Does Your Dental Practice Have the Right Systems to Boost Profits?
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
When a dental practice doesn’t have systems in place, everything is done manually and left to human error. The patient experience is inconsistent… Practice life becomes a bit chaotic… Things get lost in the busyness of everyday… And your reputation suffers as a result. Why are dental practice systems important? Introducing intelligent systems into your dental practice takes the stress out by giving your staff clear systems and processes to follow. There’s no guesswork, no key person risk, and no need to micromanage your dental business. The systematisation of your practice will ultimately incr ..read more
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How And Why You Need to Review Your Fee Structure
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
It’s important to have an appropriate fee structure that suits the needs of your practice and your patient base. You want to make sure you’re profitable enough to provide patients with the best care, invest in the right equipment, hire and train qualified staff. And as recent years have shown us, you also need to build in a bit of a buffer so that if market conditions change or emergencies arise, you have the cash flow necessary to keep the practice afloat. Reviewing your fee structure regularly is just part of good business practices. Your fees are a direct reflection of your costs; rent, sta ..read more
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Five Habits of the Wealthy
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
A big part of the reason you work as hard as you do is to create lasting wealth. The kind of generational wealth that provides for your family, contributes to the local economy, and leaves a legacy. But in order to do this, we need to look at what drives wealth. After studying millionaires, billionaires, CEOs, investors, and successful entrepreneurs, you can observe a few patterns in their behaviour that may hold the key. So, let’s take a look at five habits the uber-wealthy have in common.   1. Pay yourself first If we let it, the practice could soak up every dollar we have – and then so ..read more
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What is the Leverage Line – and How Do You Cross It?
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
If you haven’t already taken a look at the Savvy Dentist Value Model, you’ll need to be familiar with it to understand the concept of the leverage line. Taking a look at the diagram of the Savvy Dentist Value Model, you’ll see a dotted line which we refer to as (you guessed it) the leverage line. If you’re operating below the leverage line, you’ll find that you have a very key-person dependent practice that’s almost a self-employment situation. Above the leverage line is where true business ownership exists, and it’s dependent on systems and teams as opposed to dependent on you.   The re ..read more
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Why Your Practice Needs a Financial Blueprint
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
When I ask dental practice owners about why they opened their practices, there are a handful of answers that get repeated again and again. Many say that they wanted the freedom to own their own practice They want to build a beloved local institution that gives back to the community. They’ve worked as a dentist for years and have a vision for their practice they want to fulfil. And, of course, they want to build a business that generates wealth for their family for generations to come. Sound familiar? And I’m sure you know all too well that building a dental practice doesn’t happen overnight. I ..read more
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How to Raise Your Fees Without Raising Eyebrows
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
It’s important to have an appropriate fee structure that suits the needs of your practice and your patient base. You want to make sure you’re profitable enough to provide patients with the best care, invest in the right equipment, hire and train qualified staff. And as recent years have shown us, you also need to build in a bit of a buffer so that if market conditions change or emergencies arise, you have the cash flow necessary to keep the practice afloat. Reviewing your fee structure regularly is just part of good business practices. Your fees are a direct reflection of your costs; rent, sta ..read more
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Are You Living in Entrepreneurial Poverty
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
One of the problems we see amongst dental practice owners is that while they may be earning a lot of revenue – the money coming through the business doesn’t end up in their pocket. This leads dental practice owners to feel like they have to constantly keep working harder and longer in order to see any reward. We call this Entrepreneurial Poverty – where practice owners allow the business to eat up every last drop of revenue, and they barely pay themselves a living wage. Needless to say this is frustrating, stressful, and doesn’t help build intergenerational wealth. The process towards profitab ..read more
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Five Ways to Maximise Cashflow
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
Cashflow is oxygen for a business – when businesses run out of cash, they go broke. There’s a distinct difference between profit and cashflow, in that a business won’t necessarily go broke when they run out of profit, but will when they run out of cash. Our job as business owners is to maximise that cashflow. Cashflow is created by turning assets into cash – your physical assets, database assets, patient base, team, intellectual property assets. When it comes to maximising cashflow, we really only have five levers to work with. Two of these live on the profit/loss statement, while the other th ..read more
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The Practice Profitability Equation
Savvy Dentist Blog » Finance
by Jesse Green
6M ago
When it comes to building a profitable practice, it all boils down to one simple equation. Revenue – expenses = profit It’s an easy concept, right? So when you look to increase your profits, it might be first instinct to first grow your revenue. This might be by attracting new patients, seeing existing patients more often, introducing new services, or increasing prices. However, as we increase our revenue, our expenses tend to increase. In fact, they’re almost proportional to one another. You might need more equipment, more staff, training existing staff,  a costly marketing campaign, lon ..read more
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