Cliff's Notes

The Business of Dentistry

Everyone Wants a Raise! What happens when a long time employee exceeds their market value?

Much of this week’s blog post is re-printed from a post on May 7, 2016. Not much has changed except quality team members are getting harder to find.

As a business owner or manager, there are some very difficult decisions that you will have to make through-out your career. Some of the hardest involve your team and their compensation vs production (value). In a different time an annual wage increase was standard business practice, but in today’s economy when operational cost are continually rising, there is not much left over to give to the team, and you will be expected to give again next year. How can you do it? You can’t keep giving. As an example, a good dental assistant (in northern NJ) will command an hourly wage of $18-$25 per hour. If that quality employee stays with you for 10 years that wage may run as high as $35 per hour and be far above market rates. How do you deal with a team member that has been with you since you bought the practice, is over paid, under produces, but the patient love them? Here comes that difficult decision.
Quality is the key to success and a quality team is one of the most important investments your practice can make. The question is how to compensate them, keep them happy, and help them “grow” with you and the practice?

There are many creative ways to compensate and retain quality team members. But first you need to up-date and complete your employee management program. Your employee manual must be reviewed annually and reflect any changes in policy. Team members will better understand their responsibilities when they are clearly defined in writing. Also, federal & state labor laws always favor the employee unless policies are formally and clearly presented. Your legal adviser can help you do it right and you can blame the changes on them (good cop/bad cop).

Some of the most successful practices I deal with offer “employee extra’s”. Everything from bonuses tied to production, medical benefits and 401K programs attract and help retain quality team members. If you establish realistic incentives as part of your compensation program you will see production increase. As a leader you need to constantly motivate your team and compliments only go so far. People go to work for mostly one reason, to make money. And if you want people to help you make money, you have to let them make money. Let them make extra money through production incentive programs.

Talk to your practice consultant and financial adviser about establishing a 401k program, one that requires several years for vesting. Matching funds can be tied to production goals. You may be surprised how this small investment will pay off. Now, every team member has something to lose if production is flat.

Your team is your greatest asset. Keep them educated, informed, and part of your future. Quality is hard to find, don’t be afraid to invest and expect a healthy ROI. Please feel free to contact me with any questions or concerns.

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August 12, 2018 Posted by | Uncategorized | Leave a comment

Dental Consumable Analytics Control Your Overhead in Real Time!

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The American Dental Association has been tracking dental office operating expenses for years. Every area of organized operational data was collected from responding ADA members by a series of Q&A’s. With this data available you can evaluate your overhead investment and possibly plug up some of those holes in the ship that you didn’t know were there. Your category spend information can be found on your P&L statement and if the data was entered correctly the calculations are very simple. A certain percentage of the practice’s gross revenue is assigned to each business category (i.e. rent, salaries, supplies, lab, etc.) and now you have the information to formulate a practical budget.

A Practical Budget … It is hard for a “fluid” busy dental practice to budget consumable products and anticipate growth. But, there is a method and formula that works. Larger business always have operational budgets for both consumable and revenue generating investments. Note the word “investment” and not “expense”. Everything a business does should be looked at as an investment with a predictable return. A dental office’s quarterly investment on consumable supplies is one of the smaller line items on a financial P&L but one of the most fluid and requires time and effort. Time is money and the investment in supply ordering time should be considered as part of your “supply spend” budget.

Supply Spend … Most dental practices are small business. A small business in the U.S. is a company with gross revenues under $50M and most private dental practices fall in the lower end of that number. The process of supply procurement is usually given to a team member with instructions to “get the best deal”. That is a consumer mentality and not practical for an on going business. The ADA, through member research, reported that the average dental practice invests 6.5% of their gross production on clinical supplies. Inventory management is controlling that number (not line item cost) and getting it as low as possible while investing the least amount of time on this “non-revenue generating operational task”. A predictable working budget is based on accurate and detailed analytics.

Detailed Analytics … In today’s fast paced economy, everything is based on data. Is there any one supplier that can provide analytical reports on everything you use? Probably not because your spending time shopping for the cheapest price and not the overall value. Value is reducing that 6.5% to 5% or less and shifting “shopping time” to productive time and increasing revenue. What is value? It is competitive pricing, fast delivery, 6 or better inventory turns per year, minimal back-orders, and detailed analytics on product usage with experienced consultation free of charge. Detailed analysis will breakdown products by categories, quantity, spend, and manufactures. With this information you now have “buying power”. But, how do you get there and how do you start?

