Dental Practice Financial Management
Your Complete CFO Guide to Multi-Location Growth and Profitability Excellence
Table of Contents
- Introduction to Dental Practice Financial Management
- Multi-Location Growth Challenges
- Building Robust Financial Infrastructure
- Essential KPIs for Dental Practices
- Revenue Optimization Strategies
- Cost Management and Control
- Strategic Expansion Planning
- Technology and Systems Integration
- Regulatory Compliance and Risk Management
- The Fractional CFO Advantage
- Frequently Asked Questions
Introduction to Dental Practice Financial Management
The dental practice landscape has evolved dramatically over the past decade, with multi-location practices and dental service organizations (DSOs) becoming increasingly prevalent. As practices expand beyond a single location, the complexity of financial management grows exponentially. What worked for managing one office becomes inadequate when overseeing multiple practices, each with its own patient base, staff dynamics, and operational nuances.
Financial management for dental practices requires a unique blend of healthcare industry knowledge, practice operations expertise, and sophisticated financial acumen. Unlike traditional retail or service businesses, dental practices face distinct challenges including insurance reimbursement complexities, patient financing arrangements, equipment depreciation schedules, and highly regulated environments. When multiplied across several locations, these factors demand professional-grade financial oversight that many practice owners struggle to provide while simultaneously delivering quality patient care.
The role of a dental practice CFO—whether full-time, part-time, or fractional—has become essential for practices serious about sustainable growth. A specialized CFO brings strategic vision, operational discipline, and financial expertise that transforms how practices manage profitability, cash flow, expansion opportunities, and long-term value creation. This comprehensive guide explores the critical financial management principles and strategies that enable dental practices to scale successfully while maintaining healthy margins and exceptional patient care.
Why Dental Practices Need Specialized Financial Management
The dental industry operates with unique financial characteristics that distinguish it from other healthcare sectors. High fixed costs for equipment and facilities, variable labor expenses with specialized skill requirements, complex insurance relationships, and patient payment plans create a financial ecosystem requiring specialized expertise. Multi-location practices amplify these challenges while introducing new layers of complexity around centralized purchasing, standardized protocols, performance benchmarking, and capital allocation across locations.
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Multi-Location Growth Challenges
Expanding from a single dental practice to multiple locations represents one of the most significant transitions in a practice owner's career. While the potential rewards are substantial—increased revenue, geographic diversification, enhanced purchasing power, and greater enterprise value—the challenges are equally formidable. Understanding these challenges and implementing appropriate financial controls becomes critical to successful expansion.
Operational Complexity
Each new location introduces exponential complexity rather than simple linear growth. A second location doesn't just double your workload; it creates an entirely new set of management challenges around coordination, standardization, communication, and oversight. Practice owners must transition from hands-on clinical and administrative roles to strategic leadership positions, developing systems and teams capable of maintaining quality and consistency across dispersed operations.
Location Independence
Each practice operates semi-autonomously with unique patient demographics, competitive environments, staff dynamics, and operational rhythms. Balancing centralized control with local flexibility challenges even experienced operators.
Staff Management
Recruiting, training, compensating, and retaining quality dental professionals across multiple locations requires sophisticated HR systems, competitive compensation structures, and strong organizational culture.
Cash Flow Coordination
Managing cash flow becomes infinitely more complex with multiple bank accounts, varied collection cycles, diverse expense timing, and capital requirements for expansion and equipment replacement.
Performance Visibility
Without proper financial infrastructure, practice owners lose visibility into individual location performance, making it difficult to identify problems early or allocate resources optimally.
Systems Integration
Practice management software, billing systems, patient communications, inventory management, and financial reporting must integrate seamlessly to provide consolidated visibility and operational efficiency.
Regulatory Compliance
Healthcare regulations, employment laws, OSHA requirements, infection control protocols, and insurance credentialing multiply across locations, demanding rigorous compliance management.
Capital Allocation Decisions
Multi-location practices constantly face capital allocation decisions that profoundly impact long-term success. Should you invest in upgrading technology at existing locations or open a new practice? How do you balance debt repayment against growth investments? When should you acquire versus build new locations? These decisions require sophisticated financial analysis and strategic vision that extends beyond clinical expertise.
