Dental Consultant | Increase Investments for Revitalized Revenue

Baton Rouge Dental CPA

Like most businesses, dental practices are not immune to the effects of the economy, and, lately, the pandemic. Peaks and valleys in revenues are normal. Any time revenues begin to inch down, many practice owners react by cutting back on the line item they think is most expendable: Marketing. This is almost always a mistake.

When you cut your marketing budget, you effectively slam the door on new patients, and you reduce your potential revenue. If you are new to the profession, you may not realize how closely linked marketing and revenue are.

The competition for patients is too fierce to stop marketing your practice — the kind of marketing that is tailored to the people you want in your chairs. Your practice might be near a school and benefit from drawing young families who like convenience. You might want to advertise your excellent restorative work to a retiree-rich zip code or teeth bleaching and veneers to young professionals. How do you reach them?

Today’s businesses cannot survive through word of mouth and referrals alone. Your practice needs to attract new patients on an ongoing basis, not just in the weeks following a postcard blast or mass email. A scattershot approach is a waste of money. You want to capture potential patients’ attention week after week, month after month. It takes at least seven exposures for them to remember you. This is especially true with a profession that still, unfortunately, invokes fear; it is imperative that you establish trust.

In addition to attracting new patients, you need to solidify and maintain the loyalty of your existing patients. It is important to keep them looped into any specials you want to run, new services you offer, and the latest developments in the dental world. Social media marketing can be just the solution.

Consistent, effective marketing keeps you top of mind.

When your marketing budget increases, stronger revenue follows. Several factors influence how much your practice should allocate to marketing, including these:

  • Are you a new practice? You may need to invest more until you have established a solid patient base.
  • Do you want to maintain growth for your established practice? Compare your current rate of new patient acquisition to the number of patients lost annually to determine how your current budget is performing.
  • Is business stagnant or decreasing? Consider investing an additional 5 or 10 percent above your current marketing budget, at least until the trend reverses.
  • How competitive is your local market? Higher competition requires greater investment to grow business. You must find, build on, and market your differentiator — and not stop.

Can you still afford to market your dental practice in leaner times? You can’t afford not to. For customized advice regarding your marketing budget and business growth, contact AG Dental CPAs and Advisors today.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Baton Rouge Dental Accountant | Tax Time: Why File with an Accountant?

Dental Accountant Baton Rouge

When it comes to tax time, having a professional CPA on your team is important to protecting your investment, and ensuring the health and longevity of your practice. Before you consider taking shortcuts, stop and consider the consequences. Here are a few of the many reasons you should work with a professional accountant.

Dental accountants understand tax code. Tax code is not only complicated; it changes frequently. Interpreting and staying up to date on the current codes is a full-time job. As a dentist, you are busy enough running a practice without having to stay abreast of shifts in tax law. Accounting software may not help you take all the deductions that you are owed. Hiring an accountant who understands how dental practices operate is a wise investment. It can offer you with extra peace of mind every April 15.

Dental accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a professional financial expert can get you everything you are legally owed. Don’t leave money on the table and don’t overpay the government. This is exceptionally important advice for small businesses, including most dental offices. Partner with an experienced dental accountancy firm to offer advice, analysis and help with preparing quarterly estimates.

Dental accountants minimize your risk. Taxes are one area in which you don’t want to cut corners. One innocent mistake can unleash an audit and cause potential trouble. If you run into such a scenario,  you could wind up paying far more than you would have if you worked with a professional from the beginning. If your practice is an S Corporation, penalties bleed into your personal taxes and can have damaging repercussions on your family’s finances. Working with a dental CPA, like AG Dental CPAs and Advisors, throughout the year offers protection. Your accountant can ensure that you have your tax-related paperwork in order year-round. Accurate documentation ensures you will receive all allowable deductions and minimize errors.

