What was your absolute biggest challenge prior to working with us?
Simply put, I was dreading entering in line item by line item, accuracy, and efficiency. Took a lot of effort and energy to ensure numbers were correct, entered, and categorized correctly so that the numbers genuinely reflect business metrics.
How did that challenge make you feel?
When you're slow, you have time to do this, but looking back, my time would have been better spent on recruiting patients, marketing, and or practicing elsewhere.
What changed for you after joinig us?
Everything changed after joining Bookkeeping for Dentists such as ease, efficiency, accuracy, accountability. Outsourcing it made us realize the most crucial aspect of what we do isn't the accounting, but the bookkeepers who hand it all to the accountant, on a silver platter. It's easier to train people on numbers, industry numbers, target goals, expense management.
What specific results can you share?
Everyone should know how much it costs them to open the office on a daily basis. Everyone should know how much it costs per hour to keep the office open. Take the expenses in Sona's Practice Overhead application for the month, divided by the number of days open, and you get the cost/day of running your office. Then divide that number by the number of chairs you have or by the number of hours you work to get your hourly expense rate, or your "per chair rate." In my seven chair practice, I recently did the math and discovered that we were losing $85.00/hr per chair unfilled. It may not sound like a lot, but if I have seven chairs, and only two columns of patients, that's five chairs an hour that go unused ($85x5x8 hours a day = $3,400). It helps us with scheduling treatments, closing down days and the chairs/assistant scheduling, etc.
Similarly, I've calculated my hourly rate, and it has helped me out a lot with deciding which home projects to take on and what not to take on, haha.
What would you say to somebody on the fence about working with us?
I would tell them the days of using mom and dad's old accountant is over. Just because mom and dad used them, doesn't mean I have to. There is no reason why bookkeepers, accountants, lawyers all can't be offsite and outsourced to people that specialize in them. Take the leap, make the commitment, join the revolutionary world of subscription models. There is nothing to do, your time will be freer, and you will have a wealth of accurate information to play with.
Anything else you'd like to add?
I would recommend working with Bookkeeping for Dentists LLC from day one of your practice. Consider it a fixed cost and count on the accurate information. Using Sona's information she provides, along with your practice management software, can generate some incredible insight into your practice. Everything from who is generating the most, to the least, to who is the most efficient, or least efficient.