731: Turning the Numbers into Dollars: Data Mastery in Your Practice! – Dr. Barrett Straub

731: Turning the Numbers into Dollars: Data Mastery in Your Practice! – Dr. Barrett Straub

Do you hate tracking numbers? Are you confused about what to track and why you need to track them? To help you change that, Kirk Behrendt brings back Dr. Barrett Straub, ACT’s CEO, with another framework for mastering the key data in your practice. Start making better business decisions with the help of data! To learn which numbers to track and countermeasures to improve your profitability and culture, listen to Episode 731 of The Best Practices Show!

Learn More About Dr. Straub:

• Send Dr. Straub an email: barrett@actdental.com 
• Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straub
• Register for Dr. Straub’s live workshop (August 23, 2024): https://www.eventbrite.com/e/act-dental-gaps-method-the-formula-for-financial-freedom-tickets-776572418007
• Send Gina an email: gina@actdental.com 

More Helpful Links for a Better Practice & a Better Life:

• Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
• Join The Best Practices Association: https://www.actdental.com/bpa
• Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
• See the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/event
• Get The Best Practices Magazine for free: https://www.actdental.com/magazine
• Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218

Episode Resources:

• Watch the video version of Episode 731: https://www.youtube.com/@actdental/videos
• Register to access ACT’s PPO Roadmap: https://www.actdental.com/free-resources/ppo-roadmap/
• Register to access ACT’s Say This, Not That resource: https://form.jotform.com/221665137804153

Main Takeaways:

• Know your gross production and net collection numbers.
• Assess, categorize, and track all of your write-offs.
• Evaluate and maximize your schedule.
• Improve your communication skills.
• Upgrade your hand-off system.
• Rework your financial policies.
• Reassess your AR system.
• Don't do this on your own.

Snippets:

0:00 Introduction.

2:07 About ACT’s TTT Study Club and BPA.

6:06 Why this is an important topic.

10:06 Data point #1: Net production.

13:54 Countermeasure #1 for low net production: Assess your write-offs.

15:13 How you handle adjustments will impact your data.

16:43 Elective write-offs, explained.

18:16 Don't lump all insurance write-offs under the same heading.

21:01 Countermeasure #2 for low net production: Assess your schedule.

23:37 Time is the new rich.

25:09 Schedule to maximize your mood, effort, time, and energy.

27:58 Data point #2: Net collections percentage.

32:26 Countermeasure #1 for low net collections: Assess your financial policies.

35:32 Countermeasure #2 for low net collections: Assess the AR system.

39:34 The beauty of systems and habits.

40:44 Data point #3: Case acceptance percentage.

46:16 Countermeasure #1 for low case acceptance: Improve your verbal skills.

51:33 Countermeasure #2 for low case acceptance: Assess your handoff.

55:35 Know why you're tracking the numbers.

57:52 Q&A: Help with getting clean numbers on Eaglesoft.

1:00:49 Q&A: Always bill your office rate.

1:05:49 Final thoughts.

Dr. Barrett Straub Bio:

Dr. Barrett Straub practices general and sedation dentistry in Port Washington, Wisconsin. He has worked hard to develop his practice into a top-performing, fee-for-service practice that focuses on improving the lives of patients through dentistry.

A graduate of Marquette Dental School, Dr. Straub’s advanced training and CE includes work at the Spear Institute, LVI, DOCS, and as a member of the Milwaukee Study Club. He is a past member of the Wisconsin Dental Association Board of Trustees and was awarded the Marquette Dental School 2017 Young Alumnus of the Year. As a former ACT coaching client that experienced first-hand the transformation that coaching can provide, he is passionate about helping other dentists create the practice they’ve always wanted.

Dr. Straub loves to hunt, golf, and spend winter on the ice, curling. He is married to Katie, with two daughters, Abby and Elizabeth.