Small business owners and entrepreneurs are risk-takers; it’s how they succeed. But risk has limits. Don’t jeopardize your dream by cutting corners on one of the most important tasks of the year. Work with a dental CPA and allow yourself the peace of mind to protect what you have worked so hard to build. Choosing the right dental accounting firm is critical. You want one that puts your interests first, helps you with long-term strategy, and offers analysis and advice.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Baton Rouge Dental CPA | Goal Setting Strategies

No matter how impressive your vision for your practice may be, dreams require hard work and strategic planning. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals by establishing daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in consistent control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure your team can stay on track moving forward. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them in the eleventh hour.

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office or include them on your calendar. Write your goals in a place you look daily as a consistent reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Measure Your Goals

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see a 20% increase in your monthly new patient numbers in a 6 month timeframe. By defining specific numbers and timeframes, your goals will lead to action. Abstract goals are often set and missed. When a goal is clear and measurable, you can more easily create a plan that accomplishes the goal at hand. Once you’ve set measurable goals, make sure you have a cadence for evaluating them. Will you be reviewing your progress weekly, monthly, or quarterly? This timeframe will vary based on the size of the goal and effort needed to evaluate change. 

Evaluate your goal-setting protocol to identify areas of opportunity. Master these skills and you will be on your way to the success you desire.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Baton Rouge Dental Advisor | New Hire Onboarding: The 30-60-90 Day Benchmarks

One way to introduce a new team member to the policies in your practice is through 30-60-90 onboarding. This method uses identifiable goals and metrics in order to show new employees how to integrate themselves into your team. You can successfully bring new team members into your practice and set them on the path towards personal and professional growth.

30 Days

An employee’s first thirty days on the job are essential to building relationships. They are also vital to ensuring he or she knows the expectations of their position. Collaborate with new team members on a set of three or more goals that they can work on during their first month. Emphasize that the focus should be on absorbing as much information as possible.

60 Days

After the first thirty days, your new hire should be familiar with your practice’s routine. They should be able to effectively execute the tasks they learned during the first thirty days. At this point, team members should adjust their focus from learning about daily operations to focusing on contributing to the practice’s mission.

90 Days

By ninety days your new team members should be fully integrated into your practice’s workflow and executing their tasks independently. More importantly, they should be able to take the lead on projects and responsibilities without supervision. When problems arise, your new team members will be able to react and solve them while also being proactive in preventing them from happening again.

How Can You Make An Effective 30-60-90 Plan?

The best 30-60-90 plans take an extra step to look beyond numbers. You want your new employee to think critically as they settle into their new role. With that in mind, there are a number of things you can keep in mind as you create a 30-60-90 plan that will lead your employees to great success.

  • Emphasize the big picture – Think about why you hired this specific person for this role, whether it be to fill a need in your practice or expand your team. Make sure they plan goals and metrics that reflect your overall priorities.
  • Ask and answer questions –  Your new hire needs a baseline understanding of the status quo in order to be effective in their new role. Encourage them to ask whatever questions they need to understand their priorities and direction.
  • Be flexible – Don’t worry about if your new hire doesn’t grasp things immediately. 90 days is a significant length of time, and there is often an adjustment period. Provide constructive feedback and course-correct as necessary.

With proper planning using the 30-60-90 method, you can introduce new team members to your practice and provide them with a baseline knowledge to help you achieve long-term goals. Consistent contributions from every member of your team are vital to making your practice a success. Contact us today at AG Dental CPAs and Advisors to learn more about what 30-60-90 planning can do for you.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Dental Accountant in Baton Rouge | Financial Freedom is Within Your Reach

Whether you’re starting up a new practice or have owned a practice for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most consummate professionals. Our primary focus at AG Dental CPAs and Advisors is to help you achieve complete financial freedom so that financial worries and concerns never interfere with your ability to provide the best quality care.

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice.

1. Set goals. Don’t hesitate to dream big. Your practice will only be as successful as you envision it. Setting goals allows you to have a clear ‘ruler’ to measure your success and can help you make better financial decisions in the present. By recognizing that every small decision you make now can have a true impact on the future, you’ll be able to start setting yourself up for success. Your future self and future team will thank you.

