Crazy Low Overhead w/ Dr. Dick Reid
Dr. Dick Reid spent most of his career focused on NOT growing a large practice. Nope, he knew that it wasn’t how MUCH you collect, but rather how much you KEEP of those collections. Over his career, Dick was able to drive his overhead to around 43% – as general practitioner. This is pretty much unheard of, so when I caught wind of this I wanted to find out his “secret sauce” so that maybe some listeners could gain insight on how to emulate him – to a certain degree. By keeping such a low overhead to his practice, Dick was able to retire early on his timeline.
Bulletproof Dental Practice Episode 10
Host: Dr. Peter Boulden
Guest: Dr. Richard (Dick) Reid
Contact: 630-800-6191 or rjrdds50@gmail.com
Key Summary:
- Dr. Reid spent only 43% overhead in his dental practice.
- Read and understand how the dental economy works.
- Listen when smart people speak and use them as mentors.
- Save 20% from your practice and do not live above your means.
- To maintain low overhead expenses, keep your office small.
- You can analyze your numbers by simply looking at your patient schedules.
- To start minimizing overhead, you should “cut the fat” everyday.
- Tip: Move patients around so you don’t have any gaps in your patient schedules.
- Tip: Only have 1 front desk personnel.
- Tip: Ask patients for referrals. Ask for new patients. Don’t be shy.
- Keep adding money in your pension fund in order to build it.
- Advice: Start modestly. Try to stay modest.
- Streamline your personal spending so you can save for your pension.
- How to reduce an already high overhead – consider starting over or letting people go
- Pay attention daily and continuously to your practice to make it healthy
- Get business experience from reading business-related articles and pay attention
Resources Mentioned:
Dental Town – Doug Carlsen DDS
Lean and Mean – Rick Kushner
WhiteHall Management – Greg Stanley
Dental Economics – Brian Hufford
Tweetables:
“Our patients love us because we love them first. – Dr. Dick Reid”
“There’s nothing more encouraging than seeing the money you plough into your pension fund grow and appreciate and see the light at the end of the tunnel. – Dr. Dick Reid”
“Make it. Save it. Then keep it. -Dr. Dick Reid”
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