Do's and don'ts for finances

Dentists need to be on top of overhead expenditures more than at any other time. By being stringent and diligent, you have the opportunity to reduce overhead by 4% to 6%. This opportunity has always been there, but now it needs to be addressed aggressively.

Bid out your major expenses every year. Get a minimum of three bids to understand what the market rates are currently and whether you can reduce costs. I guarantee you will find ways to reduce costs if you have other companies bidding for your business.

Don't forget to reevaluate practice insurance costs. Each year you should meet with your insurance agent and go through each line item and determine if they are providing the best available pricing. Many agents simply use the same companies year after year and ask you to absorb the increases.

Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email [email protected].

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