The Art of Dental Finance with Art Wiederman, CPA
Welcome to the Art of Dental Finance with Art Wiederman, CPA. This is the show that will help you to meet your personal and business financial goals thru saving taxes, investing and planning wisely, and managing your dental practice so it can become as profitable as possible. Here is your host… CPA Art Wiederman.
Sep 1, 2021 | Industry Updates and Career Guidance for Dentists
In this episode of The Art of Dental Finance and Management podcast, Art reviews industry updates, career guidance and life tips to help dentists be set for success. He also dives into some relevant topics including PPP loan forgiveness, Employee Retention Tax Credits (ERTC) and the HHS Provider Relief Fund.
Reach out to Art if you have any questions reguarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist
Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm
August 18, 2021 | Considerations When Selling Your Dental Practice to a Group Practice
Dentists often contemplate partnering with large group practices of Dental Support Organizations (DSOs) to maximize resources and grow. In this episode of The Art of Dental Finance and Management podcast, Art meets with David Lohmann, CEO of Apex Dental Partners, which owns 27 dental practices throughout Colorado, Oklahoma and Texas.
Art and David discuss the advantages and disadvantages of selling a dental practice to a group practice, as well as what dentists should consider when negotiating a transition. Here’s what you’ll learn more about:
- How much you’ll be required to work
- How much control you’ll need to relinquish
- Valuation of your dental practice
- Equity offered
- Method of compensation
August 4, 2021 | HHS Provider Relief Fund Reporting for Period 1 Now Due
If dentists received more than $10,000 of HHS Provider Relief Funds in “Reporting Period 1” (the period between April 10, 2020, when the relief funds started beign recieved, and June 30, 2020) they must report any expenses incurred to prevent the spread of the coronavirus and their lost revenue. These expenses must be reported by September 30, 2021.
In this episode of The Art of Dental Finance and Management podcast, Art meets with the leaders of Eide Bailly’s HHS Provider Relief Fund team Tyler Bernier, CPA, FHFMA and Ashley Brandt-Duda, CPA to discuss how dentists can properly report in the HHS Provider Relief Fund Portal.
Tyler and Ashley spearheaded the Provider Relief Fund (PRF) campaign at Eide Bailly to help healthcare providers navigate all the complexities surrounding the funding. They’ve also created an email address where you can send questions and concerns and get answers: PRF@EideBailly.com
Topics covered include updates related to the timeline for use and reporting of the funds, as well as clarifications on the process and terms and conditions released to date. It’s important to note that the PRF portal hosts and Excel spreadsheet that will help calculate expenses and lost revenue as you work through the process. It will also calculate a remainder at the end to clarify whether you have spent all your funds or if you have leftover funds that need to be sent back. If you do have any PRF funds that you have not spent, those need to be sent back to HHS within 30 days.
Tyler and Ashley recommend taking these steps in prepping for PRF reporting:
- Mark your calendars. Be sure you know when you must report and what those deadlines are because you don’t get to go back again later. There is a chart in the portal to help keep track of deadline dates.
- Start tracking and figuring out where you’re at with expenses and lost revenue.
- Go to the portal page (even if you haven’t registered yet), access the Excel document to track all of the information you need to start putting together. It will put the information that you need in a centralized place, as well as give you an idea of how much of these funds you can support and how much you can keep. Don’t spend the money until you know you can keep it.
- Reference the PROVIDER RELIEF FUND (PRF) REPORTING PORTAL- REPORTING user guide pages 7-10 in the portal as it includes a detailed and bulleted list of everything that you’re going to need for reporting.
- When you run into complex issues, reach out to our Eide Bailly PRF team. Inevitably, there will be lots of questions and concerns.
July 21, 2021 | How Dentists Can Grow their Practice with an Invisible DSO
The dental industry continues to consolidate rapidly, providing opportunities for dentists to partner with Dental Support Organizations (DSOs). In this episode of The Art of Dental Finance and Management podcast, Art meets with Chip Fichtner, Principle of Large Practice Sales, to discuss how dentists can accelerate practice growth with an Invisible DSO.
Chip explains how larger practice owners can monetize part of their practice without selling all of it. He also explains how it can be done at any phase of a dentist’s career since it’s unrelated to transition planning or retirement strategy. Essentially, dentists retain an ownership interest to benefit from investor resources, which helps retain the value of their practice and allow it to continue to grow.
July 7, 2021 | Benefits of Implementing Invisalign in Your Dental Practice
Dentists can become certified providers of Invisalign treatment. Invisalign is used as an alternative to braces for orthodontic treatments and is growing in popularity. The Invisalign trays are clear, removable aligners that gradually straighten teeth. They’re known for their convenience. Patients can easily remove them for eating, dental hygiene, or special occasions. For dentists, getting on board with offering Invisalign can open their practice to more patients and increased revenue.
In this episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Hardik Chodavadia of Enamel Dentistry to discuss offering Invisalign in your dental practice. Dr. Chodavadia outlines best practices for implementation including:
· Initial steps
· Equipment needed
· Training measures
· Financial aspects
· Marketing methods
June 23, 2021 | Implement Sleep Apnea Solutions in Your Dental Practice to Benefit Your Patients and Bottom-Line
Sleep apnea affects an estimated 10% of the adult population and as much as 50% of those with existing cardiovascular conditions (NIH.gov). In the short term, sleep apnea can affect daytime alertness, energy, focus, performance, as well as overall sense of wellbeing. In the long term, it can lead to chronic diseases and premature death.
In this episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Emily Stopper, aka “The Happy Dentist”, to discuss how dentists can add sleep apnea solutions to their dental practice. Aside from helping patients with their sleep quality to improve their health, wellness, and longevity, these solutions benefit your dental practice’s bottom line. Key points covered in this episode include:
· Diagnosis methods
· Treatment solutions
· Financial and professional benefits
June 9, 2021 | Maximizing ERC Funds for Dentists: Lessons Learned
On today’s episode of The Art of Dental Finance and Management podcast, Art meets with Jim Donovan, Partner-in-Charge of the Employee Retention Credit (ERC) program at Eide Bailly. Art and Jim discuss the lessons they’ve learned throughout the process of helping clients maximize funding, as well as how dentists can still take advantage of the opportunity. Some key points covered in this episode include:
- History of the ERC provision
- How to qualify
- Timing to receive
- How to calculate and maximize funding
- 2021 rules
May 26, 2021 | Key Performance Indicators to Help Dentists Grow Their Practice
On today’s episode of The Art of Dental Finance and Management podcast, Art meets with Eric Vickery, dental coach at All-Star Dental Academy, to discuss the Key Performance Indicators (KPIs) for dentists to grow their practice. Art and Eric review tips on how to best manage their practice and track measurable stats including:
- New patients
- Comprehensive exams
- Write-off rate
- Hygiene appointments
- Lost time in the schedule
- Collection rate vs. production
May 12, 2021 | Increased Profits and Overall Efficiency for Dentists: How Cloud-Based Software Can Help
Dentists who digitally transform their dental practice with cloud-based software can operate more efficiently and profitably. What does this mean? It’s a system of resources without direct active management by the user, which means more time to focus on your practice.
On today’s episode of The Art of Dental Finance and Management podcast, Art meets with Dr. Bob Dokhanchi from Fox Valley Dental Care in Aurora, Illinois. Dr. Dokhanchi and his team made the switch from server-based to cloud-based software five years ago. In this episode, they discuss advantages of the transition, including:
- Data security
- Cost savings
- Staff adoption/training
- Software selection
Apr. 28, 2021 | Economic Update: National and Global Issues Affecting Dentists
On today’s episode of The Art of Dental Finance and Management podcast, Art meets with Dennis Kushner, principal of Fordham Road Collaborative Group. Art and Dennis discuss national and global economic issues affecting dentists including:
- Interest rates
- Pandemic challenges
- Global influences
- Potential tax legislation
- National debt
- Economic indicators and trends
Apr. 14, 2021 | Increase Revenue in Your Dental Office Starting at the Front Desk
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 tactics they discuss include:
- Taking a relationship approach versus a sales approach in initial conversations
- Importance of the initial conversation with a potential new patient
- Training staff how to relate and respond to different types of patients
- How to overcome objections
- How to build the relationship
- When to ask for the appointment
Mar. 31, 2021 | Tax Law Changes for 2021: What Dentists Need to Know
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, as well as provisions that may affect 2020 tax returns.
