Risk management is the protection of resources from losses due to legal action and the activities associated with risk management are easily adapted to a dental practice. We illuminate a common blind spot and offer ways to stay protected as litigation is on the rise.

You have been thinking, it might be time to think about your Practice Succession. You have enjoyed a wonderful career in dentistry, have grown and nurtured an exceptional practice with wonderful patients. You have invested heavily in CE, for your clinical and business skills along with staff development and training. You would like to share what you have learned with a young doctor and begin to consider transitioning your practice, but you still love what you do.

You are not sure though. Should you consider an associate so you can work a few days less every week? The associate can work your old schedule, you say. But wait, do you have enough room in your office for two doctors to be treating patients at the same time, you have never done that. You think... I can expand and add an operatory, maybe…possibly? Or, expand our hours, with a staggered schedule? What is the staff going to say?! How about another hygiene room too, our patients are waiting way too long to get into hygiene!

Not so fast partner…Can I afford all of this?

How much is my practice worth?

Should I consider selling my building too, or lease it back to the new dentist?

When will I be ready to completely retire?

Will my staff be ready to accept a new doctor and all of these changes?

I have so many questions I don’t know even know where to begin.

Do any of these thoughts, questions or ideas sound familiar? If they do then you are in the right place. Our Team here at OmniStar Financial are experts in all of these areas and can find the answers you need to feel confident with your decision so you can take action. In this podcast, we will review some of these topics to get you thinking and planning for your future.

We like to say…

“If you are starting to think about a practice transition, then you are already three years behind. Today’s not to early to start planning!”

OmniStar Financial Group

To begin with, there are as many ways to transition a practice as there are dentists and practices to transition. There is no one way, no “cookie-cutter” way, no best or ideal way to accomplish such a monumental task. There is, however, one way that works best for you and your practice. Our challenge is to find that path with you.

We are focusing on one of the most sensitive subjects of the dental practice - fees. Like many dentists we encounter, raising fees is controversial and leaves many dentists wondering what to do. Yet, keeping fees set at one rate for too long ultimately increases your overhead ratio and takes a bite out of profits.

Successful treatment planning begins with meaningful patient conversation. Learn how to ask the right questions and watch your profits rise.

Section 179 is a part of the Internal Revenue Tax Code which allows small businesses to take an accelerated tax write-off in the year of purchase for equipment which would otherwise be depreciated, or expensed over time. Most of the equipment in a dental practice qualifies, and under the right conditions, it can be a great tool to reduce your tax liability while improving and upgrading the technology in your practice. There are many pundits out there preaching the benefits of Section 179 as an incentive for Doctors to save on their taxes. Admittedly, there is a time and a place where we would agree; however, there are some Section 179 pitfalls practice owners need to be aware of and consider when making that determination.

Let’s take some time to go down the “rabbit hole” and learn some rules to be aware of when considering Section 179.

Listen here to learn more.

In this Podcast episode, we are getting Social with an introduction and primer to Social Media Marketing for your Practice.

To start… Social Media is hard to get right, but easy to get wrong.

Every day, users send 500 million tweets, make 4.5 million likes on Facebook, and upload 95 million photos and videos to Instagram. Social Media is a powerful influencer in today’s competitive marketplace. Everyone is doing it, using it and viewing it; the largest to the smallest businesses, Governments and Politicians, superstar athletes and actors, your friends, neighbors, and patients too, and so do you! Your Practice Needs a voice here also, but where do you start? What do you do? The choices are so numerous you can be overcome with “analysis paralysis” and do nothing, or keep doing the same thing you’ve been doing with the same results.

Tune in to this episode to learn more.

Over the last 3 episodes we studied and examined the key financial statements you should be receiving monthly;

1. the balance sheet

2. the income statement or P&L

3. and the Statement of Cash Flows

In this episode, we will examine some basic financial statement analysis. Much of this analysis involves calculating ratios from the data contained in the financial reports listed above.

The Questions we are looking to answer are:

1. Can the business pay all of its bills?

2. Did the business make any money? and how much?

3. Can financial performance be improved?

Tune in here to learn how to analyze your financial statements.

This Episode reviews The Statement of Cash Flow Financial Report. This report could be the most important one we have looked at since CASH is least subject to estimates and assumptions and critical to keep your business afloat.

Profit reported on the Income Statement is a PROMISE, and contains estimates, assumptions, and adjustments, not MONEY coming in! You need Cold Hard Cash to pay yourself and your employees, buy supplies along with investing in equipment!

CASH is different. With CASH you are indirectly examining the Bank Account of the Firm. CASH is the number least affected and influenced by the Art of Finance. CASH is a reality check.

PROFITS do not equal CASH!

PROFITS aren’t REAL MONEY. CASH IS!

Tune in here to learn more!

"Show me the Money!"