Reducing Your Overhead to 55%
Presented by Sally McKenzie, CMC
29 minutes
Excessive overhead can affect both your ability to reach your own professional goals as well as your practice’s ability to continuously improve services for patients. It’s time to take the plunge and delve into the nitty-gritty of what will enable your practice to achieve the gold standard for overhead, which is 55% of your collections…the money you deposit in the checking account.
If you are currently at 60-65%, congratulations, you are in the comfortable range for a general practice. However, to really protect your practice from the ever-changing economy, you will want to look closely at the overhead triggers – inconsistent production, low collections, and high expenses.
Even if you are managing to meet your operating costs each month, you may not have enough left over to pay yourself quite what you had in mind. Even if you do have the revenues to pay your bills AND pay yourself a fair wage, you will still benefit by taking this course. After all, can you honestly say that you net enough profit to stash away something for your retirement every month? Do you always have the ready cash you need for professional training and continuing education for you and your staff? Have you set aside a nest egg for the purchase of state-of-the-art equipment, or a bit of savings to keep your office décor looking fresh and up-to-date? Lastly, do you have the capital reserves to market your practice so that it can survive in a marketplace that’s becoming more competitive each day?
The first step in keeping overhead in check is to have a complete picture of not only your operating costs, but how those costs measure up to those of other dental practices and industry standards.
This course will teach you:
- Common problems and causes of high overhead
- Profit and Loss Report – how to understand it
- Ideal overhead category percentages
- What to consider before acquiring additional facility space
- Causes and solutions of high salary overhead
- Causes of high debt hygiene
- Causes and solutions of high dental supplies
- Setting a dental supply budget
- Miscellaneous areas to scrutinize
- Causes and solutions of high debt laboratory and
- 18 tips to improve your bottom line
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