Tag: Baton Rouge LA Dental CPA

Smart Ways to Plan for Retirement | Dental CPA Baton Rouge

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Baton Rouge Dental Accountant

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.

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

How Patient Complaints Can Help Your Business | Baton Rouge LA Dental Accountant

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Baton Rouge LA Dental Advisor

No one likes to see a patient complaint. Unfortunately, you can be the most compassionate dentist with an exemplary team and follow procedures to a T, and still get a few complaints. Our advice: use them as opportunities.

Baton Rouge Dental Accountant

The complaint may have a kernel of truth or completely baseless; the important takeaway is this: handle with care: about 94 percent of people use online reviews to choose a business; you do not want a complaint to snowball into a bad review. That can quickly lead to a loss of revenue. That is why it is critical to respond to them.

When complaints are brought to your attention, you and your team may feel frustrated, discouraged or annoyed. That is normal. It can also be easy to feel cavalier about a complaint you see as minor. After all, some complaints are objective: the office décor, wait times, or insurance issues that are completely out of your hands.

Handle All Complaints with Respect

Even concerns that feel trivial or unfair to you should be handled respectfully. That means making the patient feel heard; letting them know that you take the complaint seriously; and promising to look into it. Here are the steps you should take:

Acknowledge and thank your patient for bringing their concerns to you, without judgment: “I appreciate your taking the time to let me know what you experienced.”

Affirm by repeating the complaint back to the patient: “So you’re saying you had to wait 40 minutes for your appointment and no one checked on you. I’m sorry to hear that.”

Commit to taking action to correct the situation, if warranted. “Sometimes things get backed up. I’ll talk to the front desk team to make sure they are letting you know if there’s a delay.”

 Thank them again: “I do thank you for taking the time to let me know what happened. We appreciate that you put your trust in our practice and we’ll do whatever it takes to make sure you are satisfied.”

Follow through on your commitment, you will earn loyalty from that patient. A complaint is an opportunity for you to cement a patient’s trust.

Keep Building Patient Loyalty

Patient loyalty is a fragile thing, so it is essential to maintain it. Loyalty can translate into fewer rescheduled or cancelled appointments, increased case acceptance, and even referrals to friends, family, and social media connections. Over time, handing one complaint correctly can lead to hundreds or even thousands of dollars in revenue. It is also the right thing to do.

However, if patients leave your office feeling that their concerns were not heard, they are unlikely to refer others to you, or worse, complain on online reputation sites and social media.

Satisfied patients help keep your revenue flowing; our firm is there to keep it strong. Call Baton Rouge LA Dental Accountant for all your dental accounting services.   

Can One Toxic Employee Spoil Your Practice? | Baton Rouge Dental Accountant

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Baton Rouge LA Dental Accountant,

Hiring new employees is time-consuming, stressful, and sometimes expensive. It’s no wonder, then, that many businesses find it more cost-effective and less emotionally taxing to retain employees, even if they turn out to be a negative influence. Enter the devastating effect of the toxic employee. 

Baton Rouge Dental Consultant

Dental offices tend to be small and close-knit, which makes it even more difficult to confront someone about their behavior and let them go. While finding the right fit for your practice can be a challenge, holding onto a toxic team member can be far more costly.

What is a Toxic Employee?

A toxic employee may be a competent worker, or started out that way, and they may be decent people at heart. For whatever reason, however, their actions and attitude become a drag on the workplace culture. See if you recognize these red flags in your practice:

  • Poor attitude: This type of person will exhibit passive-aggressive characteristics. They may agree with a directive on the surface, but accompany it with eye-rolling, exaggerated sighs, sarcastic comments, muttering, complaints, or a confrontational tone.
  •  Dishonesty: Whether blaming others for their own mistakes, refusing to accept responsibility, or outright lies and thefts, this type of toxic employee can harm your bottom line as well as morale – especially if you don’t confront it. 
  • Lack of engagement: This type of employee avoids work, lacks enthusiasm and is lackadaisical toward responsibilities. They are often inattentive at meetings and huddles. 
  • Falling work performance: The toxic employee will not do any more than the bare minimum of what is expected. They appear disinterested in feedback or training and are otherwise unwilling to improve.
  • Bullying behavior: Anyone who intimidates other team members, is disruptive, or otherwise makes others feel uncomfortable, could be a toxic employee. 

If you recognize any of these indicators, you have two choices. You can give them another chance or let them go. There is almost always an underlying reason for someone’s toxic attitude: The employee may be going through personal turmoil or carrying forth maladaptive behaviors from childhood. Some toxic employees don’t even realize they are behaving in a negative way until someone points it out. 

