871: Metric Mondays: Gross Profit Percentage: The Health Indicator of Your Practice – Dr. Barrett Straub

You might think your profit margin is healthy. But is it, really? In this episode of Metric Mondays, Kirk Behrendt brings back Dr. Barrett Straub, ACT’s CEO, to break down gross profit percentage, the real health indicator of your practice. To learn what a good profit margin looks like and how to start improving yours, listen to Episode 871 of The Best Practices Show!Learn More About Dr. Straub:Send Dr. Straub an email: [email protected] Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straubSend Gina an email: [email protected] Learn More About ACT Dental:ACT’s webinars: https://www.actdental.com/136ACT’s website: https://www.actdental.comACT’s Instagram: https://www.instagram.com/actdentalACT’s YouTube: https://www.youtube.com/actdentalACT’s Facebook: https://www.facebook.com/actdentalACT’s LinkedIn: https://www.linkedin.com/company/3137520/admin/feed/posts/ACT’s Twitter: https://twitter.com/actdentalMore Helpful Links for a Better Practice & a Better Life:Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listenJoin The Best Practices Association: https://www.actdental.com/bpaDownload ACT’s BPA app on the Apple App Store: https://apps.apple.com/us/app/best-practices-association/id6738960360Download ACT’s BPA app on the Google Play Store: https://play.google.com/store/apps/details?id=com.actdental.join&hl=en_USJoin ACT’s To The Top Study Club: https://www.actdental.com/tttSee the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/eventGet The Best Practices Magazine for free: https://www.actdental.com/magazinePlease leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218Episode Resources:Watch the video version of Episode 871: https://www.youtube.com/@actdental/videosRegister for ACT’s To The Top Study Club (April 11, 2025): https://www.eventbrite.com/e/climb-with-us-register-for-april-11-2025-ttt-study-club-tickets-1012966789937Register for ACT’s To The Top Study Club (July 25, 2025): https://www.eventbrite.com/e/climb-with-us-register-for-july-25-2025-ttt-study-club-tickets-1205497959849Main Takeaways:Of 100% collected, 60% goes to overhead, 30% goes to the doctor, 10% goes to ROI.Higher gross profit means more revenue for you, your team, and your practice.Remember to factor in loans and taxes. They don't show up on your P&L.Gross profit percentage is the real health indicator of your practice.Your ideal gross profit margin is about 40%.Snippets:0:00 Introduction.0:55 Gross profit percentage, defined.5:17 Why this is an important topic.7:30 Know where every dollar of production goes.10:01 Loans don't show up on a P&L.12:09 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.