Do you want to save more money?
When I say “save”, I mean more after-tax money that goes to savings.
Who doesn’t, right?
Well, have you ever thought about how much MORE you want to save each month?
How about thinking about it right now?
Mentally write it down here:
…No matter how YOU are doing right now (notice I didn’t say “How your practice is doing”…. Practices don’t “do” anything), you probably still would like to save more money.
Think about the number you “mentally” wrote down above.
Chances are, you will have to collect 3-4 times that amount to save that much.
For example, let’s say that you want to save $5,000 more each month.
To do that, it would serve you well to assume that you will have to collect an additional $20,000.00….
– 50% of that $20,000 will go to overhead.
– 50% of what remains will go to taxes.
– $5,000 will remain.
Chances are it won’t take $10,000 more in expenses to increase collections by $20,000, but it very well could.
Chances are your taxes won’t be 50%.
But that’s not the point.
What matters is being willing to do (and spend) what it takes by ratcheting up the activities and necessary expenses to reach your goal.
You hear so many old school D.C.s tell patients all the time that that pain is commonly the last to show up and the first to leave—that pain is the tip of the iceberg.
Making money is similar.
Savings is a symptom. It shows up last… after you become and do what it takes.
Not over days or weeks, but years.
That’s how you build a real business that doesn’t need to rely on luck or any short-term quick buck strategies.
Go into The Vault.
Ultimately, implement it all.
The sooner you that do, the sooner you save.
Cutting expenses alone will never get you there.
But if you are in the mood to cut expenses, cut the personal ones.
You’ll make more money by cutting personal expenses than you ever will cutting practice expenses, especially if those expenses increase the quality of your office, your service, and your marketing.