994: Metric Mondays: Profitability – Miranda Beeson

Is your practice creating wealth, or is it just keeping you “busy”? In this episode, Kirk Behrendt brings back Miranda Beeson, ACT’s director of education, to break down production, why it’s important to understand, and how to start improving your numbers. To learn how to be more profitable so you have a better practice and better life, listen to Episode 994 of The Best Practices Show! Learn More About Miranda: Send Miranda an email: miranda@actdental.com Follow Miranda on ACT’s Instagram: https://www.instagram.com/actdental Send Gina an email to learn more about ACT: gina@actdental.com Learn More About ACT Dental: ACT’s Events: https://www.actdental.com/event ACT’s website: https://www.actdental.com ACT’s Instagram: https://www.instagram.com/actdental ACT’s YouTube: https://www.youtube.com/actdental ACT’s Facebook: https://www.facebook.com/actdental ACT’s LinkedIn: https://www.linkedin.com/company/actdental/ More Helpful Links for a Better Practice & a Better Life: Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen Join The Best Practices Association: https://www.actdental.com/bpa Download ACT’s BPA app on the Apple App Store: https://apps.apple.com/us/app/best-practices-association/id6738960360 Download ACT’s BPA app on the Google Play Store: https://play.google.com/store/apps/details?id=com.actdental.join&hl=en_US Join ACT’s To The Top Study Club: https://www.actdental.com/ttt Get The Best Practices Magazine for free: https://www.actdental.com/magazine Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218 Episode Resources: Learn more about Smile Source: https://smilesource.com Main Takeaways: Profitability determines your ability to invest in your team, technology, and your practice. Know and understand your profit margin, not just your production and collections. When profitability is low, you will feel super busy yet not have any money. Don't wait for your accountant to tell you how your practice is doing. If you don't know, find out what your current true profit is. Snippets: 0:00 Introduction. 0:48 Profitability, explained. 4:18 How profitability impacts your practice. 9:11 What you can do to impact this metric. 11:00 More about Smile Source. 15:15 Last thoughts. Miranda Beeson, MS, BSDH Bio: Miranda Beeson has over 25 years of clinical dental hygiene, front office, practice administration, and speaking experience. She is enthusiastic about communication and loves helping others find the power that words can bring to their patient interactions and practice dynamics. As a Lead Practice Coach, she is driven to create opportunities to find value in experiences and cultivate new approaches. Miranda graduated from Old Dominion University, and enjoys spending time with her husband, Chuck, and her children, Trent, Mallory, and Cassidy. Family time is the best time, and is often spent on a golf course, a volleyball court, or spending the day boating at the beach.