Category: Baton Rouge LA Dental Accountant

Dental CPA Baton Rouge

Whether you manage your practice’s human resources or oversee a practice manager, you are responsible as a business owner for ensuring your policies are appropriate, legal, and fair. Few practice owners are trained in HR, but some level of knowledge is important for the viability of your practice.

Here are a few commonly asked questions regarding aspects of human resources for dental practice owners.

What questions should I avoid during interviews?

There are a few basic, even common questions that are never appropriate for an interview setting. Some of these include:

• What is your marital status?
• Do you have children?
• What is the origin of your (unusual) name? 

While such questions seem like natural ice-breakers, they are illegal. They can lead to the sharing of information about protected class status such as disability, family status, ethnic or religious heritage, sexual orientation, and others.

Even if their answers would have no bearing on your decision, these questions can leave you open to a complaint if the position is not offered. You should always keep questions business-related.

What should I do if an employee refuses to sign a disciplinary action form?

If this happens, bring a witness into the room, and note the refusal to sign. Have the witness sign confirmation that the disciplinary action form was provided to the employee. Remind the employee that refusal to sign does not negate the disciplinary action and further infractions will lead to more serious consequences.

We use software to track employee hours and the program has a function to automatically deduct meal times so employees do not need to manually clock in and out. Should we use this function?

Before you decide to use an automatic system of this type, consider the time saved by not manually entering hours. Then compare it to the time lost by entering corrections if a team member misses lunch, returns early, or runs late.

If your office rarely deviates from schedule, this might be beneficial. However, if you find that you are making corrections more than once or twice a week, this function could cost more time than it saves.

Understanding the nuances of human resources is an important part of building a strong practice. As bookkeepers, tax preparers, and valuable advisors to dental practices, we can also help you create a profitable operation. Contact our dental accounting firm in Baton Rouge, LA today for a free initial consultation. 

Baton Rouge LA Dental Accountant

Have you defined goals for your practice? Planning and achieving milestones provides a sense of personal satisfaction, inspiration to others, and often, greater profitability. Whether you want to double your patient flow, open a second office, or become a key opinion leader (KOL), your goals can be attainable if you create a strategy and work towards them systematically.

Here are seven strategies for goal-setting:

Define your objectives: If you only have a big-picture idea of what your goal looks like and a fuzzy vision of how to achieve it, stop and reassess. Start with the “why,” and progress to the “how.”

Sketch or write it out, measure it, and break it down into steps. Ambitious plans are only successful if you create a detailed map to reach them.

Take it one step at a time: It can be easy to focus on all the effort required to reach a goal and quickly become overwhelmed. Break it down into milestones that are weekly, quarterly, and even yearly. Creating these incremental steps allows you to celebrate minor achievements and pivot quickly if a plan is not working.

Create visual reminders: Set up a vision board or a private Pinterest page for visual inspiration. A Kanban-type board or thermometer poster can help you measure progress.

Choose what works best for you and your type of goal. The more tangible you make your vision, the more inspired you will be to turn it into reality.

Talk about it: Talk to your personal advisors, friends, loved ones and, if appropriate, your team about your goals. It will keep you accountable and allow others to share your inspiration.

Map out benchmarks: Define the steps needed to achieve your dream, such as creating a new marketing plan, adding an additional team member, or a setting out on a real estate hunt. Work your plan by breaking the large steps into smaller ones. 

Don’t let setbacks defeat you: Remember the old saying, “Quitters never win and winners never quit?” The road to reaching dreams can be bumpy; expect setbacks and roll with them. Don’t allow yourself to feel discouraged or defeated. 

Show yourself kindness: Don’t work to the point of burnout. Take breaks and be as gracious to yourself as you would to a friend who is on a mission to achieve a goal.  

Through gradual and measurable goal-setting, you will likely gain the clarity needed to reach your objective. Our dental accounting team can help you create a roadmap based on our many years of experience and put the financial pieces into perspective.


Contact our dental accounting firm in Baton Rouge, LA today to make an appointment for a free consultation and set your goals in motion!

Dental hygiene appointments are a major revenue driver for most dental practices. They are responsible for about one-third of total production numbers for most practices. Making the most of these appointments can help to improve profitability.

A recent study shows that there is room for improvement. Just 17 percent of dentists say most of their active patients keep hygiene appointments every six months, and at least one in ten appointments are no-shows.

The department can train to increase case acceptance and promote elective services. In fact, hygiene numbers could increase as much as five times among current, active patients with some diligent planning.

How Much Does a Hygiene Department Contribute to a Dental Practice? 

