The number one challenge dental practices have had for years has been to find and retain good team members, and that is even more important given the COVID-19 pandemic.  In today’s episode of The Art of Dental Finance and Management podcast, Art speaks with dental consultant Sharyn Weiss about issues in hiring and compensating of dental team members. Art and Sharyn discuss why “competitive” compensation really does not mean anything, why Sharyn thinks bonus plans could be a disincentive to productivity, how to determine salary ranges in your area and myths about money and motivation. Art and Sharyn also speak about how important it is for an employer to be respectful and supportive of his or her team and what can happen if they are not. Lots of great tidbits about a challenging area in the dental practice.

Art of Dental Finance

Attracting, Compensating and Retaining Quality Dental Team Members

Understanding the various influences affecting the markets will help dentists navigate any financial uncertainty. For peace of mind and financial security, it’s important to obtain guidance from experienced financial advisors who understand the complexities of market trends and economic indicators. Your advisory team will help you build wealth in the long-term, despite fluctuation.    In this episode of The Art of Dental Finance and Management podcast, Art meets with Jim Davenport, Managing Partner of Beacon Pointe Advisors to discuss current market trends, including inflation, market performance and the impact of taxes, so you can better anticipate downturns and make more informed financial decisions.   Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm  

Understanding Current Market Trends For Peace of Mind and Financial Security

In this episode of The Art of Dental Finance and Management podcast, Art speaks about the importance of having good communication about your finances. This includes open conversations regarding your philosophies about money, priorities, lifestyle, goals and living within your means to prevent debt.    Talking points should include:  ·       Earnings ·       Assets  ·       Debt ·       Budget ·       Philosophies about money  ·       Priorities ·       Retirement plans ·       Handling possible different life scenarios ·       Sharing expenses if finances are kept separate   It’s important to work with a financial planner you both trust that will help you meet your goals and strengthen your financial future. Be sure you both attend the planning meetings and are involved in the discussions.      Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm

The Importance of Financial Conversations

In this episode of The Art of Dental Finance and Management podcast, Art reviews industry updates, career guidance and life tips to help dentists be set for success. He also dives into some relevant topics including PPP loan forgiveness, Employee Retention Tax Credits (ERTC) and the HHS Provider Relief Fund.    Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm  

Industry Updates and Career Guidance for Dentists

Dentists often contemplate partnering with large group practices or Dental Support Organizations (DSOs) to maximize resources and grow. In this episode of The Art of Dental Finance and Management podcast, Art meets with David Lohmann, CEO of Apex Dental Partners, which owns 27 dental practices throughout Colorado, Oklahoma and Texas.    Art and David discuss the advantages and disadvantages of selling a dental practice to a group practice, as well as what dentists should consider when negotiating a transition. Here’s what you’ll learn more about:    ·         How much you’ll be required to work ·         How much control you’ll need to relinquish ·         Valuation of your dental practice ·         Equity offered ·         Method of compensation   Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm

