Art of Dental Finance and Management

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Latest Episodes:

How to Prevent and Detect Fraud in Your Dental Practice Feb 03, 2021

Show notes

It’s highly likely that dentists will be affected by fraud at some point in their dental practice. Recovering from fraud can be costly, time consuming and extremely stressful. Therefore, setting up internal controls is imperative for a practice owner to prevent fraud from happening in the first place. In this episode of The Art of Dental Finance and Management podcast, Artmeets with Brandon Waldren, CPA, CFE, CFI, a Senior Manager in Eide Bailly’s Fraud & Forensics Advisory group. As a Certified Fraud Examiner and Certified Forensic Interviewer, Brandon helps clients strengthen their organization’s internal controls to prevent fraud, as well as steps to take when fraud is suspected. This episode discusses the typical characteristics of a fraudster, as well as things to watch for to prevent fraud in your office. When it comes to fraud, the “perception of detection” is the most effective internal control for prevention and detection. It’s important to establish rules and procedures regarding all the financial aspects of the office, and everyone on your team should know how seriously you take fraud. Some examples of internal controls that dentists can implement include: · Allow only physical signatures on checks by the owner · Limit the owner as the only person who has access to Amazon.com purchases · Assign multiple people to review all checks before they’re sent out · Limit who has access to the cash · Review of all bank statements directly by the practice owner each month · Use your dental software to record and track receipts · Add surprise requests occasionally – cash counts, invoice support, password changes, forced staff vacations Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Identifying and recovering from fraud can be complicated and stressful. There are many internal controls you can set up to prevent fraud in your dental practice. https://www.eidebailly.com/services/fraud-and-forensic-advisory

PPP for Dentists: Calculating a Second Draw Amount and Planning for Forgiveness Jan 27, 2021

Show notes

Calculating your Second Draw Paycheck Protection Program (PPP) loan amount and navigating the loan forgiveness process can be complicated. This episode of The Art of Dental Finance and Management podcast helps break down the details dentists need to know about the PPP. The Small Business Administration (SBA) recently released guidance that helps provide clarity. This episode breaks down the details of the PPP program for dentists, how it may affect your dental practice and how you can maximize your PPP loan forgiveness, including: · Understanding the new PPP loan forgiveness rules · Completing the simplified one-page PPP loan forgiveness form for loans under $150,000 · Calculating maximum Second Draw PPP loan amount · Registering on the HHS Provider Relief Fund online portal · Qualifying for the Employee Retention Tax Credit (ERTC) Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. PPP funding is complex. Let us help you make sense of compliance and maximize loan forgiveness. https://www.eidebailly.com/insights/articles/2021/1/heres-what-you-need-to-know-about-the-updated-ppp-programs

Start the New Year Strong by Assessing Your Financial Planning Strategies Jan 20, 2021

Show notes

It’s a new year, and with it comes the need for dentiststo review their financial planning goals and benchmarks. In order to build wealth and have the lifestyle you desire now—as well as long into retirement—it’s best to start planning and investing early, be consistent in saving throughout your career and maintain focus on your long-term goals. It’s important that dentists build the right financial team full of people they can trust and depend on to help reach goals and build lasting wealth. In this episode of The Art of Dental Finance and Management podcast, Art meets with Steve Kwong of Merrill Lynch to discuss everything that dentists should know about financial planning that they may not have learned before. Art and Steve speak on financial planning fundamentals, as well as which types of investments are the best bet for 2021. Financial planning strategies covered include: · Begin with an end in mind · Set and meet goals · Evaluate risk and risk management timeframes · Invest with a purpose · Maximize return · Allocate your investments in different risk buckets · Assess risk/reward tradeoff · Implement a 401k or profit-sharing plan in your practice · Create a legacy · Prevent falling prey to financial schemes Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. It’s a new year and time to review your financial planning strategies. Solid planning along with regular review of your financial plan and investments will help you reach your goals and build wealth. Our advisors can help keep you on track. http://www.eidebailly.com/financialfuture