- Expanded child tax credits
- Stimulus payments of $1,400 per person
- Student loan debt forgiveness relief
- New rules on taxation of unemployment benefits
- Potential new tax laws coming
Mar. 24, 2021 | Dental School Debt: How to Manage and Pay it Off
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 meets with Mark Johnson, founder of Student Loans RX. Mark discusses ways to help dentists adopt the best strategy to pay off their student loans and make long-term financial plans. In the episode, Art and Mark also discuss:
- New rules passed by Congress on student loan payments
- What has changed with the COVID-19 pandemic
- How income-based repayment plans work
- Pros and cons of refinancing federally subsidized student loans with private lenders
- How student loans work if a dentist chooses to work in the public health sector
- Why student loan repayment is a critical part of overall financial planning
Mar. 17, 2021 | New Rules Published By the IRS Can Help Dentists Receive More Economic Relief
On today’s episode of The Art of Dental Finance and Management podcast, Art discusses the ways that dentists can not only receive potential full forgiveness of their round one PPP loans, but also receive up to a $5,000 per employee with the ERTC. New Treasury guidance was recently published (Notice 2021-20) which explains in greater detail to help dentists and other small business owners best utilize the available funding.
In the episode, Art reviews:
- Background on the PPP loan rules
- How to determine when to file for PPP loan forgiveness
- Who is eligible for the ERTC
- How to calculate the ERTC
- Strategy for dentists to use wages paid for PPP loan forgiveness and ERTC
Mar. 10, 2021 | How Dentists Can Use LinkedIn to Increase Profitability
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 Rhonda Sher, a LinkedIn strategist who coaches professionals in utilizing the platform to its full capacity. Rhonda gives a variety of tips and tricks dentists can use to start being more credible, visible and profitable, including:
- Maintain a complete, up-to-date profile with a professional headshot
- Write a compelling headline, About section and include a call-to-action
- Give and receive professional recommendations
Mar. 3, 2021 | Art’s Golden Rules of Financial Planning During a Pandemic
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 achieve your goals and pave the way to a secure retirement.
In this episode of The Art of Dental Finance and Management podcast, Art reviews his “golden rules” of financial planning during a pandemic. Art’s Golden Rules is a popular topic he frequently presents on and has helped countless dentists generate substantial wealth throughout their career and secure peace of mind for them in their retirement.
These steps to building a strong financial future consist of key insights on saving for emergencies and retirement, calculating nest eggs and insurance coverage and smart financial planning. Some of Art’s Golden Rules discussed in this episode include:
- Live by the 65/25/15 ratio
- Pick a date for retirement
- Build up your emergency savings fund
- Plan your retirement base
- Own your home by age of retirement
- Never invest more than you can afford to lose
- 4-6% may seem boring, but it works
- Insure yourself for peace of mind
- Don’t make your home a money pit
- Buy a car, don’t lease
- Plan your estate to provide for the people you love
Feb. 24, 2021 | How Dentists Can Save Money on a New Office with a Cost Segregation Study
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 improve your cash flow.
In this episode of The Art of Dental Finance and Management podcast, Art meets with Mark Rogers, Eide Bailly’s Principal-in-Charge of Fixed Asset Services to discuss how cost segregation studies can help dentists save money on a new office build. With a team of CPAs, construction managers, architects, engineers, the Fixed Asset Services team look at how to achieve deductions in the built environment. Especially with the advent of the Tax Cut and Jobs Act (TCJA) and the CARES Act, there are even more opportunities to take advantage of all the available tax savings.
A cost segregation study breaks out a building into different components, trying to find some lower life property within it in order to get the standard 39 year depreciation schedule into a 5, 7 or 15 year period to secure bonus depreciation. For example, if you put a component into 5 years and get a 50% bonus, you can take half of your 5 year cost in year one.
Feb. 17, 2021 | How the ADA’s Response to the COVID-19 Pandemic Helped Dentists
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.
Advocacy is a large part of the efforts of the ADA on behalf of dentists. Here are a few of the goals and initiatives the organization has undertaken:
- Developing online tools and resources
- Information dissemination to members
- Advocating for dentists in legislature
- Making sense of all the complicated funding mechanisms
- Safe dental practice reopening
- Delivering dental care to underserved communities – promoting overall health through good oral health
- Pushing back against third party payer issues
- Encouraging young dentists to get involved in organized dentistry to advance the profession
- Providing webinars and resources to help dentists cope with stress
Feb. 10, 2020 | How to Increase Revenues in Your Dental Practice with PPOs
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 plans to participate in and how to maximize insurance reimbursements to increase revenues in your dental practice.
In this episode of The Art of Dental Finance and Management podcast, Artmeets with Clint Johnson of Profitable PPOs to help dentists navigate the complex web of dental insurance plans and tells them how to make the best decisions on which PPO plans to participate in. Some considerations for dentists include:
- Current dental PPO marketplace
- Strategies dentists can use to maximize and increase PPO fees
- What to do if fees are being reduced
- How tiered networks operate
- How to avoid unknowingly signing up for one PPO plan that is contracted with a dozen or more
Feb. 3, 2021 | How to Prevent and Detect Fraud in Your Dental Practice
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, Artmeets with Brandon Waldren, CPA, CFE, CFI, a Senior Manager in Eide Bailly’s Fraud & Forensics Advisory group. As a Certified Fraud Examiner and Certified Forensic Interviewer, Brandon helps clients strengthen their organization’s internal controls to prevent fraud, as well as steps to take when fraud is suspected. This episode discusses the typical characteristics of a fraudster, as well as things to watch for to prevent fraud in your office.
When it comes to fraud, the “perception of detection” is the most effective internal control for prevention and detection. It’s important to establish rules and procedures regarding all the financial aspects of the office, and everyone on your team should know how seriously you take fraud.
Some examples of internal controls that dentists can implement include:
- Allow only physical signatures on checks by the owner
- Limit the owner as the only person who has access to Amazon.com purchases
- Assign multiple people to review all checks before they’re sent out
- Limit who has access to the cash
- Review of all bank statements directly by the practice owner each month
- Use your dental software to record and track receipts
- Add surprise requests occasionally – cash counts, invoice support, password changes, forced staff vacations
Jan. 27, 2021 | PPP for Dentists: Calculating a Second Draw Amount and Planning for Forgiveness
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. This episode breaks down the details of the PPP program for dentists, how it may affect your dental practice and how you can maximize your PPP loan forgiveness, including:
- Understanding the new PPP loan forgiveness rules
- Completing the simplified one-page PPP loan forgiveness form for loans under $150,000
- Calculating maximum Second Draw PPP loan amount
- Registering on the HHS Provider Relief Fund online portal
- Qualifying for the Employee Retention Tax Credit (ERTC)
Jan. 20, 2021 | Start the New Year Strong by Assessing Your Financial Planning Strategies
It’s a new year, and with it comes the need for dentiststo 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 build the right financial team full of people they can trust and depend on to help reach goals and build lasting wealth. In this episode of The Art of Dental Finance and Management podcast, Art meets with Steve Kwong of Merrill Lynch to discuss everything that dentists should know about financial planning that they may not have learned before. Art and Steve speak on financial planning fundamentals, as well as which types of investments are the best bet for 2021. Financial planning strategies covered include:
- Begin with an end in mind
- Set and meet goals
- Evaluate risk and risk management timeframes
- Invest with a purpose
- Maximize return
- Allocate your investments in different risk buckets
- Assess risk/reward tradeoff
- Implement a 401k or profit-sharing plan in your practice
- Create a legacy
- Prevent falling prey to financial schemes
Jan. 13, 2021 | How Dentists Can Apply for a Second Forgivable PPP Loan
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 this episode of The Art of Dental Finance and Management podcast, Artdiscusses everything that dentists should know about the new stimulus package and how it may affect their bottom-line. Art gives step-by-step instructions on securing a second PPP loan and plan for forgiveness:
- New application form
- New rules about who qualifies
- How much you should apply for
- Interplay between the PPP loan and the Employee Retention Tax Credit(ERC)
- Strategy for full forgiveness
- New PPP loan forgiveness form
- Deadlines of filing with the Department of Health and Human Services (HHS) for HHS Provider Relief Funds
Jan. 6, 2021 | How Dentists Can Utilize Teledentistry in their Practice for Increased Efficiency and Profitability
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 well as enhances the customer’s overall dental experience.
