Update on the GOP Tax Bill

Last Thursday the tax community started buzzing with the release of the initial version of the GOP tax bill.  It is possible that reading the new tax bill did not make your top five list of things you wanted to do this weekend.  Fortunately, you have us for that! While the current bill gives us insight into the ultimate goal and intent of the bill, it is important to keep in mind that this is the very beginning of the process and there will most likely be modifications to come as the bill...Read More

4 Recommendations in Financing Your Way from Associate to Owner

If owning your own practice is a professional goal of yours, one of the tasks you are likely to encounter is securing the capital to do so.  There are many possible options to finance a practice acquisition, whether buying an existing one or starting one from scratch.  However, the three most common methods are: Bank Financing- Conventional & SBA loans Private Money Loans (family/friends/hard money) Seller “Carry Back” Financing- Selling practitioner offers to extend the loan to...Read More

Financial Planning and The Challenge of Sisyphus

I begin with a bit of Greek mythology. I believe it offers a keen lesson on personal finance. Sisyphus, King of Ephyra, was punished by the Gods for chronic deceitfulness. He was condemned to roll a large boulder up a hill, only to have it slip from his hands and roll back down the hill. This he did over and over … forever. This is an excellent representation of our efforts to grow and control wealth. You spend years in college and then years in your profession. You accumulate assets and...Read More

Charitable Donation Substantiation

Giving to charity is great; getting a tax deduction for it is even better. The IRS is not typically known as a “lenient” organization but when it comes to charitable donations, they can be downright ruthless. If not properly substantiated, deductions for charitable donations can be disallowed by the IRS even if there is no doubt that the donation took place. When it comes to substantiating charitable donations, the requirements vary depending on the type and amount of the...Read More

The Benefits of Self-Renting

Tax advantages of self-renting If you’ve spoken to an attorney about owning your practice’s building, chances are they’ve advised the title to be held within a separate entity for asset protection purposes, specifically an LLC. And while there aren’t many one size fits all answers in the world of taxes, owning real estate in an LLC vs any type of corporation is really as close as it gets. That because when real-estate owned in a corporation is repurposed to a different legal entity or...Read More

The E-Payment Solution

MetLife recently instituted a new policy that requires all reimbursements be electronic. The new policy appears to be ideal for our modern dental practices. The dream of claims and payments quickly processed, EOBs readily available online, and a reduced staff burden makes this a no brainer for our clients. This practice, in fact, is standard in medical billing and we welcomed the promise of this new modern technology to our dental clients. The dream, unfortunately, has become a nightmare. Dr....Read More

14 Habits of Successful Dental Practice Owners

In our collective experience, there are a number of habits that are common among financially successful practice owners. They treat their practice like a business, because it is one Realize that you are the CEO.  Delegate what you can to employees and vendors but monitor and hold them accountable.  Remember the buck stops with you.  If a team member fails, that’s your failure, at least as far as patients are concerned.  You’re the leader and a coach.  If you’re not naturally...Read More

Top 10 Telephone Skills Every Dental Office Must Have!

Answering the telephone is quite simply the most difficult task in your dental office. More often then not, your team is not taught the proper telephone skills you desire yet you hand over the most important aspect in your dental office, your phone calls! Why? Today’s patients are much more insurance driven, so to gain patients, it is imperative that your entire team has the tools to convert the calls into appointments.  The goal for anyone that is answering the telephone, is to get the...Read More

The makings of an effective huddle meeting

Before any team can perform, they must first gather and create a game plan to execute and win the game. Your dental practice is no different. Having a morning huddle meeting each day is a must! Use your morning huddle to celebrate. To plan. To Improve. But most of all, take better care of your patients! The most successful practices build their huddles around team member responsibilities. No one is exempt, everyone has a part and simplicity is the key to a well-run team huddle. “The...Read More

Check your mirrors for financial blind spots

Dear Reader, I founded PracticeCFO a little over two years ago with the mission of helping private practice owners fight the uphill battle of achieving financial independence. By providing our clients a full 360-degree panoramic x-ray of their practice and personal financial health, we empower them to navigate the complex road towards financial freedom. Every now and again, I’m reminded of the importance of our mission and want to share with you a story which epitomizes our firm’s...Read More