October 1-2, 2020 | Park MGM—Las Vegas, Nevada principlesofpracticemgmt.com
Editor's note: Due to coronavirus, the conference has been rescheduled from June 25-26.
For the past four years, our Principles of Practice Management (PPM) conference has brought thought leaders from the pages of Dental Economics to meet you in person. Now in its fifth year, PPM is evolving. Moving forward, we’re focusing each conference on a single principle of practice management. For our inaugural theme, we’re focusing on profit. We’re calling it The Profit Summit.
For full conference information, registration, and early-bird pricing, visit principlesofpracticemgmt.com today!
Todd Williams: Put people first, profit will follow
Allen M. Schiff, CFE, CPA: Calculating overhead and profitability
Lunch and learn: PPO roundtable discussion
Chris Salierno, DDS: Improving profitability in a flat dental economy
Roger Levin, DDS: Building the profitable practice: How much will you grow this year?
Joshua Austin, DDS, MAGD: Differentiate yourself: Clinical and marketing tips to generate new patients!
Rob Ziliak, CFP, and Thomas Bodin, CFA, CFP: Investments as a patient plan
Lunch and learn wrap-up: Cash flow roundtable
How are you managing your practice’s expenses?
By Chris Salierno, DDS
It’s hard to keep your practice profitable if your expenses get the best of you. Allen Schiff, CFE, CPA, (pictured left) believes dentists have to keep their expenses within a certain range, and that one key performance indicator (KPI) is critical. Here’s our Q&A:
CS: Which KPIs should dentists pay more attention to?
AS: There are a number of them. We have developed these KPIs within the Academy of Dental CPAs (ADCPA). Ask yourself: What should my dental supply costs be? What should my employee costs be? One KPI dentists should pay even more attention to is the cost of processing patients’ credit cards. The KPI associated with this operating expense in a dental practice should not exceed 1% of the annual fee income.
CS: What part of a dentist’s overhead most commonly gets out of control?
AS: At the ADCPA, we’re constantly studying the overhead within dental practices. With respect to general dentistry, we would like overhead to be set at 60% of the annual fee income. The most common overhead item we see that gets out of control is office expenses. Why? It could be a dentist’s chart of accounts within the general ledger. It could be sloppy bookkeeping. It could be overspending. The benchmark for this expense should be 1% of annual fee income.
To learn more about what to watch for and how you can control your expenses, join us at The Profit Summit for Mr. Schiff’s lecture, “Calculating overhead and profitability.”
Do you treat your financial life with the same standard of care as you treat your patients’ oral health?
By Thomas Bodin, CFA, CFP
Rob Ziliak and I are looking forward to seeing you at the 2020 Principles of Practice Management Conference! I find this to be one of the premier industry events of the year, and I enjoy the opportunity to teach financial education to some of the nation’s leading thought leaders in dentistry. However, I look forward to our conversations the most. Engaging in one-on-one dialogue with participants and answering questions based on the strategies presented in this forum are always enjoyable and enlightening.
Plus, the start of 2020 has shown itself to be a turbulent time for markets. In a world of infotainment and sensationalism, financial winners will be defined by cooler heads, the ability to internalize lessons from the evidence, and a disciplined approach. Evidence-based wealth planning and evidence-based dentistry align in more ways than you might initially think, so please join us to learn how.
Our conversation will entail immediate strategies you can put to work in your practice by breaking down the following items:
- What a financial plan for your practice looks like
- How to design, build, and protect a plan
- Opportunities you have from the 2018 tax law
- Opportunities you have from the recent SECURE Act
- How you engineer income and why you would want to
Throughout the conference you will learn invaluable tools to run a more efficient and profitable practice. We’ll help you understand how to turn this knowledge into wealth and financial freedom.