Practice Values, Profitability, and Adding Associates

“It’s not the equipment's fault that you're not more profitable on it. It's your fault because you're not delegating what needs to be delegated,” explains host Jon Harris. Today, Jon engages in an informative conversation with his colleagues Ragan Hartman and Jocelyn Jefferies. Together, they discuss the profitability of running a dental practice and the various elements involved.

Jon and the guests discuss the different facets of running a successful dental practice. Hiring staff, managing your team, and serving patients are all part of running a practice. However, if you jump too quickly to add more staff or purchase costly equipment that only depreciates, you may struggle to keep your practice afloat. By walking through all the costs and services required in the dental industry, Jon and the guests give valuable insight into meeting your business's demand while earning a profit.

Tune into this week’s episode of the Real Dental Podcast for a dynamic conversation on managing a dental practice. Learn more about dental practice valuations, the importance of delegating responsibilities, and determining the right time to hire more associates.

 

Quotes

• “I think one thing about the way we do it is we're very objective. And I think if you've got an accountant or a financial planner doing it for their customer, they're going to lean more on their side.” (8:46 - 8:57 │Jocelyn Jefferies)

• “It’s not the equipment's fault that you're not more profitable on it. It's your fault because you're not delegating what needs to be delegated.” [Jon] (17:00-17:06│Jon Harris)

• “What are you willing to invest in your downtime to get the whole workflow mastered?” (20:43 - 20:48 │Ragan Hartman)

• “When you're running a business, you have to look at it from all of these varying angles to see what is in the best interest of the whole.”  (22:02- 22:10│Ragan Hartman)

• “If you have all of these patients that you’re not keeping active, then eventually the well runs dry.” (45:43 - 45:51 │ Ragan Hartman)

• “Focus on retention, making your people happy, and keeping them as long as you can.” (57:57 - 58:01│Ragan Hartman)

 

Links

https://www.fortunemgmt.com 

https://www.facebook.com/jon.harris.39545 

https://www.facebook.com/fortunemgmtmidsouth 

https://www.facebook.com/fortunemgmtgeorgia 

https://www.instagram.com/jonharris_/ 

Instagram: @realdentalpodcast

 

Podcast production and show notes provided by HiveCast.fm