When you’re running a dental practice, your patients are your primary focus. Their well-being and satisfaction are central to your success and growth. However, as you know, there is a lot more to operating a dental practice than patient care. And how well you manage back-end processes can directly impact patient satisfaction and your success in the industry.
These back-end processes include the basics such as taxes, financials and bookkeeping. For dentists, managing financials can be complex and challenging, particularly in dealing with insurance companies and reimbursement while maintaining optimal overhead percentages.
Payroll and human resources are equally important back-end functions. It’s important to find great staff, train them and create processes that will help them meet a high standard of care—particularly if your practice is in a state of growth.
Additionally, the definition of providing “quality patient care” is constantly changing as technology evolves and patients demand more sophisticated digital capabilities from their healthcare providers. It’s challenging to determine which solutions will best meet this demand and be worth the investment. And with advanced technology and digitization comes greater cybersecurity risk and compliance concerns.
Why Choose Eide Bailly as Your Dental Consultant or Advisor
At Eide Bailly, our dental consultants and advisors are experienced in your industry. We understand what it takes to maintain business operations and pursue growth as a dentist, even as the industry and patient expectations change. And we know how to do so efficiently and intelligently. We can assess your operations and identify opportunities to improve efficiency, so you can manage costs while better serving patients.
Our experts can consult and work with you on everything from accounting and tax strategy to technology and cybersecurity consulting. Whether you’re looking for an operational assessment to improve your processes or you need a complete digital transformation to better serve your patients, we can help you develop and execute a strategy.
We’ll work to help you gain a clearer perspective of your financial state, identify and solve for your cybersecurity risks, expertly manage your taxes and remain in compliance, capture opportunities for growth, improve your cash flow, and conduct wealth and succession planning. Let us handle the detail work so you can focus on your patients without sacrificing your ambitious personal, financial and business goals.
"Art Wiederman and his team have done an incredible job during this financial disaster (COVID-19). He has dug down to provide all his clients with the clearest and most up to date information. He then presents it in a straight-forward fashion that helps us make the best decisions based on our situation. I am not exaggerating when I say I am way ahead of the pack of my dental colleagues with information that is correct and up to the minute."
Even the most praised word-class athletes rely on coaches. The coach may have never played the game at the same level as the athlete. However, they have a keen eye for spotting flaws and can implement smart strategies to improve performance. A coach knows how to enhance your game, helping you stay in top condition.
Similarly, a dental advisor is trained to find the weak spots in your practice and outline a strategic vision for your business. They set realistic goals, providing you with crucial strategic tools to boost your overall dental practice.
The outside perspective of dental advisor and consultant is invaluable. They will analyze your practice to discover weak spots and suggest a strategy for improving your operations. Every dentist wants to know how their practice is performing compared to a realistic benchmark, and that's exactly what dental practice consultants help you learn. Today's marketplace is far more complicated than it used to be. As a result, professionals can easily get lost without a dental focused CPA protecting and upgrading their practice.
In recent decades, running a dental practice has become an expensive endeavor. Unlike dentists from the past, a dentist today has to worry about many things, including retaining quality staff, finding new patients, learning and incorporating state-of-the-art technology, and taking care of infection control. Simultaneously, the way insurance companies curtail the reimbursements for various procedures and treatments requires great management skills. Insurance companies interfere with the operations of every dental office on many levels, including diagnostics and treatment. Decreasing revenue and rising expenses can cause stress and profit declines.
Every office faces unique challenges. But you don’t have to face those challenges alone. Experienced dental business consultants can provide a realistic perspective regarding your practice. Strong management skills are crucial for taking your business to the next level. By using a dental-focused CPA, you’ll get the leadership and management skills you need for upgrading all aspects of your business.
Our dental team will not only help your practice survive but thrive.
The best dental-focused CPA firms take care of every aspect of your business. As a result, you don't have to worry about vendors, insurance policies, security, or any other aspect of business management. Our dental practice management consulting services include three comprehensive stages:
Protecting Your Practice
To keep your business on the right track, you need accurate financial information about all your operations in real-time. These may include controller and CFO consulting, implementing bookkeeping strategies, payroll services, and tax consulting.The professionals at our dental consulting firm understand how challenging it is to stay focused on your patients and your practice while trying to run and grow a profitable business. With that in mind, our team will help you safeguard your business with top-notch cybersecurity strategies. As a result, you can stay focused on your work instead of concentrating on business management.
Promoting Business Prosperity
We will help you learn more about where your practice stands and where your business is headed. Our consultants will help you steer your business towards success, connecting you with the right people, and introducing new growth opportunities along the way. Whether you need comprehensive dashboards or HR consulting services, our experienced team is here to help.
Preventing Future Loss
Most dentists work hard to build their practices. Our advisors are fully aware of the complexity of maintaining a strong business while trying to focus on patients. We'll help you develop personal, financial, and business goals as well as ensure you're always on the right track. Knowing where your practice is headed and how to avoid financial and business traps is essential for success.
World-class athletes don't wait until they win the Olympics to bring in a coach. They work with someone experienced from the very beginning. Similarly, it is wise for a dental practice to implement a consultant early on. By doing so, you will avoid numerous bad decisions that may hurt your business.
strategically drive financial security and grow my practice
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