A proven method to increase your profits today

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Financial Management

Your dental clinic is a dental business. And therefore, it is essential that all matters financial be handled with the utmost care and attention and not left to one side.

Most dental clinics focus on only three areas when it comes to the complex issue of finances: salaries and payroll, petty cash and preparation and submission of accounts. Whilst these activities are, of course, critical, for a dental clinic to maximise its profitability, there is a great deal more to be done.

Before you can even start, you will need to familiarise yourself with the language of finance, developing a firm understanding of financial terminologies. Learning about the intricacies of financial management can be a painful objective and familiarising yourself with financial protocols can be difficult and time consuming.

Once you can ‘speak’ this language, you can begin to acquire the necessary skills in financial resources and control, which could also include preparing a member of staff to take on part of the responsibility to help ensure the clinic is properly managed financially.

With this solid knowledge base and assistance, you will be able to prepare realistic yet challenging budgets, monitor cash flow and quickly identify and reduce bad debts.

You will also develop a very clear and real sense of the value-adding and non-value-adding activities. Just like the vital signs of a patient, the ebb and flow of money within a practice, tells you everything you need to know about the health of your business: what’s working, what isn’t, and where and how to make improvements.

With proper finiancial protocols in place you can manage your accounts and finances in a more controlled manner ensuring delicate decisions can be made with sound financial judgement.

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