Dental Practice Benchmarking
Ever wonder how your dental practice stacks up financially against others in the area? Benchmarking data allows you to compare your practice finances with other similar dental offices. This analysis clarifies where your practice is competing successfully on various fiscal levels and highlights where you need to make adjustments to become more profitable and competitive. It can help you determine if your operations are cost-effective, if you should hire more staff, and if your expenses and lab fees are reasonable. Benchmarking can also reveal whether or not your staff salaries and benefits are in line with current industry and regional trends. This valuable data will enable you to strike a balance between compensation packages that keep your employees satisfied and your practice profitable.
Pinpointing the financial strengths and weaknesses within your dental practice is a critical component to good business management. Peter J. Freuler & Associates, CPA will show you how to leverage benchmarking data from your local region to find out what's working and where refinements are needed. Then, we'll assist you in implementing changes to improve efficiencies, increase profits, and avoid staffing issues. Call us now at 407-847-6600 or request a consultation through our website to learn more and get started.
Our benchmarking data for the dental industry includes:
- Benchmarking for dental practices
- Equipment and overhead analysis
- Lab fees analysis
- Evaluation of labor costs and compensation formulas
- Production per hour comparisons
- Average monthly production in accounts receivable