In this episode of The Art of Dental Finance and Management podcast, Art meets with Cindy Koelbl, Chief Operating Officer of Integrated Telehealth Solutions (ITS) to talk about telehealth and teledentistry. As a subset of telehealth, teledentistry uses a broad variety of telecommunication and information technology to provide and support dental care delivery, diagnosis, consultation, treatment, and even to transfer dental information and provide education. It enables dentists and clinicians to convey advice, perform triage, conduct exams, do screenings and consult.
Art and Cindy discuss how teledentistry has proven extremely beneficial for both dentists and patients this past year especially throughout the COVID-19 pandemic. Specifically, we discuss how teledentistry involves four distinct types of patient care, each with related billing codes:
- Remote Patient Monitoring (RPM), and
Dec. 23, 2020 | How Dentists Can Obtain the PPP Loan within the Newly-Passed Stimulus Package
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.
- Qualified expenses, such as personal protection equipment (PPE) that PPP funds can be used for
- Simplified PPP forgiveness applications
Dec. 16, 2020 | What Dentists Need to do to Qualify for a New PPP Loan in the Next Round of Stimulus
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.
In this episode of The Art of Dental Finance and Management podcast, Artdiscusses the pending stimulus legislation and how it may affect dentists. He also covers the documentation of the HHS Provider Relief Fund grants and what dentists should be doing to get ready. As 2020 comes to a close, it’s imperative to stay on track with your year-end tax planning and make sure you have all your documentation in order.
Dec. 9, 2020 | How to Navigate Your Dental Office Lease Negotiations and Save Thousands of Dollars
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 lease, expanding your dental practice space or buying an entire building.
In this episode of The Art of Dental Finance and Management, Art visits with experienced commercial real estate agent Brian Mills of ROAM Commercial Realty. Brian and his team represent dentists who are looking to find new space to operate their practice (both rental space and buildings to purchase), or who need help renegotiating or extending their dental office lease.
Art and Brian discuss how landlords and lease negotiations have changed due to the COVID-19 pandemic, what aspects of a dental office lease require negotiation, philosophies of leverage in a deal. They also cover the different financial aspects of a negotiating a commercial lease such as how a lease rate is determined, tenant improvement allowances, options, and much more. Brian also addresses the underlying philosophies when considering purchasing real estate, why price is not always as important as terms of a loan on a purchase, as well as the great financial and tax advantages of owning your own building.
Dec. 2, 2020 | How to Invest During a Pandemic and Post-Election Climate
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 episode of The Art of Dental Finance and Management podcast, Artspeaks with James Davenport, MBA, Managing Director of Beacon Pointe Wealth Advisors. Art and James discuss what we’ve been seeing in the markets, how the pandemic and change in administration will likely affect them and predictions on possible sectors that may perform well in 2021. James details what dentists in different age groups/life stages (25-35, 35-50 and over 50) should consider when investing. It is important to regularly meet with your financial planner/investment advisor for their expert guidance and to make sure your strategies are still viable.
Nov. 25, 2020 | Everything Dentists Need to Know About Financial Planning
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. Developing a financial plan with the guidance of a team of professional advisors helps them meet their unique current and future goals and will continue to evolve throughout the various life stages.
In this episode of The Art of Dental Finance and Management podcast, Art meets with Ryan Weigel, CPA, CFP and Zachary Schnitzler, CEPA, CLCS of Eide Bailly Financial Services about the financial planning process for dentists. Ryan and Zachary emphasize why financial plans are so important, major pitfalls to avoid (typically not having any financial plan), as well as what steps dentists can take to ensure success. They also discuss some of the essential elements of a solid financial plan:
- Debt reduction
- Student loans
- Retirement savings
- Insurance coverage
- Children’s education
- Estate planning
Nov. 18, 2020 | Post-Election: What New Potential Legislation Could Mean for Dentists
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 role based in Washington, D.C., Mel spends his time working with members of Congress, as well as influential individuals at the Treasury and IRS regarding new and pending tax legislation. He is dedicated to keeping business owners informed on legislation updates that could affect owners as well as helping them make their concerns and needs heard by the right people.
In light of the recent election, Art and Mel discuss the relevant legislative issues that could affect dentists and their tax planning:
- What provisions of President-elect Biden’s tax plan may be implemented?
- Updates on pending PPP legislation.
- Potential changes to tax policy and law if:
- The White House and both houses of Congress are controlled by the Democrats, or
- The Senate remains in Republican control
- Possible overhaul of healthcare legislation and the Affordable Care Act.
Nov. 11, 2020 | How the American Dental Association Advocates for Dentists Through the Pandemic and Beyond
As we celebrate our 100th episode of The Art of Dental Finance and Management podcast, 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 the COVID-19 pandemic, Dr. O’Loughlin and her team advocated on behalf of dentists across the nation who fought to receive PPE, and to be deemed essential. They also looked to the ADA to make sense of and apply for the various relief funding, as well as receive more guidance on the safe reopening of their practices.
In addition to sharing her career progression to becoming the ADA’s executive director, Dr. O’Loughlin speaks about how the organization helps support dentists and dental school students, how they fervently advocated for dentists by lobbying Congress during the difficult first few months of the forced shutdown. Through their efforts, the ADA was able to get 2.6 million masks and over 500,000 gowns to dentists when supplies were limited and earmarked for the medical frontlines. Dr. O’Loughlin outlines the four key initiatives the ADA is focused on moving forward to further support dentists:
- Membership attraction and retention
- Digital transformation
- Diversity and inclusion
- Utilizing big data and A.I.
Nov. 4, 2020 | How Dentists Can Remain Compliant with Relief Funding and Increase Dental Practice Profitability
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. Art reviews these updates as well as provides additional helpful dental practice finance and management guidance, including:
- Updates on filing for Paycheck Protection Program (PPP) loan forgiveness
- Phase 3 funding for the HHS Provider Relief Fund
- How dentists should document relief fund expenses
- Preview of Democratic Presidential candidate Joe Biden’s income tax plan
- Financial tips and tax savings dependent upon who wins the presidential election
Art also discusses key business metrics related to helping dentists run a more efficient and profitable practice, including:
- A formula for calculating total production in a dental practice
- The importance of minimizing cancellations and no-shows
- Increasing production and meeting practice goals with your morning huddle
Oct. 28, 2020 | Growing Your Dental Practice to Multiple Locations: Tips for Success
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 Development Officer at Tusk Partners, a leading dental M&A advisory firm, that helps dentists accomplish practice growth through group dental practices and dental service organizations (DSOs). Whether you’re just starting out, continuing to grow, or looking to sell, there are key areas to focus on:
- Start with the end in mind
- Take the initial first steps
- Secure financing
- Expand your growth
- Manage multiple group practices
- Develop an exit strategy
- Establish legal structure
- Document proper accounting
Oct. 21, 2020 | Top Dental Metrics to Maximize Practice Profitability
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 outlines some of the top dental metrics to focus on including:
- Re-appointment percentage
- Pre-appointment percentage
- Attrition rate
Oct. 14, 2020 | How to Develop an Exit and Transition Plan for Your Dental Practice
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 you provide tremendous value for the buyer, command greater profit for yourself, as well as ensuring a ‘euphoric’ experience throughout the transition process. In this episode of The Art of Dental Finance and Management podcast, Art and Larry discuss how dentists can build greater long-term value for their practice and remove some of the uncertainty when planning for its transition, whenever that day may be. It’s better to be in a strong negotiating position when preparing your dental practice for a sale and Larry outlines some key takeaways from following his recommended five-step campaign approach:
- Building business wealth
- Fostering the right mindset
- Developing a dental practice that makes it attractive to buyers
- Generating long-term value
Oct. 7, 2020 | How to Become a Sports Dentist from a Former L.A. Lakers and Kings Team Dentist
For many sports enthusiasts, being able to work for a major NBA, NFL or NHL team would be an absolute dream. Our guest on this week’s podcast, Dr. Jeffrey Hoy, served as the team dentist for the Lakers and Kings, as well as other large Los Angeles sports teams for 30 years. In addition to his collection of championship rings, he has countless memories to commemorate this epic time in his dentistry career.
