared Williams, DDS
Coaching in Action
- 00:07:32 – Earn 5 hours of CE for Free!
- 00:08:05 – Naren shares an anecdote
Gary Shares Tips on Reducing Overhead
- 00:09:41 – Benchmarking
- 00:12:04 – How Gary’s coaching client turned around his practice
- 00:13:15 – Gary continues on Benchmarking
- 00:24:55 – The second way you can reduce your overhead
Q&A Segment
- 00:28:55 – Question 01 – I appreciate your update regarding benchmarking team member wages. Is it even possible today to have my team member wages at 28% or less if I am a PPO practice?
- 00:33:51 – Question 02 – I am considering investing in CAD-CAM technology. Do you see this as a useful way to lower my overhead?
- 00:37:40 – Question 03 – I have an interesting dilemma. Currently, most of my new patients are coming from Google Pay Per Click, and I am spending 6% of my revenue on marketing. You recommended 1% to 2%. With the desire to reduce my overhead, what are your thoughts?
- 00:43:37 – Question 04 – I have an opportunity to hire an additional hygienist who will be a great fit for my practice. I also believe we have the demand to fill the increased hygiene appointments. Do you think it makes sense to hire this hygienist, given the higher hygiene wages all of us are experiencing?
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!