While practices are often family-like, keep any discussion strictly work-related. Outline your findings in a factual manner and document, if possible. Create an improvement plan and a timeline. Consult labor laws in your state for additional guidance. 

Your second choice is to outright fire the toxic employee. You may have no choice if you have found an issue that puts patients at risk or involves financial malfeasance.   

If you are still on the fence about letting a negative team member go, consider these consequences of keeping a toxic employee.

  • Loss of new patients: If a toxic employee is interacting with potential patients, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
  • Loss of existing patients: If they are treated poorly even once, they may choose to take their oral care elsewhere – and they may tell other people.
  • Loss of your best team members: Your best people want to work in a positive environment where they feel supported and appreciated. By tolerating the complaints, bullying, or shoddy work of one toxic person, you risk losing valuable team members.

Don’t compromise your business or your best team members by refusing to fire toxic employees. For more strategies to improve your practice, contact our Baton Rouge Dental Accountant office.

Don’t Ignore Negative Reviews | Dental Accountant Baton Rouge

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Don't Ignore Negative Reviews

Finding a bad review of your practice is a slap in the face and it happens even to the most conscientious practitioners. Someone might be having a bad day and take it out of you. Sometimes the review is deserved and presents a growth opportunity. While we all act differently to criticism, the one thing you should not do is ignore a bad review. When ignored, negative feedback can have a detrimental impact on your practice. 

Dental Advisor, Baton Rouge LA

Can You Afford to Lose Patients to Bad Reviews? 

Potential patients who are considering using your dental services will invariably look at your reviews. If any bad reviews are ignored, they may not give you a second glance. They might make the assumption that you don’t care about your patients or care to address deficits. That is a sure way to lose out on new business and any referrals they might make in the future. This applies not only to potential patients but current ones who keep track of reviews. 

Reviews are (Usually) Forever

Negative feedback on review sites is usually there, out in public, for all time. It is difficult if not impossible to remove bad reviews. This creates a lasting list of negative impressions on your practice that can be referenced by others. That is why it is important for dentists to address poor reviews whenever possible. Show the client or customer that you care about their thoughts. Do not attack; stick to facts and apologize if warranted. While it may not win a patient back, it may be appealing to future patients, especially if you also have many positive reviews.  

Show You Respect Your Patients

No one wants to be treated disrespectfully; we all want our voices heard and to be valued as individuals. If you ignore negative reviews, you are essentially telling both the reviewer and prospective patients that you don’t care what they have to say. While some reviewers just want to be nasty (or may be competitors trying to sabotage you), legitimate patients who do complain feel passionately enough about your business to voice their concerns. If you don’t validate those concerns, expect them to take their business elsewhere. 

Missing a Chance to Learn

You are not perfect; no one is. Mistakes present an opportunity for leaders to learn. It is even better when a patient presents those mistakes clearly. This will allow you to learn why the mistake happened and how to fix it so it doesn’t happen in the future. If you ignore feedback, you open the door to a mistake happening again. Negative reviews offer a chance to learn and grow your business; if you ignore them you miss that opportunity.

Great reviews are not the only ones that can help improve your practice. Bad reviews present an opportunity to learn from them and grow. If you choose to ignore poor reviews, the consequences could be disastrous. Not only could you lose current patients, but prospects, too. 

When you see a negative review, take a step back and see what you can learn from the experience. Address their concerns, by telephone if possible, and make every effort to create positive experiences in the future.

Contact our team for a consultation today on other ways to grow your business. Click to contact a Dental Consultant in Baton Rouge, today.

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

Information Sharing Through a Dental Study Club | Baton Rouge Dental Accountant

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Information Sharing Through a Dental Study Club

Have you considered joining a dental study club? The dental profession is constantly changing, as are all health and science fields in general. It can be challenging to stay current with advances in techniques and new technologies every year. In leaner times, too, it is important to stay current within your continuing education budget. 

Dental Advisor, Baton Rouge LA

There are many reasons to consider joining a group of fellow dentists in exchanging knowledge and ideas. Here are some of the most valuable advantages you stand to gain.

Continuing Education

When travel and extended time off are not feasible, dental study clubs allow you to pool resources of a group of dental professionals and attend continuing education lectures. These groups also make it possible to participate in hands-on clinical training in your area. This added source of training and education can serve as a valuable way to stay current with new technology and techniques affordably. 

Learn a New Practice Area

If you want to focus your practice on one or more specific areas of dentistry, such as implants, Botox or sleep apnea treatment, a dental study group focused on those areas can help. You can find and attend the courses you need to develop the skills and qualifications to reach your desired goal.

