After being in the dental field for sixteen years and working with offices on the exact topic of cashflow I have come to the conclusion that this is one of the most critical things to understand in your office on a daily basis. Lets start with understanding what cashflow actually is. In basic terms cash flow is the difference between the money generated by a business and the cost to run the business.
Lets do some quick math. If you collect 150k a month over a 20 year long career you are looking at operating a business that will see 36 million dollars pass though the doors. Or, if you collect 75k a month over a 20 year long career you are looking at operating a business that will see 18 million pass through the doors. So, no matter what size practice you have you will see a tremendous amount of money come and go and knowing how to manage your cashflow properly needs to be a priority.
Keep in mind, even if you do not have cash flow problems today, it does not mean that you could not in the future.
Why I appreciate AMP so much and our approach on this subject is that we do not only focus on the areas of your practice where you can improve cashflow we then help you manage what can be done with the increased cashflow to see profit also increase.
All of the coaches at AMP have unfortunately seen offices that wait way to long to address this critical topic and then ending is not always pretty. I would strongly encourage anyone who is starting in this field to work with someone that understands this aspect of your business so your story ends the best way possible.
