As a dentist, what is your biggest potential future retirement source of income? Your dental practice, correct? It can also be one of the most neglected investments to and for your future.
Did you know…
A. …if your office does a minor remodel of painting, carpet, and sprucing up, it is proven you would get a net return of 6 percent? Why would that be? It is called pride of ownership. Also realized is you and your team’s excitement and pride in something newly refurbished. It is known to improve your outlook and future!
B. …the above also holds true for a major remodel – but even more so! An average return of 34 percent over two years has been noted by professionals! We just finished one office and it had a 21% return the first year!
C. …it has been proven that the investment in the proper dental equipment for your practice can greatly improve your returns, and many investments can be paid off in months or a few short years.
D. …having your insurance plans and your fee structure re-evaluated, revised and negotiated can increase revenues from 5 to 25 percent, and in some cases, even more!
E. …the sale of your dental office practice is a major source of revenue upon retirement? Unfortunately more times than not, many dentists wait too long and/or make poor choices and allow the value of their practice to slip (sometimes to a nose dive) in value, by neglecting to seek assistance or make changes that would increase their bottom line investment value.
It is always a good idea to periodically take an ‘inventory check’ on what changes could be made in your practice that would provide a benefit and increase the rewards of your labor!
