752: 5 Things Nobody is Telling You About Profit in Your Dental Practice – Dr. Barrett Straub

If you work more hours, you make more money — except you don't! More dentists are spending more time in the office, only to wonder where their money went. There's a way out of this scenario, and Kirk Behrendt brings back Dr. Barrett Straub, ACT’s CEO, to demystify the five key things to know about profit so you can make educated decisions and gain control of your practice. Stop working harder for less! To learn how, listen to Episode 752 of The Best Practices Show!

Learn More About Dr. Straub:

• Send Dr. Straub an email: [email protected] 
• Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straub
• Register for Dr. Straub’s live workshop (August 23, 2024): https://www.eventbrite.com/e/act-dental-gaps-method-the-formula-for-financial-freedom-tickets-776572418007

More Helpful Links for a Better Practice & a Better Life:

• Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
• Join The Best Practices Association: https://www.actdental.com/bpa
• Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
• See the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/event
• Get The Best Practices Magazine for free: https://www.actdental.com/magazine
• Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218

Episode Resources:

• Watch the video version of Episode 752: https://www.youtube.com/@actdental/videos
• Download ACT’s GAPs at a Glance resource: https://www.actdental.com/gaps-at-a-glance

Main Takeaways:

• Remember that your P&L won't tell the whole story about your finances.
• Understand and close the different gaps you have in your practice.
• Profit isn't profit. There are three levels of profit to understand.
• High overhead isn't always about spending too much.
• Chasing money rarely works out.
• Get to the “I'm good” mindset.

Snippets:

0:00 Introduction.

1:16 The GAPs method and its origins.

7:00 Increasing profitability doesn't have to be difficult.

10:32 The effort gap, explained.

13:37 The collections gap, explained.

18:13 The three levels of profit, explained.

21:58 Gross production, explained.

25:49 Annual patient value, explained.

28:16 High overhead isn't always about spending too much.

31:05 Three reasons your overhead is too high.

35:19 The cash flow gap, explained.

37:23 The “I'm good” mindset, explained.

40:13 About ACT’s GAPs at a Glance and Dr. Straub’s future seminar.

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.