At the end of the week, we will be attending The Forum 2015 in Orlando, Florida! We are excited to once again be a part of this annual event, which anticipates an attendance of approximately 1,000 orthodontic professionals.
Bentson Clark & Copple will be exhibiting in booth #7, so plan to stop by and say ‘hello’. We would love to provide you with a complimentary copy of the most recent edition of the Bentson Clark reSource. Be sure to ask about our upcoming full-day, educational lecture that will focus on the business of building a lifelong, successful partnership.
Chris Bentson and Doug Copple are scheduled to present “Growing, Managing and Transitioning an A-List Orthodontic Practice” on Saturday, February 21 at 9:30 a.m. This fast-paced presentation will provide a financial manager’s inside view on controlling and growing your practice. It will examine the relationships between the key financial and operational data needed to assess the financial health of your practice and discuss how to set overhead targets for sustained practice growth. With the review of the current consumer marketplace in orthodontics, you will come to understand the importance of practice positioning for today’s savvy consumer. It will additionally cover the ins and outs of transition preparation, including bringing on a partner or associate or hiring a doctor employee.
We find that a doctor’s Profit and Loss Statement (or P&L Statement) hardly ever reflects the true expenses required to produce the top line revenue stated. Why? Depending on how the practice is structured, there are a number of discretionary expenses that a doctor and his/her accountant may choose to run through the practice. Some common items hidden within a P&L Statement are the doctor’s payroll taxes, the doctor’s health/life (and sometimes disability) insurance, the doctor’s retirement contributions, automobile expenses, and certain travel and entertainment expenses, just to name a few.