In dentistry, labor costs usually represent the highest percentage of practice overhead. The industry average is around 27 percent and may or may not include benefits like retirement contributions, healthcare premiums, bonuses, and other benefits. I’ve seen practices where labor costs exceed 30 and even 40 percent of overhead expenses, and while I understand how…Read More→
Tag: dental practice management
Dental CPAs Q&A: Comparing Start-Up vs. Buying an Existing Dental Practice
I was talking with a young dentist recently who was debating the pros and cons of opening her own practice and starting from scratch or buying an existing dental practice where the variables are known. For anyone who’s been in this position before, you know there’s no easy answer. There will be unknowns in both…Read More→
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→
How to Tell If the Dental Practice Is a Good Fit: Tips for New Dentists
Luckily for new dentists, there are many options when it comes to joining a practice. There are small, two- or three-operatory chair practices. There are multi-location dental partnership groups, corporate dental practices; practices in cities and rural communities, and everything in between. How do new dentists know which one will be a good fit? Observe…Read More→
Navigating Associate Contracts for New Dentists
When new dentists join a practice as an associate, they should get used to signing their name. Associate contracts require careful review and often involve several provisions, like employment, compensation, time off, non-competes, and more. When you’re just starting your career, how do you know whether these items are in your favor? Read on for…Read More→
Career Advice for New Dentists
What is the best advice you could give yourself, if you had to start your dental career over? What mistakes have you made (or seen), and how can a younger dentist avoid the same pitfalls? There is a litany of career advice out there for new dentists. Here, we compile some of the most popular…Read More→
Improving Performance Reviews In Your Dental Practice
Many dentists conduct staff performance reviews during the summer or fall – although many dentists don’t conduct formal reviews at all. A regular employee evaluation program is critical to ongoing practice management and performance and can avoid potential liability issues if you must terminate an employee. Keep these best practices in mind for your own…Read More→
Future of Dentistry: Telemedicine?
The concept of telemedicine is catching on quickly, as healthcare professionals realize the positive results and powerful implications of reaching underserved populations, seeing more patients, and improving healthcare. Could dentistry follow suit? Would you want it to? Benefits of Teledentistry Just like medical practitioners, dentists could use live video, remote patient monitoring and patient self-reporting,…Read More→
Five Ways to Help Dentists Save on Taxes
It’s tax season again, and soon you will be meeting with your dental CPA to prepare and file your 2017 tax return (if you haven’t already). Whether this is your first tax season as the owner of a dental practice or your 25th, taxes remain a stressful and time-consuming process for many dentists. We’re here…Read More→
Making Your Dental Practice Stand Out
What is your plan for attracting new patients and standing out from competing dental practices? Marketing should be an important element of your dental practice’s growth, but more than 60 percent of dentists don’t have a specific marketing strategy, according to Dentaltown. This represents a huge opportunity for innovative dentists to separate themselves from the…Read More→