Building Robust Financial Infrastructure
The foundation of successful multi-location dental practice management rests on robust financial infrastructure that provides real-time visibility, accurate reporting, and actionable insights. Many practices expand without first establishing the systems and processes necessary to manage increased complexity, leading to financial blind spots, operational inefficiencies, and missed opportunities.
Chart of Accounts Architecture
A properly structured chart of accounts represents the backbone of your financial system. For multi-location practices, this means implementing location-specific coding that enables consolidated reporting while maintaining individual practice visibility. Your chart of accounts should capture revenue by service category, expenses by functional area, and balance sheet accounts by location, enabling detailed analysis at both consolidated and individual practice levels.
| Financial Component | Single Location | Multi-Location Requirement | Technology Solution |
|---|---|---|---|
| General Ledger | Basic accounting software | Location-coded GL with consolidation | QuickBooks Enterprise, NetSuite |
| Practice Management | Single database | Multi-location PMS with centralized reporting | Dentrix Enterprise, Eaglesoft |
| Payroll Processing | Local provider | Centralized multi-state processing | ADP, Paychex, Gusto |
| Revenue Cycle | In-office management | Centralized billing and collections | Specialized dental RCM platforms |
| Reporting & Analytics | Basic reports | Real-time dashboards and KPI tracking | Power BI, Tableau, Practice Analytics |
Financial Reporting Framework
Comprehensive financial reporting for multi-location dental practices requires both standardized monthly financial statements and specialized operational reports. Your reporting package should include location-specific P&L statements, consolidated financial statements, cash flow projections, production and collection metrics, and key performance indicators that enable data-driven decision making.
Daily Reporting
Production, collections, appointment statistics, and deposits by location. Enable immediate visibility into daily operations and early identification of issues or opportunities.
Weekly Analysis
Cash position, accounts receivable aging, schedule density, and productivity metrics. Maintain tight control over working capital and operational efficiency.
Monthly Financials
Complete P&L by location, consolidated balance sheet, cash flow statement, and variance analysis versus budget. Full financial close completed within 10 business days.
Quarterly Strategic Review
Comprehensive performance analysis, trend identification, budget updates, and strategic planning sessions. Align financial performance with long-term objectives.
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Essential KPIs for Dental Practices
Key performance indicators serve as the vital signs of your dental practice, providing early warning signals when performance deviates from expectations and confirming when operations are healthy. For multi-location practices, establishing standardized KPIs across all locations enables meaningful benchmarking, identifies best practices, and highlights underperforming areas requiring intervention.
Production and Collection Metrics
Production represents the total value of dental services delivered, while collections measure actual cash received from patients and insurance companies. The relationship between these metrics reveals practice efficiency in converting clinical work into revenue. Healthy dental practices maintain collection rates above 95% of adjusted production, with the gap representing write-offs, contractual adjustments, and uncollected accounts receivable.
Provider and Staff Productivity
Dentist productivity directly impacts practice profitability. Measuring production per provider day, production per hour worked, and case mix reveals whether your clinical team operates at optimal efficiency. Supporting staff productivity matters equally—front desk efficiency impacts schedule utilization while hygiene productivity contributes significantly to practice revenue and profitability.
Financial Health Indicators
- Overhead Percentage: Total operating expenses divided by collections. Target below 65% for healthy practices, with best-in-class operations achieving 55-60%.
- Days in Accounts Receivable: Measures collection efficiency. Target under 35 days; higher figures indicate collection problems or excessive insurance dependence.
- Staff Costs as Percentage of Revenue: Total compensation divided by collections. Target 22-25% for optimal staffing leverage without compromising patient care.
- Lab Costs Percentage: Laboratory expenses should remain under 10% of collections, varying based on specialty mix and case complexity.
- New Patient Value: Lifetime value of new patients determines acceptable acquisition costs and validates marketing investments.
- Same-Store Growth Rate: Year-over-year revenue growth at established locations, excluding new practice openings, indicates organic practice health.
Benchmarking Best Practices
Effective KPI management requires comparing performance against industry benchmarks, historical trends, and peer practices. Multi-location groups benefit from internal benchmarking, identifying top performers and implementing their best practices across all locations. Regular variance analysis highlighting deviations from targets enables proactive management rather than reactive problem-solving.
