Finance & Audits
Accurate and proper financial management is crucial to the longevity of your practice. Betty Houston has the education, training and knowledge of the dental industry to ensure the proper operation and success of your practice. It is critical for the owner to be aware of the financial health of his/her practice. Without standard systems and understanding it is easy for any practice to let thousands of dollars of production/collections fall thru the cracks. It is also easy to have uncontrolled spending on dental supplies, office supplies and even instruments. Betty will help set up systems to track your expenses, inventory, production and collections so that you can get back to practicing dentistry.
If something doesn’t look quite right…call us! Your intuition is probably right. Every practice no matter the type benefits from periodic internal audits. It will ensure your practice is running both profitably and efficiently, guarding against internal theft or costly mistakes overlooked by staff.
Be aware that at least 65% of all dental practices have theft!!!
Looking to buy a new practice? Please Contact us first! There are many variables to consider both from a financial and management perspective prior to acquiring a new practice. Avoid costly mistakes, possible litigation, and save money by having a professional review and advice on many crucial issues.
Betty evaluates each practice by reviewing and comparing financial statements and tax returns against the practice management system. She also looks at the long term possibilities of success based on Continuing Care, Patient Retention, Treatment Plan’s outstanding and Staff effectiveness. Identifying the true number of active patients and the demographics of the dental practice you are looking to purchase is a critical step in moving forward to a successful transition. Long term success depends on initial thorough review and understanding of the existing practice standards of care and office systems. The time and effort spent on due diligence is a necessary factor.
One of the critical areas of concern today for Dentists purchasing a practice is their ability to contract with the Insurance Companies that the selling provider belongs to. A thorough understanding of the transfer for these contracts is critical, as well as the length of time needed for the transition. In some cases it has taken 4 to 6 months or more for Insurance Companies to complete and process your application as a participating provider. Each Insurance company has guidelines that are unique, and understanding the how the contracts will financially affect the practice will be essential to the profitability and goodwill.