067: Real World Practice Growth, Dr. Mark Costes
Welcome to another episode of The Dentalpreneur Podcast. On today’s episode I want to share some of the finer points of a presentation I gave at last month’s Elite Practice Mastermind Meeting in Portland, OR.
My experience as a consultant and business coach has been that many dentists are not aware of what they are truly spending. The common areas of neglect are expense categories, overhead and cash flow.
Today I share the basics of the concept we use called “The Phases of Practice Growth.” In Phase I, I share how our team of consultants and financial analysts focus on creating a formula of 30% for payroll, 30% for all other expenses, 30% for doctor salaries and 10% for profit.
Once all overages have been addressed the focus then becomes increasing revenue. In Phase II this is achieved from within the existing patient base and by further decreasing overhead. The ideal formula for this phase is 25% for payroll, 25% for all other expenses, 30% for doctor salaries and now 25% for profit and future growth.
Following these real world principles can make a big impact on cash flow and profitability of your dental practice. Be sure to catch the episode when I discuss Phase III.
All of that and more on today’s episode of The Dentalpreneur.
In this episode you’ll hear:
- How to maximize your profitability without doing any external marketing
- The steps to immediately increasing cash flow in your pracitce
- How to analyze and control the expenses in your practice while generously rewarding your team financially
- The statistical formulas and alaytics that the most successful dental offices utilize
Thanks to you for joining us on another episode of the Dentalpreneur podcast.
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