Maintaining and tracking expenses for your healthcare practice can be challenging, especially when you invest in a variety of expenses. This can be even more difficult if your practice doesn’t have an in-house accounting department or set record-keeping guidelines. That’s where healthcare financial statements are invaluable. Healthcare financial statements allow doctors and dentists to track […]
The Healthcare Professional’s Guide to Compensation Formulas
Understanding your job’s compensation model options is essential, especially if you’re in a critical role like a dentist or physician. Compensation formulas not only inform you of your future rates but also can influence what your next career moves will be. Industries have typically based most compensation models on either salary or gross-revenue, and they […]
Internal Control Checklist for Medical and Dental Practices
Regardless of the size of your professional practice, implementing proper internal controls is crucial. Some might argue that laying out a clear process for internal controls is even more important for small dental or medical practices. With that in mind, let’s start with the fundamentals. What are internal controls, exactly? [Related: Bookkeeping Tips for Healthcare […]
Bookkeeping Tips for Healthcare Practices
Bookkeeping for medical or dental practices can be an intricate process that requires a lot of attention to detail. Falling behind or putting it off until the end of the year can yield disastrous results. That’s why it’s important to place special focus on healthy bookkeeping practices consistently — all year long. Here are some […]
How to Choose the Right Retirement Plan for Your Dental Practice
In a recent survey, under 35% of small business owners stated they’d offer their employees a retirement plan. Based on that number, offering a quality retirement plan can help ensure your dental practice attracts solid staff members who value this key benefit. Before you choose a plan, consider the following factors: Your personal retirement goals […]
Guide to Successful Dental Practice Transitions
A dental practice transition occurs when an existing practice takes on a new professional who brings their patients onboard, or when a dental practice owner decides to sell their practice. Having a smooth dental practice transition is crucial for everyone involved. Nonetheless, no matter how much planning you put into it, a dental practice transition […]
The Best Accountants for Medical Professionals: What to Look For
Although it may not seem like it at first glance, health care accounting is more complex and can require specialized knowledge when compared to general accounting duties. So as a medical professional, what should you look for when hiring the best accountants for medical professionals? Here are some of the best qualities to look for in […]
The Best Dental Accountants: What to Look For
If you’re losing sleep over your practice’s financial health and finding yourself stressed about numbers when you should be focused on running and growing your practice, you should probably consider hiring a dental accountant. You’ll need to find a good CPA with experience in the industry to organize and present your financial data unless anyone […]
4 Accounting Issues for Dentists We See Again and Again
Dental school prepares dentists for all types of scenarios … except the accounting necessary to run a dental office.
When many dentists choose to open their own practice, they soon realize they have another learning curve to cover. Like other businesses, every dental office encounters its own unique challenges in its accounting systems. And how you handle those challenges can lead to your office’s success or failure.
The Importance of Healthcare Accounting
Accounting is a critical aspect of any business. Accounting focuses on organizing the paperwork, budget, tax forms and other financial elements of a business for it to continue on the path to success. Because different industries have different needs, if you are a healthcare professional, finding an organization that specializes in your field can be extremely beneficial.