Cliff's Notes

The Business of Dentistry

“Success is Cash Flow” & “A Product Review – RelyX Ultimate”

Cliff’s Notes for March 25, 2012

 

Cliff Marsh, Henry Schein ……Cell: 201-321-7494……Fax: 201-262-2210…..E-mail: cliff.marsh@henryschein.com

http://www.cliffsnotesblog.me

http://www.youtube.com/cliffmarsh100

The reason we do what we do, is so that we can to do what we want to do, when we want to do it!

It’s a tongue twister, but working as a team and making informed decisions, will get us there.

 

“Even if you’re on the right track, you’ll get run over if you just sit there.”

Will Rogers

 

This Week’s Feature on the Cliff’s Notes Channel

“Welcome to Dentrix G5”

http://www.youtube.com/cliffmarsh100

 

In This Week’s Issue

  • This Week’s Dentrix Office Manager’s Blog – Say Goodbye to Post-it Notes!
  • Success is Cash Flow!
  • Product Review – RelyX Ultimate Resin Cement “NEW” from 3M!
  • Root of it commentary for Sunday, March 25, 2012


 

This Week’s Dentrix Office Manager’s Blog by Dayna Johnson………………………………………………

Say Goodbye to Post-it Notes

If you have been following my blog for a while, you know how much I use the Office Journal for documenting phone conversations with patients about Continuing Care follow up, Unscheduled Treatment management, and Collection calls.  Now I want to take the Office Journal to a whole new level. 

How many of you have a desk covered with sticky notes or a big desk calendar with all your reminders to follow up with patients?  What if I could help eliminate all those pesky pieces of paper and show you a way to use the Office Journal to help organize your daily life at your practice? 

To read the rest of the blog, log onto:  http://thedentrixofficemanager.blogspot.com/ 

 

Success is Cash Flow..…………………..…………………………………………………………………………………………

Most dental practices don’t understand cash flow. The fault lies in your “dental school” training and the focus on quality clinical procedures with little regard for the fact that when operating a dental practice you are also operating a “small business”.

I teach practice management, however, lately I have found that there is a greater need in “business management” and the understanding that every check you write, regardless of what it is for, is not an expense, it is an investment. The key to success is maximizing your return on that investment (ROI).

Last week I attended another session on practice management. The speaker was outstanding, however, every speaker has an agenda and few fully practice what they preach. I’m not saying he is not passionate nor believes what he says, but you need to look at the global picture and understand the business mind vs a consumer mentality.

Today, I want to address the cost of your inventory and how to achieve the greatest ROI. Let’s start by understanding what your inventory is. It consists of everything you buy to run your business. Clinical, promotional and business office supplies all fall under the umbrella of “inventory”. There are more, but to discuss them we would need a private session to examine your particular situation so today’s column will focus on the three that smack you in the face every month.

The speaker I saw recently made the same comment I have heard many times over, “the cost of supplies is not important, it’s all about production”. Although I agree with the production part, the cost of your inventory is part of controlling your overhead and disregarding control is a major flaw in any type of business management format. Cost is important, but the balance of cost & production needs to be clearly understood. The key in reducing or controlling your inventory cost is a “just-in-time supply chain” and “focused business relations”. When combining these two concepts, you will control your inventory, increase production and dramatically increase your cash flow. That will lead to more “retained earnings” and retained earnings are the reason we get up every day and go to work.

Inventory Turns:

The first key in inventory management is how fast it turns over or in simpler terms, how long does it sit on the shelf before it is put into the production flow to generate revenue. The longer a product sits idle, the more it costs. In an accounting sense, if it is not used up completely in 90 days, it loses about 10% of its value. In a perfect world, inventory should turn 12 times per year, however, that is impossible. It is understood that some items may last for a year so we look for averages. The target should be 6 times so those 3+1 deals may not be good deals.

Just-In-Time Inventory:

Buying what you need when you need it allows you to turn inventory more quickly. Turning your product faster increases your cash flow and that increase may be more valuable than saving a few dollars investing in that “super sale”. Don’t take my word for it, ask your financial advisor. Cash in the bank is worth more than savings on the shelf. You need to focus your purchases with vendors that can completely re-supply you, on demand, in the shortest amount of time.

