Art of Dental Finance and Management

By Art WiedermanBusiness Management

Art of Dental Finance and Management episodes

June 09, 2021 Maximizing ERC Funds for Dentists: Lessons Learned
On today's episode of The Art of Dental Finance and Management podcast, Art meets with Jim Donovan, Partner-in-Charge of the Employee Retention Credit (ERC) program at Eide Bailly. Art and Jim discuss the lessons they’ve learned throughout the process of helping clients maximize funding, as well as how dentists can still take advantage of the opportunity. Some key points covered in this episode include: • History of the ERC provision • How to qualify • Timing to receive • How to calculate and maximize funding • 2021 rules 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. Request help to see if you qualify and to maximize funding. https://www.eidebailly.com/erc
1 hr 5 min
May 26, 2021 Key Performance Indicators to Help Dentists Grow Their Practice
On today's episode of The Art of Dental Finance and Management podcast, Art meets with Eric Vickery, dental coach at All-Star Dental Academy, to discuss the Key Performance Indicators (KPIs) for dentists to grow their practice. Art and Eric review tips on how to best manage their practice and track measurable stats including: • New patients • Comprehensive exams • Write-off rate • Hygiene appointments • Lost time in the schedule • Collection rate vs. production 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.
1 hr 3 min
May 12, 2021 Increased Profits and Overall Efficiency for Dentists: How Cloud-Based Software Can Help
Dentists who digitally transform their dental practice with cloud-based software can operate more efficiently and profitably. What does this mean? It’s a system of resources without direct active management by the user, which means more time to focus on your practice. On today's episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Bob Dokhanchi from Fox Valley Dental Care in Aurora, Illinois. Dr. Dokhanchi and his team made the switch from server-based to cloud-based software five years ago. In this episode, they discuss advantages of the transition, including: · Data security · Cost savings · Staff adoption/training · Software selection 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. http://www.eidebailly.com/dentists
1 hr 1 min
April 28, 2021 Economic Update: National and Global Issues Affecting Dentists
On today's episode of The Art of Dental Finance and Management podcast, Art meets with Dennis Kushner, principal of Fordham Road Collaborative Group. Art and Dennis discuss national and global economic issues affecting dentists including: • Inflation • Interest rates • Pandemic challenges • Global influences • Potential tax legislation • National debt • Economic indicators and trends 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. http://www.eidebailly.com/dentists
1 hr 3 min
April 14, 2021 Increase Revenue in Your Dental Office Starting at the Front Desk
On today's episode of The Art of Dental Finance and Management podcast, Art meets with Alex and Heather Nottingham, founders of All-Star Dental Academy. Alex and Heather discuss strategic ways dentists can increase case acceptance in their practice by training the front office staff on verbal skills when answering phones and scheduling. Front office tactics they discuss include: · Taking a relationship approach versus a sales approach in initial conversations · Importance of the initial conversation with a potential new patient · Training staff how to relate and respond to different types of patients · How to overcome objections · How to build the relationship · When to ask for the appointment 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. http://www.eidebailly.com/dentists
1 hr 10 min
March 31, 2021 Tax Law Changes for 2021: What Dentists Need to Know
In this episode of The Art of Dental Finance and Management podcast, Art meets with Mel Schwarz, Director of Legislative Affairs in Eide Bailly’s National Tax Office. Art and Mel discuss the new tax law changes related to the enactment of the American Rescue Plan Act (ARPA) signed into law in mid-March. Mel’s reviews components of the new plan that will help dentists minimize their tax liabilities, as well as provisions that may affect 2020 tax returns. ARPA includes: • Expanded child tax credits • Stimulus payments of $1,400 per person • Student loan debt forgiveness relief • New rules on taxation of unemployment benefits • Potential new tax laws coming 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. Tax planning for 2020 may be challenging with the new tax law changes. Our advisors are here to help simplify the process. https://www.eidebailly.com/insights/articles/2021/3/congress-approves-1-9-trillion-covid-19-rescue-bill
1 hr 9 min
March 24, 2021 Dental School Debt: How to Manage and Pay it Off
