If your dental practice has been selected for an audit, you may be wondering about the audit process and how to prepare for it. Even if you haven’t been audited yet, you should assume that you could have one at any time, and be prepared. Dental insurance claims audits are becoming more frequent, so dental professionals should be familiar with what a dental insurance audit involves, and how to be ready. Dental Insurance Audit It helps to understand what an insurance audit is, as well as what might trigger one.
Proper estate planning for dentists is critical for protecting loved ones, legacy planning, and ensuring your patients will continue to be cared for. When you plan for the future, remember to consider both your practice and business assets, as well as your personal assets in your estate planning. Dentists need an estate plan more than most people, because of the added complexities of having a heavier reliance on a dental practice as an asset and income, and more limited liquidity. Have a Will Having a current will is critical, to
In the highly competitive dental care industry, practices must prioritize growth, patient acquisition, and volume increase for financial stability and success. Dental Practice Growth Planning for Expansion is crucial in achieving this. Having a dental practice growth strategy helps dental clinic owners focus on the business side of their practice to ensure success. Unsurprisingly, many dentists tend to neglect business decisions and activities in favour of focusing on providing dental health services, since it is what they went to school for. However, it is important to grow your dental practice
A great way to increase wealth is to cut back on the taxes you pay. In Canada, tax is a huge expense for dentists. To get ahead, a strategy to reduce your tax burden is essential. Reduce Tax Burden or Tax Liability of Your Dental Practice Dental practice owners can take advantage of a few tax planning strategies for their dental practices. Not every strategy will work for you, but even leveraging a few can make a big difference in the tax you pay, in effect increasing your business income.