Art of Dental Finance and Management

It’s important for all businesses and organizations, including dentists to have good online presence. This helps attract new patients and stay competitive with other practices. One sure way to accomplish this is by ranking on the first page of Google searches, meaning your practice shows up toward the top in the list of search results.    In this episode of The Art of Dental Finance and Management podcast, Art meets with Jeff Gladnick, CEO of Great Dental Websites, to discuss how to build a dental website for your practice. Jeff outlines the key elements to consider for your dental website including:    ·         Content ·         Design ·         Services  ·         Smile galleries  ·         Testimonials   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.   Did you know? It’s Cybersecurity Awareness Month! More than 50% of businesses have been the victim of a cyberattack, and as many as 60% of those hacked businesses end up going out of business. Cybersecurity is a hot topic that affects all industry segments. Take a listen to our recent EB & Flow podcast episode featuring Michael Nouguier, Eide Bailly’s Director of Cybersecurity Services speaking on the critical importance of protecting your data.    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 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  

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

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  

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

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: [email protected].    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 yo

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 

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