Peer Support

Group discussions have been shown to be one of the most effective ways to share experiences, techniques, challenges, and new ideas with like-minded individuals for the benefit of everyone involved. With a dental study club, you are interacting with other dentists and specialists in your area. Informal gatherings allow you to explore new ways of approaching a problem or a treatment, bounce ideas off of other professionals, and benefit from what your peers have already tried.

Learn the Value of Networking

Getting to know your peers satisfies the need to interact with like-minded professionals and even gain a source of referrals. While it may not be the primary reason to join a dental study club, virtual and face-to-face meetings are highly beneficial. Specialists, in particular, depend on referrals from other dentists. It can be much easier to refer a patient or gain a referral when you have developed a relationship with other professionals and know how they treat their patients, what technologies they use, and similar information.

The collegial exchange of knowledge, solutions to challenges, and support can be invigorating while the format is economical. Consider joining or starting a study club in your area, and let us know if we can help with setting financial goals and budgeting.  Click to contact a Dental Consultant in Baton Rouge.

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

Dental CPA in Baton Rouge | How to Get the Most Out of Team Meetings

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Baton Rouge Dental CPA

Regular team meetings can play a critical role in the health and growth of your dental practice. That one simple point can impact every aspect of your business. Your people, your patients, and your overall practice benefit from regular team meetings. The key is to make them effective.

Keep Goals and Expectations in Focus

The core of your practice is your vision, your goals, and your strategy for growth. Each member of your team needs to understand all these things and, just as importantly, needs to understand their part in your plan. Without that overarching understanding, your team is working blindly and less able to actively contribute toward reaching your practice goals.

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 goals – and how each person can best contribute.

Encourage Participation

Workplaces are a microcosm of the larger world. Some people are comfortable speaking in front of a group, some hate it. Some speak loudly, some must be drawn out. Ask each team member privately if they are comfortable speaking at meetings. If not, encourage them to share a written note or an email with you and address their point in the meeting.

Keep Meetings Positive

Have a round-table discussion of anything on your team’s mind. Have people share wins and learnings and don’t rebuff constructive criticism. Make sure each person is made to feel comfortable sharing their ideas with the rest of the group. This can be tricky when there are interpersonal issues within the team. If there are, enforce a no-tolerance policy for put-downs, belittling or dismissiveness. 

Casual vs. High-Level Meetings

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

Engage with Education

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, and if anyone is sick or on vacation. Any new ideas, training, or techniques that can be shared should be. Your patients benefit from correct and consistent information from all members of your team. Make sure everyone is on the same page.

Only you can determine when and how often you should hold team meetings. Whether you meet daily, weekly, or on some other timeline, make sure your meetings are encouraging, educational, and affirming. You will see benefits to your team, your patient experience, and your practice as a whole.

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 | How to Become a True Leader

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Dental CPA Baton Rouge

There is a big difference between managing a dental practice and being a true dental practice leader. As is true for many small business owners, dental office leaders set the standard and pace of work. They inspire confidence and trust.

Making fundamental changes to the way your practice operates is no easy task, but it is attainable with the right mindset. Use these tips to get started on a path to developing an innovative practice that you lead to success.

Leaders Leverage Consistency

Leaders are constantly learning and implementing. They develop ideas that foster efficiencies, make people feel valued, and encourage synergy. By holding a consistent weekly meeting, your team can learn your leadership style. When communication is infrequent or inconsistent, leaders feel pressured to communicate and train in the few precious moments that arise sporadically between patients. This type of management can cause stress for the whole team. 

Don’t Micromanage Your Team

For most dentists, the highest and best use of time is spent treating patients. This means you must delegate tasks to other team members and trust them to do it. In fact, a hallmark of leadership is delegation. Let your employees handle the clerical side of the practice. It is important, however, to have structure in reporting, communication, and benchmarks. With this structure, clear expectations will replace micromanagement. You will find the workday will flow more smoothly and your team members will feel more empowered in their respective roles.  

Track Efficiency with Goal Setting

Every goal should be realistic and measurable. By giving each team member a set of weekly goals, you’ll alleviate the pressure that arises from having one or two team members carry the weight of the entire practice. Ensuring that a fair contribution is made by each employee will also resolve personal conflicts that can arise on a dental team. By setting and evaluating personal contributions, you’ll also be able to easily assess when a team member is deserving of a promotion.

Know When it’s Time to Train and Hire

Great leaders can recognize if their team is unable to handle the current workload. By hiring just before you need to, you’ll allow room for your business to grow. All too often, dental practice owners wait too long to recruit and end up burnt out, unmotivated, and unhappy.

Are you ready to step into a true leadership role and supercharge your practice? We’re ready for you. 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

Dental Consultant | Increase Investments for Revitalized Revenue

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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?

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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

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

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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