As a dental practice owner one of your main objectives is to operate a successful, financially healthy practice so you can continue to service your patients long into the future. Not only do you focus on patient satisfaction, but as an owner you want to make sure your practice is profitable. In an article posted on Dentistry IQ, Kevin Wilson writes about key financial management points for dentists. According to Mr. Wilson:
“Profit comes from earning more than you spend, you can increase profit by decreasing overhead dollars in the correct category, or by increasing income. The area to focus on is increasing income, and therefore gross production/adjusted production.”
In the article, Mr. Wilson suggests closely analyzing your practice management system’s monthly summary reports and production breakdown. For example, does your practice profit more on emergency cases or by the value that a patient will provide your practice over the course of a lifetime, can average $2,500?
Either way it is important to analyze your monthly reports and make sure you are maximizing income and profitability. If your practice needs help increasing your availability to schedule new patients and keeping your schedule full, contact UIC Dental today!