How Dentists Can Apply for a Second Forgivable PPP Loan Jan 13, 2021

Show notes

Since Congress finalized its new $900 billion economic stimulus package, which includes $284.5 billion to fund a second round of the Paycheck Protection Program (PPP), dentists can now apply for a new PPP loan. The Small Business Administration (SBA) recently released new guidelines with many details about the deductibility of PPP expenses and loan forgiveness. In this episode of The Art of Dental Finance and Management podcast, Artdiscusses everything that dentists should know about the new stimulus package and how it may affect their bottom-line. Art gives step-by-step instructions on securing a second PPP loan and plan for forgiveness: · New application form · New rules about who qualifies · How much you should apply for · Interplay between the PPP loan and the Employee Retention Tax Credit(ERC) · Strategy for full forgiveness · New PPP loan forgiveness form · Deadlines of filing with the Department of Health and Human Services (HHS) for HHS Provider Relief Funds Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Good planning and proper documentation can help ensure you maximize your PPP loan forgiveness. www.eidebailly.com/ppp

How Dentists Can Utilize Teledentistry in their Practice for Increased Efficiency and Profitability Jan 06, 2021

Show notes

Teledentistry can help dentists ‘add polish to their practice’ by offering additional consultation options to their patients. In addition to being able to provide continuity of care when patients are more hesitant to make office visits, dentists are also able to maximize their practice’s chair time for their clinical appointments. Teledentistry adds to the uniqueness of a practice, as well as enhances the customer's overall dental experience. In this episode of The Art of Dental Finance and Management podcast, Art meets with Cindy Koelbl, Chief Operating Officer of Integrated Telehealth Solutions (ITS) to talk about telehealth and teledentistry. As a subset of telehealth, teledentistry uses a broad variety of telecommunication and information technology to provide and support dental care delivery, diagnosis, consultation, treatment, and even to transfer dental information and provide education. It enables dentists and clinicians to convey advice, perform triage, conduct exams, do screenings and consult. Art and Cindy discuss how teledentistry has proven extremely beneficial for both dentists and patients this past year especially throughout the COVID-19 pandemic. Specifically, we discuss how teledentistry involves four distinct types of patient care, each with related billing codes: · Synchronous · Asynchronous · Remote Patient Monitoring (RPM), and · In-health Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Dentists can increase their efficiency and profitability by implementing teledentistry and other tech tools. We can help you decide which tools make the most sense for your practice. https://www.eidebailly.com/industries/health-care/dentists

How Dentists Can Obtain the PPP Loan within the Newly-Passed Stimulus Package Dec 23, 2020

Show notes

Now that Congress has finalized a new $900 billion economic stimulus package, dentists who have suffered losses of income in 2020 can apply for a new Paycheck Protection Program (PPP) loan. Most who applied for the first round of PPP will also be eligible to apply for the second round. There are many details on the deductibility of PPP expenses that dentists should be aware of. In this episode of The Art of Dental Finance and Management podcast, Artdiscusses the new stimulus package and how it may affect dentists, including the impact of new PPP funding. Topics include: · Qualified expenses, such as personal protection equipment (PPE) that PPP funds can be used for · Simplified PPP forgiveness applications As 2020 comes to a close, it’s imperative for dentists to make sure they have all their documentation in order for year-end tax planning . Dentists should also be aware of the steps they can take to maximize their PPP loan forgiveness. Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Good planning and proper documentation can help ensure you maximize your PPP loan forgiveness. www.eidebailly.com/ppp

What Dentists Need to do to Qualify for a New PPP Loan in the Next Round of Stimulus Dec 16, 2020

Show notes

Congress is in the process of finalizing a new stimulus package, which includes $300 Billion for PPP loans. This stimulus is for small businesses who have suffered losses of income in 2020. Most who’ve applied for the first round of PPP will be eligible to apply for the second round. There are also new proposed PPP loan rules that dentists should be aware of. In this episode of The Art of Dental Finance and Management podcast, Artdiscusses the pending stimulus legislation and how it may affect dentists. He also covers the documentation of the HHS Provider Relief Fund grants and what dentists should be doing to get ready. As 2020 comes to a close, it’s imperative to stay on track with your year-end tax planning and make sure you have all your documentation in order. Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Start 2021 strong. As you prepare for year-end tax planning, here are some key tips for getting your books in order. https://www.eidebailly.com/insights/articles/2019/1/preparing-your-books-for-year-end Show Notes and Resources: · Eide Bailly’s Dental Practice · Decisions in Dentistry magazine · ADCPA · Preparing Your Books for Year-End This podcast is dedicated to Cindy Schiff, wife of Allen Schiff, President of the Academy of Dental CPAs. Cindy sadly passed away at the beginning of December. Allen has asked that any memorial contributions in her honor be made to: Hopkins ALS Clinical & Educational Fund c/o Lora Clawson, CRNP JHOPC - Suite 5070A 601 North Caroline Street Baltimore, Maryland 21287

