Art of Dental Finance and Management

Art of Dental Finance and Management

By Art WiedermanBusinessManagement
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Art of Dental Finance and Management episodes

  • What Dentists Need to Know About the Updates to the HHS Provider Relief Reporting Requirements
    With all the changing legislation and updates to the various relief programs, it’s important for dentists to stay informed. Although it may seem complex, Art helps make sense of it to help you with strategic tax planning and maximize profitability in your practice.    In this episode of The Art of Dental Finance and Management podcast, Art updates dentists about the new HHS Provider Relief Fund reporting requirements.  In addition, there may be other potential changes coming in the PPP program, as well as a proposal for a second round of PPP loans.  Eide Bailly will continue to monitor changes in government programs and tax law to best inform dentists to better manage their practice. Art also discusses other financial topics impacting dentists and what they should be considering:   ·         Deducting PPP expenses ·         Tax planning during uncertainty ·         Accelerating income ·         Deferring deductions ·         Contributing to retirement plans  ·         Purchasing equipment in 2020 (as opposed to 2021)      Have a question about year-end tax planning 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 7 min
  • The 5 Functions in Your Dental Practice That Should Be Automated (But Probably Aren’t)

    Dentists can benefit greatly by utilizing technology tools to automate practice functions. Use of technology and automation allows dental practices to operate efficiently and can lead to increased profitability. In this episode of The Art of Dental Finance and Management podcast, Art visits with Daniel Larsen, principal product manager from Henry Schein One. Art and Daniel discuss the five things in your practice that should be automated, but likely are not: 1. Appointment scheduling 2. Routing slips 3. Payment processing 4. Patient forms 5. Imaging Have a question about 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. Sponsor Details:  This episode is sponsored by Dentrix Ascend. Dentrix Ascend moves practice management to cloud, meaning dental teams can access their practice data at any time, from any location, on any device. It simplifies the management of group practices, providing a central database and business reporting for the group while allowing individual sites the flexibility they need.  Daniel Larsen Principal Product Manager Henry Schein One www.henryscheinone.com [email protected] 801.833.3744

    53 min
  • Learn How Dentists Can Save Thousands of Dollars with Research and Development Tax Credits
    Dentists can take advantage of the research and development tax credit (R&D) that other industries have benefitted from for years. These R&D tax credits can amount to dollar-for-dollar savings on federal (and possibly state) income tax, in addition to the deduction of your research and development costs. The R&D tax credit has the potential to give dentists substantial tax-savings and strengthen their financial health, in addition to developing innovative new ways to practice dentistry.
    59 min
  • Fire Up Your Dental Practice and Increase Profitability

    As a dentist, operating your dental practice involves so much more than just clinical care. There are many aspects to managing the business that you likely never learned while in school. Utilizing dental practice consultants can help lessen the learning curve for dentists in their business operations. They can also coach you in best practices for a well-run business and maximize profitability.   In this episode of The Art of Dental Finance and Management podcast, Art speaks with Kiera Dent from the dental consulting company, The Dental A Team. Their team helps dentists across the country practice dentistry implementing their specific core values. Kiera outlines a variety of valuable tips to give dental teams a competitive edge, including how to: • Place an ad for a new dental team member  • Hire the right person • Grow your case acceptance  • Use assisted hygiene • Ramp up production using uncompleted treatment plan reports • Handle cancellations  For any questions related to dental finance or practice management, Art is here to help you. Contact information is [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.

    1 hr 7 min
  • Income Tax Planning Guidance for Dentists in a Pandemic Year
    As year-end approaches, tax planning preparation becomes increasingly important. Dentists who’ve received HHS Provider Relief Funds, or the SBA’s PPP or EIDL loans certainly need to keep good accounting of any funds received to help them financially through the COVID-19 shutdowns. To maximize tax savings, dentists need to be proactive and keep tax planning and preparation top-of-mind, especially this year. Properly tracking and documenting expenditures is paramount.   In this episode of The Art of Dental Finance and Management podcast, Artmeets with colleague, Scott Haberman, CPA. Scott is a Partner on the Eide Bailly Dental Services team, helping dentists navigate the operational and tax implications of their practice. Art and Scott provide updates on the HHS Provider Relief Fund, what Congress has been working on that may affect dentists, as well as the important issues to consider regarding your 2020 tax planning.    For any questions about any tax planning or any dental finance issues, Art is here to help you. His contact information is [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.  
    1 hr 7 min
  • Find Profit Holes in your Dental Practice Using Dentrix Ascend Practice Management Software

