Month: November 2023

Having the opportunity to establish your own practice is one of the many gratifying aspects of being a dentist. Whether you choose to work independently or in a partnership, you are at the top of your game. Being the CEO of a small business entails responsibilities beyond appointment rooms. It takes time and money to make a business successful. It is crucial to understand overhead, revenues, and marketing strategies. Here are some valuable tips that can assist you in becoming more profitable.

Review your expenses.

Practices that wish to increase profits should place this at the top of their priority list. It is recommended that you provide a detailed breakdown of your monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental or property taxes. Examine this list carefully for anything that is not strictly necessary or that your practice is spending too much of its resources on. Depending on your business, you may be able to reduce your overhead by cutting back on particular supplies, finding creative ways to limit your insurance payments, or even deducting more expenses. Having a certified dental accountant ensures that this work will be carried out correctly and efficiently. 

Determine Your Growth Goals.

Often, businesses without clearly defined goals are their own worst enemies. If you do not have concrete objectives, you are more likely to fall into a state of complacency with your company. There is no doubt that complacency leads to stagnation and loss of profit. To achieve maximum profitability, you should map out where you wish to be in three months, six months, one year, and five years. Determine how many patients you want to gain in each time frame and devise strategies to help you achieve that goal.

Be an Expert in Online Marketing.

The majority of people in today’s society conduct an online search to locate a dentist in their area. Research indicates that 90 percent of Americans use search engines to locate local businesses. Dental offices are among these businesses. What is the best strategy to attract more traffic to your website and establish a presence on these search engines? Internet marketing is the answer. More specifically, search engine optimization (SEO). SEO marketing has one simple goal: to get the website and content of a business to rank as high as possible in search engine results. This is an essential step to improving profits in today’s market, where Google, Bing, and Yahoo dominate the way we find small businesses.

We can help your business become more profitable. Please contact our dental accounting firm today. We will assist you in taking your business to new heights.

As a dental practice owner, you have already attended dental school, completed a residency, and taken continuing education courses. By following this conventional route to obtaining your qualifications and schooling, you might not have acquired extensive knowledge of bookkeeping or accounting. Owning a practice can be a shock to the system when a dentist discovers that the “business side” of dentistry is overwhelming. 

Despite what some might think, dental offices are businesses, and dentists are the CEOs. Owning a dental practice or working in a partnership with several dentists should be treated like a business. By increasing revenue, reducing overhead, maximizing deductions, and minimizing taxes, you can lessen your tax burden. Dental CPAs help dental practices achieve all these goals. Here’s how.

It is their specialty.

Dental CPAs are more than just accountants. CPAs who specialize in dental practices work exclusively for dentists. Because of this, they have specific knowledge that other accountants do not have. CPAs with expertise in dentistry have an insider’s view of expenses, trends, and ways to lower a practice’s tax burden. Additionally, they know what new equipment delivers the best return on investment and how to minimize the depreciation of assets unique to the dentistry industry.

They can analyze the financial health of your firm.

Having a dental CPA goes beyond just keeping track of your business’s taxes. CPAs can also provide valuable insight into the overall business model of your company. A qualified dental CPA can review a practice’s financial statements and determine how expenses can be reduced and profits can be increased. As dental industry experts, they’re familiar with financial oversights and inefficiencies.

In just a few months, a dental CPA will be able to analyze your practice’s finances and make actionable suggestions that make an immediate difference.

Benchmarks in the industry

Benchmarking refers to the process of comparing a company’s performance metrics with those of competitors and industry standards. Although a dentist may not be aware of how their practice compares to practices in California, Texas, and New York, a competent dental CPA does. They are well versed in the industry’s key performance indicators (KPIs). In addition, they take into account factors such as patient volume, profit margins, and the percentage of patients who are currently on schedule.

Benchmarks and key performance indicators are powerful tools for framing and understanding your business. The best way to make use of these tools is through a dental CPA.

Our team is available to answer any questions you may have regarding any of these strategies. For more information about how a dental CPA can help you, please contact us today.