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When we return to work, we can hope that all of the patients were missing us and will be flocking back to our chairs in droves and our schedules will fill immediately. If this is the case and you are able to immediately make inroads in the lost income from COVID-19 then we will all be very happy.
But…
Another scenario may be that patients are cautious to return or may have lost the urgency to have work completed and if this is the case then you want to know exactly what it costs each month to run your office, so that you can pay your bills and take some money home too. I am talking about Calculating Your Practice Break Even Point.
To complete this calculation, look at the following on a per month total:
- Staff salaries (including government portion)
- Your take home pay
- Any taxes paid out of the practice
- Average monthly cost of dental supplies
- Average lab fees
- Any leasing costs you may have
- Fixed expenses – rent, heat, hydro, phone, internet etc
- If you are putting any personal expenses through the practice you will likely want to isolate those to see if they make a difference to your bottom line
Keep this basic number in mind and if patients returning to their oral health care is slower than we would like then divide your basic calculation by the number of days that your office is open in a month and you will have a daily goal to be working towards.
Need some help figuring out your dental practice break even point or how to create a back to work strategy? Be sure to connect with me and let’s schedule a call. I can help.
Cindy
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