Art of Dental Finance and Management

By Art WiedermanBusiness Management

Art of Dental Finance and Management episodes

December 09, 2020 How to Navigate Your Dental Office Lease Negotiations and Save Thousands of Dollars
One impactful way dentists can leverage their cash flow is by negotiating their office lease. Utilizing an expert in this area can help you understand the intricacies and not miss opportunities by doing it yourself. Having a commercial real estate broker negotiating on your behalf will give you an advantage in any deal, whether you’re looking for a new lease, renegotiating an existing lease, expanding your dental practice space or buying an entire building. In this episode of The Art of Dental Finance and Management, Art visits with experienced commercial real estate agent Brian Mills of ROAM Commercial Realty. Brian and his team represent dentists who are looking to find new space to operate their practice (both rental space and buildings to purchase), or who need help renegotiating or extending their dental office lease. Art and Brian discuss how landlords and lease negotiations have changed due to the COVID-19 pandemic, what aspects of a dental office lease require negotiation, philosophies of leverage in a deal. They also cover the different financial aspects of a negotiating a commercial lease such as how a lease rate is determined, tenant improvement allowances, options, and much more. Brian also addresses the underlying philosophies when considering purchasing real estate, why price is not always as important as terms of a loan on a purchase, as well as the great financial and tax advantages of owning your own building. 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
1 hr 6 min
December 02, 2020 How to Invest During a Pandemic and Post-Election Climate
Despite the tumultuous economy and market fluctuation throughout the COVID-19 pandemic, dentists should continue to strategically save money and diversify their investment options. This is especially true for those dentists in their prime earning years where they can withstand more risk, outpace inflation and experience long-term investment growth. In this episode of The Art of Dental Finance and Management podcast, Artspeaks with James Davenport, MBA, Managing Director of Beacon Pointe Wealth Advisors. Art and James discuss what we’ve been seeing in the markets, how the pandemic and change in administration will likely affect them and predictions on possible sectors that may perform well in 2021. James details what dentists in different age groups/life stages (25-35, 35-50 and over 50) should consider when investing. It is important to regularly meet with your financial planner/investment advisor for their expert guidance and to make sure your strategies are still viable. 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 9 min
November 25, 2020Everything Dentists Need to Know About Financial Planning
Dentists, like other professionals, should develop a solid financial plan to build wealth and prepare for retirement. Planning for financial independence while building their dental practice is an issue that concerns dentists at all stages of their career, whether they’re just starting out, growing to multiple locations, or preparing to sell their practice in preparation for retirement. Developing a financial plan with the guidance of a team of professional advisors helps them meet their unique current and future goals and will continue to evolve throughout the various life stages.

In this episode of The Art of Dental Finance and Management podcast, Art meets with Ryan Weigel, CPA, CFP and Zachary Schnitzler, CEPA, CLCS of Eide Bailly Financial Services about the financial planning process for dentists. Ryan and Zachary emphasize why financial plans are so important, major pitfalls to avoid (typically not having any financial plan), as well as what steps dentists can take to ensure success. They also discuss some of the essential elements of a solid financial plan:

Budgeting

Debt reduction

Student loans

Retirement savings

Insurance coverage

Children’s education

Estate 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.

[CALL OUT BOX – We Can Help Button] Let us help you build a solid financial. [cta: www.eidebailly.com/financialfuture]

The Transcript

Art Wiederman, CPA And hello everyone, and welcome to another episode of The Art of Dental Finance and Management with Art Wiederman, CPA. I am your host, Art Wiederman. It's a pleasure for me to be joining you today and sharing some information. I am a dental division director at the CPA firm of Eide Bailly. Our CPA firm represents about 800 dentists and today's topic is, goes to the core of what this podcast series is about. It's called The Art of Dental Finance and Management.

And today we're going to be talking about a financial plan. I've done podcasts on the 10 Biggest Financial Mistakes Dentists Make, and I've talked about retirement planning. But today I have two really great experts from our firm, Ryan Weigel and Zach Schnitzler. And Zach and Ryan are going to go ahead and talk about financial planning. They're part of our financial planning group.

