Update on New Coronavirus Bill and more Q&A for Dentists

Dear PracticeCFO Clients,   We wanted to give you an update on the new bill that was passed, along information that may be relevant to you during this time. We’ve constructed this email in Q&A format.   The president signed the new Coronavirus bill last night – what does it mean for me? (Note, this is separate and different than State programs we’ve outlined in our prior emails) If you work for a company with fewer than 500 employees or the government: EMERGENCY PAID...Read More

Help your colleagues by Sharing the PracticeCFO guidance on COVID 19

As you know, we’re making efforts to keep our clients, and dentists more generally, financially informed during this time. If you’re a part of a dental group (online group, study club, dental association, etc), we’d value a few moments of your time to send a quick word to your groups with these links. (Feel free to copy and paste!) PracticeCFO’s financial guidance to help dentists through COVID 19: Damage Control for Your Office. Video: Click here....Read More

Video Commentary on How Dentists can Preserve Cash through COVID 19

Dear clients, As committed, we’re continuing to give you updates to attempt to help you through this unusual period. Many of you are working with your bank to acquire needed funding to sustain cash levels. Here is another option we’ve recently learned that may be available from the SBA. We hear the website is periodically down due to heavy traffic, but it may be worth a try if your projected cash deficit is severe. Also, to accompany the email we sent out yesterday, Wes put together this...Read More

Financial Updated for Dentists on COVID 19

Dear Valued Clients In an attempt to give you further clarification on how to handle your practice during this time, we’re providing this follow up to our email from yesterday. It’s intended to give you more concrete action items, with online links (below) to take immediate action to help you address the reduced payroll for your staff. We’ve put together the following grid to easily understand what their (and your) options are. Please see additional...Read More

Financial Moves You Can Make Now to Deal with COVID-19

Dear Valued Clients, In an effort to share with our clients and community across 16 states, we’ve prepared this email to summarize our recommendation for you, as a practice owner and client of PracticeCFO. It’s important that you take the time to review this content so (1) you are aware of the various options available to help you through this period of financial hardship and (2) know how we are responding to help you. Should I close my office? The ADA has...Read More

CDTFA Audit Clarification

As we discussed in the last newsletter, many dentists are being audited by the California Department of Tax and Fee Administration (CDTFA.)  As a reminder, this initiative for collecting taxes came about by California Assembly Bill (AB) 147 requiring retailers located outside of California to register with the CDTFA and collect California use tax.  If you are selected, your audit will be for a three-year period in which they look for purchases you made that did not have sales tax paid at the...Read More

California Maternity Leave

California offers two benefits for maternity leave, Disability and Paid Family Leave. These benefits are taken consecutively, not concurrently. First, California’s SDI program covers mothers who are temporarily unable to work due to pregnancy and childbirth. The usual period of disability recognized by the SDI program for a normal pregnancy begins four weeks before the birth of a child and extends to six weeks after the birth of the child. However, a physician may certify to longer...Read More

One Clever Way to Really Get Ahead

We’re often asked by clients how they can make more money save on taxes.  Here’s my answer: Move.  Move to a state with lower taxes and cost of living.  Unfortunately, it’s probably not going to be a state with great weather or beaches. Unlike some geographically-tethered professions, dentists can live and work anywhere and still make the same amount of money.  It’s just as easy to have a practice collecting $1MM in a rural area as a city.  Why?  Less competition in less populated...Read More

Your Most Expensive Marketing: In-Network PPO Contracts

What’s your most expensive marketing cost? SEO, add clicks, local magazines, a consultant? Not even close. It’s your contracted carriers. That is your most expensive cost to grow your patient base. Case in point. If you do 30 crowns a month with Delta PPO and receive $600/crown you’d earn $18,000/month in collections. However, if you decided to drop Delta what might happen. Let’s assume you lose 33% of your patients and now you only do 20 crowns, but you receive your full UCR of...Read More

W9s/1099s and You the Dental Practice Owner

The end of the year is hectic enough without having to figure out W9 forms and 1099s. Lucky for you, PracticeCFO is here to help. In this article I am going to explain step by step the process you, the practice owner should be taking each time you work with a new vendor or any non-employee. Before we dive into the fun, let’s discuss the basics of a W9 form and a 1099 MISC. A W9 form gives us the information needed to provide both the IRS and your contractor, a year-end tax statement called a...Read More
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