The practice was able to decrease overhead by more than 20%. They were also able to double their production, which led to a net increase over $40,000 per month! Most importantly, however, the dentist has found happiness within the walls of her practice again and enjoys coming to work each and every day.
The Problem - Vibe Dental had allowed its overhead to climb above 85% of total revenue. The practice was also greatly under-produced. This left very little for the dentist to take home each month.
Results - The practice was able to decrease overhead by more than 20%. They were also able to double their production, which led to a net increase over $40,000 per month! Most importantly, however, the dentist has found happiness within the walls of her practice again and enjoys coming to work each and every day.
Vibe Dental came to Oversee as a client producing approximately $35,000 per month. The dentist was struggling to pay herself and only netted approximately $60K in one year from the practice, an overhead percentage of 86%. This was not what she had signed up for when she became a dentist. She was frustrated and considered selling her practice and going to work for a large corporate organization. She didn’t know where to start to even begin to turn things around. She decided to give Oversee Dental a try and see if she could figure out what the issue was. Things quickly began to reveal themselves. She realized that her staffing costs were way out of line with national benchmarks. She was paying two employees within the practice far too much and was offering bonuses and benefits that she could not afford. She also realized that her supply and lab costs were way above national averages. She used resources within Oversee Dental to restructure her bonuses and negotiate new rates with two of her employees. She changed systems within her supply ordering chain and changed labs to a new one that was more affordable but also offered great quality. She also noticed that her marketing expenses fell way below national averages. She increased this expense to drive up new patients and production numbers. She also implemented a sales line, Financial coordinator, and began using the CRM software. Soon she had doubled her production and collection numbers, while driving her overhead numbers closer to 65%. This has netted her $486K per year or $40,500 per month!!! Her goals include reaching the $1M mark in collections and lowering her overhead below 60%. She is on track to reach these goals in 2022!
