The latest installment of my new Q&A with dentists deals with practice acquisitions and the decision to purchase accounts receivable. Sellers typically want to unload A/R with the rest of the practice sale, and for good reason: it’s a clean transaction and a seamless transition for patients. Buyers of A/R need to do their due…Read More→
Category: Dental CPA Blog
Practice Acquisitions: Deciding Between a Partnership or Buyout
Recently a dentist asked me a question about practice acquisitions, as he thought there may be an opportunity to expand. His question, What is important to ask when deciding between a partnership or a buyout, is one that many dentists may find themselves asking as more seasoned dentists look to retire. Here’s the scenario. The…Read More→
Buying the Perfect Practice Is Impossible
Do you know a new dental school graduate – or are you one yourself? There are a lot of mixed emotions: relief, pride, excitement, and nervousness just to name a few. Dental CPAs has been down this road with many young dentists and while we don’t profess to know exactly what you’re going through ……Read More→
Don’t Pay Your Audit Notice Without Consulting your CPA
So you receive an audit notice in the mail, its multiple pages and it includes a bunch of information. You read through the notice and you think, it’s not much money in the grand scheme and the explanation seems legit, so you decide to just pay the requested amount and move on. Not so fast,…Read More→
Reviewing Fraud Prevention Tactics and Strategies for Dental Practices
It’s easy to assume that your practice is immune to fraud. Ignorance is bliss, right? This case study from the ADA might change your mind: A young, new dentist acquired an existing practice and decided to keep the staff intact. After all, they knew the patients, and the previous dentist trusted them. But on the…Read More→
Examining Where Fraud Occurs in Dental Practices
Did you know that fraud in dentistry costs around $12.5 billion every year? We’re talking about filing false insurance reimbursements, intentionally miscoding procedures, and outright theft from the practice. Not knowing is not the answer. No one wants to have five percent or more of their practice’s revenue just disappear, not to mention how badly…Read More→
2018 townie mtg presentation – buying a dental practice-there more to it than price-part II- Buyins\Buyouts\Mergers & Special Situations
Now that we’ve covered the meat and potatoes of my 2018 Townie meeting presentation lets go over some negotiating tips that will be useful in any purchase transaction you may find yourself dealing with. Let’s talk about the purchase price. While the price may not be the most important aspect of some transactions, that doesn’t…Read More→
2018 townie mtg presentation – buying a dental practice-there more to it than price-part II – Buyins\Buyouts\Mergers & Special Situations – Part VII
Next up we’ll dive into practice mergers. This is a very exciting topic for me because the practice merger is probably one of the BEST investments an existing practice can make with likely the BEST ROI of all practice growth strategies. That’s my opinion anyway. Now, a “merger” is usually seen in three different forms:…Read More→
Income Tax Planning for Dentists in 2019
Now that tax season is here, you’re probably gathering last year’s receipts and financial documents and preparing for the meetings with your dental CPA. Even though your CPA will handle the heavy lifting, here are a few common items that are essential to tax planning for dentists. Tax Savings for 2019 and Beyond Health insurance…Read More→
How Is Tax Reform Affecting Dentists’ Tax Returns in 2019?
The Tax Cuts and Jobs Act of 2017 made sweeping changes to the federal tax code. Even though we’ve had a year to adjust, this filing season is the first time we’ve really started to see the results of changes that went into effect during 2018. There were a number of tax changes affecting dentists…Read More→