How do you get there? … Data entry is the key factor and maybe the hardest part. But, I can take most of that burden off your shoulders. I have the analytical formula and the software programs to organize the supply data and give you all the information that is needed to establish a formulary that will achieve multiple inventory turns, reduced lost inventory, create a predictable budget, and get your supply spend below 5%. It’s time to reduce the inventory footprint on overhead. Please feel free to contact me at any time with any questions or concerns.

July 29, 2018 Posted by | Uncategorized | Leave a comment

Keeping it in House “Out Patient Services”

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The other day I was talking to my Primary Medical Healthcare Provider about my Primary Dental Healthcare Provider and how changes in delivering healthcare are effecting the patients, clinical operations, and the cost of doing business. Most medical offices in my little corner of the world are part of groups. Those groups have specialists and hospital affiliation for diagnostic testing (economies of scale), but the dental healthcare system does not.

Dental Healthcare … Statistics tell us that dental healthcare professionals make more money than medical professionals at the same level. However, the cost of operations weighs much heavier on the dental community. When I was in Dr. Peter’s (MD) office I noticed his Ritter exam table, Ritter is a Midmark Co. and the exam table probably costs about as much as a Midmark dental chair. But, there was no x-ray, overhead light, high & low speed handpieces, lasers, and you know the rest. Dr. Peter refers to central out-patient services for diagnostic testing and clinical procedures. Your dental office is part of out-patient services, you do same day clinical procedures and in the near future you have to consider being a One Stop Shop.

One Stop Shop … In my opinion, the dental office of the future will need to offer all special services (Endo, OS, Perio, Pedo, Ortho, etc. ). All of these services are individual revenue streams and profit centers. Specialist graduating a dental specialty program today, unless they have a unique situation, will not have their own practices. They will be working for a group or they will be a traveling specialist. With more GP’s doing endo, implants and ortho, the specialist of the future will not be able to justify their own office, considering the cost of operations and relying on referrals. Also, with falling insurance reimbursement rates the general practice will need the added volume to offset the loss of net revenue.

Net Revenue … I have been in the dental industry for over 40 years. I have seen the changes in healthcare over the decades and changes happen in medical about 5-7 years before dental. Everything the dental office deals with today has been effecting medical for years. So why not predict that the future of dentistry will be to provide in-house, all out-patient services. The direction healthcare is talking is insurance based and that means more expense in providing secure digital diagnostic information to insurance carriers. The technology required to comply with all the new formats and diagnostics is a large business investment so maybe it is time to consider “economies of scale”

Economies of Scale … You want that new CBT that does bitewings. The more that machine is used, the more revenue it generates. That $7k implant motor generates revenue every time it is used. Your new Tri-Auto ZX2 endo system adds billable procedure codes to your day. By utilizing specialties the shared cost of operations will benefit the practice as well as the patient.

Out-Patient Services … In a practical sense, a dental office is an out-patient clinic. The quality of the clinic and the services they offer are at the discretion of management, but by offering as much as possible in-house, you will attract new patients and capture a good part of your lost revenue. Please feel free to contact me at any time with any questions or concerns.

Total Health

July 23, 2018 Posted by | Uncategorized | Leave a comment

Class Action Liability Risks for Violations of ADA and New York Human Rights Laws

In January 2018, the federal government conformed its website accessibility requirements to the Web Content Accessibility Guidelines (WCAG), an international set of standards intended to make web content more accessible to users with perceptual or physical challenges. The WCAG addresses low vision, color perception, cognition, manual dexterity, screen reading technology, and other issues related to user abilities. The Department of Justice (DOJ) promised to do the same in the private sector by mid-year, but that initiative has been deferred.

As a consequence, there has been a surge of class action lawsuits alleging Americans with Disabilities Act (ADA) violations based on access to website information that the Courts have been addressing individually. The first federal court decision that a website violated the ADA was in early 2017. The decision was followed by 800 federal lawsuits that year alone, alleging ADA as well as state law civil rights violations. (New York led the way with more cases than any other state). Until a clear standard is set by Congress or the appropriate regulatory agency, web site ADA lawsuits will continue to increase.

The ADA prohibits discrimination on the basis of a disability “in places of public accommodations”.  As such, any business is potentially an ADA class action target. Class actions require only one named plaintiff (who brings suit individually and on behalf of those “similarly situated”), and one defendant (potentially, you). Whether you are a large or small business, brick and mortar, or web-based only, defending an ADA/Human Rights Law class action promises to be costly in two ways. Not only is there the risk of a potential damage award, the ADA is a “fee shifting statute.” As a result, a defendant must pay its own legal costs to defend the action and may be required to pay those of a successful plaintiff as well. These costs alone may run into the tens or hundreds of thousands of dollars.

