Setting an Economic Vision for your Dental Practice

Kerry Straine, CPBA, CEO and President of Straine Consulting, discusses how important it is to set an economic vision as well as a personal mission for your dental practice.

Interview Transcript (slightly modified for readability)

“They keys to setting an economic vision and mission for a practice really begin with: What’s in the owner’s heart? How do they want to serve? Who do they want to serve? What type of dentistry do they want to deliver? What do they want to give? Ultimately, it’s as if they’re treating their family, is how they express their mission statement. But ultimately, when we set a vision economically, we have to begin with their personal budget. It would be impossible to run a business and own it and operate it without achieving a certain economic outcome for the individual owner. When we begin helping a client assess what should the production goals be — the collection goals, the hours of operations, the type of dental procedures – it’s really up to them, but then we have to make it fit so that the production yields a collection rate and then when you subtract the overhead, the debt services, the taxes, the retirement, the lifestyle, the working capital reserves, we make sure we have a plus at the bottom line.”