At Martin, Bircher, Thompson, PC, we offer personalized services and consultation for dental practitioners. We know that dentists have their own specific set of tax and financial needs that are required to put them on the road to success.
We also know that an organized and well-managed financial system can directly impact the well-being of each employee and patient in their care.
Here are the consulting services we provide to dentists.
Dental Practice Transition
If you are considering either buying or selling a practice, buying into a practice, or becoming an associate with ownership potential, we can help you with the decision-making process.
If you are purchasing a practice, we can provide the following services:
- Prepare or review the practice cash flow projection
- Assess the practice’s efficiency
- Evaluate the purchase price
- Assist with negotiations
- Help with entity selection
- Set up and work with your attorney on contracts
If you are selling, we can help coordinate the value of your practice and provide this information to potential purchasers. We are available to guide you through this process.
We can take the lead in the entire purchase or sale transaction, or serve in a support role if a broker or other advisor is playing the lead role.
Accounting System Setup and Training
Properly structured and well-understood financial reporting software provides a foundation for making smart business decisions.
Our QuickBooks® setup and training services are designed specifically to meet the needs of dental practices. We customize the set up for your practice to allow you to easily obtain the financial information that is essential for the many key business decisions you will need to make.
Compensation Services and Bonus Programs
Our firm can help determine a compensation incentive program that would be a good fit for your office.
Martin, Bircher, Thompson PC can help design compensation allocation formulas to fit the needs of group practices. We also provide our dental clients with a dental practice compensation survey that we compile annually, which is a valuable resource to help you establish competitive wage and benefit packages.
Office Procedures / Internal Controls
Are your internal office systems running efficiently?
If not, you may be losing valuable production and/or collections and be vulnerable to misappropriation of funds by office staff. We can help you determine if adequate controls are in place.
Financial Policy Consulting
Consistent, effective, and well-executed financial policies are critical to collections, financial efficiency, and ultimately to building a solid patient base.
To this end, we can:
- Make recommendations that will result in better reporting and management of your accounts receivable.
- Identify that you are collecting patient fees in a timely manner.
- Make sure financial policies are not restricting case acceptance.
Practice Planning Meetings
Regular planning discussions with you will deepen our insight into your practice and will help you identify business issues, develop solutions, and seize opportunities. Some of the areas we can help address are financial trends and practice performance, tax planning, and special projects.
Hygiene Department Efficiency
We are available to assist with identifying possible opportunities to improve the financial efficiency of your hygiene department.
Office Culture
The objective is to have an office staff engaged, satisfied, and driven to help their coworkers succeed. But sometimes there are stumbling blocks to this occurring.
We can help discover and address issues that may be hindering your office staff from performing at peak levels and toward common goals.
Key Factor Analysis
A Key Factor Analysis is like a checkup for your practice. It will help you understand the key indicators of a healthy practice and establish a benchmark for improving your financial performance. It sets the stage and format for our ongoing Key Factor Reports.
Key Factor Reports
It is critical to budget, track, and analyze key expenses and performance indicators on a real time basis to get the maximum financial return from your practice.
Our Key Factor Reports focus on the most important financial indicators — such as overhead, receivable efficiency, production per-hour, discounts, and hygiene efficiency — and enable you to regularly evaluate the performance of your practice.
Associate Dentist Planning
Are you feeling that you are “booked too far out” with too many patients? Would you like to cut back on the amount of time you spend at your practice?
Perhaps it is time to consider an associate. We understand the issues surrounding this very important decision and can help you determine your best options.
Retirement Plan Evaluation
You will need to establish a retirement plan in order to stay competitive in today’s market and accumulate tax-deferred savings for retirement.
We can:
- Advise you on the various types of plans available.
- Help you determine what benefit level you should provide your staff.
- Identify the right time to implement your plan.
Contact Martin, Bircher, Thompson, PC today to find out more about our financial consulting services, or explore some of our other services for dentists and medical professionals.