Now, with the website accessibility lawsuit floodgate open, it imperative for businesses to ensure ADA compliance. The easiest and most economical approach is a website compliance audit and action-item checklist conducted by legal counsel experienced in ADA website accessibility issues. For instance, does your website include:

  • Visual Alternatives (pre-recorded text for audio, descriptors for images)
  • Sound alternatives (text descriptors for audio)
  • Color Contrasting (that meet the minimum ratios)
  • Key board navigation (i.e. function and/or tab key, not mouse-only options)
  • Adjustable font size (without content or acuity loss)
  • Semantic HTML (descriptive headings that identify the content that follows)

Many of these features are easy (and inexpensive) to implement once you (and your website consultant) know what is required.

This article was published by the Mandelbaum Salsbug, www.lawfirm.ms, Cyber Security Team.

Cyber security directly effects your HIPPA management program. Are you secure? Please feel to contact me at anytime with questions or concerns.

 

July 8, 2018 Posted by | Uncategorized | Leave a comment

The Change in State Sales Tax Law

“The U.S. Supreme Court, in a landmark 5-4 ruling, basically gave states the green light to have online retailers collect sales tax, just like any local retailer. The message of that decision for e-commerce players? They’ve grown so big that they can’t get any special breaks anymore, at least when it comes to collecting sales tax, regardless of whether they have any physical presence in a state”. … Forbes https://www.forbes.com/sites/andriacheng/2018/06/22/what-supreme-courts-internet-sales-tax-ruling-says-about-the-state-of-retail/#29618c791e9c

State sales tax laws are regulated by the individual states. In New York, the county governments add their piece What items are taxable are also decided by the states and it varies quite a bit. For example in my state, New Jersey, 35%-40% of dental clinical materials used are taxable, in New York it’s 95%. There is no published list, just an overall consumer tax concept so it is left to the discretion and interpretation of the state tax auditor.

State Tax Auditors … New Jersey just settled a state budget fight, the issue was what taxes to raise. The state also plans on more random audits of business to collect unreported USE tax. In healthcare, the auditor is not going to break down taxable and non-taxable items and out of state vendors will resist the obligation to collect tax. However, when requested, they will have to submit sales reports to any state that requests it.

The State Request … I strongly suggest that at the next quarterly meeting you have with your tax advisor you discuss your ability to provide information requested by the state should you be chosen to be audited. You will be asked to produce 3-5 years of invoices both payables and receivables, tax returns, bank statements, employment records, and schedule an on-sight visit. It’s not fun and you can’t win so be prepared. States are preparing to cash in on internet sales.

Internet Sales … Not all internet sellers will collect sales tax and it will be nearly impossible for a state to track internet sales directly from small vendors so audits will continue. On-line sellers eBay, Amazon, Wayfair, and others with a large web presence will turn over sales through their organizations when a state’s sales tax is not collected. The state will use technology and artificial intelligence to assimilate the data and send bills with interest and penalties. Repeated state billing will raise red flags and initiate a physical audit. Some of this scenario is personal speculation, but can you argue with it? States need revenue and with today’s technology, sales tax is low hanging fruit. There is an old saying “if you want to play, be prepared to pay”.

Play & Pay … You don’t want to be audited, it is an experience that could change your life. When you get that first letter asking you to contact (Mr./Ms.) from the State Division of Taxation you know you already lost. You will need to supply everything within 30 days and when you do, you will be asked for more or missing documentation. Every area of your dental practice will be examined and unfortunately nothing is perfect. If you cannot provide accurate information you will be penalized. Ask me, I know first hand.

Being prepared … I recently was asked to reproduce 3 years of invoices for a client that was under audit. The office was as clean an organized as possible but between accounting fees, USE tax violations, interest and penalties the bill was about $9k. The best way to avoid an audit is not to raise red flags. No one charges tax, we just collect it. Keep your business relationships only with organizations that recognize and participate in your state’s laws and regulations.

The Argument … I experienced a business state tax audit and the auditor was on-site for 4 days. There was an hour argument over “retraction cord” if it was taxable or not! We won that one but they did find a $17.00 error that cost us $2500.00. Do it right and you will minimize the damage. Be prepared! Consult with your tax advisor today and please feel free to contact me at any time with any questions or concerns.

