Dental Business Strategies
The dental industry has always been progressive and entrepreneurial. These days, with the volatility we’ve all experienced because of COVID, private practices are looking for new opportunities for to grow and prosper – independently. Some independent dental offices are taking a fee for service approach and crafting a fresh, new model for the independent dental practice. Other practices are looking to create a nice mix of PPO and private membership plans
Crossroads Tax Advisors is a dental accounting firm built from scratch for dentists. There is a “post COVID” euphoria in dentistry. Health collection recovery and income have created a false sense of security. The time is now to re-evaluate your private practice business model and make sure you are dialed in. This video highlights two industry leaders that help private practices navigate PPO insurance and Patient Membership plan alternatives. Thanks to Shelley DeGroff, the founder of PPO Advisors and Katie Franklin, the program director for Smile Advantage, a dental industry leader for patient membership plans.
The New Practice Owner – Saving for Retirement Pt 2
When a dentist or physician in private practice achieves a mature level of collection and income, options to save for retirement become much more diverse. In Part One of this two-part video series, Crossroads Tax Advisor’s Steve Steinbrunner interviewed healthcare industry specialist, Tom Bodin, CFA, CFP with Buckingham Strategic Wealth to comment on retirement options for the new healthcare practice owner. In this new video, Part Two, Tom Bodin re-visits saving for retirement for the established and mature independent practice. These practices with high collection and net income open themselves up to more sophisticated retirement savings options, utilizing the practice strength to manage goals, cash-flow, and tax considerations.
The New Practice Owner – Saving for Retirement
When a dentist or physician either opens their first practice or purchases one, saving for retirement is not often on the front page of things to focus on. With their head on a swivel, the new owner often finds themselves as an entrepreneur, clinician, boss, coach, and financial guru all wrapped up together. In part one of this two-part video interview, Crossroads Tax Advisor’s Steve Steinbrunner calls on Tom Bodin, CFA, CFP with Buckingham Strategic Wealth to comment on retirement options for the new healthcare practice owner. This first interview will address retirement savings options for the NEW healthcare practice owner and Part Two – released in a few weeks – shares more sophisticated investment ideas for the ESTABLISHED practice owner, with tax and cash-flow considerations in mind.
Who is Standing Up with the Independent Dentist?
The dental industry has continued an evolution over the last several years, revealing a migration into a mixed market of corporate and independent dentistry.Dental Service Organizations (DSO’s) and a general consolidation of independent practices have made the solo, entrepreneur dentist a shrinking bunch. There will always be a segment of independent, single dentist practices but the movement towards the efficiency and financial upside of corporate ownership will continue. Having said that, the independent dentist will require more specialty advice in the future than ever before. Being on an island by themselves and facing highly efficient competition, the independent dentist will surround themselves with advisors and services that are specific to dentistry and focused on systems of efficiency. Crossroads Tax Advisors was founded to support the independent practice owner because of this.
One example of that “champion for the independent dentist” is Health Professionals Alliance, led by dental industry business guru, Doug Fettig. Doug is a Certified Public Accountant, holds an MBA, and is currently Vice President of Business Development for HPA. His team at Health Professionals Alliance have created a doctor-owned organization that brings that efficiency to the practice and band of specialty advisors to the healthcare practitioner. I asked Doug to join me and share more about HPA and how its changing the landscape in which independent dentists can thrive. Doug Fettig can be reached directly at doug@hpamembers.com and 503.314.7062.
COVID and the Independent Dentist. What’s Around the Corner?
In the spring of 2020, the COVID 19 pandemic took all of us by storm, forcing the independent dental business owner to evaluate their financial situation quickly and make difficult business decisions that impacted staff, customers, and all of their extended families. In this dental expert interview, we asked industry Human Resources expert, Robyn Reis, some pointed questions around dental staff employment as it relates to COVID. Robyn is a veteran dental practice coach, HR expert, owner of RJR Dental Management, and all-around practice management advisor. As the crisis evolves, we asked Robyn to comment on dental owners challenges and responsibilities towards staff as the COVID touches everyone.
80% of dentists are likely to be embezzled and their CPA can’t stop it.
Some statistics suggest that more than 2 out of 3 dentists will be embezzled from in their career. Impossible you say? Don’t take my word for it. Listen to David Harris, Founder and President of Prosperident, the dental industry’s premier fraud investigation firm. When I met David, at an ADMC meeting, he saddled up to me and I was proud to introduce our “dental only” accounting philosophy. David patiently let me share how we use technology and systems to help prevent fraud. Then he let me know that there isn’t much we can do to prevent a clever thief from stealing. It’s understanding the human side and identifying key behaviors that might reveal you’re a victim too.
Less is More: Slowing Down Dentistry and Producing More
What do you do when you feel like a dentist on roller skates, rushing from one patient to the other, burnt out and frustrated? Larry Guzzardo has been advising dentists on how to slow down and become more productive and joyful, for over 25 years. Larry is considered one of the premier dental practice management consultants and speakers in the industry. As faculty as the Dawson Academy, Larry coaches dentists that are prepared to pump the brakes and learn to provide more thoughtful and comprehensive care. I’ve referred Larry to many of our clients and I asked him to share a bit of his philosophy here.
The Dental Practice Health Assessment: A Roadmap for Practice Care
You have problems in the practice. Poor communication, lack of teamwork, lazy scheduling, etc. Don’t tackle everything at once, give your practice a solid initial assessment and create a roadmap for improvement. Phil Cole and KLAS Solutions understands that value of coaching. His team of dental practice management consultants can assist with issues both the front office and operatories. Sometimes, when you feel overwhelmed with a growing list of practice issues that need attention, consider a Practice Health Assessment
PPO Insurance: Dental CPA’s Explore Myths and Truths
Did you realize that you can often re-negotiate dental PPO reimbursement rates? Have you ever considered going 100% fee for service? The dental insurance industry is changing all the time. Dentists contracted with insurance providers often battle the confusion of claim submission on top of an ever-increasing reduction in reimbursement. When we have a dentist client that wants to either a. analyze and re-negotiate insurance contracts or b. go fee-for-service, we contact our friend Ben Tuinei. Ben is the Founder and President of Veritas Dental Resources and is the industry expert in dental insurance.