You've studied hard, trained hard, and continue to work hard in your practice. So, why aren't you making more money? There's actually hidden money in your practice, and this episode will help you find it! Kirk Behrendt brings back Dr. Barrett Straub, ACT’s CEO, to explain the two gaps in your practice and how you can shrink them to increase profitability. Do you want to see more money in the bank? To learn how to make it happen without more hours, patients, or stress, listen to Episode 845 of The Best Practices Show!
Learn More About Dr. Straub:
The Financial GAPs Calculator makes it simple to uncover the gaps in your practice where money escapes. Try it today and see your financial story clearly.
Main Takeaways:
- There's nothing better than owning your own business — but you have to do it right.
- Your hidden money is in the effort gap and the collections gap. Close the gaps!
- Understand key KPIs in the gaps so you can make strategic decisions.
- Growth isn't the answer. It’s about keeping more of what you earn.
- Engage your team and make financial stability a shared goal.
- By knowing your gaps, you can plan for the future.
- Take it slow and do it the right way.
Snippets:
0:00 Introduction.
1:31 ACT’s TTT, BPA, and Pro Coaching.
5:12 Why this is an important topic.
8:06 There is hidden money in your practice.
10:43 Objectives.
13:50 The effort gap, explained.
17:35 How to shrink the effort gap without dropping PPOs.
28:24 How to shrink the effort gap by dropping PPOs.
33:49 The collections gap, explained.
35:02 How to shrink the collections gap.
37:39 The overhead gap, explained.
39:20 The profit blueprint.
48:20 Final takeaways.
49:39 Do these four things on Monday.
53:03 Q&A: Where to access ACT’s Gaps at a Glance resource.
54:12 More about ACT’s BPA.
Dr. Barrett Straub Bio:
Dr. Barrett Straub practices general and sedation dentistry in Port Washington, Wisconsin. He has worked hard to develop his practice into a top-performing, fee-for-service practice that focuses on improving the lives of patients through dentistry.
A graduate of Marquette Dental School, Dr. Straub’s advanced training and CE includes work at the Spear Institute, LVI, DOCS, and as a member of the Milwaukee Study Club. He is a past member of the Wisconsin Dental Association Board of Trustees and was awarded the Marquette Dental School 2017 Young Alumnus of the Year. As a former ACT coaching client that experienced first-hand the transformation that coaching can provide, he is passionate about helping other dentists create the practice they’ve always wanted.
Dr. Straub loves to hunt, golf, and spend winter on the ice, curling. He is married to Katie, with two daughters, Abby and Elizabeth.