Considerations When Selling Your Dental Practice to a Group Practice

If dentists received more than $10,000 of HHS Provider Relief Funds in “Reporting Period 1” (the period between April 10, 2020, when the relief funds started being received, and June 30, 2020) they must report any expenses incurred to prevent the spread of the coronavirus and their lost revenue. These expenses must be reported by September 30, 2021.   In this episode of The Art of Dental Finance and Management podcast, Art meets with the leaders of Eide Bailly’s HHS Provider Relief Fund team Tyler Bernier, CPA, FHFMA and Ashley Brandt-Duda, CPA to discuss how dentists can properly report in the HHS Provider Relief Fund Portal.    Tyler and Ashley spearheaded the Provider Relief Fund (PRF) campaign at Eide Bailly to help healthcare providers navigate all the complexities surrounding the funding. They’ve also created an email address where you can send questions and concerns and get answers: PRF@EideBailly.com.    Topics covered include updates related to the timeline for use and reporting of the funds, as well as clarifications on the process and terms and conditions released to date. It’s important to note that the PRF portal hosts an Excel spreadsheet that will help calculate expenses and lost revenue as you work through the process. It will also calculate a remainder at the end to clarify whether you have spent all your funds or if you have leftover funds that need to be sent back. If you do have any PRF funds that you have not spent, those need to be sent back to HHS within 30 days.   Tyler and Ashley recommend taking these steps in prepping for PRF reporting:   1.       Mark your calendars. Be sure you know when you must report and what those deadlines are because you don't get to go back again later. There is a chart in the portal to help keep track of deadline dates. 2.       Start tracking and figuring out where you're at with expenses and lost revenue.  3.       Go to the portal page (even if you haven't registered yet), access the Excel document to track all of the information you need to start putting together. It will put the information that you need in a centralized place, as well as give you an idea of how much of these funds you can support and how much you can keep. Don't spend the money until you know you can keep it.  4.       Reference the PROVIDER RELIEF FUND (PRF) REPORTING PORTAL - REPORTING user guide pages 7-10 in the portal as it includes a detailed and bulleted list of everything that you're going to need for reporting.  5.       When you run into complex issues, reach out to our Eide Bailly PRF team. Inevitably, there will be lots of questions and concerns. Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Navigating HHS Provider Relief Fund reporting process is complex and timing for reporting is crucial. https://www.eidebailly.com/industries/health-care/dentists#chatForm  

HHS Provider Relief Fund Reporting for Period 1 Now Due

The dental industry continues to consolidate rapidly, providing opportunities for dentists to partner with Dental Support Organizations (DSOs). In this episode of The Art of Dental Finance and Management podcast, Art meets with Chip Fichtner, Principal of Large Practice Sales, to discuss how dentists can accelerate practice growth with an Invisible DSO. Chip explains how larger practice owners can monetize part of their practice without selling all of it. He also explains how it can be done at any phase of a dentist’s career since it’s unrelated to transition planning or retirement strategy. Essentially, dentists retain an ownership interest to benefit from investor resources, which helps retain the value of their practice and allow it to continue to grow.  Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm

How Dentists Can Grow their Practice with an Invisible DSO

Dentists can become certified providers of Invisalign treatment. Invisalign is used as an alternative to braces for orthodontic treatments and is growing in popularity. The Invisalign trays are clear, removable aligners that gradually straighten teeth. They’re known for their convenience. Patients can easily remove them for eating, dental hygiene, or special occasions. For dentists, getting on board with offering Invisalign can open their practice to more patients and increased revenue.   In this episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Hardik Chodavadia of Enamel Dentistry to discuss offering Invisalign in your dental practice. Dr. Chodavadia outlines best practices for implementation including:    ·         Initial steps ·         Equipment needed ·         Training measures  ·         Financial aspects ·         Marketing methods   Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm 

Benefits of Implementing Invisalign in Your Dental Practice

Sleep apnea affects an estimated 10% of the adult population and as much as 50% of those with existing cardiovascular conditions (NIH.gov). In the short term, sleep apnea can affect daytime alertness, energy, focus, performance, as well as overall sense of wellbeing. In the long term, it can lead to chronic diseases and premature death.    In this episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Emily Stopper, aka "The Happy Dentist", to discuss how dentists can add sleep apnea solutions to their dental practice. Aside from helping patients with their sleep quality to improve their health, wellness and longevity, these solutions benefit your dental practice’s bottom-line. Key points covered in this episode include:   ·         Diagnosis methods ·         Treatment solutions ·         Financial and professional benefits     Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm

Implement Sleep Apnea Solutions in Your Dental Practice to Benefit Your Patients and Bottom-Line

On today's episode of The Art of Dental Finance and Management podcast,  Art meets with Jim Donovan, Partner-in-Charge of the Employee Retention Credit (ERC) program at Eide Bailly. Art and Jim discuss the lessons they’ve learned throughout the process of helping clients maximize funding, as well as how dentists can still take advantage of the opportunity.  Some key points covered in this episode include: • History of the ERC provision • How to qualify  • Timing to receive  • How to calculate and maximize funding • 2021 rules Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Request help to see if you qualify and to maximize funding.   https://www.eidebailly.com/erc 

