Running a dental practice in Western Australia is harder than it may appear. Managing the business and keeping afloat is a lot more than just cleaning teeth and giving customers a confident smile. To run a successful practice, there are many aspects that need to be factored in, such as balancing the rising cost of materials, managing staff, retaining patients and keeping the cash flowing.
Money management might not be what you signed up for when you became a dentist, but if your goal is to build a practice that is financially healthy, stress-free, and sustainable, it is time to give your practice a financial health check.
Let’s dive in.
Stop the Financial Drip: Buckets not Budget
To run a successful dental practice:
Separate Practice Income From Dentist Income
Remove the dentist Facility Service Agreement (FSA) % from patient fees and allocate to dentist FSA accounts.
Divide Practice Income (Ex Fsa)
Organise the income into separate accounts – Profit first, owner’s pay, operating expenses and tax.
Review Your Expenses
Consumables, staff wages, and marketing are some of the expenses that can increase quickly in the current economic market if left unchecked. A quarterly financial review keeps these expenses from billowing out of control.
Save For New Equipment
Dentists love creating efficiency. Plan and save for new equipment, and avoid the debt trap.
Your overheads should support your business, not strangle it.
Grow Smarter, Not Just Bigger
A bigger patient list doesn’t always mean more profit. Growth only helps if it improves your bottom line.
Patient Care
Discuss the full range of options for patients and the outcomes, regardless of the price and let them decide their treatment plan.
Manage Patient Bookings
Allow for high-value dental appointments.
Assess Expenditure
Is the practice income enough to pay you and cover the expenses of the practice? Is each dental chair not just covering costs, but also savings for the practice and you too?
Start Paying Yourself Like a Boss
The idea is simple: pay yourself first, then run the business on what is left.
It is about creating a business that serves your goals, not the other way around.
At Additional Business Concepts, we help dental practices move from stressed to sorted. We use real strategies, a tailored financial system, and ongoing support to help you build a practice that works for you, without the sleepless nights. Book a chat with us and reimagine the dental practice you dreamed of creating.