How to Navigate Your Dental Office Lease Negotiations and Save Thousands of Dollars Dec 09, 2020

Show notes

One impactful way dentists can leverage their cash flow is by negotiating their office lease. Utilizing an expert in this area can help you understand the intricacies and not miss opportunities by doing it yourself. Having a commercial real estate broker negotiating on your behalf will give you an advantage in any deal, whether you’re looking for a new lease, renegotiating an existing lease, expanding your dental practice space or buying an entire building. In this episode of The Art of Dental Finance and Management, Art visits with experienced commercial real estate agent Brian Mills of ROAM Commercial Realty. Brian and his team represent dentists who are looking to find new space to operate their practice (both rental space and buildings to purchase), or who need help renegotiating or extending their dental office lease. Art and Brian discuss how landlords and lease negotiations have changed due to the COVID-19 pandemic, what aspects of a dental office lease require negotiation, philosophies of leverage in a deal. They also cover the different financial aspects of a negotiating a commercial lease such as how a lease rate is determined, tenant improvement allowances, options, and much more. Brian also addresses the underlying philosophies when considering purchasing real estate, why price is not always as important as terms of a loan on a purchase, as well as the great financial and tax advantages of owning your own building. Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. Start 2021 strong. As you prepare for year-end tax planning, here are some key tips for getting your books in order. https://www.eidebailly.com/insights/articles/2019/1/preparing-your-books-for-year-end

How to Invest During a Pandemic and Post-Election Climate Dec 02, 2020

Show notes

Despite the tumultuous economy and market fluctuation throughout the COVID-19 pandemic, dentists should continue to strategically save money and diversify their investment options. This is especially true for those dentists in their prime earning years where they can withstand more risk, outpace inflation and experience long-term investment growth. In this episode of The Art of Dental Finance and Management podcast, Artspeaks with James Davenport, MBA, Managing Director of Beacon Pointe Wealth Advisors. Art and James discuss what we’ve been seeing in the markets, how the pandemic and change in administration will likely affect them and predictions on possible sectors that may perform well in 2021. James details what dentists in different age groups/life stages (25-35, 35-50 and over 50) should consider when investing. It is important to regularly meet with your financial planner/investment advisor for their expert guidance and to make sure your strategies are still viable. Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.

Everything Dentists Need to Know About Financial Planning Nov 25, 2020

Show notes

Dentists, like other professionals, should develop a solid financial plan to build wealth and prepare for retirement. Planning for financial independence while building their dental practice is an issue that concerns dentists at all stages of their career, whether they’re just starting out, growing to multiple locations, or preparing to sell their practice in preparation for retirement. Developing a financial plan with the guidance of a team of professional advisors helps them meet their unique current and future goals and will continue to evolve throughout the various life stages.

In this episode of The Art of Dental Finance and Management podcast, Art meets with Ryan Weigel, CPA, CFP and Zachary Schnitzler, CEPA, CLCS of Eide Bailly Financial Services about the financial planning process for dentists. Ryan and Zachary emphasize why financial plans are so important, major pitfalls to avoid (typically not having any financial plan), as well as what steps dentists can take to ensure success. They also discuss some of the essential elements of a solid financial plan:

Budgeting
Debt reduction
Student loans
Retirement savings
Insurance coverage
Children’s education
Estate planning

Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.

[CALL OUT BOX – We Can Help Button] Let us help you build a solid financial. [cta: www.eidebailly.com/financialfuture]

The Transcript

Art Wiederman, CPA And hello everyone, and welcome to another episode of The Art of Dental Finance and Management with Art Wiederman, CPA. I am your host, Art Wiederman. It's a pleasure for me to be joining you today and sharing some information. I am a dental division director at the CPA firm of Eide Bailly. Our CPA firm represents about 800 dentists and today's topic is, goes to the core of what this podcast series is about. It's called The Art of Dental Finance and Management.

And today we're going to be talking about a financial plan. I've done podcasts on the 10 Biggest Financial Mistakes Dentists Make, and I've talked about retirement planning. But today I have two really great experts from our firm, Ryan Weigel and Zach Schnitzler. And Zach and Ryan are going to go ahead and talk about financial planning. They're part of our financial planning group.

We're going to talk about why do you need a financial plan? What is a financial plan and what are the biggest mistakes we see dentists making. B

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