is yours to make.
we're here to help.
is yours to make.
we're here to help.
1) Increase your fees every year. Why? Because you will never receive an increased in reimbursement rate if you don’t increase your fees and bill at your own UCR. Practices that bill their UCR do receive an increase in reimbursement rates from time to time. It really does happen! 2) Bill your UCR and adjust off what is not allowed. Again, if you don’t bill your fee (UCR), you will never receive an increase in reimbursement. Also, this is the correct way to bill insurance. To do otherwise manipulates practice numbers and collection percentages. Dental practices are losing tens of… Read More »
Did you know that people living in rural small towns often drive more than an hour to see a dentist? The Federal Government and many states offer incentive programs for dentists who agree topractice in high-need areas. When taken advantage of the programs reduce student loan debt significantly. In instances where loan forgiveness isn’t necessary large sign-on bonuses are offered. Participating Dentists must agree to practice in the location for two to four years (dependent upon the program). During the first 10 years of practice, dentists who practice in a Small Town will typically experience the following in comparison to… Read More »
Whether you’re planning to own a practice, or you already do, this article is for you. You won’t likely receive the following information in Dental School, in Residency or as an Associate Dentist. Reality Bites: It does not matter how much you love your team or how much they love you, they will never care as much about the success of your practice as you do. You may believe they do and they may believe they do, but why should they? It wouldn’t make sense. It’s YOUR NAME on the door, on your license, and on your loans. YOU are, the one person,ultimately responsible for the Success… Read More »
The following article was written by our Founder, Mary Fisher-Day, exclusively for Dental Entrepreneur Magazine and appears in the Fall, 2016 issue and the online edition Here. There’s plenty to be said of the benefits of living and practicing in a big city or Metropolitan area. Proximity to upscale dining, Cultural Activities and Shopping Malls are at the top of the list when I speak with a young dentist seeking to purchase a practice. Easily, nine out of ten are seeking a practice no further than a thirty-minute drive from a large city. While practicing in a large city does… Read More »
The following overhead numbers are typical of a well managed Dental Practice: • Staff Salaries (including benefits and government required Payroll expenses) = 24-28% • Clinical Supplies = 6% • Lab Fees (all) = 7-8% • Rent or Lease payment = 4% • Equipment Leasing/Purchases = 2-3% • Office Supplies (includes postage and electronic billing and filing charges) = 2-3% • Utilities, telephone, accounting, legal and professional fees = 10% Ideal, true, overhead should be no more than 60%. Some numbers may be included as “overhead” or “practice expenses” that are not absolutely required to run a Dental Practice. These… Read More »
When you think you can’t afford to hire a practice management coach or consultant is when you need one most. If your practice is in need of a consultant/coach, find one that will work with you on payments. Our clients see their investment repaid many times over and in a very short period of time. Why wait for tomorrow, when you can see results today? For more information on our services, see our website at www.thedentalbusiness.com or email us at firstname.lastname@example.org. At The Dental Business we welcome ideas, comments and questions for future blog posts. Do you have an idea… Read More »
What are the top mistakes made my dental practice owners? 1- Under estimating the value of team communication * Morning meetings or huddles are the most important communication of the day. This 10 to 15 minute meeting will set the tone for the day. The Doctor or Scheduling Coordinator should facilitate Review the schedule for the day Determine where emergency patients should be placed on the schedule Discuss your goals for the day and month. Where you are, where you need to be and what you can do to get there Review prior day and discuss any issues that… Read More »
Do you have a practice mission statement? If not, you really should. If you do, is your team on board? I believe teams are the same regardless of industry. A business will succeed or fail because of the team. A coach cannot win a game without a team just as a dentist cannot practice dentistry without a team. The definition of team, according to businessdictionary.com, is “A group of people with a set of complementary skills required to complete a task, job or project.” I would like to add MISSION to the definition. To carry out a successful mission it… Read More »
The vast majority of students coming out of dental school want to practice in large cities, while small town populations often struggle to find a dentist within a 30 minute drive. For this reason, some states offer an incentive program to dentists who agree to practice in small towns. There are often programs in which student loans can be reduced or forgiven, or large sign-on bonuses given to dentists who agree to practice in the area, for a minimum of 4 years. Here are some benefits to practicing in a small town or rural area: Loyal Patient Base Loan Forgiveness or… Read More »
Where has the year gone? I cannot believe its November already. I want to share with you a few of our strategies for ending the year on a good note and starting the next year off ahead of the game. Set goals for 2014: Production; Collections; Collection %; Hygiene; Specialty Procedures, etc. Review your fee schedule to determine whether an increase is in order. If you participate in PPO plans, negotiate an increase in your reimbursement rate. Remind patients to use their remaining insurance benefits before the year’s end. If they wait on needed treatment until 2014, they will have… Read More »