Revenue Optimization Strategies
Revenue optimization for dental practices extends far beyond simply seeing more patients. Sophisticated practices focus on maximizing production per visit, improving case acceptance rates, optimizing fee schedules, enhancing insurance reimbursement, and developing non-insurance revenue streams. These strategies collectively drive sustainable revenue growth while maintaining or improving patient satisfaction.
Fee Schedule Management
Many dental practices leave significant revenue on the table through outdated fee schedules that haven't kept pace with market rates, cost inflation, or value delivered. Annual fee schedule reviews comparing your fees against local market data, insurance reimbursement rates, and cost structures ensure appropriate pricing that reflects the value you provide while remaining competitive in your markets.
Insurance Contract Negotiation
Insurance participation decisions significantly impact practice profitability. While insurance provides patient volume and consistent revenue streams, below-market reimbursement rates can destroy profitability. Strategic practices regularly analyze insurance contract performance, negotiate rate improvements, and make informed decisions about which plans to accept based on actual profitability rather than patient volume alone.
| Revenue Strategy | Implementation Approach | Expected Impact | Timeline |
|---|---|---|---|
| Fee Schedule Optimization | Annual market analysis and strategic increases | 3-8% revenue increase | Quarterly adjustments |
| Case Acceptance Training | Treatment coordinator development and tools | 15-25% improvement | 3-6 months |
| Insurance Renegotiation | Performance analysis and contract negotiation | 5-12% rate improvement | Annual cycle |
| Membership Plans | Uninsured patient retention program | $50K-200K annually | 6-12 months |
| Hygiene Protocol | Standardized protocols and perio programs | 10-20% hygiene revenue | 2-4 months |
Schedule Optimization
Your appointment schedule represents inventory that perishes if unused. Maximizing schedule utilization through optimal appointment mix, minimized gaps, reduced cancellations, and strategic overbooking directly impacts production and profitability. Advanced scheduling protocols based on provider preferences, procedure types, and historical patterns optimize both clinical efficiency and patient experience.
Cost Management and Control
While revenue optimization captures attention, cost management often provides more immediate and sustainable profit improvement. Most dental practices operate with overhead between 60-70% of collections, but best-in-class practices achieve 55-60% through disciplined cost control without compromising quality or patient experience. Multi-location practices gain additional leverage through centralized purchasing, standardized protocols, and economies of scale.
Staff Optimization
Personnel costs typically represent the largest expense category, comprising 22-28% of collections for well-managed practices. Optimization doesn't mean simply minimizing headcount—it means ensuring appropriate staffing levels, competitive compensation that attracts and retains talent, and productivity systems that maximize output per team member. Regular productivity analysis identifies overstaffing, while recruitment challenges may signal below-market compensation.
Supply Chain Management
Dental supplies typically consume 5-7% of collections, with significant savings opportunities through group purchasing, vendor negotiation, standardization, and inventory management. Multi-location practices should leverage purchasing power for volume discounts while implementing systems to track consumption, prevent waste, and identify price increases. Centralized purchasing combined with location-level accountability creates optimal results.
Centralized Purchasing
Consolidate vendor relationships to negotiate better pricing, standardize product selection, and reduce administrative overhead across all locations.
Protocol Standardization
Implement consistent clinical and operational protocols that reduce variation, improve efficiency, and optimize material usage without compromising care.
Payment Processing
Negotiate merchant processing fees, implement efficient payment systems, and optimize payment mix to reduce transaction costs by 20-40%.
Facility Optimization
Renegotiate leases, optimize space utilization, implement energy efficiency measures, and consolidate vendors for facility services.
Lab Cost Management
Negotiate favorable terms with quality labs, establish clear case submission protocols, and monitor quality to minimize remakes.
Insurance Optimization
Review malpractice, property, liability, and employee benefit insurance annually to ensure adequate coverage at competitive rates.
Technology Investment ROI
Technology investments in dental practices must demonstrate clear return on investment through increased efficiency, enhanced patient experience, improved outcomes, or reduced costs. Evaluate each technology purchase rigorously, considering implementation costs, training requirements, ongoing maintenance, and realistic productivity improvements. Avoid technology for technology's sake—focus on solutions that address specific practice pain points or growth objectives.
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Strategic Expansion Planning
Successful dental practice expansion requires comprehensive financial planning that extends far beyond simple revenue projections. Whether acquiring existing practices, building de novo locations, or pursuing DSO partnerships, each growth path presents unique financial considerations, risk profiles, and capital requirements. Strategic CFO guidance ensures expansion decisions align with long-term objectives while maintaining financial health.
