The Lure of the Multi-Practice Model

As most of you know, the dental industry is experiencing significant changes. Among them are:  Decreased reimbursement levels from the providers, particularly the elimination of Delta Premier reimbursement rates to all new owners of GP and certain specialty dental practices, The rise of the Large Group Practice, such as PDS, Western Dental, Aspen, and others, The rise of small group practices consisting of 2-10 offices (these constitute 80% of the DSO/MSO space), Excessively high practice...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

Is Student Loan Refinancing Right for You?

  Molly Carapiet, Eagle Lending, Director of Operations, First Republic Bank Young professionals with large student loan balances are often stuck between a rock and a hard place. If you’re currently managing student debt, you’ve probably been hearing about the option to refinance your education loans. But how do you know if refinancing is right for you? Although every borrower has a unique financial situation, below are a number of questions to ask yourself to help you decide if...Read More

Year-end tax planning for dentists

If you find yourself asking your CPA for tax planning ideas in March and April when your corporate and personal tax returns are due, you will most likely have missed the bus when it comes to the most beneficial tax moves.  True tax planning happens before year-end when action can be taken to implement strategies to save you money.  Here are some tax saving moves to consider as we near the end of 2017. Home Office: Set up a home office to be used regularly and exclusively to perform the...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

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
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