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Episode #64: Improving the Financial Health of The Dental Practice

Published on: November 16, 2021
DealsforDentists
DealsforDentists
Episode #64: Improving the Financial Health of The Dental Practice
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On the 64th episode of DealsforDentists, Dr. Eric Block interviews Morgan Hamon to discuss the financial side of a dental practice.

Morgan Hamon is the President and the Certified Public Accountant (CPA) at HDA Accounting Group. He has years of experience in helping dentists achieve more financial stability, and in this episode, he shares practical tips for dentists.

Owning a business is hard; it can be stressful and challenging at times. Owner dentists also experience the same challenges as owning a dental practice. However, when you are working in the dental practice, you may miss out on growth opportunities, or you may not have the time to utilize methods to reduce costs. All this leads to a reduction in the practice profitability.

You will get the required financial advice from a dental-specific financial firm president by listening to this episode!

3 Value Takeaways

  1. Dental specific financial firm: When dentists get financial support from a dental-specific financial firm, they get the opportunity to save more on taxes, earn substantial profits! With substantial profits, the owner dentist can also achieve practice growth faster. Give this episode a listen to learn how to do just that!
  2. The business side of dental practice: It’s stressful to own a dental practice because the dentist has to focus on both the clinical and business sides. With financial support, you can focus on the right things and develop the practice.
  3. The financial health of dental practice: You can measure this through the profit margin. You will get to know the secret to keeping it high by listening to this episode!

Shownotes

  • 00:00:37 – Intro to the episode
  • 00:07:30 – Getting the required financial support
  • 00:09:28 – Tool to measure practice productivity
  • 00:11:30 – The financial health of the practice
  • 00:14:30 – How to measure success
  • 00:15:25 – High-profit margin

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