On the Income & Expense Summary from two weeks ago, there were summaries of your Profit & Loss Statement as well as 8 other numbers or percentages that you should benchmark to make wise practice management and financial decisions.  I wanted to quickly explain them along with the ideal goal for each of them.  I think it is interesting ...

Way back 5 articles ago, I started this series of blogs based on this question from a doctor: How do a create a budget?  Honestly, this is a sort of “What came first, the chicken or the egg?” kind of question.  Success in your practice would have to include understanding each component of this can’t miss profitability equation: PV x PEV ...

Profit is the only score that counts.  In fact, if you were setting a goal or casting a vision for any business, you should always think profit first.  Without profit there will eventually be no practice or business.  In a way, profit is the way to keep score if you want to know if you are meeting and exceeding the needs and wants of your ...

Steven Covey, in his bestselling book The 7 Habits of Highly Effective People, identifies the number one trait to make you successful in any endeavor: “Begin with the end in mind”.  In other words, if you can define or create a picture of where you want to be, you will shorten the path and define the result.  The same is true in overhead.  ...

Before we delve into the third part of our profitability equation, I want to address some comments and questions about the first part of our equation.  The questions have ranged from this is too simple, to, no one has ever explained the business of dentistry this way.  Just so we stay on the same page, I want to ask each of you a question. The ...

Keep in mind that this is the second integer of understanding how to score in the practice of dentistry.  Last time we visited the number of patient visits.  Today we look at PEV or Production per Each Visit from our equation for profits in dentistry: PV x PEV x CP – O = P If you have not read the first couple of articles about this ...

Wouldn’t it be easier if every area of our life could be reduced to a simple formula or equation.  A math problem where one plus one always added up to be two.  A recipe that always produced the same great meal.  A set of black and white circumstances and solutions that anyone could follow.  When we play sports or even a kid’s board game, ...

If you have read the last two articles, you should be pumped up and ready for the next step in scoring.  Don’t miss the opportunity of seeing the whole strategy.  You can easily go to www.summitpracticesolutions.com/blog, and there will be a search block to about 700 articles, as well as the last two for you to catch up.  Don’t forget to ...

Before any game, the wise coach and team spend hours practicing and mastering the basics, watching the game films of the other opponent, and adding to the fundamentals, a next level strategy that will make the difference in winning and losing.  After writing the first article in this series, Keeping Score, I realized that before there is ever a ...

I like to think that I am not just driven by winning or getting the best “score”.  I know that I should rise above winning and losing, but for some reason, life tends to put things in my path where the score seems to be important.  I am sure that each of you are more mature and find the touchy-feely things in life far more important than the ...