Numbers vary, but one industry benchmark suggests that each hygienist should produce around three times their wages, or about 33 to 35 percent of the practice total. If you want to improve your margin, your department could benefit from systemization.

Start with a hard look at the numbers. Each month, analyze the hygiene department’s finances. Look at the collection to production ratio, no-shows, and the time spent with each patient. Studying these numbers will help to identify ways to maximize the department’s productivity. 

It can be a challenge to keep prophylaxis appointments moving while giving each patient maximum attention. The average time spent on scaling – 20 to 30 minutes – can present an optimal time to educate patients on oral health, focus on case acceptance, and discuss elective procedures.

Make sure your team educates patients on the importance of dental hygiene exams and the consequences of skipping them. Some patients view these appointments as mere teeth cleanings; they likely don’t have a grasp on all of the benefits of cleanings and examinations. 

Emphasize the need for regular oral cancer screenings as well: how one person dies every hour of an oral cancer and how simple, painless exams can detect a problem early enough to treat it successfully.  

Improve Case Acceptance and No-Shows

After analyzing your hygiene department, scrutinize and revamp your appointment confirmation system. Some practices set up their hygienists to schedule next appointments chairside or escort patients to the front desk.

Another way to decrease no-shows is by sending multiple reminders through a variety of mediums such as phone calls, texts, emails, and physical postcards. Some practices call or text a day or two before the appointment. 

While some of your patients might balk at multiple messages, they are less likely to ignore them. Make sure patients understand that a missed appointment robs another patient of an opportunity to receive care and treatment.  

When you boost hygiene production, you are likely to improve your bottom line. If you’d like to gain greater financial insight into your practice’s profitability, contact our dental CPA firm in Baton Rouge, LA today.

The days seem to fly by in a dental practice, barely leaving time for you to check in with your team. Do you really know how they are feeling about work? Dental practices, like any healthcare organization, can be stressful and busy environments, but as a leader, you need to ensure patients receive positive, professional care. 

Team morale is vital to patient satisfaction and retention – and it makes good financial sense to invest in. According to a recent Gallup poll, there are roughly 22 million actively disengaged employees costing the economy up to $350 billion dollars a year in lost productivity. Key factors cited in the report included illness, absenteeism, and attitude. 

When you are working inside a person’s mouth – a most intimate act – you can imagine how quickly they will pick up on a poor attitude.

Servant Leadership

Morale can be improved through a concept known as servant leadership. It is centered around getting to know each team member on a personal level, recognizing their contributions, and thus creating a feeling of pride within the team. A harmonious work environment flows from the top and engenders trust in the organization.

In 1970, the late pundit Robert K. Greenleaf coined the phrase servant leadership saying, “the great leader is seen as servant first, and that simple fact is the key to his greatness.”

Get to Know Your Team

Learn what motivates each team member and plan rewards accordingly. Some might enjoy a photo and thank-you post on social media, others a private, hand-written note, and almost everyone would enjoy a paid day off. Think about what makes sense for your team and budget. Your efforts, no matter how small, will serve to energize your employees and make them feel good about serving patients.  

Recognize Contributions

Group recognition is also important. Plan a catered employee luncheon or hand out gift certificates. Create an employee recognition week and include it in your patient newsletter. 

Practice self-awareness

Check in with your own state of mind each day and be mindful of spreading sour vibes. Hold yourself accountable for following through on promises; handle conflicts quickly; adopt an open-door policy that makes your team feel comfortable. 

Meet

Holding morning huddles and team meetings keeps everyone on the same page and fosters easy communication. It also makes you aware of potential job satisfaction roadblocks, such as an overwhelming caseload or uneven work distribution.   

Pitch in

Finally, employees always appreciate a leader who rolls up their sleeves and helps when the going gets tough. 

The trust, appreciation, and support you give your team can make a tremendous difference in office harmony, patient experience, and your bottom line. To ensure a thriving practice, make morale a priority.

If you’d like to learn more about creating a harmonious work environment, get in touch with our dental accounting team in Baton Rouge, LA today! 

The prospect of an IRS audit can be a daunting experience, especially now that the government is expecting greater levels of accountability. An effective way to beat the stress associated with that dreaded envelope in the mail is to be proactive. While a dental accountant can help to buffer you against an audit, there are a few steps you can take to be proactive.

Document Everything

Get in the habit of keeping up with your tax records year-round to be better prepared if you are targeted. Staying organized is critical. Use whatever personal filing system works for you so you always know where your files and documents are located. Be sure to make both a digital and paper trail for redundancy.

