When you run a small business, the cost of services is always a concern. Many of our clients at Engage Advisors say they initially put off calling us because they had the perception that a Dental CFO would be more expensive. After they did become clients, they learned two things. First – they realized that it didn’t matter whether they operated a big practice with lots of associates, or a three-chair shop – every dentist can afford our services. Second – they discovered that we offered a way for them to improve the health of their business that actually demanded less time and effort on their part.
Affordable Service Packages + Industry Expertise = Value
Let’s talk about affordability first since that’s usually top of mind. Engage Advisors offers dentists three different packages, so you have the freedom to choose the level of service that fits your needs and budget. Whichever package you choose, you benefit from the industry expertise we bring to the table. Things like knowing what the production should be for your hygienist, what your monthly cost for supplies should be, or if it’s time to start thinking about adding an associate. None of these are areas where a general CPA can offer meaningful guidance. Afterall, a general CPA firm may have 500 clients from a wide variety of professions, making it impossible for them to have in depth knowledge about any of them. At Engage Advisors, our 500+ clients are all dental practitioners, so we intimately know the industry.
Calculating the Value of Time
When people think about affordability, they usually only consider the monetary cost. Rarely do they think about affordability in terms of time. I’m a big believer in the value of time. All of us, no matter who we are, get the same 24 hours every day. It may not always feel like it, but we have more control over how we use our time than we realize.
Engage Advisors is built around the belief that people should focus on spending their time doing things they’re good at, that are important to them, and that they enjoy. It’s safe to say that most dentists don’t enjoy having to manage the financial side of their practice. They do it because it’s part of running a practice, but they didn’t go to dental school because they were eager to deal with things like payroll, accounting and taxes.
No one should trust us to fill a cavity, but we can look at the KPIs for your practice and tell if you’re payroll costs are too high, your hygiene department isn’t as effective as it could be or if you need to renegotiate your PPO contracts. And that’s the point. When you focus on doing what you do best, and outsource the rest to competent people, your business will thrive, and you’ll actually have more time each day to spend however you choose. Maybe you want to see more patients or spend more time with your family – it’s your choice. What’s important is that you have the extra time to do with whatever you choose, and there is a value to that.
I think giving time back to our clients is one of the best things we do for them. When they first become clients, they don’t realize that’s part of what they get. But after they’ve been with us a little while and get to experience that benefit, they can’t imagine going back to how they did things before.
Whether we’re talking about money or time, I would argue you can’t afford NOT to work with a dental CFO. If you’re curious and would like to know more about how we can help you with your practice, give us a call today.