Tag: Dental CPA in Baton Rouge LA

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 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 CPAs | What to Consider When Selling Your Dental Practice

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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

Baton Rouge Dental CPA | How to Be a More Effective Practice Leader

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At the core of any thriving dental practice is an effective and powerful leader. When a team has direction, intention, and a clearly articulated purpose, they’re able to achieve the desired goals. With that in mind, it’s important to be the best leader you can possibly be. Whether you’re opening a brand new practice for the first time, or have been leading a team for multiple years, there’s always room to grow. 

Effective leaders create a compelling direction. 

People work best when they have a set of goals they’re working to achieve, and your team is no different. When communicating, make sure you set concrete and attainable goals for your employees. Make sure they understand why these goals are important, not only to the success of your practice, but to their own personal success. As they work to achieve these goals, it’s important to monitor their progress in order to make sure everyone is performing at an optimal level. 

Effective leaders create lasting solutions. 

When an issue inevitably arises in your practice, how will you address it? If your solution is a temporary fix, it will only lead to more headaches and struggles for your team later. The difference between a leader and a follower is that a leader won’t settle for a quick fix when they know their team is capable of more. Just like in dentistry, it’s important to treat the root cause of the issue, rather than just the symptoms themselves. 

Effective leaders know when to be flexible, and when not to be. 

Many new leaders make one of two mistakes. They either allow their team to walk all over them, giving in to any demand or complaint, or they take the opposite approach and refuse to change anything. Both are disastrous and will derail the success of your practice. There are times when you will have to go with the flow, making adjustments based on what your team and your practice needs. These changes can affect everything from your systems to your leadership style. However, there are also times when you must push your team and your practice forward. 

Effective leaders understand when they need support. 

Oftentimes, leaders believe that they need to handle it all themselves, having the weight of the entire practice on their shoulders. This isn’t the case. When you lack the time or expertise to complete a project at a high level, it’s more than acceptable to ask for outside help. If your accounting skills are holding you back from a greater level of success, our team is here to help you with expert accounting services. We know how to leverage your finances to help you achieve your goals and stay on track. Contact AG Dental CPAs for more information. 

 

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

Baton Rouge LA Dental CPA | Can Your Practice Weather a Financial Storm?

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One of the core financial planning tenets is the need to establish an emergency fund. Having a financial safety net is essential, especially today when the economy and the world is facing so much uncertainty. Should an unexpected natural disaster, staffing upset, or other unplanned event interrupt the flow of business to your practice, are you prepared to ride out the difficulty?

Defining a financial emergency

The criteria for what constitutes a financial storm or emergency will be defined differently based on each practitioner’s unique circumstances. A large, financially stable practice may barely notice if several staff members suddenly quit. That same scenario could wreak havoc on a small practice. Of course, a fire, flood or other damaging event is likely to be disastrous for any practice if you are unable to see patients and generate revenue for an extended period of time. This is why having a business emergency fund in place is so vital: to help you carry on, make payroll and pay bills until things return to normalcy.

How much should you set aside?

Most financial advisors recommend saving between 3 and 6 months salary in individual emergency funds. However, these amounts will likely be insufficient for even a small dental practice. There are a number of variables, but here are some questions to consider as you calculate what makes sense for you:

·         What are your insurance limits?

·         How much time will you wait for insurance claims to be processed?

·         What risks are not covered by insurance?

·         How long can your practice survive if you are unable to generate revenue?

·         What would it cost to arrange coverage for staff members who quit unexpectedly?

·         How much are replacement costs for essential equipment that is damaged and inoperable?

Knowing where to start

Many people don’t save for a rainy day because they don’t anticipate financial emergencies until it’s too late to prepare. If you have not begun shoring up your practice against financial storms, now is the time to begin putting a plan in place. An excellent place to start is by scheduling a consultation with our office. We can assess your assets and your risk, and identify vital next steps to ensure your practice is financially secure, no matter what the future holds. Contact AG Dental today.

