Our Joint Correspondence with the ADA

Dear Schiff Clients,

Happy Monday to all!

I hope each of you are well, and your family is well and your employees are well too!

As all of you know, I have been working with the ADA along with my Academy, the ADCPA, in getting a message out to the 200,000 Dentists in the US. There was a FORBES Magazine Article published this week that contradicted my comments on the ADA webinar this past Friday. That created a lot of confusion for the 10,000 Dentist that were on the podcast. As it turns out, we needed to put together a joint correspondence with the ADA, which is attached, which supports my comments on the ADA Friday webinar. TG!

Click Here to Read Our Joint Correspondence with the ADA

A Checklist You Should Consider This Week

Good morning to all! As you know, things are evolving quickly…this is a very “fluid” issue…suggestions are welcomed!

Here is a checklist of items that you should consider putting in place this week (beginning Monday, March 23, 2020):

Banking & Finance – “Payment Relief”

Please be sure to email your commercial banks (please cc me on the e-mail) and request for “payment relief” from your bank. Most banks are offering between 60 to 90 days deferment. Please visit www.schiffcpa.com for daily updates as to what your bank maybe offering.

Here is a “suggested e-mail” that you are welcome to use:

Good Morning,

I am writing to you requesting help with a “90 day payment relief” for my current commercial loan with your bank. . This is as a result of the state and national dental association’s recommendations to limit our practice to emergency treatment due to the COVID-19 outbreak. In addition, I would like to extend my current line of credit from $50,000 to $100,000. Any help that you can offer me would be greatly appreciated. Please let me know what information you may need from Schiff & Associates (my CPA) in evaluating these credit facility requests.

Most Sincerely,

Dr. _____________

Other Banking Opportunities – SBA Financing

Consider applying for the SBA Disaster Relief Loan. Please consider the SBA if you have already exhausted your other financing options, such as your current lender or line of credit increases.
Here is the link: https://disasterloan.sba.gov/ela/

Credit Card Financing

Please contact your credit card company. Some credit card companies are offering $0 minimum payment and 0% interest for 60 to 90 days. Some have already removed March 2020 finance charges!

Contact Your Landlord

Please reach out to your landlord. Some landlords have already written our clients, offering no rent for April 2020 and repaying the rent (spreading it out) once we get back to business. Here is a suggested e-mail to your landlord:

Dear _______,

I hope this email finds you and your family well & safe. I am writing this email to request “deferment of my lease payment” for at least the next 60 to 90 days, considering the current COVID-19 situation. I have been requested to close the office for now from both the American Dental Association (ADA) and the Maryland (your State name here) State Dental Association (MSDA) until this situation has been resolved. As a result of closing, I am unable to see patients in a regular capacity, so I am requesting this lease deferment.

I look forward to hearing from you soon. I have also copied my CPA in case there is financial information you may need in evaluating this request.

Thank you,

_________ DDS / DMD

Other Practice Expenditures

Dental supplies and lab fees represent your largest expenditures outside of payroll. Please ask these vendors for payment options during the time the practice has limited operations. Payroll, the largest practice expenditure, hopefully will be covered by the Federal Stimulus Package we are waiting for at the time of this writing. Please also consider stopping AUTOMATIC WITHDRAWALS from your practice and your personal checking accounts.

Contact Service Companies

Examples: Demandforce, Lighthouse, Patient Activator, Bird Eye, etc, social media, Yelp (look through credit card & bank transactions for any other vendors).

Scale down some of these services if you feel it would be appropriate. Please keep in mind, you may need them, for example if you need to send a “mass email” to your patients, so please be careful with your decision here.

Health Insurance

I am recommending that you continue to pay for health insurance unless your broker advises otherwise. While this may not be required, it can go a long way to helping your employees.

Your Payroll If You Are Incorporated

At this time, please do not run your own pay through your payroll service in order to save both the payroll fees, retirement contributions and payroll taxes at this time. If you need money from your practice, please withdraw funds as an “officer loan”, “distribution” or “draw”. This is true for the self-employed as well.

April 15th Tax Deadline

This has now changed to July 15th Federal tax deadline. Even though the Federal tax filing deadline and payments have been extended to July 15th, I would like to file your individual tax returns as soon as possible. If you have a refund coming to you, we want to get you that money as soon as possible. If you owe, you now have until July 15th to pay. This will help you budget and allow you to know what your liability is. If you have a tax refund, you may apply it to cover future estimated tax payments. Or you can request a tax refund to be sent to you now. Please us know!

Please feel free to forward this email to any of your colleagues and peers. All of our previous newsletters are posted on my website https://schiffcpa.com/updates-on-covid-19/.

Stay safe, stay healthy and remain POSITIVE! We will get through this…together!

