Art of Dental Finance and Management

Dentists who have previously built, or would like to build out a new office, could benefit from a cost segregation study to maximize any available tax deductions. A cost segregation study can be done on any property that is producing income and can accelerate your depreciation deductions, allowing you to get more money in your pocket right away. This way, you’ll pay less in taxes and improve your cash flow.   In this episode of The Art of Dental Finance and Management podcast, Art meets with Mark Rogers, Eide Bailly’s Principal-in-Charge of Fixed Asset Services to discuss how cost segregation studies can help dentists save money on a new office build. With a team of CPAs, construction managers, architects, engineers, the Fixed Asset Services team look at how to achieve deductions in the built environment. Especially with the advent of the Tax Cut and Jobs Act (TCJA) and the CARES Act, there are even more opportunities to take advantage of all the available tax savings.    A cost segregation study breaks out a building into different components, trying to find some lower life property within it in order to get the standard 39 year depreciation schedule into a 5, 7 or 15 year period to secure bonus depreciation. For example, if you put a component into 5 years and get a 50% bonus, you can take half of your 5 year cost in year one.    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.   Cost segregation studies can be very complex. Our team of experts can help make it easier, saving you money and peace of mind. https://www.eidebailly.com/services/tax/fixed-asset-services

Dentists could potentially save tens of thousands of dollars each year just by mastering the complex world of dental insurance. For dentists who are currently contracted with Preferred Provider Organizations PPOs or are thinking about starting to go in-network with PPOs, or want to reduce their dependency on PPOs, there can be a lot of intricacies to navigate. It’s important to learn which PPO plans to participate in and how to maximize insurance reimbursements to increase revenues in your dental practice.   In this episode of The Art of Dental Finance and Management podcast, Artmeets with Clint Johnson of Profitable PPOs to help dentists navigate the complex web of dental insurance plans and tells them how to make the best decisions on which PPO plans to participate in. Some considerations for dentists include: ·         Current dental PPO marketplace ·         Strategies dentists can use to maximize and increase PPO fees ·         What to do if fees are being reduced ·         How tiered networks operate  ·         How to avoid unknowingly signing up for one PPO plan that is contracted with a dozen or more    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.   Are you looking for other ways to increase profitability in your dental practice? Let’s talk.  www.eidebailly.com/dentist

It’s highly likely that dentists will be affected by fraud at some point in their dental practice. Recovering from fraud can be costly, time consuming and extremely stressful. Therefore, setting up internal controls is imperative for a practice owner to prevent fraud from happening in the first place.    In this episode of The Art of Dental Finance and Management podcast, Artmeets with Brandon Waldren, CPA, CFE, CFI, a Senior Manager in Eide Bailly’s Fraud & Forensics Advisory group. As a Certified Fraud Examiner and Certified Forensic Interviewer, Brandon helps clients strengthen their organization’s internal controls to prevent fraud, as well as steps to take when fraud is suspected. This episode discusses the typical characteristics of a fraudster, as well as things to watch for to prevent fraud in your office.    When it comes to fraud, the “perception of detection” is the most effective internal control for prevention and detection. It’s important to establish rules and procedures regarding all the financial aspects of the office, and everyone on your team should know how seriously you take fraud.     Some examples of internal controls that dentists can implement include:   ·         Allow only physical signatures on checks by the owner ·         Limit the owner as the only person who has access to Amazon.com purchases ·         Assign multiple people to review all checks before they’re sent out ·         Limit who has access to the cash  ·         Review of all bank statements directly by the practice owner each month ·         Use your dental software to record and track receipts ·         Add surprise requests occasionally – cash counts, invoice support, password changes, forced staff vacations   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.   Identifying and recovering from fraud can be complicated and stressful. There are many internal controls you can set up to prevent fraud in your dental practice.  https://www.eidebailly.com/services/fraud-and-forensic-advisory

Calculating your Second Draw Paycheck Protection Program (PPP) loan amount and navigating the loan forgiveness process can be complicated. This episode of The Art of Dental Finance and Management podcast helps break down the details dentists need to know about the PPP.   The Small Business Administration (SBA) recently released guidance that helps provide clarity. This episode breaks down the details of the PPP program for dentists, how it may affect your dental practice and how you can maximize your PPP loan forgiveness, including:    ·         Understanding the new PPP loan forgiveness rules ·         Completing the simplified one-page PPP loan forgiveness form for loans under $150,000 ·         Calculating maximum Second Draw PPP loan amount ·         Registering on the HHS Provider Relief Fund online portal ·         Qualifying for the Employee Retention Tax Credit (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. PPP funding is complex. Let us help you make sense of compliance and maximize loan forgiveness. https://www.eidebailly.com/insights/articles/2021/1/heres-what-you-need-to-know-about-the-updated-ppp-programs 

