Category: Dental CPA Baton Rouge LA

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

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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

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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

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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 CPA | Safeguard Your Practice with a Specialized Dental CPA

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When it comes to managing the financials of your dental practice, you need an accounting professional that employs a high degree of attention to detail. That’s why hiring a certified public accountant (CPA) with dental experience should be one of the first moves you make.  

A dental CPA’s reach extends further than just balancing your financial statements at the end of each quarter. Instead, think of a dental CPA as more of an advisor. Their role is to guide you through the various pitfalls and obstacles that can encumber dentists and their practices. Overseeing point of sale transactions (POS), insurance billing, cash flow, and accounts receivables/payables are just some of the routine tasks covered by a CPA. However, unlike a general accountant, a specialized dental CPA can advise you on industry-specific best practices.

Sound Financial Advice for Dentists

Dentists are not unlike most business owners who typically find it difficult to relinquish control over their office finances. However, a specialized CPA can provide additional insight that strengthens the overall financial health of your practice, such as whether your staffing matches your production levels. They can guide you on timing when it comes to investing in new equipment. Or give you tips on what to do now, to minimize tax payments later. Are you thinking of expanding your building or bringing in another dentist? Dental CPAs provide the extra set of eyes and financial advice you need when making important business decisions where your emotions might cloud your judgment.

Fraud Prevention 

Unfortunately, fraud is also a common occurrence in dental practices. Its source can originate both internally and externally. Losses from employee theft or insurance claim irregularities can quickly accumulate into thousands of dollars. If not caught in time, fraud can irreparably damage the business you’ve worked so hard to grow. An experienced, specialized dental CPA is well-aware of the common origins, red flags, and methods associated with such industry-specific fraud cases. Their keen understanding of how to implement fraud-deterrent policies and procedures will help protect your livelihood. Even when no fraud is suspected, it’s a good idea to conduct a risk assessment to gauge the likelihood that it could occur in the future. 

A Smart Investment for Your Dental Business

Running a profitable dental practice goes far beyond crunching numbers on a spreadsheet. A specialized dental CPA will be able to listen to and communicate clearly with you and your staff when it comes to goals and best practices. Their intricate understanding of the variables that sway your practice’s production comes into play on a daily basis.  

Partnering with a dental CPA can undoubtedly guide you towards a successful and profitable future in dentistry. Contact AG Dental today for a consultation. 

 

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

Baton Rouge LA Dental CPA | The Power of Feedback in Improving Workplace Performance

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The exchange of feedback between leaders and their teams is an almost non-stop process. Official, or not, good leaders are as willing to listen to feedback as they are giving it out. Feedback is one of the most important aspects of improving performance, and yet it can be one of the most difficult things to hear. Very few people enjoy viewing themselves in a critical light. Below, we’ll outline some of the best ways to not only get constructive feedback, but also how to handle feedback for optimal benefit when it comes.

Don’t Be Afraid to Ask For It:

People will often assume that if something is wrong, they’ll be told and corrected. While in a perfect world, this may be the case, it is unfortunately not the reality. When you directly ask for feedback, you give your employees and your leaders the opportunity to give you valuable insights into the operations of your practice. Without asking, you may be missing out on mistakes being made, or innovations that have changed operations for the better.

Even if the feedback is not received in an official setting (such as an “on the fly” direction) it can give you the ability to bolster your systems and improve your practice. Make sure you ask for that chance as frequently as possible.

Don’t just React – Listen and Digest:

When feedback comes to us, it can sometimes be difficult to not feel personally attacked – especially if the feedback is critical. The worst thing you can do in this type of situation, would be to react without really considering what the other person is saying. Make sure you hear what them out and think about why they feel the way they do.

Do your best to stay clear headed and ask clarifying questions to help you fully understand the other person’s view point. Sometimes, the most positive and helpful feedback can be misinterpreted and turned into a destructive situation. If you need to take the time to digest, think about asking for time to do so. It never hurts to come back and be able to discuss feedback in more detail and from a different perspective. Taking whatever space and time you need will ultimately help you deal with feedback in a more constructive way and help you to understand your practice and your leadership style better.

