Financial modelling

The numbers do not take care of themselves in the business of dentistry - and with an understanding of how those numbers work, you can maximise the profitability of your practice and take care to avoid dangerous “leaks”. Chris will explain (for the non-accountant) how to read your profit & loss statement, which key performance indicators to keep a careful eye on, how you compare with industry averages and how to make sure your associates are profitable.

Aims and objectives:

Maximising profit by understanding your practice finances

Aims:

• To explain the most important elements of financial analysis in dental practice management 
• To demonstrate how careful analysis of Key Performance Indicators can allow owners and managers to keep the business on course for financial objectives 
• To demonstrate the common mistakes that lead to profit-leakage 
• To deliver a complete financial management package that you can use "next day" in your practice

Objectives:

• Understand your profit & loss statement 
• Identify the most important Key Performance Indicators in dental business, comparing with benchmarks 
• Creating budget & cash flow forecasts 
• Measuring Operating Cost Per Surgery Per Day 
• Measuring Average Daily Production of fee-earners 
• Calculating the profitability of individual fee earners 
• Understanding EBITDA and how it is used to calculate the goodwill value of a practice 
• Scientific and emotional pricing - a comparison