Monday Dental Practice Optimization

Trivia Question❓

What percentage of a dental practice's revenue typically goes to staff salaries and benefits?

Answer at the bottom of the newsletter

When evaluating the return on investment (ROI) for new dental equipment, practice owners must consider both financial and operational factors to ensure smart purchasing decisions. The first step is to assess the direct impact the equipment will have on revenue generation. For example, investing in digital scanners or 3D printers can speed up procedures, reduce outsourcing costs, and allow for higher patient throughput. Calculate how much time and money can be saved, and project how the equipment will contribute to increased patient acceptance of higher-value treatments.

Next, consider the long-term benefits of improved efficiency. Equipment like advanced practice management software or digital X-rays can streamline workflows, improve patient experience, and reduce operational bottlenecks. These improvements may not have an immediate impact on revenue but will lead to long-term growth and retention by enhancing patient satisfaction and reducing staff workload.

It's also important to factor in depreciation and the lifespan of the equipment. Understanding how long the equipment will last and calculating its cost per year can help practice owners determine if the investment is worthwhile. Additionally, owners should explore financing options that can spread the cost over time without straining cash flow.

Measure how the new equipment aligns with patient demand and industry trends. Investing in cutting-edge technology may not be necessary unless it aligns with patient needs or can differentiate the practice from competitors. Balancing these factors ensures a smart, profitable investment.

Make Your Funeral A Teaching Moment

Stan Miller is a nationally recognized estate planning attorney, a #1 Amazon best-selling author, the co-host of the Your Life Your Legacy podcast, and one of the cofounders of Wealth Counsel, the largest estate planning software program used by estate attorneys.

On this educational lunch and learn, Stan will share:

Your death is an occasion to share your wisdom, life lessons and some of the stories of your life many people don’t know.

This is an opportunity that should not be wasted.

The people who are most important in your life will be there. Their children, and perhaps their grandchildren, will also be there. For a few hours, you will be the focus of their attention. You can make this a powerful teaching moment.

Register now and learn how to Make Your Funeral A Teaching Moment

Your lunch instructions will be in your confirmation email and text, so make sure to enter your correct email and cell phone numbers. 

Date: Thursday, October 24th, 2024

Time: 12-1PM Eastern

Place: Zoom

Register here

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💡 Answer to Trivia Question:

Around 25-30%.