Listen to this episode of The Art of Dental Finance and Management podcast to learn more about how Dr. Hoy became the team dentist for some of the most renowned athletes of all time, including the late Kobe Bryant. He provides excellent, practical advice for aspiring sports dentists at any stage of their career, as well how supporting high school and college athletic teams can enhance your existing dental practice. Dr. Hoy discusses what steps dentists need to take and training necessary to become a competitive, highly sought-after sports dentist.
Sep. 30, 2020 | What Dentists Need to Know About the Updates to the HHS Provider Relief Reporting Requirements
With all the changing legislation and updates to the various relief programs, it’s important for dentists to stay informed. Although it may seem complex, Art helps make sense of it to help you with strategic tax planning and maximize profitability in your practice. In this episode of The Art of Dental Finance and Management podcast, Art updates dentists about the new HHS Provider Relief Fund reporting requirements. In addition, there may be other potential changes coming in the PPP program, as well as a proposal for a second round of PPP loans. Eide Bailly will continue to monitor changes in government programs and tax law to best inform dentists to better manage their practice. Art also discusses other financial topics impacting dentists and what they should be considering:
- Deducting PPP expenses
- Tax planning during uncertainty
- Accelerating income
- Deferring deductions
- Contributing to retirement plans
- Purchasing equipment in 2020 (as opposed to 2021)
Sep. 23, 2020 | The 5 Functions in Your Dental Practice That Should Be Automated (But Probably Aren’t)
Dentists can benefit greatly by utilizing technology tools to automate practice functions. Use of technology and automation allows dental practices to operate efficiently and can lead to increased profitability.
In this episode of The Art of Dental Finance and Management podcast, Art visits with Daniel Larsen, principal product manager from Henry Schein One. Art and Daniel discuss the five things in your practice that should be automated, but likely are not:
- Appointment scheduling
- Routing slips
- Payment processing
- Patient forms
Sep. 16, 2020 | Learn How Dentists Can Save Thousands of Dollars with Research and Development Tax Credits
Dentists can take advantage of the research and development tax credit (R&D) that other industries have benefitted from for years. These R&D tax credits can amount to dollar-for-dollar savings on federal (and possibly state) income tax, in addition to the deduction of your research and development costs. The R&D tax credit has the potential to give dentists substantial tax-savings and strengthen their financial health, in addition to developing innovative new ways to practice dentistry.
Art speaks in depth about the research and development tax credit for dentists with Joe Stoddard, CPA and Heidi Lanin, JD from the Eide Bailly R&D Tax Credit team in this episode of The Art of Dental Finance and Management podcast. They discuss valuable details about this little-known opportunity for dentists and outlines some of the criteria to qualify for R&D tax credits. If you are already implementing any of these types of innovative activities in your practice, you could be a good candidate for the R&D tax credit:
- Working on complex cases/procedures
- Utilizing an on-site milling machine or in-house lab
- Creating new or improved processes, techniques, or methods
- Utilizing new technologies
- Creating and testing prototypes
- Experimenting with alternative materials or attachment systems
Find out if your practice might be eligible for the R&D tax credit by completing our short Dental R&D questionnaire. A member of our team will be in contact to talk about the benefit of the R&D tax credit for you.
Sep. 9, 2020 | Fire Up Your Dental Practice and Increase Profitability
As a dentist, operating your dental practice involves so much more than just clinical care. There are many aspects to managing the business that you likely never learned while in school. Utilizing dental practice consultants can help lessen the learning curve for dentists in their business operations. They can also coach you in best practices for a well-run business and maximize profitability.
In this episode of The Art of Dental Finance and Management podcast, Art speaks with Kiera Dent from the dental consulting company, The Dental A Team. Their team helps dentists across the country practice dentistry implementing their specific core values.
Kiera outlines a variety of valuable tips to give dental teams a competitive edge, including how to:
- Place an ad for a new dental team member
- Hire the right person
- Grow your case acceptance
- Use assisted hygiene
- Ramp up production using uncompleted treatment plan reports
- Handle cancellations
Aug. 26, 2020 | Find Profit Holes in your Dental Practice Using Dentrix Ascend Practice Management Software
It’s increasingly important for dental practices to operate digitally, especially during this COVID-19 pandemic. Managing your practice from the cloud allows your entire team access to patient information in real time and gives your patients the ability to complete and submit patient forms online. This makes for an efficient and streamlined process, especially when you have multiple dental office locations. This is also extremely valuable for patients as they spend less time in the office waiting in the reception area as well as handling clipboards, paper and pens.
In this episode of The Art of Dental Finance and Management podcast, Art visits with Jill Nesbitt, MBA, dental coach and Customer Success Manager for Henry Schein One. Jill explains the capabilities of cloud-based practice management software Dentrix Ascend and how it helps dentists improve overall profitability.
Some great features that help dentists manage their practice include:
- Digital workflow
- Online booking
- Patient forms
- Health histories
- Treatment planning
Whether it’s one dental office, or multiple practices, Dentrix Ascend allows practice owners to standardize their reporting. This leads to a more thorough analysis of multiple offices. You’ll get a better view of how your practice is operating without the time and hassle of paperwork. This episode provides a lot of great information for dentists as they consider implementing dental practice management software to help them make good decisions for their practice, which will ultimately help improve their bottom line.
Aug. 19, 2020 | Attract New Patients to Your Dental Practice with Online Reviews
When people are searching for a new dentist, they typically conduct their search online. With that search, they also analyze the online reviews of your practice, along with the reviews of other dentists in the area that they’re considering. Showing up in search is just the first step. Positive online reviews are key to helping you build trust with patients and drive practice growth.
In today’s episode of The Art of Dental Finance and Management, Art visits with Dr. Len Tau, a practicing dentist in Philadelphia, and an expert in online reviews. Dr. Tau helps dentists build their practices by securing positive reviews from patients and strengthening their online presence. Well-known for his brand platform, “Raving Patients,” he is a nationally-known speaker, podcaster and coach helping dentists succeed.
Listen in to learn more about this strategy as Art and Dr. Tau discuss:
- The importance of online reviews
- How to get patients to provide reviews
- How to get patients to refer their friends
- How Google and Yelp work
- Mistakes dentists make with their online presence
- Dr. Tau’s new course, “The Art of the Sale”, coaching dentists with sales and case presentation training. Bonus: listeners receive a 50% discount to his course with promo code “finance” at workshop.drlentau.com.
Aug. 12, 2020 | Tales from The Industry – How This Dentist Maintained Profitability After Reopening
As dentists continue to recover from the challenges of COVID-19 practice closures, hear how one dentist achieved profitability following reopening. In this episode of The Art of Dental Finance and Management podcast, Art visits with Dr. Sam Ahani who runs a very successful general dental practice in Northern California. Dr. Ahani shares how he chose to navigate his practice closure during the COVID-19 pandemic and how he led his team through it, as well as the steps he took for reopening safely. He also covers how he strategically spent additional dollars to invest in extra equipment, safety measures and his staff and how it benefited his practice’s profitability.
