DrillBits
7 Steps To Protecting Your Assets
Asset protection should be a priority for anyone with – assets. With seven key steps, you can retire with confidence and leave a financial legacy for your loved ones. It is not just the super-rich who need to worry about this either; you or I could easily find ourselves in an uncomfortable situation if our…
Read MoreHow Billionaires Avoid Taxes, Legally.
Recently tax return data on many of the nation’s wealthiest people became public. Regardless of the breach of privacy, tax avoidance is a hot topic. What are the real reasons why some people seem to avoid paying their fair share of taxes? Some say it’s because rich individuals use sophisticated legal techniques or offshore bank…
Read MoreChoosing Between A Study Club And A Dental Consultant
Dentists are always looking for new ways to expand their knowledge because dentistry is ever-changing. Whether it’s through study clubs or dental consultants, there are many routes a dentist can take in order to keep up with the latest developments in dentistry. But what is the best option and how do you know which one…
Read MoreOops, I Missed my Estimated Tax Payment!
Date Extension The IRS extended the filing deadline to May 17, 2021, but did not extend the April 15 deadline for 2021 first quarter estimated tax payments, which has caused some confusion. Your accountant told you to make an estimated tax payment toward this year’s taxes, but you missed making the payment on April 15th. …
Read MoreStates 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 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.
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