Reflection is a Form of Feedback:

A conversation with a manager or employee is not the only way to get feedback. You can also learn a lot about your strengths and potential limitations by reviewing the successes and failures you have had in your position. Is the same failure happening over and over again? It may be time to figure out the root cause of the issue and create a plan to make sure it doesn’t happen again.

Criticism, constructive or not, can be difficult to hear. Ultimately however, that brief time of difficulty will turn in to large dividends for both you, your team, and the practice as a whole. If you’re looking for constructive feedback from an outside perspective that can help your practice grow, contact our Baton Rouge dental CPA. We’ll be able to analyze your strengths and areas for improvement in order to help you bring your practice to the next level.

 

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

Dental CPAs in Baton Rouge | Is Your Business Healthy?

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The definition of success is subjective. However many can agree that accomplishing a healthy work-life balance seems to be one of the most important ways to achieve success on many levels. By establishing healthy business habits, you can minimize the occurrence of career burn-out. If you’re experiencing career dissatisfaction and questioning the health of your business, consider the following:  

Establish healthier habits. Arrive at work at the same time each day. Consistency for yourself and your team can make a difference in creating a peaceful work environment. Dedicate time to work on your business, and stick to it. When administrative work, important decisions and other owner responsibilities stack up, it’s common to carry that stress around with you. Eventually it affects your team and patient satisfaction as well.  

Know your number. Money is not the root of all evil. It’s also not the solution to every problem. It’s a necessary component to running a healthy business. It’s important to know where you stand financially and have the ability to make smart investment decisions. Before purchasing that $30,000 “high tech solution to all of your problems”, consider how it will truly aid in providing better care for your patients. What will the ROI be? How have others in your situation made this investment profitable? Our team will help advise your major financial decisions. When it comes to your numbers, it’s helpful to know where you stand at all times. We are here for you. 

Owning a business can be a very satisfying and rewarding responsibility. It can be difficult to find the time needed to accomplish everything on your to-do list. Prioritize your responsibilities and create deadlines. This alone will help you make the time for the important items that often get pushed to the backburner. Once your priorities are clear, it will become easier to say “no” when necessary and to have the focus required to check off important items.  

If you’d like assistance in making wise financial decisions, contact us.  

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808

Baton Rouge Dental CPAs | There’s Power in Numbers

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Being a member of the exclusive Academy of Dental Certified Accountants (ADCPA.org) allows our team the benefit of providing collective experience, national averages and best practices. The ADCPA meets twice per year to learn and grow together. By joining with dentistry’s top dental accountants, we have the ability to expand our service offerings, continually improve our communication and technology, as well as learn about ancillary supporting services which benefit our dental clients.  

If considering a general CPA for your dental practice, consider the advantages to hiring an ADCPA member.  

When uniting with other top dental CPA’s, our team has the ability to learn alternative ways to serve our clients. We discuss controversial topics and learn where our peers stand in terms of providing the most ethical, and beneficial tax strategies. Having a CPA that is well versed in tax law and is up to date on best practices can save you time and money.  

Dental CPAs provide a wide range of dental specific accounting needs. As your Practice grows, your taxes become more complex. Dental CPAs will share effective techniques for maximizing your tax savings. Aside from tax planning and support, we offer proficient insight on current trends and relevant issues that aid in making sound decisions for your business. Whether starting your first practice or managing your established growth, you can rest assured knowing your our team is by your side, providing you with strategic advice, every step of the way.  

For more information on how our team will help you, contact us.  

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808

Dental CPAs in Baton Rouge | How Team Morale can Make or Break Your Dental Practice

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Team morale can make or break your dental practice. It’s a bold statement, but there are several reasons why it is true. The morale of every member of your team impacts other team members, your patients, and over time, even your bottom line. If you want your dental practice to be a success, team morale needs to be a priority.

