Art of Dental Finance and Management

On today's episode of  The Art of Dental Finance and Management podcast ,  Art  meets with Alex and Heather Nottingham, founders of All-Star Dental Academy. Alex and Heather discuss strategic ways  dentists  can increase case acceptance in their practice by training the front office staff on verbal skills when answering phones and scheduling.     Front office tac...

In this episode of The Art of Dental Finance and Management podcast, Art meets with Mel Schwarz, Director of Legislative Affairs in Eide Bailly’s National Tax Office. Art and Mel discuss the new tax law changes related to the enactment of the American Rescue Plan Act (ARPA) signed into law in mid-March. Mel’s reviews components of the new plan that will help dentists minimize their tax liabilities...

For  dentists  who have student loan debt, learning how to best manage and ultimately pay off that debt, is one of the keys to being more profitable in your dental practice. According to the American Dental Association, the average debt per dental school graduate is now nearing $300,000.   In this episode of  The Art of Dental Finance and Management podcast ,  Art  me...

Dentists  can receive relief from the  Employee Retention Tax Credit  (ERTC) and potential full forgiveness of their  Paycheck Protection Program  (PPP) loans based on new rules published by the IRS.    On today’s episode of  The Art of Dental Finance and Management podcast ,  Art  discusses the ways that dentists can not only receive potential ful...

According to experts, dentists can benefit from being active on LinkedIn to expand their social network and increase profitability. LinkedIn is a social network that dentists can use to connect, network and engage with others to attract new patients, increase referrals and grow their dental practice. In this episode of The Art of Dental Finance and Management podcast, Art Wiederman meets with Rhon...

During the  COVID-19  pandemic,  dentists  may have put their personal financial planning efforts on hold in order to keep their dental practices operating profitably. However, it’s important to reassess your financial plan and goals, as well as take action where it’s needed. Taking the right steps early, revisiting your plan regularly and adjusting as needed can help you achie...

Dentists who have previously built, or would like to build out a new office, could benefit from a cost segregation study to  maximize any available tax deductions . A cost segregation study can be done on any property that is producing income and can accelerate your depreciation deductions, allowing you to get more money in your pocket right away. This way, you’ll pay less in taxes and improv...

Dentists were hit hard in 2020 by the COVID-19 pandemic. The American Dental Association (ADA) set out to ensure the dental profession was supported and heard during this challenging time. In this episode of The Art of Dental Finance and Management podcast, Art meets with the president of the ADA, Dr. Daniel J. Klemmedson, to discuss the ADA and its goal to help dentists thrive and recover.  ...

Dentists could potentially save tens of thousands of dollars each year just by mastering the complex world of dental insurance. For dentists who are currently contracted with Preferred Provider Organizations PPOs or are thinking about starting to go in-network with PPOs, or want to reduce their dependency on PPOs, there can be a lot of intricacies to navigate. It’s important to learn which PPO pla...

It’s highly likely that dentists will be affected by fraud at some point in their dental practice. Recovering from fraud can be costly, time consuming and extremely stressful. Therefore, setting up internal controls is imperative for a practice owner to prevent fraud from happening in the first place.    In this episode of  The Art of Dental Finance and Management podcast ,  Ar...

Calculating your Second Draw Paycheck Protection Program ( PPP ) loan amount and navigating the loan forgiveness process can be complicated. This episode of  The Art of Dental Finance and Management podcast  helps break down the details dentists need to know about the PPP.   The Small Business Administration ( SBA )  recently released guidance  that helps provide clarity....

It’s a new year, and with it comes the need for  dentists to review their financial planning goals and benchmarks. In order to build  wealth  and have the lifestyle you desire now—as well as long into retirement—it’s best to start planning and investing early, be consistent in saving throughout your career and maintain focus on your long-term goals. It’s important that dentists buil...

