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

The Ultimate Sophistication is…..

Pop Quiz Doc. What was it Da Vinci Said About Sophistication? Well, I can’t give you the answer just yet, but let me preface it. Compare these two doctors: Alright, here’s the answer to our little quiz: The ultimate sophistication is simplicity – Mr. Leo DV My examples above aren’t made up. The data is clear. Those doctors with a simple financial structure and healthy practice progress toward financial independence faster. And, doctors that keep it simple, tend to have less stress....Read More

Buy a Second Practice: How to Enrich Vendors, Get Really Stressed, and Make Less Money

Do you really like your banker, equipment supply rep, landlord, real estate broker, attorney, and accountant?  Do you like them so much you’d like to pay them even more while your fortunes decline?  Great.  Then open a second dental office. We hear about clients wanting to buy second offices or start a DSO (Dental Service Organization, e.g, Pacific Dental Services) nearly every day.  They go to a seminar, get excited, talk to friends who’ve done it, then start mapping it out.  The...Read More

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

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

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

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
WordPress Image Lightbox