Practice Management
The 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…
Read MoreNew Year Resolutions: 15 Dental Goals For Financial Success
As a dentist, the start of a new year is the perfect time to set specific resolutions and dental goals to enhance both your professional practice and your personal wellbeing. It’s also a great time to reflect on what worked well in the previous year, and what didn’t. That way you can keep building on…
Read MoreMitigating Tax Risks For Dental Practice Owners
Tax mitigation is essential as a dental practice owner. With increased funding to the IRS, your chances of being audited are increasing, especially if you have $400,000 or more in total annual income. At the same time, taxes are also going up. Starting in 2022, research and development (R&D) expenses previously allowed as deductible items…
Read MoreThe Best KPIs For Dental Practice Financial Management
Measuring your business performance is the key to success as a dental practice owner. It helps you keep track of your progress towards goals and highlights areas that could be more profitable. One way to measure your business performance is through Key Performance Indicators (KPIs). KPIs are insightful metrics that help you track, analyze, and…
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