People have been lending money to family members since money was invented. Relatives may lend funds to help start a business, pay for education or alleviate an emergency situation. Unfortunately, in my experience at Levin Group, many dentists have experienced financial setbacks and emotional stress after lending to family members who couldn’t pay them back.
Accounts receivable is often a significant part of a dental practice’s financial health. Due to common dental benefit practices and late patient payments, dentists are often owed a significant amount of money. Although carrying an accounts receivable balance is common and in many cases unavoidable, reducing the outstanding financial burden can improve cash flow and overall practice health.
Britain’s decision to exit the European Union has brought with it all the expected trappings of a significant news event — projections of crazy market volatility, wild headlines and a fair dose of uncertainty about the long-term impact on the global economy and our individual financial lives here at home.