Expansion Timing and Readiness
The decision to expand should be driven by financial capacity, operational maturity, and market opportunity rather than ego or competitive pressure. Practices should demonstrate consistent profitability, strong cash flow, robust systems, experienced management teams, and available capital before pursuing expansion. Premature expansion stretches financial resources, diverts management attention, and can jeopardize existing operations.
De Novo vs. Acquisition Analysis
Building new practices versus acquiring existing ones involves fundamentally different financial profiles. De novo development requires significant upfront capital, generates no immediate revenue, and takes 12-24 months to reach profitability—but allows complete control over location, design, systems, and culture. Acquisitions provide immediate cash flow, established patient bases, and trained teams—but command premium prices, may carry legacy issues, and require cultural integration.
| Factor | De Novo Development | Practice Acquisition | Key Considerations |
|---|---|---|---|
| Initial Investment | $500K - $750K | 60-90% of collections | Capital availability and financing terms |
| Time to Profitability | 12-24 months | Immediate (if well-run) | Cash flow impact and patience |
| Risk Profile | Higher market risk | Lower if properly vetted | Due diligence and risk tolerance |
| Control & Culture | Complete from day one | Requires integration | Management bandwidth |
| Long-Term Value | Lower multiple paid | Premium price upfront | Exit strategy alignment |
Capital Structure and Financing
Expansion financing requires careful consideration of debt capacity, equity requirements, and optimal capital structure. Traditional bank financing, SBA loans, seller financing, and private equity each offer different terms, requirements, and implications. Your CFO should model various financing scenarios, negotiate favorable terms, and ensure capital structure supports sustainable growth without over-leveraging the organization.
Growth Capital Requirements
Multi-location dental practices require three distinct capital pools: working capital for ongoing operations, growth capital for expansion, and strategic reserves for opportunities or challenges. Maintaining appropriate cash reserves prevents financial stress during expansion while enabling agile responses to market opportunities. Most practices should maintain 3-6 months of operating expenses in readily available cash.
Technology and Systems Integration
Technology infrastructure represents the central nervous system of multi-location dental practices, enabling standardized operations, real-time visibility, and efficient scaling. As practices grow, technology transitions from supporting individual location operations to enabling centralized management, performance monitoring, and strategic decision-making. Investment in appropriate practice management, financial, and communication systems becomes essential rather than optional.
Practice Management System Selection
Your practice management system serves as the operational hub, managing scheduling, patient records, billing, insurance claims, and clinical documentation. Multi-location practices require enterprise-capable systems offering centralized data management, location-specific permissions, consolidated reporting, and robust security. Popular options include Dentrix Enterprise, Eaglesoft, and cloud-based alternatives that enable remote access and simplified IT management.
Financial Systems Architecture
Beyond practice management, growing dental practices need accounting systems capable of multi-entity management, location-specific financial statements, consolidated reporting, and integration with practice management platforms. QuickBooks Enterprise, NetSuite, and specialized healthcare accounting platforms provide the sophistication required for professional financial management and accurate reporting.
- Automated Data Integration: Eliminate manual data entry between systems through API connections and automated data flows, reducing errors and administrative burden.
- Cloud-Based Infrastructure: Enable access from any location while centralizing data management, enhancing security, and simplifying IT support.
- Real-Time Dashboards: Provide leadership with instant visibility into key metrics across all locations through visual dashboards and mobile access.
- Patient Communication Systems: Implement automated appointment reminders, recall systems, and patient education that operate consistently across locations.
- Inventory Management: Track supply usage, automate reordering, and monitor costs across locations to optimize purchasing and reduce waste.
- Revenue Cycle Management: Centralize insurance verification, claims submission, payment posting, and collections to maximize reimbursement and reduce accounts receivable.
Regulatory Compliance and Risk Management
Dental practices operate in highly regulated environments with compliance obligations spanning healthcare regulations, employment laws, privacy requirements, infection control standards, and corporate practice of dentistry restrictions. Multi-location practices multiply compliance complexity across jurisdictions, requiring systematic approaches to maintain consistent standards and avoid regulatory penalties.
