Financial strategies for a new practice
As you set up your practice, it’s important to focus on the needs of your patients. But remember, you’re also starting a business and need the expertise of specialized advisors, according to the ADA Center for Professional Success.
At the very least, you should start with a qualified CPA, an experienced financial advisor and an organized office manager. As these professionals help you set up your dental practice, be sure to ask the right questions, listen to their advice and give them the tools they need to do their jobs.
Spending your valuable financial resources should be done with care:
- Don’t overstaff your office; only hire as needed.
- Be careful not to undercharge for your services.
- Try not to take out additional loans or use credit cards.
- Develop relationships with full-service suppliers for the best price.
- Consider going all digital: no paper charts, digital radiography, inter-oral cameras, etc.
The above content is excerpted from Episode #17: Financial Strategies for a New Practice, a podcast created by the ADA and featuring Cynthia Mattson, a CPA who focuses on providing dentists a full range of services, including accounting, taxes, litigation support, practice evaluations, sales and transitions. ADA members can listen to the complete podcast here.