It’s a new year, and with it comes the need for dentiststo review their financial planning goals and benchmarks. In order to build wealth and have the lifestyle you desire now—as well as long into retirement—it’s best to start planning and investing early, be consistent in saving throughout your career and maintain focus on your long-term goals. It’s important that dentists build the right financial team full of people they can trust and depend on to help reach goals and build lasting wealth.     In this episode of The Art of Dental Finance and Management podcast, Art meets with Steve Kwong of Merrill Lynch to discuss everything that dentists should know about financial planning that they may not have learned before. Art and Steve speak on financial planning fundamentals, as well as which types of investments are the best bet for 2021.    Financial planning strategies covered include:   ·         Begin with an end in mind ·         Set and meet goals ·         Evaluate risk and risk management timeframes ·         Invest with a purpose ·         Maximize return  ·         Allocate your investments in different risk buckets ·         Assess risk/reward tradeoff ·         Implement a 401k or profit-sharing plan in your practice  ·         Create a legacy ·         Prevent falling prey to financial schemes   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.   It’s a new year and time to review your financial planning strategies. Solid planning along with regular review of your financial plan and investments will help you reach your goals and build wealth. Our advisors can help keep you on track. http://www.eidebailly.com/financialfuture 

Since Congress finalized its new $900 billion economic stimulus package, which includes $284.5 billion to fund a second round of the Paycheck Protection Program (PPP), dentists can now apply for a new PPP loan. The Small Business Administration (SBA) recently released new guidelines with many details about the deductibility of PPP expenses and loan forgiveness.    In this episode of The Art of Dental Finance and Management podcast, Artdiscusses everything that dentists should know about the new stimulus package and how it may affect their bottom-line. Art gives step-by-step instructions on securing a second PPP loan and plan for forgiveness:   ·         New application form ·         New rules about who qualifies  ·         How much you should apply for ·         Interplay between the PPP loan and the Employee Retention Tax Credit(ERC) ·         Strategy for full forgiveness  ·         New PPP loan forgiveness form ·         Deadlines of filing with the Department of Health and Human Services (HHS) for HHS Provider Relief Funds   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.   Good planning and proper documentation can help ensure you maximize your PPP loan forgiveness. www.eidebailly.com/ppp

Teledentistry can help dentists ‘add polish to their practice’ by offering additional consultation options to their patients. In addition to being able to provide continuity of care when patients are more hesitant to make office visits, dentists are also able to maximize their practice’s chair time for their clinical appointments. Teledentistry adds to the uniqueness of a practice, as well as enhances the customer's overall dental experience.    In this episode of The Art of Dental Finance and Management podcast, Art meets with Cindy Koelbl, Chief Operating Officer of Integrated Telehealth Solutions (ITS) to talk about telehealth and teledentistry. As a subset of telehealth, teledentistry uses a broad variety of telecommunication and information technology to provide and support dental care delivery, diagnosis, consultation, treatment, and even to transfer dental information and provide education. It enables dentists and clinicians to convey advice, perform triage, conduct exams, do screenings and consult.   Art and Cindy discuss how teledentistry has proven extremely beneficial for both dentists and patients this past year especially throughout the COVID-19 pandemic. Specifically, we discuss how  teledentistry involves four distinct types of patient care, each with related billing codes:  ·         Synchronous ·         Asynchronous  ·         Remote Patient Monitoring (RPM), and  ·         In-health   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.   Dentists can increase their efficiency and profitability by implementing teledentistry and other tech tools. We can help you decide which tools make the most sense for your practice. https://www.eidebailly.com/industries/health-care/dentists  

Now that Congress has finalized a new $900 billion economic stimulus package, dentists who have suffered losses of income in 2020 can apply for a new Paycheck Protection Program (PPP) loan. Most who applied for the first round of PPP will also be eligible to apply for the second round. There are many details on the deductibility of PPP expenses that dentists should be aware of.    In this episode of The Art of Dental Finance and Management podcast, Artdiscusses the new stimulus package and how it may affect dentists, including the impact of new PPP funding. Topics include: ·         Qualified expenses, such as personal protection equipment (PPE) that PPP funds can be used for ·         Simplified PPP forgiveness applications    As 2020 comes to a close, it’s imperative for dentists to make sure they have all their documentation in order for year-end tax planning . Dentists should also be aware of the steps they can take to maximize their PPP loan forgiveness.    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.   Good planning and proper documentation can help ensure you maximize your PPP loan forgiveness. www.eidebailly.com/ppp  

Congress is in the process of finalizing a new stimulus package, which includes $300 Billion for PPP loans. This stimulus is for small businesses who have suffered losses of income in 2020.  Most who’ve applied for the first round of PPP will be eligible to apply for the second round. There are also new proposed PPP loan rules that dentists should be aware of.    In this episode of The Art of Dental Finance and Management podcast, Artdiscusses the pending stimulus legislation and how it may affect dentists. He also covers the documentation of the HHS Provider Relief Fund grants and what dentists should be doing to get ready. As 2020 comes to a close, it’s imperative to stay on track with your year-end tax planning and make sure you have all your documentation in order.    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.   Start 2021 strong. As you prepare for year-end tax planning, here are some key tips for getting your books in order. https://www.eidebailly.com/insights/articles/2019/1/preparing-your-books-for-year-end Show Notes and Resources:   ·         Eide Bailly’s Dental Practice ·         Decisions in Dentistry magazine ·         ADCPA ·         Preparing Your Books for Year-End This podcast is dedicated to Cindy Schiff, wife of Allen Schiff, President of the Academy of Dental CPAs. Cindy sadly passed away at the beginning of December. Allen has asked that any memorial contributions in her honor be made to:    Hopkins ALS Clinical & Educational Fund c/o Lora Clawson, CRNP JHOPC - Suite 5070A 601 North Caroline Street  Baltimore, Maryland 21287