Episode #312: Your key to a profitable practice are these five expense categories

  1. October 03, 2024
In this episode, we focus on the five major expense categories that, when managed effectively, you can substantially improve a dental practice's profitability. These categories account for 85% of a practice's expenses.
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In this episode of the Less Insurance Dependence Podcast, Gary Takacs and Naren Arulrajah focus on the five major expense categories that, when managed effectively, can substantially improve a dental practice’s profitability. These categories account for 85% of a practice’s expenses. 

They emphasize that effective management of these key expenses can lead to a thriving dental practice. One particular challenge is managing team wages, which have been impacted by rising inflation. However, growth can help offset these costs. By growing a practice by $100,000 annually, significant profitability gains can be achieved, especially when the practice maintains the same team and operational hours.

5 Easy strategies for a better dental practice in 2024 beyond
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Episode Timestamps

  • 01:10 –  Announcement regarding RIDA Summit; RIDA Annual Summit
    Date – October 11th, 2024,12:00 Eastern time, 5 hours of CE,
    Sign up for RID Academy: www.rid.academy/summit/
  • 01:40 – Your Key to a Profitable Practice Are These Five Expense Categories
  • 04:16 – What are the expense categories?
  • 05:59 – The largest expense category – Team member compensation
  • 18:49 – Invitation for a Marketing Strategy Meeting
  • 19:39 – Live event announcement: Thriving Dentist Live Workshop in Austin, Texas. Topic: Grow Your Practice To Full Potential And Achieve An Effective Work-life Balance! The Blueprint to kickstart your year in 2025 February 1st, Time 9- to 5 pm, Location – City of Austin, TX, Register www.thrivingdentist.com/austin/

Resources

Schedule a Free Marketing Strategy Meeting with Ekwa!

Schedule a Free Coaching Strategy Meeting with Gary Takacs!

Become a RIDA Member!

Register now

Gary Takacs

Gary Takacs One of Gary's most significant achievements as a dental practice management coach is transforming his own practice, LifeSmiles, from one that was infected with PPO plans, no effective marketing strategy, and an overhead of 80% to a very successful dental practice that is currently one of the top-performing practices in the US.

With over 2,200 coaching clients, Gary has first-hand experience transforming insurance-dependent practices into thriving and profitable practices.

Through his Personalized Coaching Program, Gary shares access to the systems, strategies, processes, and experience gained over 41 years of coaching dentists and transforming over 2200 practices worldwide.

Learn More: www.thrivingdentist.com/coaching/
Connect with Gary Takacs on Linkedin

Naren Arulrajah

Naren ArulrajahAs CEO of Ekwa Marketing, Naren has over a decade of experience working with dental practices and helping them attract the ideal type of patients to their practices. It is his goal to help dentists do more of the type of dentistry they love with the help and support of effective digital marketing.

Ekwa’s "Done-For-You" Digital Marketing model blends fundamental persuasion principles with an all-in-one Digital Marketing solution to help your ideal patients find you and choose you for reasons other than being on their insurance plan.

If you’re interested in finding out if Ekwa is the right fit for you and your practice, book a Free Marketing Strategy Meeting with Ekwa’s Marketing Director, Lila Stone.

Book Free Marketing Strategy Meeting: www.lessinsurancedependence.com/marketing-strategy-meeting/

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