Money

The biggest mistakes dentists make: Not working with a professional money manager
The biggest mistakes dentists make: Not working with a professional money managerA conservative investment plan — paying excellent returns in good years and weathering not-so-bad losses in bad years — will serve dentists well, says Dr. Roger Levin.
Relying on outdated dental practice valuations
Relying on outdated dental practice valuationsIt is difficult to convince a dental professional to retain an expert and then suggest that the dentist pay for the preparation of a practice valuation. Many practice transition brokers tell the dentist that they will produce a valuation for free.
The need for advisory services for the dentist
The need for advisory services for the dentistIn many of the cases in which this author has been consulted, there is an after-the-fact approach that must be taken because of an absence of advisory services prior to the engagement.
5 ways to stop revenue-killing attrition in your dental practice
5 ways to stop revenue-killing attrition in your dental practiceAttrition is devastating to a practice, and not for the reason most practitioners think. Many assume that they are only losing revenue from one patient, and that there is always another new patient around the corner to make up the difference. However, loss of patients not only results in revenue loss but also in added expenses in marketing and onboarding new patients so the practice can maintain patient flow.
State technology subsidies: Dentistry’s best-kept secret
State technology subsidies: Dentistry’s best-kept secretWhy would a five-provider dental practice throw away over $300,000 in state subsidies that they were eligible to receive? Probably because they weren't aware of a federal program administered by individual states that has been around for five years now and has distributed over $30 billion to mostly medical practices while many dental practices have stood on the sideline.
How patients decide to accept, delay or decline care
How patients decide to accept, delay or decline careIt seems almost every day patients leave the practice to “think about” needed dentistry. Patients’ Path to Dental Care Purchases study surveyed patients who had made, or were planning to make, a dental care purchase that required an out-of-pocket investment. The study findings can provide insight into patients’ decision-making process and how dental teams can help patients accept needed dentistry without delay.
The latest revenue data for dental practices across the nation
The latest revenue data for dental practices across the nationThis article will discuss national trends such as average gross revenue and collections in private dental practices, focusing on the widening gap between the revenue due and the actual dollar amount that is collected by the practice for services and products.
5 ways to tell if dental benefit plans are failing your practice and patients
5 ways to tell if dental benefit plans are failing your practice and patientsBecause each dental practice is unique in how and where they are located and plans can vary widely in fee schedules, it is difficult to understand when plans are negatively affecting your patients and your practice.
Pretax transitions and the dental practice: Complex strategies for huge savings
Pretax transitions and the dental practice: Complex strategies for huge savingsIn explaining a pretax transition, it is important to understand that there are really two types of dental practice transitions. The author explains.
The role of the office manager in setting the dental practice's fees
The role of the office manager in setting the dental practice's feesLisa Marie Spradley, the 2014 Office Manager of the Year, has some words of advice on dental fees and the role of the dental office manager in setting them.