What’s the right way to pay your hygienists?

What’s the right way to pay your hygienists? And how are we STILL talking about this after all these years? Because it’s confusing…that’s why! Let’s start from the top. Are these statements true or false? It is okay to pay your hygienists on a daily rate? It is okay to pay your hygienists per patient? You’re probably hoping the answer is “true” to both statements, because often dentists pay their hygienists a daily rate. I’ll put your mind somewhat at ease and tell you, TRUE,...Read More

Distinguishing one financial advisor from another

Distinguishing one financial advisor from another There are so many folks out there dishing out financial “advice” and even more who call themselves a “financial advisor,” or “financial planner.” For example, Certified Public Accountants (CPA), Certified Financial Planners (CFP®), Broker agents, Insurance agents, and Investment Advisor Representatives (IAR) are all individuals who often title themselves as Financial Advisors and/ or financial planners. The problem here is that...Read More

The Ugly Truth About Buying and Selling Dental Practices

This article isn’t going to make some dental practice brokers happy.  But the story needs to be told so that the consumer has better information. Some, but not all, banks offer undisclosed “incentives” to brokers to steer clients to them. This incentive is typically around 1% of the loan amount.  $1MM loan = $10,000 check to the broker.  Therefore, brokers have little incentive to encourage Buyers to shop banks for loans, which Buyers should.  Nor do brokers disclose that they...Read More

Market Review

Global Market Performance The attached Market Review provides insight into the performance of Global Markets around the world and highlights the importance of a globally diversified portfolio. Returns over the short-term can be hard to predict for any one country, but consistent exposure to global markets will offer greater investment opportunities and potentially higher returns. Market Review   Recent Market Volatility During periods of market volatility, it is important to remember that...Read More

President’s Message: Four Reasons Why Some Doctors Get Ahead Financially and Others Don’t

  They Have Effective Patient Communication and Team Leadership Skills: What is communicated to patients, and how it is communicated, may be the most important factor. Patients say “no” all to often to the treatment they need. Without treatment plan acceptance, it becomes very hard to cover fixed costs and personal budget needs. Leading a team goes hand in hand with patience communication since staff members are speaking with the patient as much, if not more than the...Read More

How I lost $867,000 to insurance errors

Before reading this, please note that this is an extreme case, but it was important enough to bring it to everyone’s light so it can be avoided in your office. Let’s get started. Over the past 20 years, I have had the opportunity to work with a strong team of professionals to build a fun and profitable office. Some time ago we joined the PPO world. Our office team entered the fees into our dental software system and away we went, billing insurance companies and collecting payments and...Read More

2017 Tax Law Update

The dust is starting to settle. After months and months of wonder, analysis, calculations, re-calculations, and useless predictions we now have something fairly solid to stand on. While the new tax bill, The Tax Cuts and Jobs Act, has not yet been signed by the President it has been approved by both the House and the Senate and we fully expect it to be signed into law soon. The good news is that there is still some time left before year-end to take action. Each taxpayer will be affected a...Read More

President’s Message

Happy Holidays to all of our friends from PracticeCFO. It’s been an eventful year. We’ve seen so many of you grow your practice, live on a budget, pay down debt, get properly insured, and set aside money in a tax-deductible retirement plan. Such disciplined financial behavior is the path to financial independence…, and that is why we exist at PracticeCFO. Your financial security is our highest priority and what we aspire to. It’s not preparing accounting reports or filing tax returns...Read More

The 10 Most Frequently Asked HR Questions

Employee Time Out of the Office: If your office is open four days per week, you can require that employees schedule their discretionary appointments (haircuts, dental checkups, veterinary visits) for their off day and not during regular work hours. The federal and state employment laws do not restrict this policy when it comes to these non-emergency types of appointments. But, exceptions must be made for emergency appointments for the employee or a family member. Alternative...Read More

Form 1099 FAQ

It’s that time of the year again when you as a practice owner need to start thinking about 1099s. We have created this FAQ for all things 1099. The process starts with a Form W-9. We will create and file your 1099s but we do need your help collecting information found on Form W-9. Please note 1099s are only for payments made via cash, check, and EFT payments. Therefore, we encourage you to make all payments via credit or debit card. What exactly is Tax Form W-9 and what are they used...Read More
WordPress Image Lightbox