Financial Efficiency in the Dental Field

Jake Conway started his career as a financial analyst in the hospitality industry, but he wanted something bigger—something that corporate America couldn’t offer. In 2012, he brought his skillset into the dental field where he now serves as the founder of Custom Practice Analytics, CFO of Flag Ship Dental Group, and a business analyst for the Dental Success Institute. Back in 2013 when Dr. Mark Costes of DSI was just getting off the ground, Jake and Dr. Costes linked up. They were determined to help dentists make educated financial decisions and run their practices more efficiently, and the opportunity fit Jake’s background perfectly.

Run Your Practice by the Numbers

As a financial analyst with DSI, Jake dives deep into the numbers provided by his clients’ CPAs and bookkeepers. He builds custom reports to bridge the gap between numbers and the opportunities they present. Then, the DSI team works with dental practices to identify actionable items and build new systems and processes around the numbers. Numbers paint a black and white picture of a practice’s performance. If your numbers and your books are a mess, you cannot make good financial decisions. Figuring out exactly where your overhead should be is a great place to start.

Practice Performance in its Purest Form

Overhead is all expenses outside of your compensation. You probably already knew that, but DSI does it a bit differently. Jake teases out all of the extracurricular expenses to give you a look at both your compensation and the performance of your business in their truest forms. The national average for overhead in the U.S. is between 68-72%. So, DSI sets the bar high by taking its clients through three phases starting with a goal of 60% overhead. They also bring your debt service number into the reporting so that you can determine the impact of loans and equipment payments. Everything that Jake and the team at DSI does is designed to give you an unobstructed view of your practice’s cash flow so you can cut costs and keep more of what you make.

As always, please visit me at www.theprogressivedentist.com for more informative podcast episodes with other remarkable business leaders.