Month: November 2022

Time is money, and if you are not taking advantage of after-hours phone calls at your dental practice, you could be missing out on new opportunities to connect with patients and grow your practice.  

You may have created an effective marketing strategy that is getting the phone to ring, and you have probably trained your team in proper phone etiquette; but have you considered what happens if a prospective patient calls on nights and weekends? 

If someone phones you after hours seeking information or to reschedule an appointment, they will likely leave a message or call back during regular business hours. However, a potential new patient who needs emergency dental treatment is more likely to hang up and call around until they get a person to answer.  

Many dental practices do not have phone coverage outside standard hours of operation or during lunch; others have an answering machine. Both can feel impersonal and frustrating to patients and prospects.  

If your patient discovers late one night or on a Sunday that they need to reschedule an appointment the next business day, chances are your team won’t hear the voicemail until it’s too late to make changes. If your phones are being answered outside working hours, issues like this can be addressed more promptly, leading to better scheduling and happier patients. 

If you are interested in 24/7 phone coverage, you can either hire an answering service or train your team to share the responsibility. If a professional answering service makes sense for you, talk to a dental accountant in Towson, MD about the cost of building it into your budget and the possible return on investment it could yield.  

The other option, sharing the responsibility among team members, may cost you less and offer a more personal interaction. No one has better knowledge of your practice, your patients, and your schedule than your own team. Discuss with your accountant the most effective way to compensate team members for this time, such as paying them a set amount per shift or per call answered. 

If you believe lack of 24-hour phone availability is detrimental to your business, talk to our dental accounting team in Towson, MD about adding this service into your fixed costs and exploring the tax ramifications. Arrange a free initial consultation today.

No matter how long you have been practicing dentistry, it’s important to put a retirement plan in place. Act now to create a realistic savings timeline for a comfortable senior lifestyle. Here are some questions shared by our dental cpa in Towson to ponder as you consider your retirement strategy.  

How much are you currently saving? When you meet with our dental accounting team, you will review the details of your P&L, taxes, and your long-term savings objective. During retirement, it may be beneficial to change some of your investments to help your savings outpace inflation. 

Do you have an exit strategy? If you are a dental practice owner or partner, it would be helpful to create a written agreement about who will buy you out when you retire. Ask yourself whether you plan to retire outright or work part-time. Think about how your retirement savings will be affected by taxes. These issues and more should inform your strategic plan for retirement. Our dental accounting firm in Towson can guide you through details of the transition process. 

What do you plan to do during retirement? If you have your heart set on starting a new venture, traveling more, or embracing a hobby, you may have to plan for shifting priorities and greater living expenses. The economy continues to change, and it is worth your while to lean on experts to help future-proof your lifestyle.  

How long will you be retired? Advances in modern medicine have increased life expectancy dramatically. Depending on your health and family history, you may want to plan as though you will live to be 100 and estimate your needs accordingly. Have you considered long-term care insurance, for example? 

What other expenses will change? Retirement may eliminate your commute, work wardrobe, and team lunches; however, for most people, the golden years is a time of higher costs for medical care and prescriptions. Talk with us about the types of budget changes that are likely to occur during retirement. 

Don’t let decisions for the future creep up on you, even if you are young and healthy. For more information on tax planning and looking ahead to a comfortable retirement, contact our dental accounting office in Towson, MD and schedule a complimentary initial consultation. We are experts in helping dentists achieve their goals during their active working life and beyond.