Do you have declined practice finances?
Dental Practice Financial health begins with Production; the codes and fees billed for dental and hygiene procedures which are performed on the patients by a provider.
Collection is the deposit of monies owed for the treatment in a timely manner or via an outside financial partner.
Profit is what is left over after all the fixed and variable costs are paid for the business. This 35-45% cash flow supports the owner lifestyle, while continually adding to maximum value for future practice and career choices.
If the production is not growing, then NOW is the time to respond and act soon. It is proven that if the practice remains stagnant with no growth and flat-lining plateaus are left unattended (ignored or denied), it is absolute that the practice will eventually have a rapid decline. Once these numbers start spiraling downward, they are difficult to stop or redirect.
ASK yourself the questions below about your practice and then CONNECT and identify the common CAUSES that we have seen from our experience at Transitions Group North America with thousands of clients.
Questions related to Production and Collections:
* When was the last time you reviewed/updated your fees?
* What feedback have you heard from patients when you adjust your fees?