DrillDown Solution

Did you know real estate is likely your healthcare practice's second-largest expense after payroll? Yet many healthcare professionals leave thousands on the table in poorly negotiated leases. An unfavorable lease or real estate negotiation can lead to unnecessary expenses, potentially costing you tens or even hundreds of thousands of dollars over time. That money could be invested back into your practice or used for your retirement fund. Read our latest blog here to save on your next lease: https://buff.ly/3BxDESl #HealthcareManagement #RealEstateTips #DrilldownSolution

Keeping your team members motivated, happy, and engaged will help your business grow and succeed. But what happens when you have a limited budget that makes raises impossible? While everyone likes to receive a raise, they aren’t the only way to keep your team happy and productive. In fact, there are many great ways to motivate your team without spending more on salaries. Read more: https://buff.ly/3ZevF4l

Running a dental practice isn’t just about patient care—you also need to manage your finances, taxes, and future growth. That’s where a great Certified Public Accountant (CPA) comes in. But how do you pick the right one? A dental CPA should have an understanding of your dental services, benchmarking & KPIs, tax strategies, financial planning, and dental software. They should also be able to connect you with their network of financial experts so that you can get specific advice related to your dental practice. Read more: https://buff.ly/4fH2qxD #DentalCPA #GrowYourPractice #DrillDownSolution

Have you considered adding an associate dentist to your dental practice? It can have a positive impact on your business success and work-life balance. However, the success of the dental associate depends on several factors: the compensation plan, the costs involved with hiring another dentist, your dental practice's ability to take on more patients, and the practice model (fee-for-service or PPO). When set up correctly, hiring an associate dentist can help you expand your dental practice and reduce your excess working hours. Read more: https://buff.ly/3UkwYgE #ExpandYourPractice #AssociateDentist #DrilldownSolution

The biggest obstacle most dentists face is that they think they’re entitled to a prosperous career. “I’m a really good dentist. Therefore, I should be able to succeed as a dentist.” The problem is that only 50% of becoming a successful dentist is about your clinical dentistry skills. The other fifty percent of what you need to do to become a prosperous dentist is “The Business of Dentistry.” This will determine whether you thrive, or even survive, as a dentist. In our latest blog post, we’ll explore what The Business of Dentistry is, and how to leverage it to enhance your dental career. Read more: https://buff.ly/3BtYnWY #DentalAssistant #DrillDownSolution #DentalMarketing

Many dentists file taxes as sole proprietors. In the past two weeks, we've talked to three dentists who are filing taxes as sole proprietors. Unfortunately, they are missing out on the tax savings that come with an S corporation structure. In our latest blog post we outline how you can benefit from switching to an S corporation if you’re a dentist that currently operates as a sole proprietor. Read more: https://buff.ly/3MVjdk9 #TaxStrategyForDentists #DentalBusinessGrowth #SwitchToSCorp #DrillDownSolution

Running a successful dental practice is not just about being a great dentist. It also means managing your finances well. Two important parts of this are bookkeeping and management accounting. Although these terms may sound similar, they are different and serve unique purposes. Graduating from bookkeeping to management accounting can help to keep your dental practice running smoothly and growing over time. Management accounting provides financial insight into your dental practice growth, staff performance, and profitability. Read our latest blog here: https://buff.ly/3Temr6d #PracticeManagement #DentalAccounting #FinancialManagement #DrilldownSolution

Revenue Cycle Management (RCM) is the financial aspects of patient care in a dental practice. The cycle starts when a patient makes an appointment and ends when the payment is received and processed. The main goal of RCM is to ensure your dental practice gets paid on time for the services you provide. In our latest blog post, we show you how effective RCM helps improve the financial health of your dental practice. Read more here: https://buff.ly/3ADByj1 #RevenueCycleManagement #DentalBilling #PatientCare #DrillDownSolution

Valuing a dental practice can be complex and nuanced. While there are common rules of thumb used in the industry, they often fall short of capturing the true value of a practice. In this article We'll explore why these general rules can be misleading, the importance of profitability, the impact of cash flow, and the subjective factors that can significantly affect valuation. Read more: https://buff.ly/3YWZEPQ #Valuation #DentalPractice #DrillDownSolutions

As a dentist, your primary focus is your patients and your practice. However, managing your wealth and planning for the future is just as important. This becomes especially crucial when considering the sale of your practice to Dental Service Organizations (DSOs) or Private Equity Groups. This is where a family office can help. A family office provides a range of financial services tailored to the unique needs of high-income individuals, such as dentists. In our latest blog post, we’ll review the history, evolution, and benefits of family offices for dentists like yourself. Read more: https://buff.ly/4dL6RqZ