    It’s increasingly important for dental practices to operate digitally, especially during this COVID-19 pandemic. Managing your practice from the cloud allows your entire team access to patient information in real time and gives your patients the ability to complete and submit patient forms online. This makes for an efficient and streamlined process, especially when you have multiple dental office locations. This is also extremely valuable for patients as they spend less time in the office waiting in the reception area as well as handling clipboards, paper and pens. In this episode of The Art of Dental Finance and Management podcast, Art visits with Jill Nesbitt, MBA, dental coach and Customer Success Manager for Henry Schein One. Jill explains the capabilities of cloud-based practice management software Dentrix Ascend and how it helps dentists improve overall profitability.  Some great features that help dentists manage their practice include: • Digital workflow  • Online booking • Patient forms • Health histories  • Treatment planning Whether it’s one dental office, or multiple practices, Dentrix Ascend allows practice owners to standardize their reporting. This leads to a more thorough analysis of multiple offices. You’ll get a better view of how your practice is operating without the time and hassle of paperwork. This episode provides a lot of great information for dentists as they consider implementing dental practice management software to help them make good decisions for their practice, which will ultimately help improve their bottom line.    For any questions about dental practice management software or any dental finance issues, Art is here to help you. His contact information is [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   Sponsor Details: This episode is sponsored by Dentrix Ascend. Dentrix Ascend moves practice management to the cloud, meaning dental teams can access their practice data at any time, from any location, on any device. It simplifies the management of group practices, providing a central database and business reporting for the group while allowing individual sites the flexibility they need.

    56 min
  • Attract New Patients to Your Dental Practice with Online Reviews
    When people are searching for a new dentist, they typically conduct their search online. With that search, they also analyze the online reviews of your practice, along with the reviews of other dentists in the area that they’re considering. Showing up in search is just the first step. Positive online reviews are key to helping you build trust with patients and drive practice growth.    In today's episode of The Art of Dental Finance and Management, Art visits with Dr. Len Tau, a practicing dentist in Philadelphia, and an expert in online reviews. Dr. Tau helps dentists build their practices by securing positive reviews from patients and strengthening their online presence. Well-known for his brand platform, “Raving Patients,” he is a nationally-known speaker, podcaster and coach helping dentists succeed.    Listen in to learn more about this strategy as Art and Dr. Tau discuss: ·         The importance of online reviews ·         How to get patients to provide reviews ·         How to get patients to refer their friends ·         How Google and Yelp work  ·         Mistakes dentists make with their online presence ·         Dr. Tau’s new course, "The Art of the Sale", coaching dentists with sales and case presentation training. Bonus: listeners receive a 50% discount to his course with promo code “finance” at workshop.drlentau.com.  Art is here to answer any questions you may have. His contact information is [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. 
    1 hr 4 min
  • Tales from The Industry - How This Dentist Maintained Profitability After Reopening

    As dentists continue to recover from the challenges of COVID-19 practice closures, hear how one dentist achieved profitability following reopening. In this episode of The Art of Dental Finance and Management podcast, Art visits with Dr. Sam Ahani who runs a very successful general dental practice in Northern California. Dr. Ahani shares how he chose to navigate his practice closure during the COVID-19 pandemic and how he led his team through it, as well as the steps he took for reopening safely. He also covers how he strategically spent additional dollars to invest in extra equipment, safety measures and his staff and how it benefited his practice’s profitability. Dr. Ahani also talks about a new app he developed called Refera that helps dentists increase their production. This new app allows seamless communication between a general dentist and a specialist to track and recapture potential lost patients that have been referred to specialists. This app helps solve the widespread issue of dentists losing tens of thousands of dollars of revenue by lost referrals.  As always, Art is here to answer any question you may have. His contact information is [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.  Dr. Sam Ahani [email protected]

    1 hr 6 min
  • How Reopening Can Affect Your Dental Hygiene Schedule
    In this episode of The Art of Dental Finance and Management podcast, Art speaks to one of the top dental management consultants in the country, JoAnne Tanner of Tanner Management.  Joanne and Art discuss how hygiene schedules in the first month or two after the reopening of dental offices have been strong. However, there are many offices that will experience a significant drop in their hygiene schedules in the last quarter of 2020. This fallout could cause more problems for office profitability and JoAnne shares tips on how to rectify this by taking decisive action for your dental office now.  JoAnne and Art also discuss: ·         Their favorite dental metrics they use when consulting with dentists ·         Why implementing key verbal skills with patients is good for business  ·         Communicating case presentation to the doctor and team ·         Tips for management of a successful dental practice ·         Items to consider when buying a dental practice  Art is here to answer any question you may have on this topic or anything related to dental finance and management. He can be reached at [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. JoAnne Tanner, MBA Tanner Management www.TannerMGMT.com  [email protected] (916) 791-2720 
    55 min
  • How to Transition Your Dental Practice During COVID-19
    During a time of immense change, dental practices are beginning to look toward the future and how will they survive the COVID-19 pandemic. One consideration is transitioning your practice through either buying a new practice or selling your dental practice.    The guest for this week’s episode of The Art of Dental Finance and Management podcast is Art’s long-time friend and dental attorney, Dr. Lee Maddox of Maddox Healthcare Law. Dr. Maddox has over 30 years of experience as both a dental attorney and a dental broker and he ran Henry Schein's brokerage operation for over five years.   In this episode, Art and Dr. Maddox discuss: ·         The state of dental practice transitions ·         What sellers need to consider when thinking about selling now, versus waiting ·         Considerations for buyers when buying practices ·         What banks are doing and how they are evaluating practice sales transactions ·         Possible ramifications of waiting until 2021 to sell your practice Dr. Maddox is one of the most knowledgeable people in the country on dental practice transitions and his insights for dentists looking to buy and sell are extremely valuable.   Art is here to answer any question you may have on this topic or anything related to dental finance and management. He can be reached at [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.
    1 hr 7 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…

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