Healthcare Compliance Framework
HIPAA privacy and security requirements, OSHA infection control standards, DEA controlled substance regulations, and state dental board oversight create a complex compliance landscape. Implementing comprehensive policies, regular training, documented procedures, and monitoring systems ensures consistent compliance across all locations while protecting against regulatory exposure and patient safety issues.
Employment and Labor Compliance
Multi-location practices navigate varied state employment laws, wage and hour requirements, overtime regulations, and benefits compliance. Centralized HR systems, standardized employment practices, and regular compliance audits prevent costly violations. Special attention to proper classification of employees versus independent contractors, timely payment of wages, and appropriate benefits administration protects against employment claims.
Corporate Practice of Dentistry
Many states restrict dental practice ownership to licensed dentists, creating complex corporate structures when expanding. Management services organizations (MSOs), professional associations, and joint ventures each offer different approaches to compliant ownership and management. Legal and accounting expertise becomes essential to structure multi-location practices properly while maintaining compliance.
The Fractional CFO Advantage for Dental Practices
Most growing dental practices reach a point where the owner-dentist's financial expertise proves inadequate for managing increasing complexity, but full-time CFO compensation remains unjustifiable. Fractional CFO services bridge this gap, providing experienced financial leadership on a part-time basis at a fraction of full-time executive costs. This model has become increasingly popular among multi-location dental practices seeking professional financial management without full-time overhead.
Strategic Value Creation
Fractional CFOs bring strategic perspective beyond basic bookkeeping or tax compliance. They develop comprehensive financial strategies, optimize capital structure, negotiate better terms with banks and vendors, implement sophisticated planning and reporting systems, and provide objective guidance on major decisions like expansion, acquisitions, or exit planning. This strategic value far exceeds the cost of services.
Operational Excellence
Beyond strategy, fractional CFOs implement financial controls, standardize processes, optimize revenue cycle management, reduce costs, and build financial infrastructure that scales with practice growth. They train internal teams, select and implement technology systems, develop KPI dashboards, and create the operational discipline that distinguishes excellent practices from average ones.
Cost-Effective Expertise
Access CFO-level expertise at 30-40% of full-time executive costs, with flexible engagement levels matching practice needs and growth stages.
Industry Specialization
Leverage experience across multiple dental practices, bringing best practices, benchmarks, and proven solutions to accelerate improvement.
Scalability
Adjust engagement level as needs evolve, from initial setup through rapid growth to mature operations, without hiring and firing risk.
Objective Perspective
External advisors provide unbiased analysis and recommendations free from internal politics or career considerations.
Rapid Implementation
Hit the ground running with proven processes, templates, and systems rather than developing everything from scratch.
Network Access
Tap into professional networks for banking relationships, technology vendors, legal expertise, and industry resources.
When to Engage a Fractional CFO
Dental practices typically benefit from fractional CFO services when reaching 2-3 locations, pursuing significant expansion, contemplating acquisitions or exit strategies, experiencing profitability challenges despite strong revenue, implementing new systems or processes, or seeking to professionalize financial management. The investment typically delivers ROI through profit improvement, avoided mistakes, and better strategic decisions within 6-12 months.
Frequently Asked Questions
Well-managed dental practices typically achieve EBITDA margins between 25-35% of collections, with exceptional practices reaching 35-40%. General dentistry practices tend toward the lower end of this range, while specialty practices often achieve higher margins due to better reimbursement and procedure mix. These margins exclude dentist owner compensation, which typically represents 30-35% of collections in owner-operated practices.
Several factors influence achievable margins including insurance participation levels, geographic market, specialty mix, practice maturity, and operational efficiency. Multi-location practices can achieve higher margins through economies of scale, centralized services, and optimized purchasing, but also face additional overhead for management infrastructure.
Rather than focusing solely on achieving a specific margin percentage, practices should emphasize continuous improvement through revenue optimization, cost control, and operational efficiency. Benchmarking against similar practices in your market and specialty provides more meaningful targets than generic industry averages.
Fractional CFO services for dental practices typically range from $3,000 to $10,000 per month, depending on practice size, complexity, engagement scope, and CFO experience level. A single-location practice might invest $3,000-5,000 monthly for core financial management, while multi-location practices with 5-10 offices often invest $7,000-10,000+ monthly for comprehensive CFO services.
