Student loans are a giant mountain to climb as you’re coming out of school, and looking at those payments, that summit can feel way out of reach.
With an extra $140K every year, you can live that comfortable lifestyle while paying off your debt in a matter of a few years, rather than possibly a couple decades.
Running a dental office ain’t cheap. And it might be tempting to focus solely on the biggest expense on your list, the staff. But having a good handle on all your expenses is important. Today we’re going to focus on another major expense for dental practices: supply costs.
Running a dental office ain’t cheap. And it might be tempting to focus solely on the biggest expense on your list, the staff. But having a good handle on all your expenses is important. Today we’re going to focus on another major expense for dental practices: supply costs.
Q: How much should I be paying for facility costs?
A: Facility costs should account for 5-10% of practice collections, whether you’re renting the facility or purchasing it. This expense is very geographically specific so there is no exact benchmark price you should pay for a facility. But 5-10% is a good range to start with.
I’m about to tell you something that may seem counterintuitive: Active patient count is not as important as people think it is. At least, not on its own.
Dental practice valuation is a huge task. It’s easy to focus on the major factors such as overhead, profit margins, and staff costs. But don’t forget to include accounts payable into your equation. Otherwise, you might be in for an unpleasant reality check after you’ve closed on the practice.
