Intro by Drew Hinrichs In today’s market, practice owners are losing ground as insurance companies constantly invent new ways to reduce payments to dentists. My colleague, Shelley DeGroff, worked for years as an office manager and her experience dealing with insurers led her to launch her own business in 2013 to help level the playing […]
When you run a small business, the cost of services is always a concern. Many of our clients at Engage Advisors say they initially put off calling us because they had the perception that a Dental CFO would be more expensive. After they did become clients, they learned two things. First – they realized that […]
To grow your practice, you need to know how it’s performing today – I mean really know things like your hygiene pre-appointment rate, treatment acceptance rate, appointment no-show rate, and new patients per month. All the information you need should be readily available and current, so you can call it up, track it and then […]
By Spencer Wesley If you’re among the 77% of dentists who own their practices, this is a message for you. The day will come when you need to sell your practice, which by then will represent a valuable asset in your retirement portfolio. As a practice broker, we’ve facilitated hundreds of these transactions, and we’d like […]
By Susan Nevenhoven As an accountant at a dental CPA firm, I have a lot of clients who are new or recent graduates. Not surprisingly, they have lots of questions about money. On average dentists graduate with close to $300,000 in student loan debt, while those going into private practice can expect to earn $100,000 – […]
This Spring, about 6,000 men and women will graduate from dental schools across the country. Most will sign on as associates in dental practices, but in a few years, they’ll face a big decision – whether or not they should buy their own practice. Owning a practice may not be for everyone but there are […]
When you have a member of your hygiene team out, it’s normal to hire temporary help to cover the schedule. As Dental CPAs, we understand a recurring issue dentists face is how to properly pay temporary hygienists. Whether a temporary hygienist is there to help to fill-in for a day or to help your office […]
Let’s say you paid your payroll taxes. Is there any way you would have to pay those same payroll taxes twice? Yes, and this sad situation happens to unsuspecting business owners every day. Is there any way this could get even worse? Yes. On top of paying the same taxes twice, you could have to […]
Hiring a team member can be a daunting process. How do you handle it? Do you hire the first person with a great resume? Even if they don’t have dental experience or it’s been a long time since they worked in a dental practice? Sadly, a bad fit typically doesn’t take long to surface. And […]
Are you considering an in-house dental plan? Maybe you already have one up and running? The fact is, an in-house membership plan can provide a tremendous upside for dental practices. You can provide dental coverage, often at a price point similar or lower than traditional insurance providers, to your patient base. This is a great […]