Do You Have a Treatment Plan for Your Practice?

By Bob Creamer, CPA

business of dentistry-01

The start of a new year is a great time to establish a comprehensive plan to evaluate how your practice is performing, set goals for growth, and implement a system of best practices to help you achieve your strategic goals.

Evaluate Your Current Condition
Ideally, you should begin by analyzing your practice’s financial statements and operational performance. Your dental CPA can help you review comparative financial statements to help you spot trends in your practice over at least two or more years. They can also help you benchmark your practice against other well-run practices to further help you identify areas for improvement.

Burkhart representatives have their fingers on the pulse of your industry and can lend valuable insights based on their exposure to hundreds of dental practices in your area. They can help you assess new technology, optimize your office layout, and establish ordering processes to maintain proper supplies at all times.

Consult with your other professional team members such as your dental banker and dental attorneys to evaluate your current financing arrangements and
compliance with legal requirements.

Another resource you may consider utilizing is your dental practice management consultant. This person can help you evaluate your practice management software. By choosing and using the right software you can improve the practice’s operating efficiency, patient care records, patient retention efforts and collections.

Finally, in conjunction with reviewing your practice’s performance it is important to
evaluate your personal financial condition. A wealth management advisor can help you analyze where you stand in preparing for the lifestyle you want in retirement, while helping you realize investment returns consistent with your risk profile.

To read the full article, click here.

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