Financial Benchmarks for Successful Dentists

*In this episode of Beyond Bitewings, Robert and Ash talk numbers, but it’s the good numbers that are crucial to know in order to determine the health of your practice. They talk about the importance of basic financial knowledge and how it can help clients make better decisions. 

They touch on the differences in collection percentages based on location, and where you should fall with collections versus take home pay. They also cover marketing budgeting and how it should be based on target collections rather than current collections. 

Ash and Robert also discuss why consultants can offer a big return on  your investment by helping you see the blindspots in your practice. Plus they discuss rent percentages, and why you may not be able to stay within the national average based on where you live. Additionally, they discuss continuing education expenses, and what you can write off when it comes to travel. Finally, they explore the financial differences between pediatric practices, orthodontists, and general one-dentist practices.

If you have specific questions about any of these topics for your practice, or if you’d like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash’s financial course.

*Replay from 2023

Topics Discussed:

* Impact of consultants on dental practice efficiency

* Real-world example of improved collections

* Financial benchmarks for dentists

* Importance of managing team member expenses

* Marketing strategies for specific dentistry fields

* Educational resources for understanding the business side of dentistry