Dr. Ahani also talks about a new app he developed called Refera that helps dentists increase their production. This new app allows seamless communication between a general dentist and a specialist to track and recapture potential lost patients that have been referred to specialists. This app helps solve the widespread issue of dentists losing tens of thousands of dollars of revenue by lost referrals.
As always, Art is here to answer any question you may have. His contact information is email@example.com or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.
Aug. 5, 2020 | How Reopening Can Affect Your Dental Hygiene Schedule
Joanne and Art discuss how hygiene schedules in the first month or two after the reopening of dental offices have been strong. However, there are many offices that will experience a significant drop in their hygiene schedules in the last quarter of 2020. This fallout could cause more problems for office profitability and JoAnne shares tips on how to rectify this by taking decisive action for your dental office now.
JoAnne and Art also discuss:
- Their favorite dental metrics they use when consulting with dentists
- Why implementing key verbal skills with patients is good for business
- Communicating case presentation to the doctor and team
- Tips for management of a successful dental practice
- Items to consider when buying a dental practice
Art is here to answer any question you may have on this topic or anything related to dental finance and management. He can be reached at firstname.lastname@example.org or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.
Jul. 29, 2020 | How to Transition Your Dental Practice During COVID-19
During a time of immense change, dental practices are beginning to look toward the future and how will they survive the COVID-19 pandemic. One consideration is transitioning your practice through either buying a new practice or selling your dental practice. The guest for this week’s episode of The Art of Dental Finance and Management podcast is Art’s long-time friend and dental attorney, Dr. Lee Maddox of Maddox Healthcare Law. Dr. Maddox has over 30 years of experience as both a dental attorney and a dental broker and he ran Henry Schein’s brokerage operation for over five years.
In this episode, Art and Dr. Maddox discuss:
- The state of dental practice transitions
- What sellers need to consider when thinking about selling now, versus waiting
- Considerations for buyers when buying practices
- What banks are doing and how they are evaluating practice sales transactions
- Possible ramifications of waiting until 2021 to sell your practice
Dr. Maddox is one of the most knowledgeable people in the country on dental practice transitions and his insights for dentists looking to buy and sell are extremely valuable.
Jul. 22, 2020 | How Dentists Can Benefit From Government Stimulus and Additional Considerations
In today’s episode of The Art of Dental Finance and Management podcast, Art Wiederman, CPA covers a variety of important topics to help dentists navigate this critical time. This is the first episode of the podcast since HMWC’s merger with Eide Bailly and more detailed information, tools and resources are provided about this exciting development. For more information on what Art and the dental team can provide as part of this merger, visit www.eidebailly.com/dentist.
Topics covered in this episode include:
This episode provides a wealth of valuable and timely information for dentists as they continue on the path to profitability.
Jul. 15, 2020 | HHS Provider Relief Fund Now Open to Dentists
On Friday, July 10, the Department of Health and Human Services (HHS) opened the CARES Act Provider Relief Fund to all dentists who meet certain requirements. In this episode, Art reviews the rules as to who is eligible and discusses the Terms and Conditions that dentists need to comply with if they accept this aid (generally 2% of their gross receipts). It is important for dentists to review the information as soon as possible, as applications must be made on or before July 24.
In the latter part of the episode, Art reviews:
- PPP updates
- Tax planning opportunities for 2020
- His outlook on a possible additional stimulus package
- How the November election could affect tax rates and planning
This episode provides valuable and timely information for dentists.
Jul. 8, 2020 | Three Financial Tips for Reopening Your Dental Practice
In this episode, Art meets with dental CPA, Robert Edwards and his wife, dental management consultant, Dr. Sharon Tiger. They are two of the top dental professionals in the country and they provide tips for reopening your dental practice.
Art, Robert and Sharon discuss what financial moves dentists should be making during the reopening of their offices, including:
- How to budget and plan
- Opinions about PPP and EIDL loans
- Why long-term financial planning is more important than ever
Additionally, Sharon gives very specific advice on how to communicate with patients and how to manage your hygiene program. This episode is packed with an abundance of good, practical advice for dentists returning to work.
Jul. 1, 2020 | The Five Critical Steps to Reopening Your Dental Practice
As dentists start reopening their practices, it becomes increasingly important for them to develop a solid plan for the coming months. In addition to providing updates on insurance reimbursements, PPP and a potentially helpful new tax credit, Art outlines the five most important things to focus on when reopening your dental practice:
- Developing a financial plan
- Leading your team
- Communicating with patients, emphasizing total health and complete care
- Evaluating your relationship with insurance companies and PPOs
- Tracking metrics to find profit holes in your practice
Focusing on these five critical steps will help make the return to pre-pandemic levels of business much easier for dentists.
Jun. 24, 2020 | Marketing Your Dental Practice During COVID-19 with Dental CMO Kristie Boltz
In today’s episode of The Art of Dental Finance and Management podcast, Art meets with Kristie Boltz, owner of MyDentalCMO, to discuss marketing your dental practice through COVID-19. Through her company, Kristie operates as the Chief Marketing Officer for multiple dental practices.
Kristie and Art discuss:
- What a Chief Marketing Officer’s job for a dental practice entails
- The best type of marketing to do now as dental offices open again
- How much time and money a dentist should spend on marketing
- Appropriate ROI on a dentist’s marketing dollar
- Why, now more than ever, it is important to assess what you are doing with your practice marketing
- Assessing what is working and what isn’t
- Pivoting your marketing to fit the changing times
Art emphasizes the importance of continuing your practice marketing despite challenging circumstances. One of his mottos is: “the day you stop marketing your business, is the day your business begins to die”, so don’t be quick to cut this. This episode will be valuable for dentists to hear during this reopening stage of their practices.
Jun. 17, 2020 | Why Complete Care Communication with your Patients is Critical During a Pandemic
Now that we have a lull in reporting on SBA loan programs, the focus should shift to bringing dental practices back strong. This week’s episode features Dr. Paul Homoly of Homoly Communications. For decades, Dr. Homoly has been on the cutting edge of helping doctors improve their case presentation to persuade patients to say “Yes” to treatment. He is a master at dialoguing with patients, and shares how dentists should communicate with them during this critical time.
Jun. 10, 2020 | Why the Paycheck Protection Flexibility Act Makes PPP Loan Forgiveness Much Easier
On Friday, June 5, President Trump signed the Paycheck Protection Flexibility Act into law. This new legislation changes many of the rules that allow Paycheck Protection Program loan recipients to obtain forgiveness from the government.
Art discusses in detail:
- Provisions of the new law
- How it makes forgiveness easier
- How dentists should proceed with the use of their loan money
- EIDL loan provisions and why you should be cautious
Jun. 3, 2020 | Update on PPP Rules and Congressional Law Changes in Process
As dentists across the country begin to reopen their practices, there is additional guidance to review. In this episode, Art provides insight into the latest updates on PPP rules and the congressional law changes that are in process.
Art shares promising statistics on reopening from an ADA survey, as well as from dental coaches on what they’re seeing with their clients. Art discusses:
- New guidance from the SBA on loan forgiveness for PPP loans
- House bill that passed in late May
May 27, 2020 | The Right Way to Re-Open Your Dental Office
Art meets with one of the nation’s leading dental coaches and a Phoenix, Arizona practice co-owner, Gary Takacs, in today’s episode of The Art of Dental Finance and Management podcast. Gary is a master at coaching teams and growing practices.
Gary shares what he has been advising his clients regarding reopening their practices and outlines the various steps and procedures dentists should take to open successfully.
May 20, 2020 | How to Obtain Maximum PPP Loan Forgiveness
In this episode of the Art of Dental Finance and Management podcast, Art covers how to obtain maximum forgiveness for a PPP loan. On Friday, May 15, the SBA issued an eleven-page Paycheck Protection Program Forgiveness Application that business owners must submit to apply for loan forgiveness.
May 13, 2020 | Legal Issues in Re-Opening Your Dental Office with Attorney Ali Oromchian Ali Oromchian, Attorney-at-Law
Art visits with labor law attorney Ali Oromchian of Dental & Medical Counsel, PC on today’s episode of The Art of Dental Finance and Management podcast.
