Do you ever look at your bank account and wonder where your money is? In this episode of Practical Solutions Day, Kirk Behrendt brings back Robyn Theisen, one of ACT’s amazing coaches, to uncover four of the biggest profit drains that's giving you the Monday blues. Close these four gaps and take control of your practice! To learn how to stress less and have more money left over, listen to Episode 896 of The Best Practices Show!
Learn More About Robyn:
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.
Episode Resources:
Main Takeaways:
- A P&L is valuable, but it doesn't tell you how to run your business.
- These four gaps won't fix themselves! Start proactively addressing them.
- Identify and minimize your effort gap. Ideally, write-offs should be less than 10%.
- Look at your collections gap. Collect 98% at minimum, but 100% should be the goal.
- Do an overhead review each month. Your overhead should be below 60% of collections.
- Calculate your cash flow gap. Budget and have cash reserves for unexpected expenses.
Snippets:
0:00 Introduction.
2:45 Why this is an important topic.
7:42 Gap 1: The effort gap.
14:32 Gap 2: The collections gap.
20:01 Gap 3: The overhead gap.
25:40 Gap 4: The cash flow gap.
29:44 Final thoughts.
Robyn Theisen Bio:
Robyn Theisen brings an entire life and legacy of dental experience to the team and every team with which she works as the daughter and sister of dentists. With almost 20 years of experience in dentistry, her roles ranged from practice management to operations at Patterson Dental to coaching teams. Robyn’s passion is empowering teams to realize that they can dramatically impact the lives of the people they serve by implementing skills and systems to remove barriers to life-changing dental treatment. She has done it for decades and does it every day with dental teams.
Outside of coaching, she enjoys time with her husband, Rob, and two daughters, Emerson and Ruby. She loves traveling, music, fitness, and cheering on the Michigan State Spartans.