Since Congress finalized its new $900 billion  economic stimulus package , which includes $284.5 billion to fund a second round of the Paycheck Protection Program ( PPP ),  dentists  can now apply for a new PPP loan. The Small Business Administration (SBA) recently released new guidelines with many details about the deductibility of PPP expenses and loan forgiveness.    In...

Teledentistry can help  dentists  ‘add polish to their practice’ by offering additional consultation options to their patients. In addition to being able to provide continuity of care when patients are more hesitant to make office visits, dentists are also able to maximize their practice’s chair time for their clinical appointments. Teledentistry adds to the uniqueness of a practice, as...

Now that Congress has finalized a new $900 billion economic stimulus package,  dentists  who have suffered losses of income in 2020 can apply for a new Paycheck Protection Program ( PPP ) loan. Most who applied for the first round of PPP will also be eligible to apply for the second round. There are many details on the deductibility of PPP expenses that dentists should be aware of. ...

Congress is in the process of finalizing a new stimulus package, which includes $300 Billion for PPP loans. This stimulus is for small businesses who have suffered losses of income in 2020.  Most who’ve applied for the first round of  PPP  will be eligible to apply for the second round. There are also new proposed PPP loan rules that  dentists  should be aware of.  &n...

One impactful way  dentists  can leverage their cash flow is by negotiating their office lease. Utilizing an expert in this area can help you understand the intricacies and not miss opportunities by doing it yourself. Having a commercial real estate broker negotiating on your behalf will give you an advantage in any deal, whether you’re looking for a new lease, renegotiating an existing...

Despite the tumultuous economy and market fluctuation throughout the  COVID-19  pandemic,  dentists  should continue to strategically save money and diversify their investment options. This is especially true for those dentists in their prime earning years where they can withstand more risk, outpace inflation and experience long-term investment growth.    In this epis...

Dentists , like other professionals, should develop a solid financial plan to build wealth and prepare for retirement. Planning for financial independence while building their dental practice is an issue that concerns dentists at all stages of their career, whether they’re just starting out, growing to multiple locations, or preparing to sell their practice in preparation for retirement. Developin...

Taxation  is one of the most complex issues businesses face, including  dentists . This is especially true for mid-sized business owners who are not always well-represented before Congress. Art speaks with Eide Bailly Director of Legislative Affairs  Mel Schwarz, JD, CPA , in this episode of  The Art of Dental Finance and Management  podcast.    In his unique rol...

As we celebrate our 100th episode of  The Art of Dental Finance and Management podcas t, Art welcomes Dr. Kathleen O’Loughlin, Executive Director of the American Dental Association (ADA).  For 160 years, the ADA has been focused on empowering  dentists  in their practice, advancing the oral health of their patients, as well as supporting overall public health.  Throughout...

This week’s episode of The Art of Dental Finance and Management podcast focuses on COVID-19 related relief programs dentists can take advantage of, as well as tips and key business metrics to operate a more profitable practice.  On October 28, the U.S. Department of Health & Human Services (HHS) released new updates to the HHS Provider Relief Fund FAQs that added removed and modified guidance...

Many entrepreneurial  dentists  aspire to expand to multiple locations to continue growing their practice. However, for dentists to own multiple group dental practices, it’s crucial to understand how to build the infrastructure to make it successful.     In this episode of  The Art of Dental Finance and Management podcast,  Art speaks with Diwakar Sinha, Chief Develop...

Dentists  may have hidden profits in their practice that they’re not earning due to lack of information. There are many dental metrics software tools that allow dental teams to collect key information. However, the trick comes in how it’s captured and reviewed, and how to take actionable steps.    In this episode of  The Art of Dental Finance and Management podcast,  Art o...

Dentists , like any other business owner, should  strategically plan for exit  well in advance of their anticipated practice sale date. Following the steps outlined by our podcast guest and business transition coach, Larry O’Toole, will help accomplish an optimal outcome when you’re ready to sell your dental practice. Preparing your practice exit and transition plan now will assure that...