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Mehra tackles finance
31st Oct 2005
Cash flow, patient financing and book keeping were just some of the issues tackled by Samera’s managing director, Arun Mehra in his Finance for Dentists seminar this month. The five key areas that dentists must consider are vision, planning, finance, people and marketing, said Mehra. Beginning the lecture with an explanation of ‘Mr Tooth’s’ set of accounts, dentists found out the real meanings behind accountancy jargon such as balance sheets and current assets. ‘This isn’t rocket science but I’m going to teach you some very valuable lessons,’ stated Mehra. People tend to focus on taxation only, he continued, but what they should be thinking about is their business strategy and their forecasts. ‘A successful business has clear objectives with what it wants to achieve and there must always be an exit route,’ he added. In addition, financial objectives need to be achievable, and budgeting is all about setting targets. ‘The key to successful business is having a budget and sticking to it – there is an element of guess work but you need to manage your cash flow to make sure payments are coming in, and you are paying others on time. Examples of Key Performance Indicators (KPIs) such as principal gross fees and material costs were discussed, and dentists were encouraged to compare their figures to a typical average practice. ‘It’s a matter of getting the balance right to get the customer through the door,’ said Mehra. After explaining the benefits of patient financing, Mehra recapped on the key business issues all dentists should be aware of. ‘I guarantee there are areas in your practice where you can cut costs and increase your fees,’ he concluded.
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