Maximizing for Profit or Growth - Ask George - The Shared Practices Podcast

In this episode of the Shared Practices Podcast, hosts Dr. Scott Leune and Dr. Richard Low dive into the essential financial strategies every dental practice owner needs to master. From managing cash flow and budgeting for growth to building financial resilience, they share actionable advice to help you take control of your practice’s finances and ensure long-term profitability. Whether you’re a seasoned practice owner or just starting out, this episode offers practical insights to help you think like a CEO and make sound financial decisions that align with your practice goals.

In this episode of the Shared Practices Podcast, Richard Low and Scott Leune explore how to implement operations in a dental practice. They discuss real-world strategies for optimizing patient flow, managing key financial metrics, and building a culture of accountability within the team. This episode offers actionable insights for dentists ready to take their operations to the next level. Key Highlights: Optimizing Patient Flow: Discover how streamlined patient scheduling and flow are critical to practice efficiency and profitability. Tracking Financial Metrics: Richard and Scott discuss the importance of monitoring key financial indicators to align operations with practice goals. Building Accountability within Teams: Learn how to foster accountability across your team by setting clear expectations and creating reliable systems to manage performance.     Ready to see operations in action? Tune in now to learn how to implement these strategies and run your practice more efficiently!     Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

In this episode of the Shared Practices Podcast, Dr. Jim Simpson shares his journey of buying the right dental practice. From his decision-making process to evaluating opportunities and making the best choice, Dr. Simpson dives into the key factors that helped him succeed. Whether you’re looking to purchase your first practice or planning future acquisitions, this episode offers valuable insights into what makes a practice the “right” one. Key Highlights: The Decision to Buy: Dr. Simpson talks about the importance of timing and preparation when buying a practice. He shares his personal journey of evaluating different opportunities and what helped him determine the right fit.Evaluating the Right Practice: Learn the crucial factors Dr. Simpson considered when choosing the practice, including location, patient base, and financial performance. His insights offer practical guidance for anyone in the process of purchasing a practice.Challenges and Successes: Dr. Simpson highlights his challenges after acquiring the practice and how he overcame them to ensure a smooth transition. He also shares the strategies that helped him turn the practice into a success.  Curious about what it takes to find and buy the right practice? Tune in now for Dr. Simpson's expert insights!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

In this episode of the Shared Practices Podcast, Richard Low and Scott Leune explore the critical role of managing operations in a dental practice. They break down practical strategies for streamlining daily tasks, creating efficient systems, and developing leadership skills that allow you to run a more effective and profitable practice. Key Highlights: Creating Efficient Systems: Richard and Scott discuss how building consistent systems can reduce inefficiency, improve productivity, and ensure your practice runs smoothly, even when you're not directly involved.Delegation and Accountability: Learn the importance of delegating tasks and holding your team accountable. Scott shares insights on empowering your team while ensuring they take ownership of their roles.Leadership in Operations: The hosts discuss the key leadership skills needed to manage operations effectively, including communication, decision-making, and inspiring your team to perform at their best.  Want to take control of your practice operations and lead with confidence? Tune in to this episode for actionable strategies and expert advice!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode! 

In this episode of the Shared Practices Podcast, George discusses the difference between hygiene-led growth and hygiene-led profit. He explores how to leverage hygiene as a growth tool rather than for immediate profitability and the impact each strategy has on a dental practice’s success.Key Highlights:Hygiene-Led Growth: George explains how focusing on growth through hygiene means expanding patient volume and creating opportunities for long-term production. This approach sets the stage for future profits but requires patience.Hygiene-Led Profit: The alternative strategy is maximizing profitability through hygiene in the short term. This approach focuses on immediate returns by optimizing hygiene production and collections.Which Strategy is Right for Your Practice? George offers insights on choosing between growth and profit depending on your practice’s goals, financial stability, and long-term vision.  Curious about which approach will work best for your practice? Tune in now to discover how to leverage hygiene for either growth or profit!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode! 

In this episode of the Shared Practices Podcast, Richard Low and Scott Leune dive into the essential task of building operations for dental practices. As a Dental CEO, mastering operations is key to running a smooth and profitable practice. Learn the strategies and systems that make a big difference in daily practice management. Key Highlights: Creating Efficient Systems: Richard and Scott discuss how building effective systems within your practice can streamline daily tasks, improve productivity, and free up your time for leadership responsibilities.Managing Operations for Growth: Learn the importance of scaling your operations to handle growth without losing control. Scott shares key insights into designing systems that grow with your practice.Delegating and Accountability: They break down how to delegate tasks effectively, creating a culture of accountability within your team to ensure that operations run smoothly even when you're not involved in every detail.  Ready to build a successful operations system for your practice? Tune in now to learn from the experts and take the next step toward confidently leading your practice!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

Richard and Caitlin dive into "metric blindness" in dental practices, focusing on how to understand and manage Accounts Receivable (AR) for financial health.Key Highlights:Understanding Accounts Receivable (AR):AR reflects the money owed for services provided but not yet collected. Learn how it can be a positive indicator when managed correctly.Key Metrics for AR Management:Metrics like the collections ratio, AR to production ratio, and aging categories provide a clear view of your practice’s financial health.Proactive AR Strategies:Discover proactive measures to keep cash flow healthy, like setting clear collection guidelines and accurate cost estimates.Don’t let metric blindness limit your practice's success. Find out how to manage AR effectively! Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

In this episode of the Shared Practices Podcast, the focus shifts to understanding the role of the Dental CEO and how practice owners can embrace a leadership mindset to drive growth and efficiency. Learn what it means to operate as a CEO and how this perspective can transform your practice’s success. Key Highlights: The CEO Mindset: Shifting from a clinician’s mindset to a CEO mindset allows practice owners to lead their business strategically, focusing on long-term goals and team development rather than day-to-day tasks.Building Systems for Growth: Discover the importance of creating systems that allow your practice to operate efficiently without your constant involvement. This is key to scaling and freeing up your time for leadership responsibilities.Leadership & Team Management: Leading as a Dental CEO means developing your team, fostering accountability, and empowering them to take ownership of their roles, which ultimately drives practice growth.  Ready to step into the role of Dental CEO and take your practice to the next level? Tune in now to gain insights on leading your practice to success!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

In this episode, George discusses every dental practice owner's crucial decision: Should you prioritize profit or focus on growth? He breaks down the key differences between these strategies, explains how to assess which approach fits your practice, and shares the financial metrics that matter most. George also explores how practices can achieve profit and growth through the right balance. Key Highlights: Profit vs. Growth Strategy: Understand the differences between maximizing profit (cutting costs, optimizing cash flow) and growth (reinvesting profits to expand).Critical Metrics for Profit and Growth: Learn about the essential metrics to track, such as profit margin, overhead percentage, revenue growth, and patient acquisition.Choosing the Right Path: Get guidance on prioritizing profit or growth based on your practice's goals, financial health, and long-term vision.Balancing Profit and Growth: Discover strategies to balance profit and growth by optimizing current operations while reinvesting for the future.Have a question or topic you want us to cover?Reach out to us on social media or leave a comment on our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

We continue our journey toward building a million-dollar practice, and we focus on one of the the final phases—scaling your business without sacrificing your well-being. Dr. Scott Leune and I discuss how to grow your practice responsibly, avoid all-too-common pitfalls, and get financial freedom, but also a balanced life.Watch the video version here.