I am interested in purchasing some equipment, but am I doing it properly?
The answers are not the same for every practice, so we will work with you to help discover the correct answer for you and your practice. We will evaluate your budget to help you purchase or lease the correct equipment. Understanding the tax benefits and the effect on your cash flow and revenue are essential tools in making those decisions.
I’m still writing checks by hand … help!
We have found that our clients like using Quickbooks Pro, so that is what we recommend. It is very user friendly, and we set up your chart of accounts in a medical-specific format, making it a valuable tool for your practice. Our knowledgeable staff can train you how to use it, either at your office or ours. We will work with you individually and are always available to answer your questions. In fact, we even offer to pay your bills for you if you do not have the time or desire to do that yourself. Whatever level of assistance you need, we will happily accommodate your needs.
With this economy, money is tight for everyone. How can I insulate my business?
There are several ways to tighten up your budget. First, we must determine where you are, how you compare to others in your area, and where you want to be positioned. What have you been trying and what have the results been? We evaluate your practice from different angles and work with you on how to make the necessary improvements or adjustments. We look at your practice as a whole – current fee schedule, staffing numbers, productivity, facilities, equipment, procedures and protocols, and marketing efforts – rather than just focusing on one item. Tweaking your entire practice and having it function at its highest level is the best way to help insulate your practice in these tough economic times. You simply cannot afford to get anything wrong.
How do I know what my fees should be?
Our fee survey can help you determine at what level your fees should be. It involves more than just raising them by a set percentage every year. Having a properly balanced fee schedule is crucial. We can show you, by adjusting your fees properly, how much money you may have been leaving on the table – unbilled.
Are my expenses in line?
Because we specialize in the dental and healthcare industries, we know what range your expenses should fall into. We can help you understand the numbers overall. Understanding the numbers and how they relate to each other, as well as other offices in your area, gives you comfort in making your decisions about payroll, supplies and other expenses.
I don’t understand what my accountant is telling me, and I don’t think they understand my practice.
Specializing in the dental and healthcare industries, we can translate your information into terms you understand. We also help you understand what actions to take and what decisions would work best for your practice. You explain your personal vision to us and we help you create a plan to reach those goals.
I feel like my business controls me rather than the other way around.
We have found that our clients work tirelessly to grow successful practices. They spend so much time and energy in the present that they don’t often have the opportunity to look toward the future. Hard work is worth nothing if you don’t have something to look forward to, such as retirement, travel, or your children’s schooling. With a little planning, you can have the future that you want. Using your practice as the vehicle, let us help you develop the roadmap to your future.
When I started my business, I had a vision of the income I would be making. How can I achieve that dream?
Seeing your practice as a whole allows you to make it function at its highest level. Taking that knowledge, we help you work toward the vision that you have. The practice can be positioned so that your goals and vision can be attained.
My current accounting relationship is an overhead expense to me. Should I expect more than that?
Many people see accounting as a function of history – looking at what already happened in the practice – but it should be more than that. Yes, the numbers are important, but they are more than just a necessary step to get to the tax return. If you know what to look at, those numbers can tell you what is (and what is not) functioning well within the practice.
We take your numbers and tell you what they really mean. Unlocking the information is a way for the accounting relationship to become an income-generating item and no longer an expense. Looking at your practice in its entirety is essential. That’s the difference between a traditional accountant and a healthcare accounting specialist. We understand your day and your practice life.
I cannot afford an accountant. Can’t I just do it myself?
There are many big decisions that need to be made in the early stages of your practice that have far reaching affects. An accountant, or more specifically, one that specializes in dentistry, is really an investment in your practice. Major decisions include: financing needs, fee schedule, insurance participation, staffing needs, supplies, location options, location of practice, equipment, and starting from scratch versus becoming an associate in an existing practice. Having someone to walk with you through these decisions is just as crucial to your success as any item listed above. Your healthcare specialist accountant, attorney, and banker are all invaluable resources.
I’m thinking about retirement. What are my options?
At every phase of your career, you experience different needs. Retirement requires attention to your financial goals, transitioning your practice, and other important decisions. We can help you sort through such choices to find the option that best fits your situation and your needs.