Money

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.
What dentists need to know about taxes in 2016
What dentists need to know about taxes in 2016Tax extenders! They have been in the news every year since the expiration of the Bush tax cuts and various other tax and economic stimulus packages. Without the passage of tax extenders in recent years, dentists would have had higher taxes. These temporary tax provisions expired at the end of 2014 but, as expected, new tax extender legislation has been passed.
A look ahead to what dental codes will change and affect your practice in 2016 and beyondNo one has their finger on the pulse of coding changes that will affect your practice more than Teresa Duncan. She stops by to tell us what tweaks have been made that will affect your business.
Grow your practice or kill your practice?
Grow your practice or kill your practice?By using the techniques that I outlined in my book Grow Your Dental Practice with Wine and Cheese, I saw incredible growth in my practice. I sold over 950 plans over a two year period. Between the plans themselves and additional expenditures from plan members during those two years, I earned an additional 1.49 million dollars. My receipts grew by 45 percent a year for two years running. That’s an incredible rate of growth, and I only spent $130 and one hour a month to get it.
Transitioning a dental practice after death
Transitioning a dental practice after deathAfter a death, the transition from the seller’s side is a very emotional, disheartening and financially upsetting circumstance. The spouse of the deceased dentist was probably used to a very solid financial perspective and many times did not know what was occurring in the dental practice.
Dental insurance: An untapped source of cash flow
Dental insurance: An untapped source of cash flowBillions of dollars in dental insurance benefits are left unused every year. These benefits can be used for both general maintenance care as well as dental procedures, like root canals or emergency procedures. According to Forbes, only three percent of patients use all of their dental benefits annually, indicating that there is a significant dollar amount of benefits left untapped at the end of December.
5 insurance actions you can take now for a smooth 2016Teresa Duncan, insurance editor for Dental Products Report, offers advice on how to lower some of the pain that dental insurance causes for so many practices.
4 myths about money and the dental practiceMoney can be mysterious and can also be the source of stress in your practice. How you manage money has a direct impact on your ability to serve your patients’ oral health needs.