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Dental CPA Baton Rouge LA | Boosting Your Practice’s Profitability

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Dental CPA Baton Rouge

Have you ever wondered how you can maximize your practice’s return on services and recoup some of your capital? Our dental CPA provides strategies to help boost your office’s profitability.

How to Optimize your Dental Practice

Reviewing your production reports and ensuring procedures are in place can help save time and money. If a procedure is charged incorrectly, it can increase costs over the course of a year.

If possible, adding high-dollar procedures to your practice such as endodontics, teeth whitening, and other cosmetic services can greatly boost your bottom line. Training dental hygienists in various procedures, such as soft-tissue management and whitening, can also maximize a dental practice’s profitability.

Build a Great Dental Team

In order to recruit and hire the best possible candidates, it is worth paying above-average wages to experienced people in the field. This avoids high employee turnover, which can become costly. A friendly and knowledgeable dental team will also help with patient retention.  

Facilities and Equipment

If possible, purchase all your dental and office equipment, rather than lease it. This avoids a number of issues including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.

Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Another option: Merging your office with another dentist. Done right, it can help you fully utilize your space and reduce overhead.

There are a variety of ways to boost profits and cut costs while owning a practice. To start, focus on your core services, team, and office space. We know opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact our team of dental accountants at AG Dental CPAs and Advisors today for help with managing your budget and ways to maximize your return on investment.

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 | How to Choose the Right Dental CPA

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Dental CPA Baton Rouge

Hiring a dental specific CPA (certified public accountant) for your practice not only provides greater financial transparency; it’s an excellent resource for making informed business decisions. If you’re considering hiring a dental CPA, it’s important to know what qualities to look for in candidates. The following are important steps in helping determine the ideal CPA for you.

Determine Your Needs

Before you start looking for an accountant, determine why you need a dental CPA. Are you looking for a CPA to help with your financial business strategy? Do you need help with your bookkeeping or filing your taxes? Once you determine your specific needs, you can assess which skills you should look for in a dental CPA.

Ask Around

Colleagues experienced in running their own practices can be a helpful resource in providing advice on this process. Ask what traits they look for in a CPA. With their knowledge in mind, begin conducting your own research guided by your particular needs.

Here are some general questions to ask yourself when looking for a dental CPA:

  • Do they meet my specific needs?
  • Are they up-to-date with their knowledge? Do they use modern software?
  • Are they established and reputable?
  • What dental practices do they currently represent?

Look for Dental Industry Experience

Many accountants spend a majority of their time working with clients in a vast number of industries and don’t necessarily have specific experience with dentistry. If you are looking for an accountant with dental industry knowledge, contact AG Dental CPAs and Advisors today. We offer a variety of services to fit everyone’s needs. We look forward to hearing from 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 CPA in Baton Rouge | Why Your Practice Needs Effective Team Meetings

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Baton Rouge Dental CPARegular effective team meetings can play a crucial role in the health of your dental practice. That one simple-sounding factor can impact every aspect of your business. Your people, your patients, and your practice all benefit from regular effective team meetings.

Your people need team meetings. The core of your practice is your vision, your goals, and your strategy for achieving your goals. Each member of your team needs to understand all of these things and, just as importantly, needs to understand their part in your plan. Without that understanding, your team is working blindly and is unable to actively contribute toward reaching your goals for your business.

A team meeting is an ideal format for open discussion about your vision, goals, and strategy. Not only can you use this discussion to ensure every member is clear on your expectations, but you may find that their unique perspective creates an exchange of ideas on more effective ways to reach your goals and how each person can best contribute.

While not every team meeting needs to include high-level discussion of vision, goals, and strategy, it is a good idea to include this at least once or twice a year and when bringing a new employee into the team. Additionally, many successful dentists find that it is highly useful to touch on how the strategies are being implemented and to discuss any measurable progress toward goals on at least a monthly basis. This helps to keep your team engaged and motivated toward achievement.

Your patients need team meetings. One of the most common components of an effective team meeting is education. Your team needs to know what the policies are, what is on the agenda for the day, if there are any specials being offered, if anyone is sick or on vacation. Any new ideas, training, or techniques that can be shared should be. Your patients need to know they will be given correct and consistent information from any member of your team. Make sure everyone is on the same page.

