Financial Modelling Tool for Dental Practices
As a dentist, understanding how your cash flow may fluctuate throughout the year and knowing when to make strategic decisions is essential. Brixx offers the financial tools you need to gain timely and crucial insights to guide your practice’s financial health and growth.
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Model your dental practice business in Brixx - see how quickly your finances can make sense!
We are working on creating this template in Brixx. Although it isn’t available just yet, you can follow the guidance below to help get started. If you need any further assistance, don’t hesitate to get in touch – we’re here to help!
Project Setup
- Project name: Healthy Teeth Dental Practice
- Time period: Monthly (ideal for tracking patient revenue, expenses, and loan repayments)
Income Components
- Component: Patient Revenue
- Sub-components:
- General Check-ups & Cleanings (£50 per patient, 200 patients/month = £10,000)
- Fillings & Restorations (£150 per patient, 50 patients/month = £7,500)
- Root Canals (£500 per patient, 10 patients/month = £5,000)
- Orthodontics (Braces/Invisalign) (£3,000 per patient, 5 patients/month = £15,000)
- Cosmetic Dentistry (Teeth Whitening, Veneers) (£800 per patient, 10 patients/month = £8,000)
- Emergency Appointments (£250 per patient, 15 patients/month = £3,750)
- Sub-components:
- Component: Additional Income
- Sub-components:
- Private Insurance Payments (£5,000/month)
- NHS Contracts (if applicable) (£10,000/month)
- Sale of Dental Products (Toothbrushes, Whitening Kits) (£1,500/month)
- Rent from Subletting a Room to a Specialist (£2,000/month)
- Sub-components:
Expenditure Components
- Component: Operational Costs
- Sub-components:
- Staff Salaries (Dentists, Hygienists, Receptionists) (£25,000/month)
- Dental Consumables (Fillings, Gloves, Disposables) (£5,000/month)
- Equipment Maintenance & Sterilization (£1,000/month)
- Rent & Utilities (£4,000/month)
- Medical Waste Disposal (£500/month)
- Professional Indemnity Insurance (£2,000/year)
- Marketing & Advertising (£1,500/month)
- Sub-components:
- Component: Administrative Costs
- Sub-components:
- Legal & Accounting Fees (£2,000/year)
- Software Subscriptions (Practice Management Software, Brixx) (£200/month)
- Training & CPD Courses for Staff (£1,000/year)
- Licensing & Professional Memberships (£1,500/year)
- Sub-components:
Asset Components
- Component: Fixed Assets
- Sub-components:
- Dental Chairs & Equipment (£50,000, depreciated over 7 years)
- X-ray & Imaging Machines (£30,000, depreciated over 7 years)
- Office Furniture & IT Equipment (£10,000, depreciated over 5 years)
- Leasehold Improvements (Practice Renovation) (£100,000, depreciated over 10 years)
- Sub-components:
- Component: Current Assets
- Sub-components:
- Cash Reserves (£20,000)
- Accounts Receivable (Outstanding Patient Bills) (£10,000)
- Dental Supplies Inventory (£3,000)
- Sub-components:
Funding Components
- Component: Business Loans
- Sub-components:
- Start-up Loan (£100,000 at 5% interest, 10-year term)
- Equipment Financing (£50,000 at 4% interest, 7-year term)
- Working Capital Loan (£20,000 at 6% interest, short-term)
- Sub-components:
- Component: Personal Investment
- Sub-components:
- Initial Equity Contribution (£50,000)
- Sub-components:
- Component: Future Funding (Optional)
- Sub-components:
- Expansion Loan for Opening a Second Location (£150,000 at 5.5% interest)
- Investor Funding for New Technology (£50,000)
- Sub-components:
Scenario Planning in Brixx
- Patient Volume Scenarios
- Model scenarios where patient visits increase/decrease by 10% to assess revenue impact.
- Equipment Replacement
- Forecast when high-cost equipment like X-ray machines need replacement.
- Staffing Expansion
- Test the impact of hiring an additional dentist or hygienist on profit margins.
- Loan Interest Rate Changes
- Evaluate financial resilience if loan interest rates increase by 1%.
- New Service Introduction
- Model the profitability of adding new services (e.g., implants, laser whitening).
Dashboard & Reporting
- Cash Flow Report:
- Tracks monthly revenue, expenses, and net cash flow.
- Balance Sheet:
- Displays assets (equipment, cash reserves) and liabilities (loans).
- Profit & Loss Statement:
- Highlights total revenue, operational costs, and net profit.
- Custom KPIs:
- Measures revenue per patient, profit margin per service, and return on investment (ROI).
Who can use this Brixx template?
- Dentists managing their own practice
- Dental practice owners
- Financial planners for dental clinics
Brixx is a great tool for:
- Anyone managing the financial planning and budgeting for a dental practice
- Dentists, accountants, or business owners overseeing practice revenue, expenses, and investments
What are the benefits to dental practices?
- The template is tailored to the healthcare sector, covering all aspects of running a dental practice
- Effortlessly model your cash flow, patient revenue, operational costs, and equipment financing
- Easily interpret results and graphs to assess the profitability of various services
- Quickly evaluate the impact of new income streams, such as specialised treatments, insurance partnerships, or service expansions
- Receive immediate feedback when testing different financial scenarios like pricing changes, staff expansion, or new clinic locations
Strategic forecasting in Brixx
- Calculating the profitability impact of varying treatment prices and patient volumes
- Demonstrating projected earnings to support loan applications or investment opportunities
- Forecasting and budgeting for equipment purchases, clinic renovations, and staffing
- Anticipating financial requirements for new service offerings and practice expansion
- Evaluating the impact of market fluctuations on patient demand and operational costs
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"Brixx is great for analysing at which point I can recruit new staff."
Nikki Bisel, Seafoam MediaGet started with the best financial projection software - today!
Financial forecasting software is essential for dental practices, offering the insights needed to plan and manage finances effectively. By forecasting costs, practice owners can gain a clearer picture of their financial landscape. Additionally, forecasting potential revenue and expenses enables informed decisions on pricing strategies, staff recruitment, and investment in new technology.
The ability to identify market trends, adjust service offerings, and plan for economic fluctuations further enhances a dental practice’s ability to succeed in the long term. With over 20 years of business planning experience, Brixx stands out as a trusted solution, offering a robust set of features to help dentists confidently navigate the complexities of financial planning.
Investing in expert financial modelling software like Brixx empowers you to optimise your practice’s profitability and strategically forecast its future success.