Today, Ellen Rohr "Business Make-over Expert," was on from Bare Bones Biz with the topic of "Where did the money go?"  (http://www.barebonesbiz.com)

 

She discusses the importance of fully understanding your financial statements as they give great insight into your business. She discusses how her dental office interacts with her and appreciation of their approach. 

Bottom line, without profits businesses don't stay in business long.  You can show a profit on your Income Statement, but if that profit lives as a Receivable, it does you no good. 

Action Items:  We have collect money better. If the patient has insurance, we need to collect their portion while they are in the office. How well are you estimating their potion? If it hasn't been accurate in the past, call me. I have suggestions to improve it. Assistants, while doc is doing a hygiene check, take that time to speed up their dismissal. Once we know for sure the procedure won't change, offer to help them get out quicker by processing their portion and scheduling any future appointments. Take their credit card up front for them and get it done. This will "save them waiting up front in line."

Also, let's offer additional services when appropriate. These services often take little time and can offer the practice significant profit at the end of the month and year. If a patient has "watches," we should offer a Rx toothpaste as one example. Whitening, electronic toothbrushes, oral cancer screenings are some other examples. All of these things are good for the patient and good for the practice. 

The beauty of this stuff is as incremental revenue, the overhead is relatively low and thus the profit can be high. 

Have a fantastic day and call me if you have questions!

Darren Kaberna

 

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 http://www.acceleratemypractice.com/