Art of Dental Finance and Management

In today’s episode of The Art of Dental Finance and Management podcast, Art Wiederman, CPA covers a variety of important topics to help dentists navigate this critical time. This is the first episode of the podcast since HMWC’s merger with Eide Bailly and more detailed information, tools and resources are provided about this exciting development. For more information on what Art and the dental team can provide as part of this merger, visit www.eidebailly.com/dentist.  Topics covered in this episode include:  • As we get close to a second stimulus package, which has potentially several income tax friendly possibilities, Art outlines the proposals from the Republicans and Democrats and what is likely to become law.  • A new bill to allow all PPP loan recipients to fill out a very simple one-page form and receive automatic forgiveness.  • There’s been an increase in dentists being targets for scammers. What the IRS can and cannot do, how they will contact a taxpayer and the most popular scams the bad players are using to get your personal information.  • New partnership with Gary Takacs and The Thriving Dentist Show This episode provides a wealth of valuable and timely information for dentists as they continue on the path to profitability.  As always, Art is here to answer any question you may have. His new contact information is [email protected] or 657.279.3243.  Art Wiederman, CPA Eide Bailly  [email protected]  657.279.3243

On Friday, July 10, the Department of Health and Human Services (HHS) opened the CARES Act Provider Relief Fund to all dentists who meet certain requirements. In this episode, Art reviews the rules as to who is eligible and discusses the Terms and Conditions that dentists need to comply with if they accept this aid (generally 2% of their gross receipts). It is important for dentists to review the information as soon as possible, as applications must be made on or before July 24.  In the latter part of the episode, Art reviews:  • PPP updates  • Tax planning opportunities for 2020  • His outlook on a possible additional stimulus package  • How the November election could affect tax rates and planning This episode provides valuable and timely information for dentists.  Art Wiederman, CPA HMWC CPAs & Business Advisors 714.505.9000 [email protected]

In this episode, Art meets with dental CPA, Robert Edwards and his wife, dental management consultant, Dr. Sharon Tiger. They are two of the top dental professionals in the country and they provide tips for reopening your dental practice.    Art, Robert and Sharon discuss what financial moves dentists should be making during the reopening of their offices, including:    • How to budget and plan  • Opinions about PPP and EIDL loans  • Why long-term financial planning is more important than ever    Additionally, Sharon gives very specific advice on how to communicate with patients and how to manage your hygiene program. This episode is packed with an abundance of good, practical advice for dentists returning to work.  Robert Edwards, CPA  R.T Edwards & Associates  972-267-9191  [email protected]  Dr. Sharon Tiger  Tiger Business Consulting  214.673.8399  [email protected]

In today’s episode of The Art of Dental Finance and Management podcast, Art meets with Kristie Boltz, owner of MyDentalCMO, to discuss marketing your dental practice through COVID-19. Through her company, Kristie operates as the Chief Marketing Officer for multiple dental practices. Kristie and Art discuss: • What a Chief Marketing Officer's job for a dental practice entails • The best type of marketing to do now as dental offices open again • How much time and money a dentist should spend on marketing • Appropriate ROI on a dentist's marketing dollar • Why, now more than ever, it is important to assess what you are doing with your practice marketing • Assessing what is working and what isn’t • Pivoting your marketing to fit the changing times Art emphasizes the importance of continuing your practice marketing despite challenging circumstances. One of his mottos is: “the day you stop marketing your business, is the day your business begins to die”, so don’t be quick to cut this. This episode will be valuable for dentists to hear during this reopening stage of their practices. Kristie Boltz MyDentalCMO www.mydentalcmo.com  [email protected]  614.655.1173

Now that we have a lull in reporting on SBA loan programs, the focus should shift to bringing dental practices back strong. This week’s episode features Dr. Paul Homoly of Homoly Communications. For decades, Dr. Homoly has been on the cutting edge of helping doctors improve their case presentation to persuade patients to say "Yes" to treatment. He is a master at dialoguing with patients, and shares how dentists should communicate with them during this critical time.  Because many of the diseases that weaken the immune system start in the mouth, Art and Dr. Homoly converse about why presenting complete care to patients is so important. They discuss how dentists should communicate comprehensive care to their patients, with emphasis on how a stronger immune system goes a long way towards fighting COVID-19.  This is episode very important topic for dentists as they start welcoming patients back for care.  Dr. Paul Homoly  Homoly Communications  www.paulhomoly.com  800.294.9370

On Friday, June 5, President Trump signed the Paycheck Protection Flexibility Act into law. This new legislation changes many of the rules that allow Paycheck Protection Program loan recipients to obtain forgiveness from the government.  Art discusses in detail: • Provisions of the new law • How it makes forgiveness easier  • How dentists should proceed with the use of their loan money  • EIDL loan provisions and why you should be cautious While the laws have been relaxed significantly and forgiveness is easier, there is still work to be done. Art outlines steps dentists should take to obtain maximum forgiveness and gives tips on how they should plan going forward.    Art Wiederman, CPA HMWC CPAs & Business Advisors 714.505.9000 [email protected]

As dentists across the country begin to reopen their practices, there is additional guidance to review. In this episode, Art provides insight into the latest updates on PPP rules and the congressional law changes that are in process.   Art shares promising statistics on reopening from an ADA survey, as well as from dental coaches on what they’re seeing with their clients.  Art discusses: • New guidance from the SBA on loan forgiveness for PPP loans • House bill that passed in late May  • Pending Senate legislation  • Cash flow planning for the next six months This is an invaluable episode for dentists as they take steps to reopen their practice and develop their forward-thinking financial plan. Art Wiederman, CPA HMWC CPAs & Business Advisors 714.505.9000 [email protected]

Art meets with one of the nation’s leading dental coaches and a Phoenix, Arizona practice co-owner, Gary Takacs, in today’s episode of The Art of Dental Finance and Management podcast. Gary is a master at coaching teams and growing practices.  Gary shares what he has been advising his clients regarding reopening their practices and outlines the various steps and procedures dentists should take to open successfully. Gary emphasizes that he is not writing off 2020 and shares how he is planning to make up over 800 hygiene appointments missed during the closure of their office.  Gary’s expertise and years of experience is evidenced in how he describes what he and his team are planning. This episode provides extremely valuable advice for dentists during an unprecedented time.  Gary Takacs Takacs Learning Center  602.321.1778 www.takacslearningcenter.com

In this episode of the Art of Dental Finance and Management podcast, Art covers how to obtain maximum forgiveness for a PPP loan. On Friday, May 15, the SBA issued an eleven-page Paycheck Protection Program Forgiveness Application that business owners must submit to apply for loan forgiveness.  In addition to reviewing the main points of the application, Art provides dentists with guidance on:  • Economic Injury Disaster Loans (EIDL) • Whether small business owners who have liquidity, or access to capital, can accept PPP loans • The three calculations that can potentially reduce forgiveness of the loan There is a lot for dentists to consider as they begin to complete their application. This episode helps lay the groundwork to begin the process of obtaining maximum loan forgiveness Art Wiederman, CPA HMWC CPAs & Business Advisors [email protected] 714.505.9000