For dentists who have student loan debt, learning how to best manage and ultimately pay off that debt, is one of the keys to being more profitable in your dental practice. According to the American Dental Association, the average debt per dental school graduate is now nearing $300,000. In this episode of The Art of Dental Finance and Management podcast, Art meets with Mark Johnson, founder of Student Loans RX. Mark discusses ways to help dentists adopt the best strategy to pay off their student loans and make long-term financial plans. In the episode, Art and Mark also discuss: · New rules passed by Congress on student loan payments · What has changed with the COVID-19 pandemic · How income-based repayment plans work · Pros and cons of refinancing federally subsidized student loans with private lenders · How student loans work if a dentist chooses to work in the public health sector · Why student loan repayment is a critical part of overall financial planning 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. Managing student loan debt, as well as finances can lead to more profits. http://www.eidebailly.com/financialfuture
1 hr 7 min
March 17, 2021 New Rules Published By the IRS Can Help Dentists Receive More Economic Relief
Dentists can receive relief from the Employee Retention Tax Credit (ERTC) and potential full forgiveness of their Paycheck Protection Program (PPP) loans based on new rules published by the IRS. On today’s episode of The Art of Dental Finance and Management podcast, Art discusses the ways that dentists can not only receive potential full forgiveness of their round one PPP loans, but also receive up to a $5,000 per employee with the ERTC. New Treasury guidance was recently published (Notice 2021-20) which explains in greater detail to help dentists and other small business owners best utilize the available funding. In the episode, Art reviews: · Background on the PPP loan rules · How to determine when to file for PPP loan forgiveness · Who is eligible for the ERTC · How to calculate the ERTC · Strategy for dentists to use wages paid for PPP loan forgiveness and ERTC 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. Deciding how to best manage your PPP loan(s) and the ERTC can be challenging. Our team can help you maximize your economic relief. https://go.eidebailly.com/ppp
1 hr 21 min
March 10, 2021 How Dentists Can Use LinkedIn to Increase Profitability
According to experts, dentists can benefit from being active on LinkedIn to expand their social network and increase profitability. LinkedIn is a social network that dentists can use to connect, network and engage with others to attract new patients, increase referrals and grow their dental practice. In this episode of The Art of Dental Finance and Management podcast, Art Wiederman meets with Rhonda Sher, a LinkedIn strategist who coaches professionals in utilizing the platform to its full capacity. Rhonda gives a variety of tips and tricks dentists can use to start being more credible, visible and profitable, including: • Maintain a complete, up-to-date profile with a professional headshot • Write a compelling headline, About section and include a call-to-action • Give and receive professional recommendations Listen to this week’s episode to hear the full list of LinkedIn tips and tricks for dentists. 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. Managing a profitable dental practice can be challenging. Having the right team of advisors on your side will make it easier. www.eidebailly.com/dentist.
1 hr 8 min
March 03, 2021 Art’s Golden Rules of Financial Planning During a Pandemic
During the COVID-19 pandemic, dentists may have put their personal financial planning efforts on hold in order to keep their dental practices operating profitably. However, it’s important to reassess your financial plan and goals, as well as take action where it’s needed. Taking the right steps early, revisiting your plan regularly and adjusting as needed can help you achieve your goals and pave the way to a secure retirement. In this episode of The Art of Dental Finance and Management podcast, Art reviews his “golden rules” of financial planning during a pandemic. Art’s Golden Rules is a popular topic he frequently presents on and has helped countless dentists generate substantial wealth throughout their career and secure peace of mind for them in their retirement. These steps to building a strong financial future consist of key insights on saving for emergencies and retirement, calculating nest eggs and insurance coverage and smart financial planning. Some of Art’s Golden Rules discussed in this episode include: · Live by the 65/25/15 ratio · Pick a date for retirement · Build up your emergency savings fund · Plan your retirement base · Own your home by age of retirement · Never invest more than you can afford to lose · 4-6% may seem boring, but it works · Insure yourself for peace of mind · Don’t make your home a money pit · Buy a car, don’t lease · Plan your estate to provide for the people you love 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. Developing a financial plan may seem complex. We’ll help make it easier for you. http://www.eidebailly.com/financialfuture
1 hr 18 min

About Art of Dental Finance and Management

From the publisher's feed

Welcome to the Art of Dental Finance and Management with Art Wiederman, CPA. This is the show that will help you to meet your personal and business financial goals through saving taxes, investing and…