July 1, 2018 Posted by | Uncategorized | Leave a comment

Dental Business Analytics, The Story Unfolds!

In 2018 every business is talking about analytics and reading the numbers. If you’re a sports fan, especially baseball, you know that Billy Bean, the GM of the Los Angeles Angels, started using it years ago, they called it “Billy Ball”. The program got the team into the playoffs for several consecutive years because the numbers worked. Hollywood told the story in the movie Money Ball.

Money Ball … By analyzing statistics the Angles were able to position their players for the best average match-up against their opponents. Averages played out more than 50% of the time so the team succeeded. In the real world Billy Bean was not a genus, he was just very smart and trusted business like statistics as a tool to achieve his goal. The business of dentistry is not different, statistics tell the story.

The Story … By knowing what you have, what you spend, and what statistical averages are you can maximize your production and minimize liabilities. Most dental practices have no control of consumables, even if they think they do, and spend too much production time trying to save money on line items. That’s a consumer mentality and if it describes a practice you know I guarantee there is a lot left on the table. The ADA estimates that the average dental practice in the United States spends a certain percentage of their gross production on the different categories of business operations. There are some regional adjustments due to local economies but the average percentages have been consistent for years. Your numbers are found on your profit & loss statement and should be vetted for accuracy before you start studying analytical data to tighten up the ship.

Vetting for accuracy … To properly analyze consumables within an organization, payable invoices need to be categorized correctly. For example, if you use an in-office milling system all of the supplies, including blocks, should be considered lab supplies, not clinical supplies. Once all consumables are properly categorized you will begin creating accurate data that would lead to practical quarterly category budgets.

Consumable budgets … every business has someone that orders consumable items that are needed to function. In some cases there are several. Each buyer needs a budget to stay within but that number needs to coordinate with practice growth. Question, how do you know how much you need? Answer, Analytics and a targeted percentage of the practices gross production. That may sound easy but it isn’t, you need to change your mind-set and focus on production. You need to trust that the percentages will play out and all you will have to do is adjust for growth. You will need software and data entry or you can outsource the analysis.

The Analysis … How much junk do you have on your shelves? How many different brands of product do you have that do the same thing? How much lost inventory do you have? Operating lean and strong is a process. Get started now because in 5 years it may be too late.. Please feel free to contact me with any questions or concerns.

June 24, 2018 Posted by | Uncategorized | Leave a comment

Dental Scanners Everywhere! How do you know what to buy?

The very last thing you should do is buy an Impression Scanner at a trade show. Dental conventions are a great place to look at everything but you want to see that expensive investment in your office. Every scanner has pro’s and con’s and those differences will effect the production of the office. Top KOL clinicians may have 2 or 3 different brand scanners because some are better than others for certain procedures. For most of us, one scanner is quite sufficient but which one is best for you?

The Best Fit … What are you planning on using a scanner for? Are you thinking Invisalign? If so then you are limiting your options. Align Technologies only accepts images for several scanners such as CEREC, True Definition & iTero (Generic). If you’re thinking restorative & cosmetic then there is a lot to look at. My experience with technology taught me not take the first off the assembly line and to factor in integration into your network and support services as a higher priority than the price. Today, these 4 scanners top my list and are worth looking into.

True Definition … 3M brought this perfect introductory level scanner to the market a number of years ago so it is proven in the field. It is small, self contained, very portable, high definition and works on an open platform so it will communicate with a wide variety of digital equipment currently in the office including mills. The camera is only black & white and utilizes industry standard optical components. At a cost of $15k to $17k it is best entry level system for the practice that may not be sure about scanning. Warning, after getting into scanning, there is a good chance you may need and want more.

Emerald Scanner … Several years ago Planmeca Corp. took control of D4D Technologies. The E4D scanner was up-graded and renamed Emerald. This full color laser image scanner works on an open platform and will integrate seamlessly with a CBT, Mill and your software. E4D’s technology has been evolving for over two decades and is proven in the market. For the practice that is anticipating more digital solutions in the future, this is the system. Cost is under $30k.

3 Shape … Trios Corp. takes restorative dentistry to a new level. This system is so impressive utilizing laser image capture, an open software platform, and true color. The camera does more than just capture images, it also is an intraoral camera. But the most advanced feature is the built in shade matching camera. A tooth often has several fluctuation in shade, the 3 Shape will recognize them and transmit a perfect color correct image to your lab. When connected to a mill, this is a front line in-office Cad Cam system. If restorative and cosmetic dentistry is your thing, 3 Shape fits the practice. Cost (depending on options) $35k to $45k.