 

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

Baton Rouge LA Dental CPA | Streamline Your Practice with Better Accounting

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As a dental practice owner, you have a lot on your plate. From seeing patients and managing your staff to staying abreast of trends in your profession, there is not a lot of extra time for balancing the books. Yet, profitability is always a priority, so how can you streamline your practice and create better efficiencies so that your practice can truly thrive? One of the best ways is to hire an accountant who specializes in your area of expertise. A dental-industry accountant can offer the following advantages:

1.   Keeping you abreast of industry trends. Specialized accounting professionals will be mindful of trends that impact your profitability. This means you’ll enjoy practice-specific tax advice suited to your practice size and location so you don’t end up paying more annual tax than you should. A specialized accountant is also aware of evolving tax laws and can help you stay compliant and avoid unwanted audits.

2.   Serving as a sounding board. At some point you will probably consider investing in new equipment or perhaps consider an office expansion. Staying competitive requires looking for opportunities to grow. A specialized accountant can consult with you and help you look at various pros and cons prior to making a financial commitment. Having a sounding board for important monetary decisions can help you avoid a poor investment that could cost you in the long run.

3.   Assisting with retirement planning. Even if you see retirement as a long way off, planning ahead can make the difference in terms of your future nest egg. Having a CPA who understands your goals, your business and your target retirement age can free you up to focus on other things, like caring for patients.

4.   Spotlighting best practices. When you engage the services of a dental-industry accountant, you can take advantage of all of their industry know-how. They can share lessons learned from similar practices, connect you with other professionals in related industries, and provide trusted advice about important business decisions.

When you think about streamlining your practice, hiring an accountant may not be the first decision that comes to mind. But you may not realize how much of your time and energy is spent on the myriad of financial decisions and concerns that are inherent in running any small business. A skilled dental-industry accountant may be just the support you need to take your practice to the next level of success. 

To learn more about how our small-business accounting services can help your dental practice thrive, contact AG Dental today for more information.

 

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

Baton Rouge LA Dental CPA | How to Avoid Becoming a Victim of Employee Embezzlement

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Let’s face it: As a practice owner, you have many responsibilities. Juggling the demands of seeing patients, overseeing staff, and monitoring financial transactions can be overwhelming. That’s why putting safeguards and internal controls in place is so important, to help you avoid the risk of theft from employees. While it may be hard to imagine that the smiling face you hired to greet visitors could be stealing from you, that kind of naivety has cost doctors like you thousands of dollars in annual revenue. In fact, according to the Association of Certified Fraud Examiners (ACFE), as many as 60% of dentists will eventually become victims of embezzlement. It can be difficult to prevent employee theft, but educating yourself now and putting processes in place to better secure your financial picture can help minimize the possibility of it happening to you. Here are some tips to get you started.

Know Who You’re Hiring
It’s not enough to select a new employee based on their resume or personality. Your new hire will be handling confidential information such as insurance claims, patient data, and checking account numbers, so anyone whom you consider bringing on board should undergo a professional background check. You should also request references, including contact information from their previous employer. 

Learn as Much as (and More Than) Your Employees
Over time, employees see which patients pay with cash, who writes checks, the average daily and weekly deposit amounts, and how much money comes in from insurance companies. This is information you should be familiar with as well. Require that each employee log these details in your accounting software and ask your accountant to help you create a program that includes a check and balance system with daily opening and closing reports. That way, either you or your accountant can run and analyze these reports—never an employee.

Delegate Shared Responsibilities
No individual in your office should control any financial process from start to finish, so make sure you establish and implement a team approach to these tasks. This will let you know who recorded which transactions and create a higher degree of accountability among your staff.

Look for Common Red Flags

You should always keep an eye out for common indicators that an employee might be stealing from the practice. Pay attention if someone on your team is suddenly spending beyond their means, is always the first in the building and last to leave, or is overly protective or secretive of their work. 

Schedule an Outside Audit 

Serious financial damage can add up quickly if you’re the victim of embezzlement, so it’s important to periodically hire an outside accountant to review your finances and look for irregularities. He or she will be able to monitor your employees’ work and catch errors, mistakes and theft.

If you notice that the numbers in your practice aren’t adding up, it’s best not to tell anyone on your staff since the suspect could find out and destroy incriminating evidence.  Instead, talk to a trusted CPA first so they can put a fool-proof process in place to catch your thief and get your money back in your business where it belongs. If you have any questions or would like to schedule an appointment to learn more, contact Apple Guerin Company LLC today.

 

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