Grow Your Net Worth

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

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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

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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

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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

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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

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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?

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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

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Why Use Dental Accounting Software

Before the computer, administrative professionals did all administrative and financial tasks in dental offices. Staff filled outpatient charts by hand, managed patient schedules in appointment logs and calendars, and processed payments through cheques and money orders. While the old way of managing a dental office was effective, it was also time-consuming; completing basic procedures took much longer and more work to complete. Flash forward to the present day, dental practices can use computers and dental software, also known as dental practice management software, to help manage their practices efficiently and

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How To Get New Patients For Your Dental Practice

The success of every dental practice rests on its patient base. You need patients coming in the door to sell your services because, without new dental patients, you do not have any teeth to care for! Dentists need to attract prospective patients to increase their client numbers and production to earn more money. But how do you get more patients to visit your dental office, month after month, year after year? This blog post will explain how you can attract new patients to your dental practice. We will present several

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The New 2022 Federal Budget Highlights: The Good & Bad News

The federal government is looking to start a new national dental care program that would provide families with a household income of less than $90,000 with dental care assistance. There will be no co-payment requirements for those with a household income of less than $70,000. The program is intended to start this year (2022) for children under the age of 12 as the first eligible group. Unfortunately, few details were actually provided about this new program, leaving many families with unanswered questions. Not only that, but these unanswered questions are

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