Practice Management
Common Mistakes Healthcare Practices Make in Real Estate Negotiations
Did you know real estate is likely your healthcare practice’s second-largest expense after payroll? Yet many healthcare professionals leave thousands on the table in poorly negotiated leases. An unfavorable lease or real estate negotiation can lead to unnecessary expenses, potentially costing you tens or even hundreds of thousands of dollars over time. That money could…
Read MoreInspire Your Team Members and Keep Them Engaged—Without Giving Raises
How To Inspire Your Team Keeping your team members motivated, happy, and engaged will help your business grow and succeed. But what happens when you have a limited budget that makes raises impossible? While everyone likes to receive a raise, they aren’t the only way to keep your team happy and productive. In fact, there…
Read MoreWhat to Look for in a Dental CPA: A Guide for Dentists
Running a dental practice isn’t just about patient care—it’s also about managing your finances, taxes, and future growth. That’s where a great dental Certified Public Accountant (CPA) comes in. But how do you pick the right one? Firstly, you’ll need one with deep knowledge of the dental industry. A dental CPA should have an understanding…
Read MoreThe Profitability of an Associate Dentist
Have you considered adding an associate dentist to your dental practice? It can have a positive impact on your business success and work-life balance. However, the success of the dental associate depends on several factors: the compensation plan, the costs involved with hiring another dentist, your dental practice’s ability to take on more patients, and…
Read MoreWhat is RCM (Revenue Cycle Management)?
Introduction Revenue Cycle Management (RCM) is the financial aspect of patient care in a dental practice. The cycle starts when a patient makes an appointment and ends when the payment is received and processed. The main goal of RCM is to ensure your dental practice gets paid on time for the services you provide. Key…
Read MoreValuation of Dental Practices: Key Considerations and Common Pitfalls
Introduction Valuing a dental practice can be complex and nuanced, requiring a thorough understanding of various factors that influence its worth. While there are common rules of thumb used in the industry, they often fall short of capturing the true value of a practice. In this article, we’ll explore why these general rules can be…
Read MoreThe History and Value of a Family Office for Dentists
As a dentist, your primary focus is your patients and your practice. However, managing your wealth and planning for the future is just as important. This becomes especially crucial when considering the sale of your practice to Dental Service Organizations (DSOs) or Private Equity Groups. This is where a family office can help. A family…
Read MoreFinancial Clarity In Your Dental Practice
In a dental practice, patient care and operations go hand in hand. As such, financial clarity and understanding your financial position is critical to success. Financial statements provide a clear view of your dental practice’s financial health and past performance. From there, you can plan for the future by creating measurable goals and financial objectives.…
Read MoreCash Flow vs. Profit: Maximizing Your Dental Practice Success
Introduction If you’re running a dental practice, you know how important it is to keep an eye on these two critical metrics: profit and cash flow. While both are pivotal to the operational health and sustainability of your dental practice, understanding the difference between them is vital for informed financial decision-making and strategic planning. This…
Read MoreFinancial KPIs And Metrics For Dentists
Financial KPIs are the foundation of business success for dental practices. By setting and tracking specific accounting metrics and values, you can ensure that your business is continually achieving its objectives. In this article, we explore essential accounting KPIs and metrics that every dentist should track to maximize their business’s financial success. 1. Net Profit…
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