932: Is Your Collection Gap Stealing Profit? – Robyn Theisen

You don't need to work harder, and you don't need to produce more. You just need to collect what you're owed! In this episode, Kirk Behrendt brings back Robyn Theisen, one of ACT’s amazing coaches, to show you how much money you're leaving on the table and how to tighten your collection gap. To learn how to start collecting 100%, listen to Episode 932 of The Best Practices Show!Learn More About Robyn:Send Robyn an email: [email protected] Follow Robyn on ACT’s Instagram: https://www.instagram.com/actdentalSend Courtney an email: [email protected] More 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/tttGet 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 932: https://www.youtube.com/@actdental/videosRegister to ACT’s BPA for GAPs at a Glance: https://join.actdental.com/users/sign_in?post_login_redirect=https%3A%2F%2Fjoin.actdental.com%2Fc%2Fpractice-coaching-tools%2Ffinancial-gaps-at-a-glance#emailMain Takeaways:95% sounds pretty good. But collecting 95% of your collectible production is not an “A”.Your issue isn't collections — it’s not having firm and strong financial arrangements.Financial conversations start at the front. Empower your team with confidence.Verbal skills matter. Be aligned with your language when asking for payment.Do consistent billing and follow-ups and have someone own these systems.It’s not about producing more, but about collecting everything you produce.Improving collections even by 1% or 2% has huge gains over time.Always aim to collect 100% of what you net produce.Snippets:0:00 Introduction.1:45 The collection gap, explained.2:43 95% is not an “A” when it comes to collections.5:11 What your collection percentage should be and why it might be off track.8:48 The impact of gaps on your overhead percentage.11:14 Collect 100%.12:36 Shrink the collections gap for true profitability.14:26 Verbal skills matter.15:29 Know your numbers.16:17 Understand what 1% or 2% means over time.16:42 Final takeaways.Robyn Theisen Bio:Robyn Theisen brings an entire life and legacy of dental experience to the team and every team with which she works as the daughter and sister of dentists. With almost 20 years of experience in dentistry, her roles ranged from practice management to operations at Patterson Dental to coaching teams. Robyn’s passion is empowering teams to realize that they can dramatically impact the lives of the people they serve by implementing skills and systems to remove barriers to life-changing dental treatment. She has done it for decades and does it every day with dental teams.Outside of coaching, she enjoys time with her husband, Rob, and two daughters, Emerson and Ruby. She loves traveling, music, fitness, and cheering on the Michigan State Spartans.