The One Thing my most profitable dentists do.

As a CPA working exclusively with dentists since 2011, I’ve counseled hundreds of dentists on strategic dental business and tax planning matters.  Across these relationships, there is one common trait shared by the most profitable dentists:  They always keep one eye on the business side of their practice.

Three Examples of Keeping an Eye on the Business Side of Dentistry

Here, I will share the three most common characteristics of what it means to keep an eye on the business side of one’s dental practice.

  • They own their situation.  I wish I had a nickel for every time I heard a dentist gripe about staff.  As the owner of a CPA firm, I can relate to personnel challenges.  The most profitable dentists gripe as well, but a key distinction is that they exhibit a tenacity towards resolving situations and moving the organization forward.
  • They prioritize the business elements of their practice.  I wish I had a dime for every time I heard a dentist complain about being “too busy.”  Honestly, I don’t know how they do it—every patient decision is critical, with no room for error.  At the same time, patients can often be difficult and unappreciative.  Exhaustion is completely understandable, if not condoned.  My most profitable dentists, however, somehow respond timely any time we reach out to them.  The same goes for other vendors that work with them—these dentists somehow manage to make time for the business interests in their practice.
  • They have a plan for their cash.  I wish I had a dollar for every time I heard a dentist complain of being short on cash.  Again, I can relate—cash seems to evaporate when sitting in a checking account.  My most profitable dentists, however, always have a plan for putting their cash to work for them—whether reinvesting in their practice, in their skillset, or outside investments.  They put their money to work for them.

Overland Park CPA | Planning for Retirement

Overland Park KS CPA

Overland Park KS CPAWhether you have been working for 3 years or 30, it is important to have a retirement plan in place. Unfortunately, many people have never taken the time to create a realistic estimate of what kind of savings they will need to enjoy the lifestyle they want during retirement years. Here are a few key factors that influence how much you should be saving to ensure that you can retire comfortably on schedule.

  • How long will you be retired? Advances in modern medicine have increased life expectancy over the past decades. Depending on your health and family history, you may want to plan as though you will live to 100 and estimate your needs accordingly.
  • What do you plan to do during retirement? If you are planning to travel more, visit family members more frequently, or embrace a hobby, you may have increased living expenses compared to your working years.
  • What other expenses will change? Your commute, work clothes, and business lunches may stop, but you may have higher costs for medical care and prescriptions. Talk with our financial planner about the types of changes to your budget that are likely to occur during retirement.
  • How much are you currently saving? When you meet with our financial planner, you will review the details of your current retirement savings plans and how your portfolio is performing. During retirement, it may be beneficial to continue some of your investments to help your savings outpace inflation.
  • Do you have a withdrawal strategy? If you are an owner or partner in your business, is there a written agreement for buying you out when you retire? Do you plan to transition by working part time for a year or more or should you stop all at once? How are your retirement savings affected by taxes? All these and more should be part of your strategic plan for retirement. Our financial planning expert can guide you through the details of your withdrawal process.

For more information on planning for your comfortable retirement, contact our office and schedule a financial planning consultation.

6201 College Blvd., Suite 210
Overland Park, KS 66211

CPA Overland Park | Combat Burnout to Increase Production

CPA Overland Park KS

Have you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers?

Burnout can happen to all dentists and their teams.

If you start to feel unfocused, tired, or bored, you may be experiencing burnout.

Does your team lack the enthusiasm they once possessed?

When you start to notice these clues and behaviors, take action immediately.

When production numbers begin to slip, look at where your numbers are starting to drag.

Find and implement a solution before dissatisfaction spreads.

A dental CPA can help you look for financial areas of opportunity to improve production.

Please contact us for more information. 

6201 College Blvd., Suite 210
Overland Park, KS 66211

CPA in Overland Park | 3 Ways to Buy Time:

CPA in Overland Park KS

Boost Your Practice’s Productivity with Time-Saving Measures

Time is your most precious resource. On certain days, managing your time is not just difficult, it is downright impossible. Ask yourself about the strategies you are currently using to organize your day. What other tools could you be leveraging to save your practice’s most precious commodity? Here are 3 methods you can implement to maximize your time.

1. Re-evaluate Your Management Tactics

You can buy time without spending a dime. Employ a new way of keeping track of practice productivity. You can have your team record their tasks for the day in a quick email. Each staff member can quantitatively list their duties, allowing for simple reference later. This cuts down on micromanaging your staff by way of asking, “What did you do today?” Managerial work is difficult to implement after a full day of back-to-back appointments.

You can cut back on daily meetings because you will have a clear picture of what each team member is contributing. Having a list of completed tasks at the end of the day allows for everyone at your practice to be keenly aware of who is to be held accountable for each task.

2. Utilize Apps to Maximize Efficiency

“Lost time is never found again.” Ben Franklin knew this more than 200 years ago, so how can you apply this knowledge to running your practice? There are numerous tools available for your phone that can be a valuable resource for keeping track of your practice. You can benefit from the use of efficiency apps. In today’s world, there is no need to manage all aspects of your business manually.

Take advantage of scheduling apps and software. You can schedule emails to remind patients to book their next visit to your office without having to send it in real time. This can be an indispensable tool for patient retention, by keeping you in consistent contact with your patients. Apps such as these will help you save time, and keep track of your practice’s performance.

3. Consider Express Check-In

It is not always your team that is responsible for lost time slipping through your fingers. One late patient can set the whole day off-schedule. Make it easy for your patients to register. Provide compliant forms online for patients to fill out before coming into the office. Saving time at the front desk will help your entire practice run on schedule. Never allow for your practice to earn a reputation of running behind schedule, instead work with your patients to create a smoother, faster registration. Your patients will not want to fill out redundant forms. Rework any documents or forms where possible to prevent your patients from filling out information such as their name and address multiple times.

Successful business leaders are experts at time management. Put methods in place that allow for concrete, quantitative results to measure productivity. Utilize technology to make your life easier and allow your patients to work with you to save time. Don’t get caught watching the sand fall through the timer, take action and rethink your time management strategies.

6201 College Blvd., Suite 210
Overland Park, KS 66211