Home Practice ManagementStart-UpCoaching Are You Suffering From “The More You Make, The Less You Have?”

Are You Suffering From “The More You Make, The Less You Have?”

by Gary Kadi

Is your dental practice not making the money you want?

Are you still struggling to cover monthly costs and see no end in sight?

Do you find yourself working overtime and feeling like you’re burning the candle at both ends?

If you answered yes to some or all of these questions know that you aren’t alone. Nearly 9 out of 10 dentists have been or are currently in the same boat.

The great news is…there is a way out.

The better news is…you already have everything you need now to create a powerful transformation in your practice.

At NextLevel, we work with countless dentists to get their practices out of financial survival mode and onto the path of profitability and personal freedom.

The first big step towards creating a profitable practice is identifying where your untapped assets are. At NextLevel, we do this through our signature SPF system. This system is an important tool for all dentists in identifying these assets but especially powerful for those doctors that begin their careers with student loans hanging over their heads or the baby boomer doctors that think they can’t retire.

So, what is SPF exactly?

SPF stands for Salary, Profit, and Freaking Equity!

The SPF model includes the three streams of income that you can make as a dentist if you know how to approach your career. Each income stream serves as a phase in your career and one organically follows the other if you’re taking the right and consistent actions. Helping you build your career to be financially free is our goal at NextLevel and knowing how to leverage and implement these three income streams into your practice will get you to where you really want to be… freaking equity, baby!

“So many dentists are sitting on a profitability goldmine within their practice and don’t even know it!”

So let’s break down the SPF phases some more.

Salary: In this phase, you are only focused on the income that you are pulling out for your salary. If this is the only place you are looking for profit, then you aren’t leveraging all of your assets and your practice will have a difficult time reaching its profitability potential.

Profit: This phase consists of a wider context that expands beyond salary with you now offering a value proposition that is your business. You become a worker inside the practice while leveraging all its other assets including team salaries. In this phase, we help you learn how to turn payroll into a profit center and make the powerful transition from dentist to entrepreneur.

Freaking Equity: This is the big league’s phase, and most often, the end game that most dentists are aiming for. In this phase, you do great work as a dentist and start to run a great business that is systemized and automated allowing you to scale your practice so you can grow your equity over time.

Identifying these 3 income streams and understanding how each phase applies to your practice is important. From there, you can begin to leverage the assets within your practice and scale, scale, scale and ultimately grow that equity.

So many dentists are sitting on a profitability goldmine within their practice and don’t even know it! At NextLevel, we help dentists utilize these untapped assets so they can see powerful change quickly.

We do this through our CARE System.

Our CARE System helps you identify exactly where your untapped assets are in your practice right now.

CARE stands for Case Acceptance, Retention and Experience, and acquisition of new patients.

Increasing your patients’ YES to treatment, creating a healthy mouth baseline that is communicated to your patients at every visit (to reinforce the ‘why’ behind accepting treatment), and upgrading the overall patient experience are just some of the powerful places in your practice to start. When you implement and focus on your practice’s CARE plan you can increase practice value within months and attract new patients without spending a dollar on marketing.

Living off your salary alone, working overtime to just cover monthly costs and heading down the road to burnout is not why you became a dentist.

There absolutely is another way…you just need to shift your thinking, identify your practice’s crucial assets, explore the three income streams and implement the powerful tools we offer at NextLevel. Once you do, freaking equity won’t be far behind!

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