There is a growing group of dentists earning over a million dollars per year. If you're a practice owner reading this and wondering how on earth they managed to do that - keep reading!
We're not diving into the complicated systems of presenting finances or scheduling marketing - which do impact taking home a million dollars. Instead, let's start with the fundamentals; you need to lower your expenses while producing more.
This might sound simplistic, but the key is to look at how these million-dollar practices manage staff overhead. Most of them only have about 15% staff overhead, as opposed to the average dental practice, which usually has around 25% - 30% staff overhead.
It's not that their team members are not getting well paid; they are actually getting paid a lot per team member. But the difference is that these practices produce much more per team member than a typical practice.
They can achieve this without hiring more staff because they've focused their efforts on increasing case acceptance, diagnosing more, and effectively managing schedules.
If you can accomplish those three things, it becomes easy to show staff overhead numbers as low on your profit and loss statement because your day is efficiently full of the dentistry you diagnosed. That dental assistant becomes a very affordable cost to the business - no matter how much you pay them proportionately.
Do you want to learn more?
Tune in to this week's episode of 'The Raving Patients Podcast'!
Scott Leune, the founder of Breakaway Practice Seminars, joins me to share his tips on building a million-dollar practice.
Breakaway Practice is a dental practice management company that has helped over 500 practice owners scale their business by implementing growth-boosting changes, predictable management systems, and innovative profit maximizers.
We also discuss the best third-party financing companies, budget management strategies, and Scott's quick little habit that helped him become incredibly successful.
Learn proven dental marketing strategies and online reputation management techniques at: https://www.drlentau.com
Learn more about Breakaway Practice Seminars: https://www.breakawayseminar.com/
This podcast is sponsored by Cloud Dentistry, the largest dental talent marketplace. Find out more at: http://www.clouddentistry.com/Len
Len would love to connect with you.