2. Have a plan. As the saying goes, “failing to plan is planning to fail.” In order to see true growth, you’ll need to have both short and long-term plans set in place for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow times or another unexpected shutdown? How are you budgeting for new purchases? If you don’t already have answers to these questions, this is a great place to start. Planning for the unexpected and for the future can help safeguard your profitability from being derailed by unplanned expenses.

3. Act wisely. When starting or growing your practice, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires a firm understanding of the returns you can expect on your investments. Don’t make big purchases without a plan, but instead weigh the potential benefits and risks of all your financial decisions.

4. Stay organized. Disorganization can be the quick downfall of any business. In order to ensure that  you’re not letting anything slip through the cracks, it’s important to have systems in place that will guarantee that no details are missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to the forefront.

If you want to take steps towards achieving true financial freedom, AG Dental CPAs and Advisors is here for you. Our goal is to make the process of managing and running your practice as smooth as possible, allowing you to focus on delivering quality care to your patients and growing your business. Contact us today to learn more.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Baton Rouge Dental Accountant | The Business Management Tool You Need For A Successful Practice

Business management tools refer to the systems, applications, and methods used by dental practices in their day to day operations. These tools are used to ensure that they can keep up with changing markets, ensure a competitive position within those markets, and improve their performance. Many of these tools can be used to help manage your operations and guide your practice towards success. 

Mission Statements

These are short statements that define what your practice is and identifies your goals. According to Forbes magazine, a mission statement must answer these questions:

  • “What do we do?”
  • “How do we do it?”
  • “Whom do we do it for?”
  • “What value are we bringing?”

Mission statements provide a sense of direction that helps your practice make beneficial decisions and plan for the future. It also gives a clear, defined purpose, and acts as a motivational tool to encourage your staff to work towards a common goal. 

Strategic Planning

Strategic planning builds off of mission statements. It is the process of defining a direction for your practice, and making decisions that contribute towards that direction. A proper strategy outlines how your end goals will be achieved by the means you have. 

Strategic planning can be simple, and has a demonstrable impact on your practice’s success. Write down your core values, and create a vision of where you want to be within five years. Then determine what the steps are that will help you achieve that vision. Make sure to stress these goals and vision to your staff and explain how they tie in to your mission statement. This will ensure they work towards them every day.

Customer Relationship Management

Customer Relationship Management (CRM) is the act of using data analysis to improve business relationships with your current and potential patients. CRM compiles data from a wide range of sources, including your practice’s website, marketing materials, and social media. Using the CRM approach helps you learn about your patient base and how best to cater to their needs.

The best way to bring customer relationship management into your practice is to invest in a CRM system. These are software programs that can store patient information, record notes about their treatments, and manage marketing campaigns all in one central location. There are many of these systems designed specifically for dental practices, including Curve Dental, Dentrix Ascend, Denticon, and more.   

Leadership

You’re more than just an owner of a practice. You’re also the leader of your team. Having quality leadership skills is more than just being able to delegate and hire the right people for the job.  It’s about staying in control emotionally and being consistent in leadership. 

It can take a long time to reach a point where you’re consistent, and that’s perfectly fine- but don’t settle for half-measures. Communicate with your team and ask them for suggestions about what you can do to lead better.

All of these management tools and more can help improve the performance of your practice. Our team has resources to help you learn more about business management tools and how to maximize your potential. Contact us to find out more.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Baton Rouge Dental Accountant | Key Performance Indicators in the Dental Industry

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a practice’s long-term performance. KPIs are used by dental offices to measure progress towards tangible goals, such as increasing collections by 20% in a year, or improving patient retention rates by 5%. Using these goals to evaluate specific areas of your practice will show you where you can improve in order to better your financial success

The Different Types of KPIs

KPIs can be organized into several different types, depending on what area of your practice they affect. There are five categories:

