You're working hard, and you're super busy. So, why is your bank account empty? In this episode, Kirk Behrendt brings back Christina Byrne, ACT’s director of operations, to help you understand the different financial gaps where your profit may be hiding. Don't let your hard-earned money slip through the cracks! To learn how to keep more of what you produce, listen to Episode 974 of The Best Practices Show!

Learn More About Christina:

• Send Christina an email: [email protected] 
• Send Courtney an email to learn more about ACT: [email protected] 

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
• Download ACT’s BPA app on the Apple App Store: https://apps.apple.com/us/app/best-practices-association/id6738960360
• Download ACT’s BPA app on the Google Play Store: https://play.google.com/store/apps/details?id=com.actdental.join&hl=en_US
• Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
• 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 974: https://www.youtube.com/@actdental/videos
• Register to ACT’s BPA for their GAPs at a Glance tool: https://join.actdental.com/users/sign_in?post_login_redirect=https%3A%2F%2Fjoin.actdental.com%2Fc%2Fpractice-coaching-tools%2Ffinancial-gaps-at-a-glance#email
• Register to ACT’s BPA for their PPO Freedom course: Sign in | Best Practices Association

Main Takeaways:

• You may be losing a significant amount of money from your different financial gaps.
• Working harder isn't the answer. Find where money is leaking from your practice.
• Know your effort gap. Being busy doesn't equal more profitability and success.
• Understand your collections gap. Collecting 96% isn't as good as it sounds.
• Be aware of your overhead gap. Be smart with spending and budgeting.
• Pay attention to your cash flow gap so you understand true profit.

Snippets:

0:00 Introduction.

1:42 Why this is an important topic.

2:52 The effort gap.

9:57 The collections gap.

14:11 The overhead gap.

20:09 The cash flow gap.

24:54 Final takeaways.

26:19 ACT’s BPA.

Christina Byrne, BS, RDH Bio:

Christina Byrne has been involved in dentistry since 1985. Over the years, she has held many positions on the dental team, including dental assistant, business office, and dental hygienist. Christina’s extensive knowledge of the front office and clinical procedures is a great asset, and she loves to impart her knowledge to guide dental teams do the best they can to achieve a Better Practice, Better Life!