Learn How Audits Work

If you are unaware of what an audit entails, take time to learn about the process. Knowing what questions an IRS examiner might ask or what documents they will want to see goes a long way toward being prepared. A dental accountant can also explain the process and arm you with the knowledge you’ll need to feel confident.

Gather All Necessary Information

Before the audit takes place, ensure you have gathered all documentation that you will need to make available to the auditor. If you believe something is missing, be proactive and contact they vendor for the missing records. When you have all your documents in one place, lay out the information and label it for the auditor. This will help to make the process more efficient.

Beware of Red Flags

If you are a practice owner, you will need to be scrupulous in reporting income down to the penny. Be aware of red flags such as travel, entertainment, and vehicle expenses. Ensure you are substantiating all deductions so that they align with your reported income. 

Hire a Dental Accountant

While the tax laws are always changing, our dental accounting firm keeps up with the latest updates. We understand the nuances of deductions in your field and can answer questions in a way that DIY tax software can’t. 

Get a Pre-audit Compliance Report

If you have let your bookkeeping become disorganized, or you’re feeling overwhelmed, get on track with a thorough examination of your financial data. Our experienced dental CPA team will help you establish a system and provide the documentation if you are ever faced with an IRS audit.

For more information on audits, or additional accounting advice, contact our dental accounting office today.

Whether you are creating a startup or purchasing an existing practice, the acquisition process comes with tax challenges. Make sure you are prepared and have all the information needed to complete your forms. Our dental accounting firm can help you run the numbers and determine your costs.

Here are other factors to consider when purchasing a dental practice.

Determine Practice Value

Before you commit to purchasing a particular practice, get a professional appraisal of all tangible assets. This can include everything from the soundness of construction, to the useful life of the equipment. The location, cash flow, salaries, number of active patients, and goodwill should all be factored in. As dental accountants, we offer solid estimates of your acquisition costs and their tax implications

Verify Seller Information

To make an informed acquisition of a dental practice, research your prospect with care. Visit the location at different times of the day. When talks get serious, verify patient counts through practice management software, or viewing a sample of charts. If you are not buying the building, review the lease terms to see if you can get out of a disadvantageous situation.

Consider the Cost of Build-outs and Renovations

Factor in the costs of updating your new practice. Even the most aesthetically pleasing and technologically advanced office might require some renovations or changes to fit your vision. This is especially true for an older office that will need modernization. A great deal on a building might not be a bargain after all when you factor in renovation costs.

Reputation is More Important Than You Think

If you are seeking to purchase a practice, determine its standing in the community. If the seller has poor reviews or has difficulty retaining patients, consider those important potential hurdles to overcome. It is possible to build a better reputation for your new practice, but it will require a proactive approach. You might want to increase your marketing budget, host open houses to show off your new team and renovations, and build goodwill through community outreach and charity efforts.

If you need advice on the hidden costs of acquiring a dental practice, require tax preparation services, or could use financial guidance on running your practice, please contact our dental accounting firm in Baton Rouge, LA and request a complimentary consultation today.

No matter how long you have been practicing dentistry, it’s important to put a retirement plan in place. Act now to create a realistic savings timeline for a comfortable senior lifestyle. Here are some questions to ponder as you consider your retirement strategy. 

How much are you currently saving? When you meet with our dental accounting team, you will review the details of your P&L, taxes, and your long-term savings objective. During retirement, it may be beneficial to change some of your investments to help your savings outpace inflation.

Do you have an exit strategy? If you are a dental practice owner or partner, it would be helpful to create a written agreement about who will buy you out when you retire. Ask yourself whether you plan to retire outright or work part-time. Think about how your retirement savings will be affected by taxes. These issues and more should inform your strategic plan for retirement. Our dental accounting firm can guide you through details of the transition process.

What do you plan to do during retirement? If you have your heart set on starting a new venture, traveling more, or embracing a hobby, you may have to plan for shifting priorities and greater living expenses. The economy continues to change, and it is worth your while to lean on experts to help future-proof your lifestyle. 

How long will you be retired? Advances in modern medicine have increased life expectancy dramatically. Depending on your health and family history, you may want to plan as though you will live to be 100 and estimate your needs accordingly. Have you considered long-term care insurance, for example?

What other expenses will change? Retirement may eliminate your commute, work wardrobe, and team lunches; however, for most people, the golden years is a time of higher costs for medical care and prescriptions. Talk with us about the types of budget changes that are likely to occur during retirement.

Don’t let decisions for the future creep up on you, even if you are young and healthy. For more information on tax planning and looking ahead to a comfortable retirement, contact our office and schedule a complimentary initial consultation. We are experts in helping dentists achieve their goals during their active working life and beyond.