997: Metric Mondays: Cash Flow Gap – Miranda Beeson

Your accountant says your practice is profitable. So, why doesn't it feel like it? In this episode, Kirk Behrendt brings back Miranda Beeson, ACT’s director of education, to break down the cash flow gap, what it is, and how not understanding it affects your practice. To learn how to close your cash flow gap so you can grow your practice, listen to Episode 997 of The Best Practices Show!

Learn More About Miranda:

1. Send Miranda an email: miranda@actdental.com
2. Follow Miranda on ACT’s Instagram: https://www.instagram.com/actdental
3. Send Courtney an email to learn more about ACT: courtney@actdental.com

More Helpful Links for a Better Practice & a Better Life:

1. Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
2. Join The Best Practices Association: https://www.actdental.com/bpa
3. Download ACT’s BPA app on the Apple App Store: https://apps.apple.com/us/app/best-practices-association/id6738960360
4. Download ACT’s BPA app on the Google Play Store: https://play.google.com/store/apps/details?id=com.actdental.join&hl=en_US
5. Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
6. Get The Best Practices Magazine for free: https://www.actdental.com/magazine
7. Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218

Episode Resources:

1. Watch the video version of Episode 997: https://www.youtube.com/@actdental/videos

Main Takeaways:

1. When your cash flow gap is wide, it creates more work without creating more wealth.
2. A widening cash flow gap affects decision-making around investing in your practice.
3. Your P&L doesn't tell the whole story. Be sure to review your cash flow statement.
4. Track draws, distributions, and other activities to monitor practice health.
5. Plan and budget for your taxes so that you're not panicking last-minute.

Snippets:

0:00 Introduction.

1:09 The cash flow gap, explained.

3:12 The gap between gross profit and true profit.

6:00 How the cash flow gap impacts your practice.

13:52 What you can do to impact your metrics.

18:00 Last thoughts.

Miranda Beeson, MS, BSDH Bio:

Miranda Beeson has over 25 years of clinical dental hygiene, front office, practice administration, and speaking experience. She is enthusiastic about communication and loves helping others find the power that words can bring to their patient interactions and practice dynamics. As a Lead Practice Coach, she is driven to create opportunities to find value in experiences and cultivate new approaches.

Miranda graduated from Old Dominion University, and enjoys spending time with her husband, Chuck, and her children, Trent, Mallory, and Cassidy. Family time is the best time, and is often spent on a golf course, a volleyball court, or spending the day boating at the beach.