Although you’re a dentist, as the owner of a dental practice, you’re also the owner of a small business, who must juggle the responsibilities of patient care, along with running a busy practice. Having expert guidance from a specialist dental accountant can help you avoid making the kind of financial mistakes that could cripple you, […]
Understanding The Value Of Your Dental Practice
If you’re contemplating selling your dental practice, you may be struggling to understand its true value, especially if you’ve worked hard for years to establish and maintain it. But understanding the value of your dental practice isn’t just useful for those wanting to sell up and move on; it’s a sensible move for any dental […]
What To Do If Rising Supply Costs Are Destroying Your Dental Practice Profits
With insurance reimbursement rates in a state of stagnancy, and rising inflation related to the cost of supplies, dental practices throughout the country are struggling to make ends meet. Lab and supplies fees have risen steadily, while reimbursements from major insurers simply haven’t been able to keep up. The result? A persistent reduction in profit […]
Is Your Dental Practice Paying Enough Attention to Financial Reporting & Analysis?
Financial reporting and analysis can help dental practices of all sizes make well-informed decisions based upon their future goals. But what exactly is financial reporting and analysis? Let’s look at both terms in a little more detail: Financial reporting is when statements are produced for management and investors (among others), that effectively communicate the financial […]
How Tracking The Right KPIs Can Enhance Growth & Efficiency for Your Dental Practice
If you want your dental practice to grow and be as efficient as it can possibly be, then you must make sure you’re tracking the right KPIs, or Key Performance Indicators. Doing so can substantially enhance your understanding of how the practice is performing, and help you identify key areas of improvement. How? By simplifying […]
How Patient Losses Can Impact Dental Practices
Measuring the overall performance of a dental practice involves the use of certain metrics, some of the most recognized of which include production (or revenue), net income (or profits), and overheads (or expenses). But there are other metrics that are less well-known and which can provide extremely useful insights and information, that are often overlooked […]