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Answering Your Questions Around Controlling Your Overhead
Manage episode 431871215 series 3560564
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In this episode of The Less Insurance Dependence Podcast hosts Gary Takacs and Naren Arulrajah discuss a critical topic for dental practices: controlling overhead. They begin by discussing the essential aspects of overhead, defining it as all necessary expenses to run a practice, excluding the dentist’s compensation. For solo practices, they recommend keeping overhead below 60%. They stress the importance of focusing on the five main expense categories that constitute about 85% of a practice’s costs: staff compensation, lab expenses, facility costs, consumable supplies, and marketing.
Gary and Naren offer practical advice on managing these expenses, such as monitoring staff compensation, optimizing lab costs, and maintaining a facility budget of 5% or less. They emphasize the value of investing in marketing strategies that bring down costs while attracting quality patients, suggesting that marketing expenses can be reduced to less than 1% with effective techniques. They also address specific challenges like rising wages for hygienists and how to maintain a hygiene-driven practice despite these costs.
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