CEREC … The Grand Daddy of Dental Impression Scanner has been around for over 30 years. It is tested, proven, and does everything you can imagine. CEREC is fast and delivers true color. The software is not an open platform and the system does require a cart that takes some floor space but the quality and reputation of Dentslply Sirona’s Cerec system speaks for it’s self. Long before many current dentists were born, the Cerec System was being developed. The images can be transmitted to any Cerec authorized lab or converted to an STS files and sent anywhere, including Invisalign. The scanner only system (depending on options) is under $30k.

The Bottom Line … Dental impression scanning is here to stay, it is the future. If you are going to be practicing dentistry for another 5 years or more, you will need to engage this digital technology. The next generation of adult patients will require it. Although you will be eliminating 90% of your impression material costs, you will need annual support contracts so scanning will not save money but it will increase production and help increase revenue. Don’t fall too far behind the curve, catch-up is more expensive. Please feel free to contact me with questions or concerns.

 

 

June 18, 2018 Posted by | Uncategorized | Leave a comment

Dental Medicine, Beyond the Mouth

Did you ever ask yourself what type of dental practice you have? Is it strongest in hygiene, C&B, Implant, or endo? What marketing protocol supports those procedures? It’s the patient experience that we discussed last week, and it starts at the front desk and is handed off to hygiene.

What happens in Hygiene … I have been in a lot of dental practices and I have met all types of hygienists. Most don’t fully understand systemic health screening as an internal marketing tool that can generate revenue while providing the patient with a different dental experience. Along with checking BP and blood levels for diabetic patients dental practices can now screen for a host of general health conditions and just maybe save someone’s life.

Saving someone’s life … It’s not easy. Dental patients do not often want to be screened for anything by a “dentist” because it may cost money and “it’s the dentist”. That’s why hygiene is the format for all screening and when it doesn’t cost you anything, you give it away for free. Patient’s trust the hygienist and assistant with their health, they trust the dentist will cost money. So hygiene should start the conversation and focus on 3 simple checks, blood pressure & diabetic levels and Obstructive Sleep Apnea.

Obstructive Sleep Apnea … So many practices looked at this as a revenue generating procedure only to find that there was little patient acceptance so they stopped. In every case the office did not understand the power of OSA screening. It’s not about selling appliances, it’s about the patient experience and getting new patients.

Getting new patients … Obstructive sleep apnea is in the news every day. It is at epidemic levels and there is public awareness. A coordinated program can piggy-back off the media attention by simply asking a few questions. Questions usually lead to discovery. Here is an example:

Hygienist: Good morning Mrs. Smith, I see that nothing has changed in your medical history. Any headaches? Indigestion? Problems sleeping?

Mrs. Smith: No, I feel great!

Hygienist: Wonderful, no one complaining about snoring issues?

Mrs. Smith: No, but my husband sounds like a buzz saw.

Hygienist: Really, you should have him stop by for the doctor to take a look, it will take about 5 minutes and I am sure the doctor would extend the curtesy of a quick exam. We may be able to help or diagnose possible OSA.

You just created a “WOW” factor and asked for a patient at the same time. These conversations should be pre-loaded at the morning huddle. What makes you different than every other dental office? Doing the extras! The new world is technology.

Technology … Do your patients know that your CBT will search for all abnormalities within its field of view? Do they know that you can detect systemic probabilities long before any symptoms? Dentists save lives every day. My favorite story was the dentist that installed a new digital pan and spotted a 75% blockage in both choreatic arteries. He contacted the patient’s primary care physician and probably saved the patient’s life. Maybe it’s time to be different. Be a physician.

A Physician … A Dentist is a specialist just like a Cardiologist. As a matter of fact, they should work together closely as part of the patient’s health care team. Remember, medicine is reactive, Dentistry is proactive. Be different! Please feel free to contact me with questions or concerns.

 

June 10, 2018 Posted by | Uncategorized | Leave a comment

A Quality Dental Office & Patient Retention

The patient experience may be the most important marketing tool for practice growth. Unfortunately, most dental practices do not understand how marketing relates to the patient in the chair. Let’s start by agreeing that nobody wants to give up a couple of hours of their lives to sit in a dentist’s chair. Now think about why they choose to sit in your chair and not the one down the street. In today’s market a patient will choose a dentist for a few simple reasons, Insurance, fee schedule, location or recommendation. After they decide on you and the appointment goes smooth, why don’t they continue with re-care? Maybe because you just provided all the services as they expected.

