Admin tips for dentists

Making time to work ‘on’ your business as well as ‘in’ your business is crucial. Below are just a few recommendations to make your dental practice more Healthy and Wealthy…

Time management

  • Have a 15 minute ‘huddle’ with your team at the start of each day to review and plan for the day ahead
  • Have a weekly staff meeting
  • Have a monthly in-house training session with the whole team
  • Arrange your appointment book to prioritise high value treatments
  • Delegate everything that does not have to be done by you
  • Spend one day a week ‘working on’ your business
  • Train a highly skilled treatment co-ordinator to sell treatment plans for you, so you can concentrate on delivering top end dentistry

Finances

  • Ensure your practice is in good enough shape to sell at any time
  • Work with quality Accountants, Book-keepers, Bankers and Solicitors
  • Have a financial budget for the next three years
  • Submit tax returns on time
  • Ensure you have appropriate insurance for the buildings, sickness, tax investigations etc
  • Know your daily, weekly, monthly annual sales targets
  • Know your cash flow needs
  • Know what your gross profit margins are
  • Know what your most profitable treatments are
  • Ensure all income, sales, payroll and taxes are up to date
  • Plan and set aside money each month for taxes
  • Share financial targets and actual results with the whole team
  • Regularly review suppliers charges and renegotiate or change suppliers as necessary
  • Have plans for future products and revenue streams
  • Have pension plans

For more great advice contact Jane Lelean, Dental Practice Coach at Healthy and Wealthy on 01296 770462 or jane@healthyandwealthy.co.uk or sign up to receive our e-newsletter for regular useful tips by clicking here.

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Call 01296 770462 or 07989 757884
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