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 […]
Tax Write-Offs Every Dentist Should Know About
Dentists have many opportunities to get their hands on significant tax deductions, and with the right help, they can turn tax season into an advantageous period of the year, instead of one they dread. While running their practices, dentists incur a whole host of expenses, many of which are eligible for deductions in tax terms. […]
The Importance Of Negotiating Insurance Reimbursement Rates As A Dental Practitioner
Even if your dental practice is always busy and has many satisfied patients, there may still be a long road to travel before sustainable profitability is attained. For the majority of dental practices throughout the U.S., their financial health rests upon keeping operational costs as low as possible, while optimizing revenue. And one vital, but […]