Focus Your Business for the Best Prices:

Your dental office can be a “little power house” when negotiating prices and terms with vendors. The more you offer the more you get. Trying to negotiate every price cost time for the vendor and raise their cost of doing business with you and cost you time in production. If you can negotiate a fair price with a trusted source that remains consistent and delivers quickly, it allows you to focus on other business related issues, predict operational costs to balance budgets, and focus on production.

The concept of inventory control, focused relations, production and cash flow is too involved to discuss in a short news letter so please feel free to contact me at any time to evaluate and suggest alterations in your business flow procedures (201-321-7494 or cliff.marsh@henryschein.com). The following videos may help you understand what needs to be discussed and why.

2:26Watch

Do You Have Too Much Inventory?

1:37Watch

Henry Schein – Why Rely on Henry Schein – Distribution

The answer, Just-In-Time Inventory!

 

Product Review – RelyX Ultimate Resin Cement!…………………………………………………………………..

New from 3M Dental Products!

3M ESPE introduced an adhesive resin cement at the Chicago Dental  Society Midwinter Meeting that the company says delivers significantly higher bond strength, initially and over time, when combined with Scotchbond Universal adhesive.

Approved for a wide range of indications, RelyX Ultimate adhesive resin cement is approved for all indications, including veneers, inlays, onlays, crowns, and bridges, and is ideally suited for CAD/CAM and glass ceramic restorations, the company noted.

RelyX Ultimate’s unique formulation includes an integrated component that activates the dark cure function of the adhesive and eliminates the need for an additional activator, according to 3M ESPE. Scotchbond Universal adhesive functions as a silane agent for glass ceramics, as well as a zirconia and metal primer. With the new materials such as zirconia and glass ceramics, there is simply a need for greater bond strength.

In a study presented at the 2011 International Association for Dental Research Continental European Division meeting comparing RelyX Ultimate plus Scotchbond Universal with several competing products, researchers found that RelyX Ultimate delivered stronger or comparable bond strength to enamel at 24 hours and long term.

RelyX Ultimate cement comes in total-, selective-, or self-etch and is available in four fluorescent shades that provide life-like fluorescence and color stability, according to 3M ESPE.

RelyX Ultimate cement trial kits (available in A1 and translucent shades) include a variety of mixing tips: regular, wide, and intraoral. The dual-barrel syringe contains 8.5 grams of cement paste, which is enough material for approximately 16 applications.

4:09Watch

video lang: en

Cementation of a glass ceramic inlay with RelyX™ Ultimate by 3M ESPE

Henry Schein Introductory Offer – Purchase a Trial Kit (Translucent) #378-0383 @ $195.99 & get a refill kit #378-0383 Free (value $163.99).

Note: Prices DO NOT reflect Cliff’s Notes program discounts that will be applied upon invoicing. 

 

Root of It Commentary for Sunday March 25, 2012………………………………………………………………

It still puzzles me that most dentists don’t under who they are. You are made to feel that you are at the bottom of the healthcare provider food chain when in reality you are at the forefront of preventive medicine. The problem is that you don’t relay your systemic health concerns to your patients. Dentists are physicians! Just like a cardiologist specializes in the heart muscle and related issues, a dentist specializes in the oral cavity and ALL of its related issues.

We all know the relationship between oral and systemic health, so why aren’t we taking to patients about it? Maybe this is what is needed to get patients to keep their appointments and put dentistry higher on the priority list.

The ADA has started promoting oral systemic health to the general public. You may have noticed commentaries on local news shows. It’s time you jumped on board. Log onto www.aaosh.org and please contact me with any questions or concerns.

Enjoy this damp Sunday and remember, April showers will bring May flowers.

Cliff Marsh

Henry Schein Dental

P.O. Box 663 / 45 Rt. 46 East, Suite 605

Pine Brook, NJ 07058

Cell: 201-321-7494

Fax: 201-262-2210

cliff.marsh@henryschein.com

http://http://www.cliffsnotesblog.me  

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http://http://www.linkedin.com/pub/cliff-marsh/11/447/44

The Cliff’s Notes Channel http://http://www.youtube.com/cliffmarsh100

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March 25, 2012 - Posted by | Uncategorized

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