  • Inputs – Inputs refer to the resources used in producing outputs (see below). For a dental practice, inputs can refer to the supplies used during the day, such as tools and cleaning solutions, along with the time investment from the staff.
  • Process – Also called “activity,” these measure the processes used in producing outputs (see below.) For dentists, process KPIs measure the cost of performing procedures, such as how much fluoride is given to a single patient or how much anesthesia is used during a surgery.
  • Outputs – Outputs refer to measurements that indicate the amount of work done and what was produced. In most businesses, outputs refer to tangible products. In dentistry, outputs can be used to assess things like how many patients are seen in a day.
  • Outcomes – These KPIs are more abstract, focusing on accomplishments and impacts. Patient satisfaction and positive retention rates are two major outcomes practices can focus on.
  • Project – Like outcomes, project KPIs are rather abstract. They are meant to answer questions related to milestone progress towards important initiatives. For example, adding a specific amount of new patients via a marketing campaign is a project KPI.

How Can I Use KPIs In My Practice?

One important thing to keep in mind is that KPIs do not have to be tied to financial data. Outcome and project KPIs can help improve a practice’s relationship with their patients and community. Every aspect of a practice can be analyzed and improved through smart use of KPIs. Establishing them is an easy process:

  1. Write a clear goal for the KPI.  Tie the goal to a key business objective, something integral to the organization’s success. Make sure the goal is strategic, otherwise it will not translate into tangible outcomes.
  2. Communicate the new KPIs to employees. Be sure to not only explain what the goal they’ll be working towards is, but why they’re working towards it. Someone on staff may even have an idea to improve it.
  3. Review KPIs regularly. Use records and hard numbers to track progress. For example, if a process KPI is set to reduce fluoride use to make stock last 10% longer, compare the amount of fluoride used before and after the goal was introduced. 
  4. Evolve your KPIs if need be. If the results fall short of expectations, fine tune the goals or change directions entirely. Change may bring about a new, more efficient way of getting to the same destination.

Key performance indicators are an effective strategy to get your practice to where you want it to be. They are easy to define and act upon, making them reliable ways to track progress. For more information on KPIs and how they can be used to grow your practice, contact our experienced dental accountants today for more information.

AG Dental CPAs and Advisors
Phone: (225) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg A, STE 1B
Baton Rouge, LA 70808

Dental CPA in Baton Rouge | What You Should Know About Your Practice’s Finances

As the owner of your own dental practice, you’re most likely also responsible for the financial health of your practice. As the leader of your own business, this responsibility probably isn’t one that you would change, but it may be one that you can improve on. Here are a few ways that you can better understand your finances to help ensure your growth and continued success. 

Do you Have a Strong Billing Strategy?

Managing the finances of your business means collecting payments from your patients and their insurance companies. Short of hiring an enforcer to collect payments like some kind of dental loan shark, a strong billing strategy can help you receive these payments in a timely and efficient manner. If you struggle to collect payment, take a look at what strategies you use and learn how to help improve the day-to-day functionality of your practice. An accountant may be able to help you create a more powerful billing strategy.  

How Are You Spending, and What Returns Are You Seeing?

By knowing this information about your practice finances, you’ll have a much clearer picture of your practice. From this knowledge, you can make more informed decisions about which expenditures continue to make sense, and which you could most likely cut back on without seeing a large dip in productivity. Understanding your practice’s finances and using that understanding to make better decisions is the main speciality of a dental CPA. If accounting and handling the finances of your practice isn’t your strong suit, our team is here to help. 

Prepare For the Future, Whether it Holds Growth or Decline

You solve problems for your practice every day. This won’t change in the future, but you can ensure that you’re equipped to handle even the most difficult of problems by preparing for the future with your finances. 

Setting aside a little money consistently can help you have a large fund when opportunities for growth pop up. This fund can also be used if you ever find yourself in an emergency. Either way, having a financial plan is essential for a thriving business and a stable financial future. 

