October 19, 2023

Dental Practice Profitability & Finding Your Way Back | Humpday Happy Hour™ with Dr. Julie Woods

What happens when your dental practice is producing more, collecting more, and yet you still don’t feel profitable? In this repost of Humpday Happy Hour™, Dr. Julie Woods shares her honest journey through dental practice ownership, financial struggles, burnout, and ultimately finding her way back to loving dentistry. Julie discusses how implementing Profit First changed the way she managed her practice, along with staffing, overhead, insurance, accounts receivable, and the financial decisions that can have a major impact on profitability. But this conversation goes beyond practice finances. Julie opens up about reaching a point where she questioned whether she wanted to remain in dentistry — and how taking control of her finances and redefining what success meant to her helped change her trajectory. Whether you're a new dentist, practice owner, or simply looking for a different perspective on building a sustainable dental career, this conversation is packed with candid insights. About Dr. Julie Woods: Dr. Julie Woods is a practicing periodontist and dental practice owner who has developed a focus on practice profitability and financial management. She is also the author of a book focused on helping dentists better understand the business side of their practices. ⏱️ Timestamps 00:00 – Welcome to Humpday Happy Hour™ 01:04 – Why dental practice profitability is such a hot topic 06:55 – Dental news: Henry Schein cyberattack 07:59 – Pennsylvania considers expanded dental hygiene scope 12:06 – Introducing Dr. Julie Woods 14:43 – Julie's journey into dentistry and periodontics 18:15 – Buying a dental practice and becoming an owner 19:03 – When production and collections weren't translating into profit 22:55 – Reaching the breaking point in practice ownership 23:37 – How COVID became a wake-up call 24:19 – What is Profit First? 25:22 – Using bank accounts to manage practice cash flow 26:58 – Overhead, insurance and the impact of write-offs 28:42 – Getting the dental team involved in practice finances 30:23 – Going out of network and changing payment expectations 31:47 – When Julie realized she could help other dentists 34:20 – Writing the book: from idea to publication 38:42 – Self-publishing and the business of writing a book 42:30 – The biggest mistakes dentists make with profitability 43:26 – Are dentists overspending on staff? 45:05 – Managing health insurance for the dental team 48:23 – Julie's advice for dentists struggling with their careers 49:44 – It's okay if dentistry isn't the right fit 50:19 – Taking control of your finances and your career 50:40 – Redefining success and figuring out what you really want 51:20 – It's okay to evolve as a dentist and as a person 52:29 – Finding the reward in your hard work 53:33 – Final thoughts with Dr. Julie Woods