Art and Ali discuss the legal aspects of reopening your dental practice. They answer many of the legal questions dentists have regarding employee issues during the COVID-19 pandemic, including:
- Tips on reopening your dental office
- Employee concerns about coming back onto payroll while out on unemployment
May 6, 2020 | Planning for Receipt of your PPP and EIDL Loans with Academy of Dental CPAs Panelists
Art meets with three members of the Academy of Dental CPAs: Mark Rosen, BJ Kaucher and Bob Gray in today’s episode of The Art of Dental Finance and Management podcast. The panel discusses strategies for dentists to use SBA loan funds acquired from the EIDL and PPP loan programs and how to obtain maximum forgiveness.
Apr. 29, 2020 | Are Your Losses from COVID-19 Covered Under Your Business Interruption Insurance Policy? with Attorney Randy Curry
Attorney Randy Curry and Art discuss issues facing dentists during the COVID-19 pandemic in this episode of The Art of Dental Finance and Management podcast:
- Whether a dentist’s business interruption policy can cover losses
- Policy provisions in these types of policies
- Ongoing litigation
- Potential state and Federal legislation coming which could require insurance companies to cover situations such as COVID-19
Apr. 22, 2020 | PPP Update with ADA Congressional Lobbyist Megan Mortimer and ADCPA President Allen Schiff, CPA
Today, Art visits with two people who have been very instrumental in helping dentists across the country through the COVID-19 Pandemic:
- Megan Mortimer, Congressional Lobbyist for the American Dental Association
- Allen Schiff, President of the Academy of Dental CPAs
Megan provides an update on how Congress is attempting to add funds to the PPP:
- A timeline
- What the ADA is doing to advocate for dentists in Washington D.C
- Valuable resources dentists can access through the ADA
Apr. 15, 2020 | Update on EIDL and PPP Loan Programs for the Week of April 13 with Art Wiederman, CPA
Many dentists have applied for the Economic Injury Disaster Loan (EIDL) and Payroll Protection Program (PPP) loan programs, which offer government assistance for small businesses. There has been some clarification on the amounts available under the EIDL program. But more importantly, there is an important decision to make regarding the PPP load as banks and financial institutions begin to approve dentists’ applications.
Apr. 8 2020 | Update on EIDL Loans and PPP Loans for Dentists with Art Wiederman, CPA
As the COVID-19 pandemic continues to unfold, Art is dedicating his episodes to updating his audience on the status of the two loan programs dentists are applying for:
- Economic Injury Disaster Loan (EIDL)
- Payroll Protection Program (PPP)
The PPP program was rolled out on Friday, April 3 and has created much confusion for dentists and banks.
Apr. 1, 2020 | Financial Planning, SBA Loans, and the CARES Act with Art Wiederman, CPA
It is so important for dentists during these challenging times, when most dental offices are closed, to make a 30, 60 and 90-day financial plan for themselves, as well as their practices.
In today’s episode, Art explains why dentists need to know how much money he or she needs to get through this time period. If they don’t take this initial step, it will be extremely difficult, if not impossible, to develop a plan to obtain or segregate the funds.
Mar. 25, 2020 | Staying Calm in a Turbulent Time with Linda Miles
Linda Miles, world-renowned dental consultant, speaker, and author, is Art’s guest on today’s episode of The Art of Dental Finance and Management. Linda has over five decades of experience in the dental profession and has worked with over 1,000 dentists in her career.
Art and Linda discuss:
- Why dentists must keep a positive mental attitude
- How everything filters from the leader – from the dentist to the team to the patients
- Four things she has taught dentists over the years
Mar. 18, 2020 | COVID-19 and its Effects on the Financial Markets with Jim Davenport
The COVID-19 pandemic has affected all aspects of life both here in the United States and around the world. In today’s episode, Art visits with Jim Davenport (his first return guest) to discuss how this crisis is affecting the financial markets and what you can and should do now with regards to your investments.
Art and Jim make the comparisons of this time to October of 2008, they discuss:
- How financial markets work
- What is driving the downturn
- Strength of the economy
Mar. 11, 2020 | How a Dentist Can Manage and Exit Being In-Network with a PPO with Bill Rossi
In today’s episode of the Art of Dental Finance & Management, Art introduces Bill Rossi, president of Advanced Practice Management in Minneapolis. Bill coaches and consults with over 250 dental offices. His specialty is helping dentists evaluate their in-network relationships with PPOs and coaching them in how to exit them.
Art and Bill discuss:
- Whether the relationship with the insurance contract makes sense for the practice
- What the vision of the practice is
- What the owner wants to accomplish
Mar. 4, 2020 | CPA vs. Dental CPA – Do You Know the Difference? with Art Wiederman
In today’s episode of The Art of Dental Finance and Management podcast, Art introduces his guest, Dr. Gary Glasband. Dr. Glasband is a Long Beach dentist who leads the California Dental Association’s CDA Cares charity program.
CDA Cares is a two-day event where up to 2,000 people who do not have access to, or can’t afford, dental care receive needed dental care from volunteers. Art and Dr. Glasband discuss the work he and his team do and how others can get involved in programs in their community.
Feb. 26, 2020 | How and Why Dentists End Up in Court with Attorney J. Sean Dumm
In this week’s episode of The Art of Dental Finance and Management, Art hosts an in-studio visit with dental-specific attorney J. Sean Dumm. Sean outlines the various ways dentists can end up in a courtroom and how to avoid it.
Some of the legal issues that dentists should be aware of include:
- Associate agreements
- Lease issues
- Doing deals with friends on a handshake
- Using legal forms found on the internet
- Contracts with vendors
Feb. 19, 2020 | How to Build and Train a Team with Josie Sewell
Today we officially announce our new podcast name – “The Art of Dental Finance and Management”. We are also thrilled to announce our exciting new partnership with Decisions in Dentistry magazine.
In this episode, Art visits with Josey Sewell, the Director of Education for Dental Intelligence. Josie and Art discuss topics important to practice owners:
- Why culture is important
- How to hire and on-board new team members
- How to avoid mistakes in communication
Feb. 12, 2020 | The Best Way to Prepare For and Obtain Financing for Your Practice with Justin Klingshirn
In today’s episode of The Art of Dental Finance and Management, Art visits with Justin Klingshirn, Vice President for Bank of America Practice Solutions. Justin and his team work with dentists in Southern California to help them obtain financing for practice acquisitions, start-ups, expansions and re-locations.
Justin discusses what is important for dentists to understand about their credit, and how their debt (especially student loan and credit card debt) affects their ability to borrow money.
Feb. 5, 2020 | The Art & Science of Designing Your Best Future Through Applied Strategic Planning with Dr. Bob Frazer
Today Art has the privilege of visiting with Dr. Bob Frazer, a world-renowned lecturer and educator to the dental profession.
Bob describes how he takes dentists through his Applied Strategic Planning process, which helps dentists establish core values, mission statements, and strategic models for their business. The lengthy process covers all aspects of a dentist’s personal and business life, and concludes with an integrated action plan.
Jan. 29, 2020 | Life Insurance 101 for Dentists with Scott Plamondon
In today’s episode of The Art of Dental Finance and Management™, Art visits with Scott Plamondon of Beacon Pointe Wealth Advisors. Scott helps clients with all of their life insurance needs.
- Scott shares some great insight into what dentists need to consider about obtaining life insurance:
- Understanding why it’s important
- Conducting a needs assessment
- Assessing how much should be purchased
The discussion moves to how to structure a buy-sell insurance agreement in a dental partnership.
Jan. 22, 2020 | How to Turn a New Patient Call into a New Patient with Teri McAviney
This episode of The Art of Dental Finance and Management features dental coach/advisor, Teri McAviney of Mak Concepts. Having strong communication skills, along with a plan for patient relations and conversion, will help your dental front office succeed in converting more new prospective patient calls into new patient appointments. Teri outlines examples of specific communication skills needed by dental team members answering the phone and talking to a prospective new patient.