This represents a fraction of full-time CFO compensation, which typically exceeds $200,000 annually plus benefits for qualified dental industry executives. Fractional CFOs provide comparable expertise and value at 30-40% of full-time costs, making professional financial leadership accessible to practices that couldn't justify full-time executive compensation.
Most practices realize positive ROI within 6-12 months through profit improvement, avoided mistakes, better financing terms, and strategic value creation. The investment should be evaluated not as an expense but as growth capital that generates returns through better financial performance.
Engagement models vary from hourly consulting to fixed monthly retainers to project-based arrangements. Monthly retainers provide the most value for ongoing financial management, ensuring consistent oversight and strategic guidance rather than episodic intervention during crises.
Multi-location dental practices should track both consolidated metrics and location-specific KPIs to enable effective management. Critical metrics include production and collections (total and per provider), collection percentage, overhead percentage, days in accounts receivable, new patient counts and value, case acceptance rates, and EBITDA by location.
Provider productivity metrics deserve special attention, including production per hour, production per day, and hygiene production. These metrics identify both high performers who serve as models and underperformers requiring coaching or intervention. Schedule utilization and cancellation rates directly impact productivity and profitability.
Staff efficiency metrics including staff costs as percentage of revenue, patients seen per staff member, and administrative cost ratios help optimize labor deployment. Supply costs, lab expenses, and facility costs should be monitored as percentages of revenue with variances investigated promptly.
Financial health indicators like current ratio, debt service coverage, cash reserves, and working capital position ensure financial stability. Same-store growth rates reveal organic performance while excluding new location impacts. Return on invested capital measures how efficiently practice deploys capital across locations.
The key is tracking these metrics consistently, comparing performance across locations, analyzing trends over time, and using insights to drive operational improvements and strategic decisions. Dashboard tools providing real-time visibility enable proactive management rather than reactive problem-solving.
The acquisition versus de novo decision depends on your financial capacity, risk tolerance, market conditions, and strategic objectives. Acquisitions provide immediate cash flow, established patient bases, trained teams, and proven market viability. However, they command premium prices (typically 60-90% of annual collections), may carry legacy issues, require cultural integration, and limit your ability to build ideal systems from scratch.
De novo development requires less upfront capital ($500K-750K versus $750K-1.5M+ for acquisitions), provides complete control over location, design, systems, and culture, and avoids inheriting problems. But new locations generate no immediate revenue, require 12-24 months to reach profitability, carry higher market risk, and demand significant owner time during startup.
Consider acquisitions when available practices match your strategic criteria, you have adequate capital and financing capacity, cash flow timing is critical, and you can identify and address any legacy issues. De novo makes sense when ideal locations are available, you have patience for startup losses, existing locations can support leadership attention, and you want complete control over practice development.
Many successful multi-location practices employ hybrid strategies, acquiring when attractive opportunities arise and building de novo when acquisitions are overpriced or unavailable in target markets. Your fractional CFO can model both scenarios, quantify financial implications, and provide objective guidance based on your specific situation.
Improving underperforming locations requires systematic diagnosis followed by targeted interventions. Begin with comprehensive financial and operational analysis identifying specific issues: revenue problems (low production, poor collections, high write-offs), cost challenges (overstaffing, excessive supply costs, facility inefficiency), or operational issues (schedule gaps, low case acceptance, provider productivity).
Revenue improvement typically focuses on schedule optimization, provider productivity coaching, case acceptance training, fee schedule adjustments, insurance mix optimization, and new patient marketing. Specific interventions depend on root cause analysis—is the problem insufficient patients, poor case acceptance, inadequate provider productivity, or suboptimal procedure mix?
Cost reduction starts with staff optimization, ensuring appropriate staffing levels and productivity. Review supply costs and purchasing practices, renegotiate vendor contracts, and eliminate waste. Analyze facility costs for lease optimization, utility efficiency, and vendor consolidation. But avoid indiscriminate cost cutting that damages patient experience or staff morale.
Operational improvements often generate quick wins through better scheduling protocols, standardized clinical procedures, enhanced patient communication, and improved revenue cycle management. Leadership changes may be necessary if practice managers or dentist leaders lack capability or motivation.
Set clear performance targets, implement monitoring systems, provide needed resources and training, and hold leadership accountable for results. Most turnarounds show improvement within 90 days and substantial progress within 6-12 months. Consider closing truly unrecoverable locations rather than continuing to invest in perpetual underperformers.
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