Money
What dentists need to know about dual representation involving divorce valuations
August 26th 2016Since it is rare for a dentist to be involved with a court and lawsuit, the unknown time, effort and cost of such a disposition of value in the hands of attorneys, experts and a judge is almost surely something that the dentist is not aware.
5 ways to manage seasonality trends in the dental practice
July 21st 2016Seasonality trends are something most dentists experience, and deciding how your practice will deal with the highs and lows is important to keeping your practice healthy. Here are five tips on how to manage seasonality in your practice.
The biggest mistakes dentists make: Lending money to family members
July 15th 2016People have been lending money to family members since money was invented. Relatives may lend funds to help start a business, pay for education or alleviate an emergency situation. Unfortunately, in my experience at Levin Group, many dentists have experienced financial setbacks and emotional stress after lending to family members who couldn’t pay them back.
Seasonality and effects on accounts receivable in the dental practice
July 12th 2016Accounts receivable is often a significant part of a dental practice’s financial health. Due to common dental benefit practices and late patient payments, dentists are often owed a significant amount of money. Although carrying an accounts receivable balance is common and in many cases unavoidable, reducing the outstanding financial burden can improve cash flow and overall practice health.
How Brexit could affect your business' bottom line
June 27th 2016Britain’s decision to exit the European Union has brought with it all the expected trappings of a significant news event - projections of crazy market volatility, wild headlines and a fair dose of uncertainty about the long-term impact on the global economy and our individual financial lives here at home.
Premium Content: Concerned about your financial health?
May 16th 2016Worried? Frustrated? Overwhelmed? Immobilized? You may have had one or several of these reactions to the economic downturn of the past few years or as you think about selling your practice in the next few years. You might be asking what your next steps should be. Maybe you don’t have a financial advisor, or if you do, you might wonder if your current plan-or advisor-is really the best for you.
5 ways to stop revenue-killing attrition in your dental practice
April 20th 2016Attrition is devastating to a practice, and not for the reason most practitioners think. Many assume that they are only losing revenue from one patient, and that there is always another new patient around the corner to make up the difference. However, loss of patients not only results in revenue loss but also in added expenses in marketing and onboarding new patients so the practice can maintain patient flow.
State technology subsidies: Dentistry’s best-kept secret
April 19th 2016Why would a five-provider dental practice throw away over $300,000 in state subsidies that they were eligible to receive? Probably because they weren't aware of a federal program administered by individual states that has been around for five years now and has distributed over $30 billion to mostly medical practices while many dental practices have stood on the sideline.
How patients decide to accept, delay or decline care
April 15th 2016It seems almost every day patients leave the practice to “think about” needed dentistry. Patients’ Path to Dental Care Purchases study surveyed patients who had made, or were planning to make, a dental care purchase that required an out-of-pocket investment. The study findings can provide insight into patients’ decision-making process and how dental teams can help patients accept needed dentistry without delay.
The latest revenue data for dental practices across the nation
March 16th 2016This article will discuss national trends such as average gross revenue and collections in private dental practices, focusing on the widening gap between the revenue due and the actual dollar amount that is collected by the practice for services and products.
5 ways to tell if dental benefit plans are failing your practice and patients
March 15th 2016Because 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.
10 MORE ways to help your dental practice compete now and in the future
March 14th 2016Dentistry is a competitive field. If you want your practice to thrive so that you can enjoy your career and retire comfortably, it’s not enough to go with the flow. You need to take concrete steps to ensure the success of your dental practice.