Jan. 15, 2020 | Tips on Successfully Hiring a Dental Associate with Robert Spiel
In this episode of The Art of Dental Finance Podcast, Art and his good friend, dental coach Bob Spiel, have a conversation about how to successfully hire an associate. According to Bob, about 70% of associate hires fail for many reasons. Bob discusses when you are ready to hire an associate, how important it is for the team to be involved in the selection, what mistakes dentists make in hiring the wrong associate, why the associate must fit the culture and philosophy of the practice, and much more.
Jan. 8, 2020 | Everything a Dentist Needs to Know about Home Mortgage Loans and Credit with Roger Williamson
Today Art visits with his good friend and colleague, Roger Williamson. Roger’s company, Kent Mortgage, issues home mortgages and has helped many of Art’s clients over the years. Art and Roger discuss how banks and finance companies evaluate a prospective borrower’s credit, how credit scores are affected by different types of debt borrowers have, what dentists can do to make sure they have good credit, and what mistakes they should avoid.
Jan. 2, 2020 | Finding Profit Holes in Your Practice with Curtis Marshall of Dental Intel
In this episode of The Art of Dental Finance podcast, Art speaks with Curtis Marshall from Dental Intelligence. Dental Intel is used by over 5,000 practices nationwide and is a sophisticated dashboard program that extracts information from Dentrix, Eaglesoft and Open Dental. From the dashboard, dentists (and their advisors) can find areas in their practice that, if addressed, can improve revenues and profits.
Dec. 18, 2019 | Do You Have a Well-Developed Financial Plan?
Today Art talks with Brian Conners, a wealth manager, Registered Investment Advisor, and Certified Financial Planner. Brian and Art discuss the importance of a financial plan, what the components of a plan are, and how Brian assesses a client’s goals and objectives to develop a plan. In addition, there is great discussion around how Brian approaches constructing a client’s investment portfolio, how he assesses risk, as well as how annuities work.
Dec. 11, 2019 | What Dentists Need to Know about Social Security Benefits with Paul Woody, CPA
In this episode of The Art of Dental Finance, Art talks with Paul Woody, the founding partner of Woody and Associates. Paul’s firm is located in Oklahoma City and is the CPA firm for the Academy of Dental CPAs. Paul brings an expertise in the area of Social Security benefits. He and Art help dentists understand the rules about Social Security, including when a dentist should take his or her benefits, how a restricted application works, the health of the social security trust fund, and many other rules.
Dec. 4, 2019 | New Trends in Oral Surgery and Update on Organized Dentistry with Dr. Edward Balasanian
This episode of The Art of Dental Finance includes a lot of great information about the overall dental profession, as well as oral surgery. Art spends the hour with Dr. Edward Balasanian, Orange County Oral Surgeon and President of the Orange County Dental Society. Ed is very involved in the California Dental Association and gives great insight into the challenges dentists face today, as well as what organized dentistry is doing to help its membership.
Nov. 27, 2019 | My Client’s Journey from Associate to Practice Owner with Dr. Peter Abas
In this episode, Art talks to his dentist client, Dr. Peter Abas. With the assistance of Art as his broker, Dr. Abas bought an excellent dental practice in Laguna Hills, California and has since grown the practice by 50%. Art talks to Dr. Abas about his experience as an associate, what he was looking for in buying a practice, what has made him so successful and how he’s grown his practice. Dr. Abas also gives great tips to young, up-and-coming dentists to help them become successful.
Nov. 20, 2019 | Turning Losses into Profits in Your Dental Office with Debbie Seidel-Bittke
Today Art visits with his good friend and dental coach, Debbie Seidel-Bittke. Debbie has been a coach in the dental profession for well over 20 years and has been in dentistry longer than that. She has a rare passion for her work, helping her clients with building a great hygiene department, developing a great team, and becoming more profitable. Art and Debbie discuss what makes a successful hygiene program, how communications and leadership are paramount to success in the dental office, and what works or doesn’t.
Nov. 13, 2019 | Year-End Income Tax Planning for Dentists with Art Wiederman, CPA
In this episode, Art talks about year-end income tax planning for dentists. He explains the difference between a marginal and effective rate of tax, how changes in the Congress and the White House might impact tax rates and deductions in 2021, and what things a dentist can do to reduce his or her tax liability through their dental practice. In addition, he’ll provide tips on how to use retirement plans and equipment purchases to cut taxes, and how to take care of two very important parts of the 2017 tax reform act: (1) the 20% Pass-Through deduction under Tax Code Section 199A, and (2) the Child Tax Credit, which can save taxpayers $2,000 per child. Lots of tips and tax planning ideas that could save dentists thousands of dollars before the end of the year. Don’t miss this important episode!
Nov. 6, 2019 | Legal Issues for Dentists with Dental Attorney Pat Wood
Today Art visits with colleague dental attorney Pat Wood. Pat and his team have worked with over 6,000 dentists spanning his 35 year career as an attorney for dentists. Art and Pat dialogue about associate agreement content and how covenants not to compete work. They also cover issues for senior doctors and associates involved in these contracts, as well as legal issues for buyers and sellers in the purchase and sale of a dental practice. Lots of insightful nuggets that could save dentists from legal issues when entering into contracts.ellers in the purchase and sale of a dental practice. Lots of great pearls that will save dentists from legal issues when entering into contracts.
Oct. 30, 2019 | Research Based Continuing Education for Dentists with Johnny Kois, CEO of The Kois
Today Art has the privilege of spending the hour with Johnny Kois, CEO of The Kois Center in Seattle, Washington. Johnny’s father, Dr. John Kois, is one of the most well-known and iconic dentists in the world. His courses and curriculum on clinical dentistry are among the best in the world. Johnny and Art talk about the three core concepts students of Dr. Kois learn: (1) how the curriculum is research based, (2) how dentists who come to the Kois Center are happier in their practices, and (3) how they teach dentists their system of developing a treatment plan, presenting cases, and to taking their game to the next level. Dr. Kois and his team have trained thousands of dentists and the information you will get on this episode might just change the way you learn and how you practice.
Oct. 23, 2019 | Pearls from one of the best Dentists and Coaches I Know with Dr. Phil Potter
On today’s show, Art spends the hour with his dear friend, CPA client and partner in his practice transitions business Dr. Phil Potter. Dr. Potter practiced high level restorative and cosmetic dentistry in his private practice in San Clemente, California for 31 years and after his retirement he spent many years as a coach working with and lecturing with Dr. Paul Homoly all over the country talking about complex care case acceptance, leadership and what makes dentists successful.
Oct. 16, 2019 | Tips for Hiring an Associate Dentist & Forming and Operating Dental Partnerships
Today, Art spends the hour talking about one of his favorite topics – associates and partnerships. Art will cover the reasons a dentist would want to bring on an associate, the steps a dentist would take in finding and interviewing a prospective associate, what should be important to the senior doctor as far as characteristics of an associate dentist, and whether to pay that associate as an employee or independent contractor. He then discusses the formation of a partnership, how much of the practice to sell to a young associate, how to determine the splitting of profits, and other issues a senior doctor needs to consider when adding an associate dentist to his or her practice. This is an area where Art consults frequently with dentists and helps them structure their partnership so all parties are successful. If you have a growing practice and are looking to add an associate dentist and perhaps ultimately a partner, this episode is information you need.
Oct. 9, 2019 | How to Avoid the 10 Biggest Financial Mistakes Dentists Make
Today Art outlines the ten biggest financial mistakes dentists make and how to avoid them. He talks about building an office that is too expensive, putting too much emphasis on income tax savings, not understanding investments, and more. This is a highly requested topic that Art has presented to many dental societies and other groups. It’s always chock-full of information and great tips. Art goes one-on-one with his audience – always informative and entertaining!
Oct. 2, 2019 | Does your dental practice have the right insurance coverage?