Unhappy staff are less productive. When a member of your team is unhappy in their job, they work more slowly, are less efficient, and are less likely to “go the extra mile” to ensure a great patient experience. When an unhappy staff member isn’t giving a great patient experience, that patient is less likely to be a repeat patient and unlikely to refer anyone else to your practice. Over time, this could potentially cost you dozens of patients and thousands of dollars.

Unhappy staff make other staff unhappy. When one person is feeling unmotivated, unappreciated, or disgruntled, their attitude affects those around them. Other staff are forced to work harder to compensate for the lack of productivity. One person complaining about being unhappy can hurt the morale of every other person in your office. What starts as a seemingly small problem can quickly gain momentum if it isn’t addressed quickly and correctly.

Unhappy staff are more likely to quit. On the surface, this may seem like a good thing: take the poor attitude and low morale out of the equation. However, the cost of finding, hiring, and training a replacement can be high. Even more, the most common reason why an employee quits a job is that they feel unappreciated and/or unsupported by management. Chances are good that if one of your staff feels that way, others aren’t far behind.

Overcome team morale issues with good leadership. As the dentist and CEO of the practice, you are the primary person your team is looking to for leadership. Hold yourself accountable to your team for following through on your promises. Deal with conflicts as soon as they arise. Have an open door policy that makes your staff feel comfortable coming to you with problems so you can address them before they become unmanageable.

Hold regular effective team meetings to ensure every team member understands their place in your vision for the practice. Recognize individual and team successes. Show appreciation. Ensure that you are supportive of any staff empowered to make decisions. If you need to coach them on a change in policy, do so privately to avoid undermining their authority.

You are the leader of your team. The trust, support, recognition, appreciation, and respect you give to your team is the foundation of your team’s morale. When you create a great working environment, your team morale is high. High team morale creates a better patient experience and greater productivity, which benefits everyone. To ensure your practice thrives, make your team’s morale a priority.

If you’d like assistance with employee morale, contact us.  

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808

Dental CPA | Medicine for Your Business

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70808 Dental CPA

The business world often goes hand in hand with stress. Pressures to attract new customers, meet quotas, or increase productivity can make working feel like an unpleasant chore. If you have begun to dread going into the office due to an oppressive atmosphere, chances are strong that you are not alone in your feelings. Turning things around for you and your team may be easier than you think. Consider adding fun back to your business with a daily dose of laughter.

While the addition of humor to the workplace does not move deadlines or reduce the expectations for performance, it can help create a more enjoyable environment for everyone there. When the office feels fun and engaging, the work feels lighter and more accessible. Scientific studies have shown that laughter relieves tension, boosts the immune system, and relaxes the muscles. Additionally, laughing can increase memory, energy, and creativity and elevate the mood. Every office can benefit from these effects.

There are many ways to inject some humor into your workdays. Try sharing a joke with your team to start the huddle and invite them to bring their own. Post a board in a shared space and challenge everyone to bring a funny image or comic strip to hang. Have a silly shirt day once a week or once a month. Take silly photos or videos of you and your team to share on social media.

Embracing a little more humor with your colleagues and team takes only a small investment of time and can yield large increases in mood, productivity, and worker morale. For more ideas on making your work more engaging, contact our office.

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808


Dental CPA Near Me | Career Tips for New Dentists

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Starting your professional career as a new dentist can be one of the most exciting (and anxious) times of your life. Whether you are beginning your own practice or joining one, there are several important aspects to keep in mind. We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence.

  1. Protect Your Work-Life Balance – While you might be used to a heavy schedule during your years in academia, don’t let yourself burn out. You deserve a healthy work-life balance. By setting expectations and following them, you can enjoy your time with friends, family, or hobbies without feeling tread on by your work schedule.
  2. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service.
  3. Manage Your Debt – Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday.
  4. Successful Practice Management – A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed.
  5. Continue Your Education – The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice.

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team will be the resource you need to secure your future in success. Contact us today to schedule a consultation.

AG Dental CPAs & Advisors

Phone: (255) 767-1020 6421

Perkins Road, Bldg. A, Ste. 1B

Baton Rouge, LA 70808