If you’re ready to take your practice to the next level, give our team of skilled accountants a call. We can help with more than just your taxes. Together, we can discuss the current financial health of your practice and devise a plan for growth and a more secure financial situation. Whatever your needs, our expertise is here to help your practice grow.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://agdentalcpas.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

Dental CPA in Baton Rouge | Our Dental Accountants Can Help Your Practice Grow

As a practicing dental professional and business owner, you have a lot of your plate. With so many competing demands, you may find you struggle to find time for proper accounting. One consideration that can help streamline your practice and give you more time for other priorities is hiring a professional dental accountant. Our team of experts can provide you with the expertise and knowledge you need when you don’t have time to do your own accounting. Of course, in addition to the time saving benefits, there are many reasons why a dentist might need a dental accountant, including: 

  • Stay Compliant With Tax Laws. Accounting professionals will keep up on the trends in your industry. Our dental accountant will make sure your practice doesn’t end up paying more annual taxes than you need to. Tax laws are always evolving, and staying compliant with all the various changes can be difficult if you aren’t a dental accountant. 
  • Assisting With Retirement Planning. Whether you’re in the first year of your practice or you can see retirement within the next couple years, it’s always a good idea to think about retirement and planning for the future. Having an accountant can help you set goals and plan for your future and the future of your practice. 
  • Opportunities to Grow. Eventually you’ll want to invest in new equipment for your practice. As your practice grows, you may consider moving to a bigger office. Our dental accountant will look at your financials and advise you to make the best decision for your practice. 

When it comes to running a successful practice, managing your finances is a key concern. If you’re looking to optimize how you spend your time and resources, consider speaking with a member of our team. Our dental accountants can offer you the expertise and support you need to manage this all-important area of your business so you can focus more on patient care and even take your practice to the next level. If you’re ready to learn more about how our team can help you, schedule your consultation today.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://agdentalcpas.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

Baton Rouge LA Dental CPAs | What to Consider When Selling Your Dental Practice

Selling your dental practice can be quite an intimidating prospect. You may have numerous questions, such as: How do you make sure the practice you’ve worked so hard to create, or the team you’ve come to love is properly taken care of after you’re gone? When is it too soon to make a decision, or has the time frame already passed? The good news is, the important decisions you’ll face when attempting to sell a practice don’t have to be faced alone. Our team is here to help you with expert guidance and knowledge because we’ve helped many dentists just like you create successful transitions. With that in mind, here are a few things to consider when it comes time to sell.

Determine a “why”

It is important to understand why you’re considering selling the practice in the first place. Is the practice underperforming financially? Has it become too much work? It could also be more of a personal reason. Have you lost passion for the business? Are you considering retirement? Knowing why you’re selling is an important first step, especially if it is something that can be turned around or improved. Occasionally understanding the why can change your initial plans before they go too far.

Timing is key

If you’ve fully committed to selling your dental practice and are happy with your “why”, it’s important to look at the timing. Do you have a hard sell-by date? Or will you take your time? Knowing how you want to time each step is an important part of the selling process, and can make or break a deal in the end. Having a date to sell by can increase pressure, and affect the results of the sale. Taking time and assessing when the best time to sell is can take more time, but may be more rewarding in the end. 

Consider partnering with outside experts

Personally handling every aspect of the sale of a dental practice can be a full-time job itself, and adding it onto a still functioning dental practice can be an overwhelming situation. Using partners or contacting outside help can make the situation go much more smoothly. It may be helpful to consider contacting a broker to help with closing, or a marketing agency to help you find the right buyer for your dental practice. Adding these resources can save you time and help with your totals in the end.

There are many factors to consider when selling a dental practice. Make sure you take the time to think through all areas that may affect your situation. An important decision like closing a dental practice can have many repercussions and eliminating as many variables as possible will only make for a better sale in the end. If you’re looking for expert assistance in the sale of your business, contact AG Dental CPAs & Advisors today and see how we can help you.

 

Apple Guerin Company LLC
Phone: (255) 767-1020
Url: https://agdentalcpas.com/
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge , LA 70808