As expected … My wife is a gourmet cook, that may explain why I don’t get on a scale, friends and family love coming to our house because they are Wowed by whatever is put on the table. It’s always different and not what is expected. Your patients expect a certain environment when coming to the office and you provide it. It is nothing special just standard office protocol, friendly and efficient. What were the extras, a goody bag? Why does that patient “want” to come back and refer others? What was the WOW factor?

The “WOW” factor … There was a great seen in the recently cancelled Netflix production of House of Cards. Frank Underwood stopped in at his favorite “Rib Joint”. The best barbeque ribs in the city was at a little broken down shop in a bad part of town. If the ribs were so good why was the shop so broken down? The consumers required to grow the shop chose to be in a different and more comfortable environment. Dr. Omar Reed was a top line dentist lecturing about the patient experience over 30 years ago. His philosophy was that your reception room (not a waiting room because your patients don’t wait) should be nicer then the patient’s living room. It is all about the packaging, delivery and providing the unexpected “environmental” extras.

Unexpected extras … Your patient demographics will determine the level of success your practice achieves. A dental practice’s patient base is usually 10 years plus or minus the dentist’s age. This could be a time bomb for a healthy practice. Practices that are 20 years old tend to be set in their ways and everyday is business as usual. But, that 55 year old dentist is still relating to their own generation and not the one their kids are in. What are the extras that the millennials are not expecting? They are your patient base for the next 20 years. After a dental procedure the dentist should call the patient to make sure they are comfortable for the evening, but maybe they should text and younger patient, you will get an answer not a voice mail. What is the last thing the patient remembers? Check out!

Check out … I never try to reinvent the wheel, I let other people do that and tailor concepts to my situation. This one was great! The office orders a dozen roses every morning. When a female patient is checking out they are given a rose at the same time you are scheduling their next visit. If it is a male patient, offer a rose for them to take home to their spouse, mom, significant other or anyone. That $2.00 flower buys more good will than you can imagine. Make a difference in your patient’s day, do the unexpected and they will remember. Please contact me with any questions or concerns.

 

June 3, 2018 Posted by | Uncategorized | Leave a comment

What is Your Dental Practice Worth?

What a great question. Every dental practice owner wants to ask that question but rarely do, that is until they want to sell. In the real business world an annual evaluation is always recommended. When should the first evaluation be done? At the end of year one.

Year One … Doing an analysis at this time in your career will identify a basis for production and expenses. It also provides accurate information for insurance, legal and estate planning. It doesn’t matter if you start from scratch, buy an existing practice or enter as an associate.

Entering as an Associate … There is an old saying “a boat is a hole in the water, surrounded by wood into which one pours money”. When entering a practice as an associate its like buying into the boat. What exactly are you walking into? What is the real current value? How much cash value can be assumed if tragedy strikes?

If Tragedy Strikes … Life has a way of creating speed bumps that we have to navigate. Sometimes those bumps are replaced by misfortune and loss. If something happens to the a practice owner that prevents them from being involved with the practice, what happens? An unforeseen event such as accident, health or death has to be planned for. A dental practice that is closed for 30 days loses 30% of its value. A solid transition plan based on current financial and physical values along with detailed implementation instructions should be part of your estate plan. Your dental practice has several areas that has real cash value, each one needs to be identified and vetted.

Areas of concern … If you are a sole practitioner you have insurance covering fire and flood. Do you know what it costs to build an office? Are you aware of the cost of emergency relocation? Can you afford a major loss of income? Your financial and patient information may have been securely backed up but what about the value of your equipment and inventory? What about if you are a partner or vested associate? Is there a buy/sell agreement in place? What is the real cash value of your percentage of ownership? The bottom line is that it is important to do due diligence and to consult with several professionals that are experts in specific areas. By the way, does your commercial lease allow you to do anything? Maybe not.

Expert Consultants … The dental industry is very different than most. Although the “big box” dental centers are opening up all over the country, here in the North East it is still a unique cottage industry as compared to most. There are “dental specific” professional such as CPS’s, Attorneys, Transition Specialists and Estate Planners. These dental industry professionals service hundreds of dental offices, have long proven tract records and in many case have worked with each other and several of your friends. Due diligence is the key. I suggest interviewing several professionals in each area before making a final decision. For more information on professional dental consulting teams please feel free to contact me at any time.

 

May 6, 2018 Posted by | Uncategorized | Leave a comment