Art of Dental Finance and Management

Art visits with labor law attorney Ali Oromchian of Dental & Medical Counsel, PC on today’s episode of The Art of Dental Finance and Management podcast.  Art and Ali discuss the legal aspects of reopening your dental practice. They answer many of the legal questions dentists have regarding employee issues during the COVID-19 pandemic, including: • Tips on reopening your dental office  • Employee concerns about coming back onto payroll while out on unemployment • Changing employee hours when reopening the office • Legal documents you must be prepared to have in these situations • Legal issues to consider This episode includes important topics during this challenging time, especially since dentists in many states are starting to return to their practices.  Ali Oromchian, Esq. Dental & Medical Councel, PC HR for Health 925.999.8200 [email protected]

Attorney Randy Curry and Art discuss issues facing dentists during the COVID-19 pandemic in this episode of The Art of Dental Finance and Management podcast:  • Whether a dentist's business interruption policy can cover losses  • Policy provisions in these types of policies  • Ongoing litigation  • Potential state and Federal legislation coming which could require insurance companies to cover situations such as COVID-19  • What actions dentists should take to potentially receive financial benefit from these policies  Art also provides updates on:  • Recent SBA Interim Guidance on calculating the PPP loan  • Insight regarding bringing the dental team back early  • New grant program from Facebook  • New CDT code issues to cover PPE costs expected when dentists re-open their offices  This episode is packed with helpful information for dentists to navigate these challenging times.  Randy Curry, Attorney-at-Law  Law Offices of Randy Curry  949-258-4381  [email protected]

Today, Art visits with two people who have been very instrumental in helping dentists across the country through the COVID-19 Pandemic: • Megan Mortimer, Congressional Lobbyist for the American Dental Association  • Allen Schiff, President of the Academy of Dental CPAs  Megan provides an update on how Congress is attempting to add funds to the PPP:  • A timeline • What the ADA is doing to advocate for dentists in Washington D.C • Valuable resources dentists can access through the ADA Art, Megan and Allen also discuss: • Updates to the SBA regulations  • Strategies dentists need to consider once they receive the money • How the money should be spent  • How to account for the funds  • How the government forgiveness works  This is a very informative, insightful, and timely episode to help dentists navigate these challenging times. Megan Mortimer Congressional Lobbyist - American Dental Association [email protected] Allen Schiff, CPA, CFE President Schiff and Associates, LLC [email protected]

Many dentists have applied for the Economic Injury Disaster Loan (EIDL) and Payroll Protection Program (PPP) loan programs, which offer government assistance for small businesses. There has been some clarification on the amounts available under the EIDL program. But more importantly, there is an important decision to make regarding the PPP load as banks and financial institutions begin to approve dentists’ applications.  Art discusses the various options for dentists: • Take the loan now • Reapply later, or • Not take the loan at all He will also discuss another important action item: sending a letter from the President and Executive Director of the American Dental Association to congressional leaders asking for Congress to allow dentists to choose the date they accept loan proceeds.  As this ever-changing program evolves, Art provides insight and resources for dentists during these challenging times. This podcast provides the most up to date information through April 12, 2020. Art Wiederman, CPA HMWC CPAs & Business Advisors [email protected] 714.505.9000

As the COVID-19 pandemic continues to unfold, Art is dedicating his episodes to updating his audience on the status of the two loan programs dentists are applying for: • Economic Injury Disaster Loan (EIDL)  • Payroll Protection Program (PPP) The PPP program was rolled out on Friday, April 3 and has created much confusion for dentists and banks. Art discusses the available loan programs and the most recent information as of April 5, as well as what dentists should do to maintain their finances during these very challenging times. Art Wiederman, CPA HMWC CPAs and Business Advisors 714.505.9000 [email protected]

It is so important for dentists during these challenging times, when most dental offices are closed, to make a 30, 60 and 90-day financial plan for themselves, as well as their practices. In today’s episode, Art explains why dentists need to know how much money he or she needs to get through this time period. If they don’t take this initial step, it will be extremely difficult, if not impossible, to develop a plan to obtain or segregate the funds. Art outlines: • How to make a plan • What resources a dentist has to gather • The two loan programs (EIDL and PPP) available through the SBA and SBA Preferred Lenders • Some of the provisions of the CARES Act With a well-developed plan, there is a way for dentists to survive these challenging times and come out on the other side, ready to get back to work.

Linda Miles, world-renowned dental consultant, speaker, and author, is Art’s guest on today’s episode of The Art of Dental Finance and Management. Linda has over five decades of experience in the dental profession and has worked with over 1,000 dentists in her career.  Art and Linda discuss: • Why dentists must keep a positive mental attitude • How everything filters from the leader - from the dentist to the team to the patients • Four things she has taught dentists over the years that should be addressed in turbulent times • Financial issues dentists need to deal with Contact Info (more details forthcoming) Linda Miles [email protected]

The COVID-19 pandemic has affected all aspects of life both here in the United States and around the world. In today's episode, Art visits with Jim Davenport (his first return guest) to discuss how this crisis is affecting the financial markets and what you can and should do now with regards to your investments. Art and Jim make the comparisons of this time to October of 2008, they discuss: • How financial markets work • What is driving the downturn • Strength of the economy • Where we go from here Hopefully our listeners will gain a semblance of why this happened and what the future looks like. We have experienced economic downturns (three of them since 2008), so people need information to make the best decisions they can. This podcast episode will help educate them to make more informed decisions.

In today’s episode of the Art of Dental Finance & Management, Art introduces Bill Rossi, president of Advanced Practice Management in Minneapolis. Bill coaches and consults with over 250 dental offices. His specialty is helping dentists evaluate their in-network relationships with PPOs and coaching them in how to exit them. Art and Bill discuss: • Whether the relationship with the insurance contract makes sense for the practice • What the vision of the practice is • What the owner wants to accomplish If you are a dentist considering taking on, or exiting, relationships with PPOs, this is an important episode to listen to.