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These articles generated the most views over the past year.
Dental practices serve 2 goals that don’t always align. Practices work hard to provide the best possible patient care, but they must work equally hard to succeed as a business. With far more training on the clinical aspects of operating a practice, many dentists are looking for education and advice on the operational and financial aspects of a practice.
Of course, 2020 was not a typical year for any practice due to shutdown orders, practice changes caused by the coronavirus disease 2019 (COVID-19) pandemic, and other related disruptions. It’s not surprising that much of our most popular practice management content was focused on the pandemic, yet this year’s most popular content also addressed managing payments, hiring staff, running a practice efficiently, and interacting with patients. Here is a look at the top 10 dental practice management articles.
New Study Findings Show Impact of COVID-19 Pandemic on Dental Services
Numerous organizations studied how the pandemic affected just about every sector of the economy, and as one of the most affected, dentistry was heavily studied. This article looks at a report from FAIR Health that found a significant drop in dental insurance claims—almost 80% in April 2020 compared with April 2019. While the numbers aren’t a big surprise, they are still significant, affecting the bottom line of not just the dental practices treating fewer patients but also the dental labs receiving fewer cases, and every other part of the dental industry.
Go to bit.ly/FAIRStudy
Transitioning During COVID-19
by Bruce Bryen, CPA, CVA
Faced with the financial challenges of the COVID-19 pandemic, some practice owners decided this summer would be a good time to sell their business. In this article from our regular financial advice contributor, the ins and outs of selling and buying a practice during the pandemic are explained. The author stresses patience and advises having a recent practice valuation from before the pandemic to compare with any new valuation in order to ensure the practice isn’t being sold at too low a price.
Go to bit.ly/PracticeSales
Break Away From the Credit Card Transaction Trap
by Thais Carter
This interview with Simplifeye founder Ryan Hungate, DDS, MS, looks at his company’s payment solution, which is designed to save practices money and time by automating aspects of the payment program. The new service from Simplifeye makes credit card processing more efficient while also reducing the fees the practices must pay to credit card companies.
Go to bit.ly/CardTrap
Evaluating Retirement Plans Post COVID-19
by Bruce Bryen, CPA, CVA
Another popular article addresses how the COVID-19 pandemic will affect dentists’ retirement plans. Not only did lost time and reduced patient volumes drive down practice revenues this year, but they also cut into how much clinicians have available to save for retirement. The pandemic led some clinicians to consider early retirement, but for others it meant delaying retirement. This article provides advice for everyone, regardless of where they are in their career.
Go to bit.ly/COVIDRetirement
DSO Deal-Making During the Pandemic
by Mark Thill
The COVID-19 pandemic had every dental practice reevaluating its financial situation and looking at every option. This article looked at how this unexpected year is affecting Dental Service Organizations (DSOs), especially their growth. The pandemic created a great opportunity for DSOs and other group practice models to forge new partnerships and expand their operations. Read about the differences in the types of deals DSOs were making before and during the pandemic, and learn which critical details a practice looking to sell needs to know.
Go to bit.ly/DSODeal
Doing Deals With DSOs
by William S. Barrett and Casey Gocel
This article focused on advice for working with a DSO, but it was published before the onset of the COVID-19 pandemic. The article provides details and advice on what it’s like to bring a successful dental practice into a DSO and gives tips on creating a DSO. The article also includes information on what to expect during and after the transition.
Go to bit.ly/DoingDSO
A New Standard in Dental Staffing
by Thais Carter
Meet Joe Fogg, the creator of an innovative practice management application. Fogg created onDiem, a platform that helps dental professionals find temporary or permanent positions. What sets this platform apart is that onDiem functions similarly to a gig-based rideshare platform such as Uber. However, Fogg takes things a step further by providing gig workers on his platform with health insurance and managing them like employees, which simplifies income taxes for everyone using the platform.
Go to bit.ly/onDiemStaffing
Top 6 Reasons to Implement Teledentistry Now
by Brant Herman
Teledentistry has been an area of massive dental industry growth during the pandemic. These platforms allow remote interaction with patients via Health Insurance Portability and Accountability Act-compliant channels. Dentists can evaluate and prescreen patients remotely to provide prescriptions, advice, and referrals withoutan in-practice visit. The founder of MouthWatch and its TeleDent platform offers 6 reasons practices should start using teledentistry, even after the pandemic is over.
Go to bit.ly/TeledentistryList
Cutting Corners: The Dangers of Trying to Save a Buck
by Robert Elsenpeter
There’s an old saying, “Penny wise, pound foolish,” that still rings true in the dental industry. While operating a practice as efficiently as possible is important, cutting costs just to reduce overhead sometimes can have unintended consequences. Read about the types of budget cuts that can lead to drops in quality, as well as areas in dental practices most in need of financial pruning.
Compassion Needed for the Dental Patient
by Lisa Newburger, LISW-S
This article focuses on the human element of providing care to dental patients during a pandemic. It also connects patients’ fears of the dentist with their shock at the cost of treatment and urges clinicians to be understanding of the stress patients are facing. It’s a call for more caring and empathy for every patient who sits down in the operatory, and it hit home with our audience.
Go to bit.ly/CompNeeded