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~~A well-managed dental practice will have metrics available on a “snap-shot” basis to measure performance whenever needed. Each month the staff should meet to analyze the gaps between performance and goals, and then take the time to countermeasure the causes. One other thing, gap analysis will hopefully show on a frequent basis that you are over-achieving on your goals. Use the 5 whys to find out what you’re doing right and keep up the good work!

~~When accounting for the cost of your practice’s inventory, price is only one consideration; and, any savings in price can be readily wiped out by opportunity costs, hidden costs, and carrying costs. A much more profitable activity is reducing your inventory level to bring down those other costs. If you implement a good inventory control system, you can then focus on revenue-generating activities.