Today Art talks with his long-time friend and colleague Rich Walton, who has worked with over 1,500 dentists helping them obtain proper malpractice, workers compensation, office liability, and other types of insurance. Rich discusses the difference between a claims-made policy and an occurrence policy, why it is important to read the policy, what to do if a patient is unhappy and threatening to sue, and what to do if a lawsuit is filed. Rich and Art also discuss mistakes dentists make in purchasing different types of insurance and why it is important to buy insurance from someone who knows your profession. Finally, Rich provides information about employee liability insurance, which covers discrimination and harassment exposure. This very informative episode is important for every dentist in practice to discover what is in their respective insurance policies and how it affects them.
Sept. 25, 2019 | Does your dental practice haFinancial and Business Tips for Success at All Levelsve the right insurance coverage?
In this episode, Art visits with Dr. Nicholas Rauber and fellow Academy of Dental CPAs member Robby Apple. Robby’s dental CPA firm in Baton Rouge is one of the premier dental CPA firms in the Southeastern United States, working with close to 200 dentists. Dr. Nicholas Rauber is on the faculty at the Louisiana State University School of Dentistry. Nick discusses what is currently taught to dental students regarding the business of dentistry, his experience with his current and former students, lessons he teaches his students, and life experience of also being a practicing dentist in Baton Rouge. Robby provides lots of financial tips that he gives his dentist clients on buying a practice, whether to buy a house or a practice first, retirement and overall financial planning, and how to monitor their business. The interaction with Robby and Nick provides great information for dentists at all stages of practice.
Sept. 18, 2019 | Global and National Economic Update
Today Art interviews Dennis Kushner who has spent his career in corporate turnarounds and mergers and acquisitions. Dennis gives an economic update titled “The Kushner Report” at Art’s monthly networking breakfast.
Sept. 11, 2019 | Is Your Dental Practice Best-in-Class?
On today’s episode, Art talks with Debra Engelhardt-Nash, a long-time colleague from his days at the Pride Institute of Management. Debra is one of the most sought after speakers, teachers, and practice coaches in the country. Art and Debra recall their days at Pride, and Debra talks about what makes dental offices great. Communication skills, team management, and patient interaction is critical. Be sure to listen in – Debra is not only very informative but very entertaining.
Sept. 4, 2019 | Is Your Dental Practice HIPAA Compliant?
In this episode Art talks with his good friend Danielle McKinley of PCIHIPAA, who is a certified HIPAA specialist. Danielle has worked in risk mitigation for 10 years and has consulted thousands of practices. She has a passion for helping doctors understand how to protect their practice from a HIPAA incident with minimal time and resources needed.
Aug. 28, 2019 | Entrepreneurship and Advice for Dentists at all Stages of their Careers
Today Art spends the hour with long-time friend and colleague Kate Willeford. Kate is the president of The Willeford Group, a dental-specific CPA firm with clients all over the country. Kate spends much of her time helping her clients become better business people and thrive as entrepreneurs. Art and Kate discuss what being an entrepreneur means, but also they give advice to dentists just graduating dental school, those buying their first practice, and dentists in the middle of their career. Finally, Kate gives great advice for dentists who are at the beginning stages of planning to sell their practices and retire. Very good life advice and tips for our listeners.
Aug. 21, 2019 | Are You Monitoring Key Metrics in Your Dental Practice?
Today Art talks with fellow Academy of Dental CPAs member Jess Bogumil of Fluence CPAs in Portland, Oregon. Jess discusses the importance of monitoring key metrics in your practice, such as comparing surface restorations to crowns diagnosed, comprehensive versus emergency exams, and more. Art and Jess share stories about clients who review their metrics and how they are more successful. They also discuss verbal skills a dentist needs in case presentation and the numbers from a dental CPAs prospective. With two dental CPAs on the interview, a lot of good information is exchanged in this episode.
Aug. 14, 2019 | Everything You Wanted to Know About CEREC
Today Art speaks with one of his firm clients and CEREC consultant Dr. Juste Karvelyte. Before going into private practice, Dr. Karvelyte was a CEREC trainer for five years with Patterson Dental. Art and Dr. Karvelyte discuss the history of CEREC, what types of offices it is best used in, the economics of CEREC, and many uses of CEREC many dentists don’t take advantage of. To round off the discussion, Dr. Karvelyte details how the dental team needs to be involved, how to market the technology, and mistakes dentists make when they purchase the technology. If you currently own or are contemplating purchasing CEREC or other CAD-CAM technology, this is a must-listen episode.
Aug. 7, 2019 | Implementing an In-House Dental Membership Plan
Today Art talks with Jordan Comstock, CEO and founder of BoomCloud. Jordan’s company has assisted over 1,000 dental offices in creating, organizing, and automating an In-House Dental Membership Plan. Jordan discusses how this is a great tool to move further and further away from being dependent on insurance companies; how it generates a stream of ongoing and consistent revenues; how these types of plans actually increase the amount of dentistry accepted by patients; and how the mechanics of such a plan work. He also discusses how to market such a plan, and how to go to local businesses to attempt to get them to join the dental office plan. A great interview and motivation to find more fee-for-service patients in your dental practice.
July 31, 2019 | Retirement Planning 101 for Dentists
This week Art does a show on his own about a subject that he is very passionate about – helping dentists retire. He begins with a case study explaining how you should think about calculating the numbers of retirement and your many choices. He then dispels myths about retirement, and talks about not retiring and perhaps working back in your practice or in an area you have a passion for. He provides three main areas you must consider (1) when you want to retire, (2) where you want to retire, and (3) what type of lifestyle you want to have. Art outlines the three types of retirement plans dentists can have: (1) SIMPLE-IRA plans, (2) Profit Sharing/401(k) plans, and (3) defined benefit plans. He closes with client and personal stories on retirement. The goal: get listeners to take action and begin immediately planning for a great retirement! Be sure to tune in for this valuable information.
July 24, 2019 | Strategies for Paying Off Your Dental Student Loan Debt
Today Art chats with Mark Johnson, a financial planner who spends most of his time helping dentists with strategies on how to repay and manage their student loan debt. Mark has significant knowledge of how the student loan process works – from what options doctors have when initiating a loan, to designing plans for his dentist clients to payoff their loans within seven to ten years after graduation. Art and Mark also discuss the different types of student loans, how to structure them, how to obtain interest subsidies, when to use income-based repayment programs, and how student loan debt is affected when a dentist goes to work in public health. An essential podcast for any dentist with student loan debt – at any time in their career.
July 17, 2019 | Leadership Uncomplicated-An Initiative Way to Lead Your Team
In this episode, Art and Katherine discuss key leadership skills for a dentist that include how to lead a dental team and how to create a great culture. In addition, they converse about creating and building a world-class dental team who believes in and executes the dentist’s vision and goals for the practice. Katherine talks about dentists using the same instincts that lionesses use to help their lion cubs go out into the wild and be successful, relating that to training a team. Finally we’ll discuss how to hold team meetings, how to train team members, and other communication issues between team and doctor. If you’re looking for leadership development tips, this episode is a must.
July 10, 2019 | Tips on Designing a World Class Dental Office
Today Art talks with his long-time friend from his Pride Institute days, Dr. Michael Unthank. Dr. Unthank is both a dentist and a world class dental architect who has designed over 1,000 dental offices all across the United States. Art and Mike talk about the process of choosing an architect and contractor; things he likes to see in dental treatment rooms, front offices, and sterilization areas; and mistakes he has observed. Mike is one of the most knowledgeable people in the country when it comes to dental office design, and he gives many tips on what dentists should consider when contemplating their design. His key question is “How do you want to practice?” This opens the door to the vision of the doctor and helps create an office where his clients are very happy practicing. Whether you’re looking at revamping your office, moving to a new office, or launching a new practice, there are lots of great tips for you in this episode.
July 3, 2019 | Estate Planning 101 for Dentists
Today Art visits with his friend and colleague Kelly Cruz, a top notch estate planning attorney. She discusses with Art the dangers of not having estate documents, how wills and trusts are used, and how to protect assets when leaving them to family members. Also they dialogue about difficult decisions, such as how to choose a guardian and whether to hire a corporate trustee to manage your assets upon death. If you have not finished your estate planning, there are lots of great tips in this episode for you.