Financial analysis in the independent dental practice

This is what I consider to be the quintessential financial planning outline for any independent dental practice in the UK that wants to stay on top of the numbers despite the external economic environment. What do these key areas mean to you in the practice? How do you measure and keep on top of them?
Bookkeeping

  • Monthly management accounts
  • Key performance indicators
  • Comparison with previous months
  • Comparison with industry averages

 
Daily productivity

  • Average daily production

 
Spreadsheets

  • Personal cash flow forecast: Budget versus actual
  • Professional cash flow forecast:

            Budget versus actual -> staff bonus calculator
            Pricing and hourly rate analysis -> ‘what if’ analysis

  • KPIs 90 day rolling averages
  • Average daily production: 90 day rolling average -> associate profitability analysis

 
Happy to answer any  questions you might have about this.

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Chris Barrow

Chris Barrow has been active as a consultant, trainer and coach to the UK dental profession for over 20 years. As a writer, his blog enjoys a strong following and he is a regular contributor to the dental press. Naturally direct, assertive and determined, he has the ability to reach conclusions quickly, as well as the sharp reflexes and lightness of touch to innovate, change tack and push boundaries. In 2014 he appeared as a “castaway” in the first season of the popular reality TV show “The Island with Bear Grylls”. His main professional focus is as Coach Barrow, providing coaching and mentorship to independent dentistry.