740: The Tale of 2 Business Models & Annual Patient Value (APV) – Dr. Barrett Straub

There's a reason we don't drive blind. But when you don't know your metrics, that's exactly what you're doing with your business. To help you steer your business more safely and with more clarity, Kirk Behrendt brings back Dr. Barrett Straub, ACT’s CEO, to explain the importance of annual patient value and how to increase it for a more profitable practice. To learn how to work less and earn more with a higher APV, listen to Episode 740 of The Best Practices Show!

Learn More About Dr. Straub:

• Send Dr. Straub an email: barrett@actdental.com 
• Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straub
• Register for Dr. Straub’s live workshop (August 23, 2024): https://www.eventbrite.com/e/act-dental-gaps-method-the-formula-for-financial-freedom-tickets-776572418007

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

• Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
• Join The Best Practices Association: https://www.actdental.com/bpa
• Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
• See the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/event
• Get The Best Practices Magazine for free: https://www.actdental.com/magazine
• Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218

Episode Resources:

• Watch the video version of Episode 740: https://www.youtube.com/@actdental/videos

Main Takeaways:

• Don't rate your practice on gross production. It doesn't tell the whole story.
• Understand how to calculate annual patient value and what it tells you.
• Change your mindset about patients not wanting to pay for dentistry.
• Overhead isn't the main problem with having a low profit margin.
• Instead of cutting overhead, understand your effort gap.
• You don't need 4,500 patients to “produce more”.

Snippets:

0:00 Introduction.

1:03 Why this is an important topic.

2:31 High profit margin, low profit margin, and volume, explained.

5:12 Annual patient value, explained.

6:08 Characteristics of a low APV practice.

8:55 The fundamental problem with low profit margin.

11:22 Your mindset affects APV.

12:26 The better you are, the less patients you have.

21:48 Final thoughts.

Dr. Barrett Straub Bio:

Dr. Barrett Straub practices general and sedation dentistry in Port Washington, Wisconsin. He has worked hard to develop his practice into a top-performing, fee-for-service practice that focuses on improving the lives of patients through dentistry.

A graduate of Marquette Dental School, Dr. Straub’s advanced training and CE includes work at the Spear Institute, LVI, DOCS, and as a member of the Milwaukee Study Club. He is a past member of the Wisconsin Dental Association Board of Trustees and was awarded the Marquette Dental School 2017 Young Alumnus of the Year. As a former ACT coaching client that experienced first-hand the transformation that coaching can provide, he is passionate about helping other dentists create the practice they’ve always wanted.

Dr. Straub loves to hunt, golf, and spend winter on the ice, curling. He is married to Katie, with two daughters, Abby and Elizabeth.