Running the administration side of a dental practice can be more specialised than many practice owners assume before they open the doors. There are many nuances to the dental profession which create many questions, and coming up with the right solutions to these questions is critical to the success of the practice:
1. Should we employ dentists on payroll or take on self-employed dentists?
2. What is the best method for paying self-employed dentists? Should lab fees be deducted?
3. What is our strategy for patient acquisition? How will we market the business?
4. What qualities and experience do we seek in our office staff?
5. Which practice management software should we use?
6. Which bank should we use for our HICAPS and EFTPOS services?
7. Which accounting software should we use?
8. Should we engage an external bookkeeper to manage our accounts?
9. How do we train our staff on receipting and stock ordering?
10. Which suppliers should we use for our dental materials and supplies?
These are but a few of the critical questions that any dental practice owner will ask themselves at the appropriate time.
The reality is that profit margins are usually very low in running a dental practice so making the correct calls on these matters is all important to the bottom line. Bad decisions can ultimately result in poor profit margins and cash flow pressure.
As with any small business, efficient processes and measurable KPI’s are extremely important to business success and improved profits. We specialise in documenting efficient processes for your staff and help you identify the key KPI’s for your business to maximise profits.
Monthly financial and KPI reporting is essential to achieving the goals of the practice and our concise reports provide all of the key data required. New patient figures and profit margin reports are presented to the business owners each month to show where the business has been and is heading allowing management to refine the strategic plan and goals for the business.
With a number of dental practices as clients we specialise in dental bookkeeping and dental accounting end to end. We can help you grow your business and meet your profit objectives with our proven systems and experience with the dental industry, call us today to discuss how we can help.
The Finance Dept is a Brisbane-based accounts outsourcing firm utilising qualified accountants at a fraction of the cost of an in-house accounts team for your business. We are an offsite (not offshore) alternative to having an in-house accounts team or financial controller.
Call 1300 855 721 or click here to see if you should take your accounts offsite.