Your practice needs team meetings. Teach your team how to ask patients for referrals. Word of mouth can have a huge impact on your new customer base. Even happy, satisfied patients rarely refer anyone unless asked to do so, according to a recent study. Your team members should be engaging your patients in every interaction to ensure a positive experience and should be able to ask for referrals when patients are pleased.

Only you can review your practice, your time, and your schedules to determine when and how frequently you should hold team meetings. Whether you meet daily, weekly, or on some other timeline, make your meetings regular and effective. You will see benefits to your team, your patient experience, and your practice.

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 Baton Rouge | Why Do You Need to Market Your Dental Practice

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Dental CPABy the end of 2015, a reported 73% of Americans were using the internet on a daily basis. This level of digital interaction has changed the business landscape that we face today. Of all internet users, more than 70% use online searches to find information about health. This includes finding and selecting a doctor or dentist. Your online presence, or lack thereof, can have a profound impact on the success and growth of your practice. Consider how these three aspects of online marketing are currently working for – or against – your practice.

First, 21st century business success requires the use of 21st century tools. Your practice needs to have a modern website, with accurate information and a responsive, mobile-friendly design. To today’s consumer, your website is a reflection of your business. Potential patients have a wealth of options to consider, especially in competitive markets. If your website is slow to load, looks outdated, or is not mobile-friendly, most visitors will move on to another practice with greater online appeal.

Second, you should have an active presence with social sites, such as Facebook, Twitter, YouTube, and others. Social media has replaced simple word of mouth for how people share information. By maintaining one or more active social media pages, you engage your community by sharing photos, videos, special offers, personal stories, community events, and more. You may even get patients and staff to share your posts, leading to greater visibility and interest.

Finally, don’t underestimate the power of online reviews. According to a recent survey, 92% of people read online reviews. 80% believe that the reviews they read are as accurate as personal recommendations. If you are not monitoring your online reviews, you are allowing others to control your online reputation. Reviews can also lead to valuable constructive criticism that can help you improve your business and your team.

Ask your patients to post reviews on sites like Yelp and Google. Unless asked, many people will only consider posting when they are unhappy with the service they received. However, patients who are pleased with your practice are usually happy to share their feelings when asked. Consider using some of the more glowing testimonials on your website.

The work involved in successful online marketing can be daunting. However, the cost of hiring a professional online marketing consultant can be more than offset by growth in new patients and case acceptance.

For more ideas to help your practice grow, contact our office.

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

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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

Dental Accountant in Baton Rouge | Tax Tips For Dental Practices

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Annual financial reports show that many Americans overpay on their taxes by a collective one billion dollars every year. This happens when people fail to hire experts who are well-versed in available tax credits and deductions. Considering tax implications, laws and spending before tax season can help you to properly plan and take advantage of credits and write offs available to you.  

There are a number of deductions to consider, including:

  • Charitable Expenses – Depending on the nature of your giving and documentation, you may be eligible for a deduction related to charitable contributions. 
  • Job-Hunting Costs – Whether seeking employment or to recruiting employees, you may have expenses in this category worthy of consideration. 
  • Lifetime Learning Credit – With proper documentation, certain programs may allow for a tax credit. 

Bigger Picture Changes

In addition to claiming credits during the actual filing process, there are a number of big-picture changes you may want to consider in the coming year.

  • Choose the Right Business Structure – An experienced accountant can help analyze your practice structure and advise you when deciding the business structure of your practice. 
  • Maximize Your Medical Benefits – Any smart tax strategy includes proper management of medical benefits. For example, businesses with employees can take advantage of Medical Expense Reimbursement Plans. These allow you to write off medical bills as business expenses.
  • Choose the Right Retirement Plan – Retirement plans help ensure financial stability and living standards when you eventually retire. An experienced accountant can help you choose between a 401k, defined benefit, SEP, and more to meet your goals.

Tax season only comes once a year, but it’s something any dental professional should be considering long before April. Our experienced accountants can help turn a hefty tax payment into a large return. Contact us today to see what our team 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

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

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Dental CPA Baton Rouge

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

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Dental CPA Baton Rouge

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

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Dental CPA Baton Rouge

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

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Dental CPA Baton Rouge

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