Grow Your Net Worth

A dental office with professionals reviewing patient records, financial documents, and compliance procedures, illustrating the process of a dental practice audit, ensuring adherence to regulatory and financial standards.

Preparing For a Dental Practice Audit

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.

Read More
Dental Planning for Expansion

Dental Practice Growth: Planning for Expansion

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

Read More

Navigating Dental Insurance: A Guide For Dentists

As a dentist, you can have different experiences in dealing with dental insurance. If your office helps coordinate the insurance plans’ coverage for customers, which many dentist offices do, to encourage customers’ loyalty, you may be dealing with multiple insurance providers in that way, as a provider of dental services. You may also have an alternative experience – that of a covered recipient. Coordinating Dental Coverage As A Dental Services Provider Developing a good working relationship with insurance providers, and becoming familiar with insurance plans is a good first step

Read More

Dental Practice Management: Tips and Best Practices

Dental practice owners often struggle with the business management aspect of their business when they set up their own dental practice. As dental professionals, their strengths lie in their education and experience in providing dental care, not business management. However, making your dental practice stand out to prospective patients, developing effective dental practice management systems, and ensuring good accounting and general business support practices, as well as other key business best practices, are essential to a successful and thriving practice. Why Is Dental Practice Management Important? Many potential and existing

Read More

How To Promote Dental Clinic

Marketing helps you reach potential patients, plus maintain a good, ongoing relationship with current patients. However, knowing how and where to spend your marketing budget and efforts can be difficult. Digital marketing is a critical aspect of any strategy since most people search online for medical professionals, but other methods are effective as well. An effective strategy overall is essential to achieve the best results. Dental Marketing Strategy Start with a dental marketing plan to ensure it is coordinated and measurable. Define your goals for your dental marketing campaigns, to

Read More

Tax Planning Strategies: Tips, Steps, Resources For Planning

There are several tax planning strategies that are recommended to reduce the amount of taxes you may have to pay. Generally, tax planning involves finding potential tax deductions or tax credits. Tax deductions reduce taxable income, while credits reduce what taxes you pay on your taxable income. Reduce Taxable Income and Maximize Tax Deductions A deduction lowers your taxable income and the tax rate used to calculate your tax, for a larger refund. A credit reduces your tax amount to be paid. Certain tax credits can give you a refund

Read More

How Much Does It Cost to Build a Dental Office?

If you are looking to start your own dental practice, you might be considering opening it up in a new community where there are no existing practices. This may mean you will need to build a new dental clinic and office and are curious about the various considerations and factors that affect what you might expect to pay, beyond the obvious construction costs. Aspects such as the location will have a large impact on the cost to build. However, it is also important to consider getting value out of your

Read More
bookkeeping checklist

Monthly Bookkeeping Checklist

When you run a dental practice, it is essential to keep your financials in order. If you don’t know what money is coming in or out, or what tax obligations or other financial obligations you have, you cannot make educated financial decisions and you can run into financial difficulties, despite having a busy practice that could otherwise be successful. Patients and family always come first. Dental practice owners in particular need to keep good records to stay on top of their financial health, since small businesses often do not have

Read More

Dental Bookkeeping 101: Bookkeeping Guide and Tips for Dental Practices

As a dental practice owner, you have much to worry about besides just taking care of teeth. You need to ensure that your practice is attracting new patients, making money, paying its accounts payable, and earning a certain amount to cover its expenses and payroll. It is a lot to think about. Bookkeeping can help you keep track of your profits and expense transactions in a detailed and organized manner. It is beneficial for making informed decisions about your dental practice. But what is bookkeeping, and where do you start?

Read More

How Much Does a Dentist Make in Canada?

Are you considering a career as a dentist and wondering how much does a dentist make in Canada? The Canadian Dental Association describes dentistry as an “artistic as well as scientific profession. Dentists must have an artist’s aesthetic sense, an eye for detail and manual dexterity to perform precise procedures… Dentists must also be good communicators”. This range of aptitudes, plus high educational requirements, is reflected in salaries. Dental School Usually, a university science degree is completed before acceptance into a dental program for four years. This qualifies someone for

Read More