Wishing you the very best,

Allen Schiff, CPA, CFE
Schiff & Associates, LLC

Important COVID-19 Banking Information

Due to the recent development of COVID-19, your banking information may have changed:

Bank Terms
Affinity Bank 1 day turn around on Lines of Credit (if existing customer) and 3 months deferred payments.
Bank of America Interest only 90 days, must request
Bank of America 60 day deferral of payments + line of credit
BBVA Compass 60 day deferral of payments + line of credit
Chase 60 day deferral of payments or interest only for 60 days + line of credit
Citicorp Currently working on a deferral program on a case by case basis
First Citizens No payments for 60 days (must request), business unsecured loans for up to 24 months with a low fixed interest rate
Lendeavor 60 days deferred payments
M&T 90 day payment deferral,interest accrues during the 3 months
PNC Interest only 90 days & possible 90 day total deferment
PNC 60 day deferment
Prosperity Bank 60 day deferral of payments + line of credit
South State Interest only 120 days
Wells Fargo 3 month deferment
Zion Bank Review each request, It could be a line of credit, interest only period, or a deferment of P&I for a period of time
SBA Express Loan Payment , limited to 10% of Fee Income , priced at prime 3.25% plus 1% to 3%
Student Loans Will be mandated to come up with a payment deferral program;   https://www.sba.gov/funding-programs/disaster-assistance


Please contact us for more information.

Towson MD Dental CPA | The Bright Side of Patient Complaints

No matter how fantastic you and your team are, you will occasionally have a patient complain about something. When this happens, you and your team may feel discouraged, frustrated, or even annoyed, depending on the specific complaint and how it was shared. It can be easy to brush the complaint aside and tell yourself that the patient was just having a bad day. However, changing the way you think about patient complaints can be highly beneficial to your business.

Towson MD Dental CPA

Patient complaints may involve anything from office décor or other patients to the time, cost, or outcome of a treatment. Even concerns that feel trivial or unfair to you should be handled with respect and appreciation. Like any consumer, your patient wants to feel like you care about their experience and their feelings. A complaint is an opportunity for you to win back a patient’s trust.


If you thank your patient for bringing their concerns to you, commit to taking action to correct the situation, and follow through on your commitment, you will earn loyalty from that patient. This loyalty can translate into fewer rescheduled or cancelled appointments, increased case acceptance, and even referrals to friends, family, and social media connections. Over time, handing one complaint as an opportunity to improve can lead to hundreds or even thousands of dollars in revenue.


However, if patients leave your office feeling that their concerns are unimportant to you, they will likely look elsewhere for dental care in the future. Unhappy patients do not stay with your practice. They do not refer others to you. They may even tell others about their unpleasant experience with your office, which can cost you potential patients and revenue.


Every patient complaint you receive is a gift. Your team or practice may have a weakness that you were unaware was an issue. If one patient voices a complaint, it is likely that others have noticed the problem as well. Consider asking patients for feedback after a visit. Let them know proactively that you appreciate their input and are ready and willing to provide the best experience possible. When your patients feel valued, they will be more loyal to you, your team, and your practice.


For more tips on providing a better patient experience, contact our office.

Dental CPA Towson MD | The Costs of a Toxic Employee

Hiring is time-consuming, stressful, and sometimes costly. In some cases, this causes business owners to avoid firing an employee long after it has become clear that the person is damaging the overall work environment. Finding the right person for your office can be challenging. However, continuing to retain a toxic employee can be far more costly for you and your business.

Dental CPA Towson MD

What is a “toxic employee?”


A toxic employee is easily recognized for exhibiting several, if not all, of the following behaviors:


  • Bad attitude: This includes eye-rolling, muttering, snide comments, complaints, confrontational tone, and passive-aggressive speech or actions.
  • Lack of engagement: This can include work-avoidance, lack of enthusiasm, unwillingness to accept responsibilities, and being inattentive in meetings and huddles.
  • Dishonesty: Whether this involves refusal to accept accountability, blaming others for mistakes, or outright lies and thefts, dishonesty is harmful to your business and your team.
  • Poor work performance: While a new team member may experience a learning curve at first, the toxic employee never rises above the bare minimum of what has been explicitly listed as expected. In many cases, they may not even be fully or properly completing work. They are uninterested in feedback or training and unwilling to work to improve.


Do you recognize anyone in your office from these descriptions? If so, it’s time to pull the plug.


When you continue to keep a toxic employee on your staff, you may avoid the headaches of the hiring process in the short term. However, you are creating a host of other problems for yourself that will cost you a great deal more time, money, and energy to solve in the long term.


One toxic employee in your office can cause:


  • Loss of new customers: If a toxic employee is interacting with potential customers, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
  • Loss of existing customers: If your clients are treated poorly even once, they may choose to take their business elsewhere – and they may tell others.
  • Loss of your best team members: Your best people want to work in a positive environment where they feel supported and appreciated. By tolerating the complaints or shoddy work of one toxic person, you risk losing team players to a company that maintains a better atmosphere.


Don’t compromise your business or your best team members by refusing to fire toxic employees. For more strategies to improve your business, contact our office.



Dental CPA near me | The Impact of Ignoring Negative Reviews

Finding a bad review of your business can feel like your world is turned upside down. Some business owners may choose the approach of dismissing the negative feedback and blaming the customer or client. When ignored, negative reviews can have a detrimental impact on your business. Here’s how:

You Will Lose Clients

Customers and clients will not want to be treated disrespectfully. They want their voices heard and to be valued as an individual. If you ignore negative reviews, you are essentially telling both the reviewer and prospective leads that you don’t care about what they have to say. The clients that do complain are ones that feel passionately enough about your business to voice their concerns. If you don’t validate those concerns, expect them to take their business elsewhere.

