Raymond ‘Rick’ Willeford’s encore webcast titled: Discover Revenue Opportunities and Plug Profit Leaks represented a deeper dive into the world of dental practice finance, and received rave reviews from Practice Perfection attendees.
Willeford, who holds an MBA and CPA, was a practicing dental accountant for 40 years. He has been an avid writer on dental practice finance for Dental Economics, and is an internationally sought-after speaker. After he sold his CPA practice, he immediately dusted off his Electrical Engineering degree from Georgia Tech to develop DentaMetrix – a professional grade data extraction and dental practice finance dashboard program for consultants, DSOs, experienced practice administrators, and of course, dentists. The combination of his knowledge of leading-edge technologies, his deep dental business experience, and his understanding of the practice management side of dentistry, give him a unique perspective to enhance revenues and plug profit leaks in a practice.
Attendees of the presentation: learned why NET new patients is key; find out how much you are leaving on the table with PPOs – and what to do about it; distinguished between being ‘busy’ and ‘productive’ with Production Per Visit, and were exposed to several interesting measures of how well you are managing your practice’s back door.
Willeford demonstrated how to use Key Performance Indicators to unlock the secrets in your practice operations and patient management. We walk through a “Profit Leaks Analysis” to learn how to use KPIs proactively – and learn about some vital KPIs you have not seen before. For most solo practices the analysis reveals from $700,000 to $1,000,000 in potential profit leaks!
Questions answered during the Event included: clarifying the difference between Gross, Posted
and Net Production, why Production per Patient Visit is a better figure for comparing productivity with colleagues rather than just Production Per Day or even Per Doctor, the reason for such a wide range of Case Acceptance figures between practices, especially if measured by dollars, and why, if a doctor’s schedule is always full, he/she might they still need practice management and marketing.
A comparison between various dental practice data analysis systems was also presented.