Remember the most famous saying- the first million dollars is the hardest? It is possible but NOT impossible; likewise, the one million dollar net practice can be challenging at first but remind yourself that it is possible.
In this episode, Gary discusses changing the insurance landscape towards the ideal model of the one million dollar net practice.
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This episode will help you understand:
- To create a practice model that generates one million dollars a year in pre-tax net income from your dental practice.
- The step-by-step approach to the one million dollar strategy at your dental practice.
- A finance tip by Director of the CPA, Art Wiederman, on making 80% profit in your dental practice and how every marginal revenue has a much lower overhead than your total practice.
Time Stamps
- 00:00:30 – Introduction to the episode.
- 00:01:00 – Announcement on the Live MBA Workshop
Today’s Thriving Dentist Clinical Tip
- 00:03:00 – How to make 80% profit in your dental practice by Art Wiederman, CPA.
Coaching In Action
- 00:10:28 – Is it possible to make 1 million dollars a year in net income?
- 00:11:23 – What inspired Gary to choose this podcast episode?
- 00:14:01 – Gary gives a breakdown of a 3 million dollar practice.
- 00:22:26 – Gary breaks down daily production goals for a 3 days a week practice.
Q&A Segment
- 00:29:32 – Question 1 – I have not had success with associate dentists in the past. What tips can you provide so that I attract and keep the best possible associates?
- 00:33:10 – Question 2 – This topic is very inspiring. Can you describe the facility needed to support the 3 million dollar practice model?
- 00:36:36 – Question 3 – Can this be done as a PPO practice?
- 00:38:44 – Question 4 – My practice is too busy for one doctor but not busy enough for two. How can I solve this problem so I can attract and keep a quality associate?
- 00:43:02 – Question 5 – In your model you discuss the goal of hygiene producing 33% of total office production. I have started to look at this statistic thanks to your guidance, and I am sorry to say that I am at about 22%. How do I get that to the 33% goal?
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!