Posts by Ed Gabriel
States are taxing PPP Loan Forgiveness
Important information on states taxing PPP Loan forgiveness Despite the federal intent to excuse PPP Loans from qualifying as taxable income, many states are doing just that. For instance, Utah requires businesses to pay taxes on the portion of PPP loans that have received forgiveness. The Utah tax assessment occurs in the year the loan…
Read MoreHow to Create Consistent Revenue from Your In-Office Membership Plan
More than half of all Americans do not have dental insurance, according to the CDC (Centers for Disease Control and Prevention). Many agree that dental insurance in America needs a complete overhaul. One way dentists can fill the gap, grow and make revenue consistent — while helping underserved populations — is by implementing an In-Office…
Read MoreWhy Does It Matter if I Hire a Dental CPA?
Similar to dentists, Certified Public Accountants (CPAs) are licensed and they are regulated by the state. What’s more, they have disciplinary review boards and continuing education requirements. Usually, CPA firms operate as generalists and their clients span the gamut from individuals to small businesses to nonprofits to corporations. Although serving in a generalist capacity, a…
Read MoreTax Opportunities for 2021
Tax Opportunities for 2021 Paul Moffat of the Arista Wealth Podcast invited our very own Stephen Nance, CPA, to discuss tax opportunities for 2021 and potential changes coming with the new presidential administration… Listen Now! About DrillDown Solution At Drilldown Solution, we are your one-stop-shop for all financial management and business consulting for your…
Read MoreThe most important number in your dental practice
In general, if you have 800 active patients that have visited your practice in the last year, you need to provide 3 doctor days and 4 hygiene days to meet the needs of your patients. You can accomplish this by being open only three days a week but have two hygienists working on one of the days (there are many options for making this work for your situation). If you have 1,200 active patients, you will need at least 4 doctor days and 5.5-6 hygiene days. Now, I ask you this question – are you providing enough doctor or hygiene days to meet the needs of your patients? If your answer is no, then you’re leaving additional revenue on the table.
Read MoreWhy your Annual Revenue per patient matters
Your Annual Revenue per Patient is the total collections in the past year, or over the last 12 months, divided by the number of active patients you have. For example, $600,000 in collections / 1000 active patients = $600 per patient annually.
Read MoreImproving Reappointment Rates
One of the fastest ways to increase your reappointment rate is to start tracking it. I am sure you have seen it in your own life. What we pay attention to is what we affect.
Read MoreSafeguarding your dental practice from Long-term interruptions
dental practices should financially prepare for longer-term interruptions up to six months and not count on government assistance, which may not materialize in the future. If you don’t have that level of reserves, don’t panic. Start increasing the amount you are setting aside for a rainy day now. Wherever you are in your journey, take one step at a time, and one day soon, you will find yourself at your destination.
Read MoreThe secret to managing dental patients who won’t pay
The Framework
Always collect at the time of service (before they sit in the chair to start).
If the patient cannot pay at the time of treatment, make sure you have appropriate financial arrangements available within your practice. Payment plans through a third party are recommended.
The only outstanding accounts receivable is with insurance claims.
How to Produce MILLIONS and take home half in TOTAL INCOME.
How to Produce MILLIONS and take home half in TOTAL INCOME.
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