Missing a Chance to Learn

Mistakes present an opportunity for business leaders to learn. It’s even better when a client presents those mistakes clearly. This will allow you to learn why the mistake happened and how to fix it so it doesn’t happen in the future. If you ignore the feedback from the client, you will not know what the mistake was and it may happen again. Negative reviews offer a chance to learn and grow your business, if you ignore them you miss that opportunity.

No Response Speaks Volumes

Potential clients that are looking at your online profile will see that a bad review is being ignored. If that were to happen, you could lose out on their business and any referrals they might make in the future because they don’t think you care about your clients. This applies to current clients that keep track of your businesses reviews.

Running Out of Excuses

Due to the nature of reviews being public, once a client writes one, everyone can see it. This creates a lasting list of negative occurrences for your business that can be referenced by others. Address poor reviews when possible. Show the client or customer that you care about their thoughts. While it may not win them back, it may be the perfect set up to capture future loyal clients who see your thoughtful and personal response.

Great reviews are not the only ones that can help improve your business. Bad reviews present an opportunity to learn from them and grow your business. If you choose to ignore poor reviews, the consequences could be disastrous. Not only could you lose current clients, but negative reviews could impact the decisions of future clients looking at your business. When you see a negative review, take a step back and see what you can learn from the experience. Address their concerns, and make an effort to change your business to create positive experiences in the future.

Contact our team for a consultation today.

Schiff & Associates, CPA

Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707
Url: https://schiffcpa.com
100 West Road, Suite 410,
Towson, MD 21204

Towson MD Dental CPA | What to Look for in a Dental CPA

Hiring a certified public accountant (CPA) to your dental practice grants you not only greater financial transparency, but also provides you with an excellent guide in making informed business decisions. You can also gain an increased ability to focus on your patients rather than being glued to QuickBooks between appointments.

Towson MD Dental CPA | What to Look for in a Dental CPA

If you’re considering hiring a CPA, it’s vital to know what you’re looking for in candidates. Below are the most important steps when looking for an ideal dental CPA.

Determine Your Need

Before you even start looking for an accountant, determine why you need a dental CPA. Are you looking for a CPA to fine-tune your financial business strategy? Do your bookkeeping? Or maybe you just need help filing your taxes? Once you pin down your specific needs, you can determine which skills you should look for in candidates.

Ask Around

Colleagues experienced in running their own practices can be a helpful resource. Don’t be afraid to ask for advice. Find out the traits they look for in a CPA. With their knowledge in mind, begin conducting your own research – guided by your particular needs.

Here are some general questions to ask yourself when looking for a dental CPA:

  • Do they meet my specific needs?
  • Are they up-to-date with their knowledge? Do they use modern software?
  • Are they established and reputable?
  • What dental practices do they currently represent?

Look for Dental Industry Experience

Many general accountants spend a majority of their time working with clients in a vast number of industries and don’t necessarily have specific experience with dentistry. If you are looking for an accountant with industry knowledge, contact us today.

It can take time finding the right team to work beside you. Skip this step and contact us to get to know our team. We offer a variety of services to fit everyone’s needs. We look forward to hearing from you.

Towson MD Dental CPA | Why You Should Join (or Start) a Dental Study Club

Science is a field where the only true constant is change. Dentistry is no different. With advances in techniques and new technologies every year, it can be challenging to stay current, especially without breaking your budget.

Towson MD Dental CPA | Why You Should Join (or Start) a Dental Study Club

Study clubs can be an ideal solution to this inevitable problem. There are many reasons why you should be gaining the benefits of membership in a dental study club. Here are some of the most valuable advantages you stand to gain:

Continuing Education
By pooling the resources of a group of dental professionals, you can attend continuing education lectures and clinical hands-on training in your local area, without all the time and expense of travel. This added source of training and education can be invaluable for staying current with new techniques and new technological advances. If you have a desire to focus your practice on one or more specific areas of dentistry, such as implants or sleep apnea treatment, a targeted study group can help you find and attend the courses you need to develop the skills and qualifications to reach your goal.

Peer Support
With a dental study club, you are interacting with other dentists and specialists in your area. Group discussions have been shown to be one of the most effective ways to share experiences, techniques, challenges, and new ideas with like-minded individuals for the benefit of everyone involved. This informal venue can allow you to explore new ways of approaching a problem or a treatment and allows you to benefit from what another has already tried.

While it is not the primary reason to join a study club, you should not overlook the importance of networking. Making other dental contacts in your area can be highly beneficial. Specialists, in particular, depend on referrals from other dentists. It can be much easier to refer a patient or gain a referral when you have developed a relationship with other professionals and know how they treat their patients, what technologies they use, and other such information.

Whether you join a local study club or decide to create one of your own, the benefits of membership far outweigh the costs. For more information, contact a local study club, or contact our team today.