Maximizing ERC Funds for Dentists: Lessons Learned

On today's episode of The Art of Dental Finance and Management podcast, Art meets with Eric Vickery, dental coach at All-Star Dental Academy, to discuss the Key Performance Indicators (KPIs) for dentists to grow their practice. Art and Eric review tips on how to best manage their practice and track measurable stats including:  • New patients  • Comprehensive exams  • Write-off rate • Hygiene appointments • Lost time in the schedule • Collection rate vs. production Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.

Key Performance Indicators to Help Dentists Grow Their Practice

Dentists who digitally transform their dental practice with cloud-based software can operate more efficiently and profitably. What does this mean? It’s a system of resources without direct active management by the user, which means more time to focus on your practice.    On today's episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Bob Dokhanchi from Fox Valley Dental Care in Aurora, Illinois. Dr. Dokhanchi and his team made the switch from server-based to cloud-based software five years ago. In this episode, they discuss advantages of the transition, including:    ·         Data security ·         Cost savings ·         Staff adoption/training ·         Software selection   Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Being more strategic in all aspects of your dental practice will lead to increased profitability.  http://www.eidebailly.com/dentists  

Increased Profits and Overall Efficiency for Dentists: How Cloud-Based Software Can Help

On today's episode of The Art of Dental Finance and Management podcast, Art meets with Dennis Kushner, principal of Fordham Road Collaborative Group. Art and Dennis discuss national and global economic issues affecting dentists including: • Inflation • Interest rates • Pandemic challenges • Global influences • Potential tax legislation • National debt • Economic indicators and trends Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Being more strategic in all aspects of your dental practice will lead to increased profitability.  http://www.eidebailly.com/dentists    

Economic Update: National and Global Issues Affecting Dentists

On today's episode of The Art of Dental Finance and Management podcast, Art meets with Alex and Heather Nottingham, founders of All-Star Dental Academy. Alex and Heather discuss strategic ways dentists can increase case acceptance in their practice by training the front office staff on verbal skills when answering phones and scheduling.     Front office tactics they discuss include: ·         Taking a relationship approach versus a sales approach in initial conversations ·         Importance of the initial conversation with a potential new patient  ·         Training staff how to relate and respond to different types of patients  ·         How to overcome objections ·         How to build the relationship  ·         When to ask for the appointment   Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Being more strategic in all aspects of your dental practice will lead to increased profitability.  http://www.eidebailly.com/dentists    

Increase Revenue in Your Dental Office Starting at the Front Desk

In this episode of The Art of Dental Finance and Management podcast, Art meets with Mel Schwarz, Director of Legislative Affairs in Eide Bailly’s National Tax Office. Art and Mel discuss the new tax law changes related to the enactment of the American Rescue Plan Act (ARPA) signed into law in mid-March. Mel’s reviews components of the new plan that will help dentists minimize their tax liabilities, as well as provisions that may affect 2020 tax returns. ARPA includes: •        Expanded child tax credits •        Stimulus payments of $1,400 per person  •        Student loan debt forgiveness relief  •        New rules on taxation of unemployment benefits •        Potential new tax laws coming Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Tax planning for 2020 may be challenging with the new tax law changes. Our advisors are here to help simplify the process. https://www.eidebailly.com/insights/articles/2021/3/congress-approves-1-9-trillion-covid-19-rescue-bill  

Tax Law Changes for 2021: What Dentists Need to Know

Welcome to the Art of Dental Finance with Art Wiederman, CPA. This is the show that will help you to meet your personal and business financial goals thru saving taxes, investing and planning wisely and managing your dental practice so it can become as profitable as possible. Here is your host…CPA Art Wiederman.

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Art of Dental Finance

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