Every single dental practice has leaks which are costing them thousands of dollars every single week.
 
However, not one of these practices know it.
 
The simple reason is that the dentist along with all the staff are extremely busy in running the practice (i.e. working in the business as opposed to on it).
 
This is exactly why dentists who are generating over $100,000 in monthly revenue are upset to see that not a lot is left over by the end of the month.
 
Statistically, if you don’t track expenses, you are losing at least $5,000 to $20,000 per month, depending on how successful your practice currently is.
 
In other words, you could have put this amount into your pocket but the money is flowing out because the business systems are not optimal.
 
A striking example of this is a hot air balloon with holes in it. The balloon loses air slowly and for that reason it is hard to notice. However, the balloon soon falls to the ground.
 
It is an unpleasant thought, I know.
 
However, this situation is probably truer of your dental practice than you’d like to believe.
 
Let’s look at the most common money leaks that exist in virtually every practice.
 

Most common money leaks plaguing your practice

 

• Spending $5,000 – $20,000 per month in advertising but not tracking the ROI. If this is you, a good chunk of this budget is being wasted. Potential leak is 70% of your advertising budget.

 

• Hiring front desk staff which turns people away by being unattentive, rude or simply not caring enough. Potential leak = $10,000 to $25,000 per month.

 

• A front desk which does not call leads back within 5 minutes. Potential leak = $5,000 to $20,000 per month.

 

• Not being able to tell where a specific prospect is in your sales cycle i.e did they book an appointment? Did they come in for an appointment? Did they pay for the treatment? Potential leak = $10,000 per month.

 

• Having bad reviews on Google Reviews (an average rating of less than 4.5 out of 5). Potential leak = $10,000 to $30,000 per month.

 

• Not having video case studies of happy patients. Potential leak = $10,000 to $20,000 per month.

 

• Not having a marketing team who have an incentive to increase your revenue. Potential leak = $10,000 to $20,000 per month.

 

• Relying only on referrals and making no attempt to bring in new patients through marketing and advertising. Potential leak = $20,000 to $50,000 per month.

 

• Not having a website where prospects can book an appointment online. Potential leak = $3,000 to $5,000 per month.

 

• Not copying the positive reviews from Google and placing them on your site. Potential leak = $5,000 per month.

 

• Leasing out a huge office and using only 50% of the space available. Potential leak = $5,000 to $8,000 per month.

 

• Not giving incentives to your front desk to follow up with people quickly. Potential leak = $5,000 to $20,000 per month.

 

• • Not having an email newsletter go out to all people in your database automatically. Potential leak = $8,000 to $20,000 per month.

 

• Not using retargeting (explained later in the book). Potential leak = $10,000 per month.

 

• And many, many more…

 
If you have been doing things the old way, you would be able to relate to many if not most of these potential leaks.
 
If this upsets you a little, I would like to apologize and tell you that there is a silver lining to it.
 
Because you now realize what the issues are and assuming that you are willing to do something about it, you will be able to dramatically reduce your operating costs (i.e. get rid of money leaks) and increase your monthly profit.
 
This can mean that if you are currently averaging $80,000 per month in revenue and ending up with only $20,000 per month in profit, if you plug the leaks, you will end up with at least $28,000.
 
If on the other hand you are generating around $150,000 per month in revenue, plugging leaks should save you at least $20,000 per month.
 
For now, just focus on asking yourself this question, “Is there a leak in this process and can I use automation to plug this leak?”
 
I guarantee that the answer would be “Yes” in most cases.

Finally, if you are a dental practice owner or an office manager wanting to decrease overhead and increase profits, I would be happy to help. 

Click on the banner below or click on the toolbar in the top right to book your FREE “Profit Potential Consultation” ($1,495 value) with me (you can also click here) so I can show you where your money leaks are and the simple fixes for them. 

On the call I will also map out an entire strategy to 2X your revenue in 12-18 months. 

This consult is only available to people who are seriously considering making changes to their practice. 

Limited appointments available. 

Thank you, 

Yasir Khan