We're going to talk about why do you need a financial plan? What is a financial plan and what are the biggest mistakes we see dentists making. B
1 hr 8 min
November 18, 2020 Post-Election: What New Potential Legislation Could Mean for Dentists
Taxation is one of the most complex issues businesses face, including dentists. This is especially true for mid-sized business owners who are not always well-represented before Congress. Art speaks with Eide Bailly Director of Legislative Affairs Mel Schwarz, JD, CPA, in this episode of The Art of Dental Finance and Management podcast. In his unique role based in Washington, D.C., Mel spends his time working with members of Congress, as well as influential individuals at the Treasury and IRS regarding new and pending tax legislation. He is dedicated to keeping business owners informed on legislation updates that could affect owners as well as helping them make their concerns and needs heard by the right people. In light of the recent election, Art and Mel discuss the relevant legislative issues that could affect dentists and their tax planning: · What provisions of President-elect Biden’s tax plan may be implemented? · Updates on pending PPP legislation. · Potential changes to tax policy and law if: o The White House and both houses of Congress are controlled by the Democrats, or o The Senate remains in Republican control · Possible overhaul of healthcare legislation and the Affordable Care Act. 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 prepared for year-end tax planning? Our dental-specific CPA team is here to help. https://www.eidebailly.com/industries/health-care/dentists.
1 hr 3 min
November 11, 2020 How the American Dental Association Advocates for Dentists Through the Pandemic and Beyond
As we celebrate our 100th episode of The Art of Dental Finance and Management podcast, Art welcomes Dr. Kathleen O’Loughlin, Executive Director of the American Dental Association (ADA). For 160 years, the ADA has been focused on empowering dentists in their practice, advancing the oral health of their patients, as well as supporting overall public health. Throughout the COVID-19 pandemic, Dr. O’Loughlin and her team advocated on behalf of dentists across the nation who fought to receive PPE, and to be deemed essential. They also looked to the ADA to make sense of and apply for the various relief funding, as well as receive more guidance on the safe reopening of their practices. In addition to sharing her career progression to becoming the ADA’s executive director, Dr. O’Loughlin speaks about how the organization helps support dentists and dental school students, how they fervently advocated for dentists by lobbying Congress during the difficult first few months of the forced shutdown. Through their efforts, the ADA was able to get 2.6 million masks and over 500,000 gowns to dentists when supplies were limited and earmarked for the medical frontlines. Dr. O’Loughlin outlines the four key initiatives the ADA is focused on moving forward to further support dentists: 1. Membership attraction and retention 2. Digital transformation 3. Diversity and inclusion 4. Utilizing big data and A.I. 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. Be sure to like and share our 100th episode podcast post on our social media channels (Linked In, Facebook, Twitter) to be entered to win a $100 Visa gift card. You can also subscribe on our website to receive information on future podcasts to be entered for a chance to win! Today marks 100 episodes of the podcast, but we’re nowhere near stopping. Let us help your dental office by maximizing practice profitability. https://www.eidebailly.com/industries/health-care/dentists.
1 hr 2 min
November 04, 2020 How Dentists Can Remain Compliant with Relief Funding and Increase Dental Practice Profitability
This week’s episode of The Art of Dental Finance and Management podcast focuses on COVID-19 related relief programs dentists can take advantage of, as well as tips and key business metrics to operate a more profitable practice. On October 28, the U.S. Department of Health & Human Services (HHS) released new updates to the HHS Provider Relief Fund FAQs that added removed and modified guidance. Art reviews these updates as well as provides additional helpful dental practice finance and management guidance, including: • Updates on filing for Paycheck Protection Program (PPP) loan forgiveness • Phase 3 funding for the HHS Provider Relief Fund • How dentists should document relief fund expenses • Preview of Democratic Presidential candidate Joe Biden’s income tax plan • Financial tips and tax savings dependent upon who wins the presidential election Art also discusses key business metrics related to helping dentists run a more efficient and profitable practice, including: • A formula for calculating total production in a dental practice • The importance of minimizing cancellations and no-shows • Increasing production and meeting practice goals with your morning huddle 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. Maximize your practice profitability with the support of our team of dental industry professionals. https://www.eidebailly.com/industries/health-care/dentists. Be sure to like and share our 100th episode podcast post on our social media channels to be entered to win a $100 Visa gift card. You can also subscribe on our website to receive information on future podcasts to be entered for a chance to win!
1 hr 13 min
October 28, 2020 Growing Your Dental Practice to Multiple Locations: Tips for Success
Many entrepreneurial dentists aspire to expand to multiple locations to continue growing their practice. However, for dentists to own multiple group dental practices, it’s crucial to understand how to build the infrastructure to make it successful. In this episode of The Art of Dental Finance and Management podcast, Art speaks with Diwakar Sinha, Chief Development Officer at Tusk Partners, a leading dental M&A advisory firm, that helps dentists accomplish practice growth through group dental practices and dental service organizations (DSOs). Whether you’re just starting out, continuing to grow, or looking to sell, there are key areas to focus on: · Start with the end in mind · Take the initial first steps · Secure financing · Expand your growth · Manage multiple group practices · Develop an exit strategy · establish legal structure · document proper accounting As a member of Eide Bailly’s Dental Segment, Art is an experienced dental-specific CPA and practice consultant with over 36 years in the profession. Art has built his career on providing dentists with a wealth of information and guidance to help them better manage their business, motivate their team and maximize their profitability. Eide Bailly’s dental segment specializes in accounting, tax compliance and planning, financial planning, retirement planning and financial practice management consulting. 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. Maximize your practice profitability with the support of our team of dental industry professionals. https://www.eidebailly.com/industries/health-care/dentists.
58 min
October 21, 2020 Top Dental Metrics to Maximize Practice Profitability
Dentists may have hidden profits in their practice that they’re not earning due to lack of information. There are many dental metrics software tools that allow dental teams to collect key information. However, the trick comes in how it’s captured and reviewed, and how to take actionable steps. In this episode of The Art of Dental Finance and Management podcast, Art outlines some of the top dental metrics to focus on including: · Re-appointment percentage · Pre-appointment percentage · Attrition rate As a member of Eide Bailly’s Dental Segment, Art is an experienced dental-specific CPA and practice consultant with over 36 years in the profession. Art has built his career on providing dentists with a wealth of information and guidance to help them better manage their business, motivate their team and maximize their profitability. Eide Bailly’s dental segment specializes in accounting, tax compliance and planning, financial planning, retirement planning and financial practice management consulting. 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. Maximize your practice profitability with the support of our team of dental industry professionals. https://www.eidebailly.com/industries/health-care/dentists.
1 hr 9 min
October 14, 2020How to Develop an Exit and Transition Plan for Your Dental Practice
Dentists, like any other business owner, should strategically plan for exit well in advance of their anticipated practice sale date. Following the steps outlined by our podcast guest and business transition coach, Larry O’Toole, will help accomplish an optimal outcome when you’re ready to sell your dental practice. Preparing your practice exit and transition plan now will assure that you provide tremendous value for the buyer, command greater profit for yourself, as well as ensuring a ‘euphoric’ experience throughout the transition process. In this episode of The Art of Dental Finance and Management podcast, Art and Larry discuss how dentists can build greater long-term value for their practice and remove some of the uncertainty when planning for its transition, whenever that day may be. It’s better to be in a strong negotiating position when preparing your dental practice for a sale and Larry outlines some key takeaways from following his recommended five-step campaign approach:

Building business wealth

Fostering the right mindset

Developing a dental practice that makes it attractive to buyers

Generating long-term value

Reach out to Art if you have any questions regarding transitioning your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Maximize your practice growth and prevent future loss with the support of our team of dental industry professionals. https://www.eidebailly.com/services/ownership-transition.
1 hr 2 min
October 07, 2020 How to Become a Sports Dentist from a Former L.A. Lakers and Kings Team Dentist
For many sports enthusiasts, being able to work for a major NBA, NFL or NHL team would be an absolute dream. Our guest on this week’s podcast, Dr. Jeffrey Hoy, served as the team dentist for the Lakers and Kings, as well as other large Los Angeles sports teams for 30 years. In addition to his collection of championship rings, he has countless memories to commemorate this epic time in his dentistry career. Listen to this episode of The Art of Dental Finance and Management podcast to learn more about how Dr. Hoy became the team dentist for some of the most renowned athletes of all time, including the late Kobe Bryant. He provides excellent, practical advice for aspiring sports dentists at any stage of their career, as well how supporting high school and college athletic teams can enhance your existing dental practice. Dr. Hoy discusses what steps dentists need to take and training necessary to become a competitive, highly sought-after sports dentist. Any questions regarding dental finance for your dental practice? Reach out to Art [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. If you haven’t yet completed our R&D Tax Credit Questionnaire to see if you might be eligible to receive R&D tax credits, we encourage you to do so. Our September 16 episode includes valuable information to help dentists understand how innovative activities they’re doing in their practice might qualify them for an R&D Tax Credit.
1 hr 13 min

About Art of Dental Finance and Management

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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…