Hi, my name is Phil Clark and welcome to ‘the beacon’. Joining me on this episode is Dr. David Darab, oral surgeon and director of ‘dental systems optimization’. Dr. Darab is going to be my co-host today as we talk about a very popular subject among dentists and medical professionals, ‘cash flow’. We are living amid heightened fear and most practices are without meaningful production and accounts receivable slowing. Loans can sound like a panacea, but we know there is no such thing as a ‘cure all’. So, let’s get started…
First, most of our listeners know Dr. Darab, he created the Beacon.But, for those of you that don’t, he operates 3 oral surgery centers in western NC and maintains the role of OmniStar’s Director of Dental Systems Optimization. David provides tremendous value to our clients and his 35 years of practicing delivers a perspective that few consulting firms can provide. David, thanks for joining me today.
I want to say a special thanks to the men and women who makeup the vanguard of this incredible fight known as COVID-19. We are grateful to all those who are working hard to keep us safe and healthy.
Alright, today's topic: Cash Flow – a blind spot that could use some illumination.
David, thanks again for joining me today. I want to jump right into this conversation. We find ourselves in a time that is controversial and unprecedented. For our listeners, help us understand at a basic level what, should dentists be thinking.
What advice can give our listeners when it comes to cash-flow, David?
Protecting your finances; business personal, stop all leaks/auto payments and shipments uncouple/delete Credit Cards from accounts to prevent additional charges contact lender/banker/mortgage co request postponements cease all but essential spending
know your "burn rate",
So, David, how can our listeners get help with management of cash-flow?
David, being organized here is great place start. Before we organize, they need to know what’s most important. Let’s talk about specifics and how they should be thinking about all the things under cash-flow.
David, clearly a lot of things create and effect cash-flow. Now that we have a reliable picture of the resources, let’s talk about controlling the outflow.
Partially forgivable loans that can be used to cover short-term operating expenses during the economic crisis. The maximum loan size is equivalent to 250 percent of the employer’s average monthly payroll costs (e.g., roughly 10 weeks of payroll expenses). Payroll costs are defined broadly to include wages, salaries, retirement contributions, healthcare benefits, covered leave, and other expenses. Contact our office or your preferred FDIC lender for more information.
As we wind down today’s episode, let’s talk about the key takeaways. Before we do, David, have we missed any blind spots around cash-flow?
That's all for today’s episode of ‘THE BEACON’ Thanks for listening, and thank you to Dr. David Darab for some great conversation around a controversial subject. We hope you learned something today and we look forward to seeing you on our next episode where we will talk about “YOUR PRACTICE AC – after COVID 19. If you enjoy the show, please subscribe to the podcast on iTunes to guarantee you never miss an episode.