Dentists: If You Want To Increase Your Revenue, Know Your Numbers

Over the past few years that I have been working with dentists to bring in more patients and revenue for them, something interesting has started to dawn on me:

90% of dental practice owners and around 70% of office managers have no clue what the practice’s numbers are.

See, a dental practice is a business, even though dentists might not think of it that way…

And a business runs on numbers.

By numbers I mean:

  • Marketing expenses
  • Payroll expenses
  • Equipment expenses
  • Expenses on attrition
  • Expenses on office supplies
  • Business insurance

Dentists, if you don’t have a good idea about your numbers, you are losing money – and more money that you might think.

I have talked to at least 3 practice owners who thought they were breaking even.

I was losing $10,000 per month.

The other was losing $18,000 per month.

Only the third one was correct: He was just breaking even.

How do I know all of this?

Because I asked them to sit with me and show me the incoming revenue and the expenses.

That said, I have worked with enough dentists to know that they are brilliant at what they do: Treating patients.

Unfortunately what they aren’t good at doing is running a business, probably because they weren’t taught to do so in dental school.

This is all the more reason why you should take the time to sit down with your accountant(s) and see how much money is:

  • Coming in
  • Going out

Chances are that you will be surprised at how low of a profit you are making.

This is because as human beings we are all faulted to make assumptions, and our assumptions always make us feel better.

So yes, do everything else.

Treat your patients.

Manage your office.

Hire and fire employees.

Invest in new equipment.

But also figure out if you are making money every month, or if you are working long hours with almost nothing to show for it.

If you need my help, feel free to sign up for my FREE consult.

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