Dentist's Money Digest

It's always a good idea to be prepared for unexpected economic challenges, but the recent government shutdown has added a new level of uncertainty to an already tumultuous economic climate.  Read on to find out what to expect - and how to be best prepared - when faced with the unexpected.

More than one doctor has come to Jameson Management and said, "I know that I need a hygiene department, but I am frustrated because it seems to be costing me more than it is making me. The costs are so high-salaries, equipment, supplies.” Let's look at six specific ways to make the hygiene department excellent:

In this month’s From the Office Manager’s Desk column, Jill Nesbitt describes her practice’s experience with an unclaimed funds audit and explains why it’s important for every practice to have an organized system to handle patient refunds.

Las Vegas is the place to be November 2013.

When it comes to major technology purchases, whether a dentist is an early adopter or a more cautious customer, everyone wants a good return on an investment.

Numerous people are seeing the benefits of LED lighting in their homes and offices. With several recent product launches, the dental profession is coming to understand the value as well - not just as an environmentally friendly option, but one that makes a clinical and cost-savings difference for the product.

If you’re thinking about selling your practice in a few years and to enjoy your retirement, you’ll want to get as much out of the sale as possible. Here’s what you need to know to make that happen.

Virge Hoadley of BaseVac details the BaseVac Dry Vacuum System and tells you how it can save you and your practice big bucks.

Faux retirement is common for many dentists. How to know it’s really time to sell your practice, and how you can help ensure you get what it’s worth.

What you need to know for a successful 2013.

Remember it’s not always about money. Sure, cost is typically a factor when a patient says no to treatment, but you shouldn’t assume that’s always the reason patients don’t want to proceed, said Kathleen O’Donnell, director of consulting at Jameson Management.

The current outlook suggests that while there is an abundance of qualified buyers available, quality dental practices on the market are lacking.  

I never met Dr. Thomas Hoyt, but his idea to create a publication dedicated to bringing new product information to the dentist is what made Dental Products Report possible. Dr. Hoyt passed away this week, on March 21, 2012. As the original visionary and publisher behind DPR, Dr. Hoyt utilized his experience as a dentist - he graduated from Loyola Dental School in Chicago in 1953 - to determine best practices for meeting the information needs of his peers.

As we get closer to the end of the year, dentists often ask about how major technology purchases will impact their taxes. Applications such as lasers, CAD/CAM restoration systems, digital and cone beam radiology are large investments, and dentists who work closely with their CPAs can strategize to maximize the tax benefits of purchasing them. Capitalizing on Section 179

As I write, Massachusetts is sending a Republican Senator to Washington, D.C. for the first time since Edward Brooke served from 1967–1979. What’s this got to do with tax-law changes? A lot! Without making any political commentary, the facts are:

You have effectively worked to keep your costs as low as they can possibly be. Your ability to use home equity lines at cheap rates have allowed you to save substantial money when borrowing for your practice needs rather than using commercial bank rates and terms for the practice.

It’s 2010, and it’s official. With the advent of the new year, we also face an intriguing new tax-planning option, one that offers us both opportunities and challenges, especially during 2010–2112. It’s the arrival of new IRA-to-Roth-IRA conversion rules. Now that they’re here, it’s worth taking a bit of time from the bench to consider what they mean to you, your wealth, and your retirement and estate planning needs.

You can’t talk strategic planning without talking statistical interpretation of success, and you can’t talk statistics all by yourself. In the small business of dentistry, it is essential to keep the staff educated and engaged in your vision, values and strategies. That requires forwarding the concept of open book management as a key practice management tool. An open book? Open book management is when businesses share key financial and strategic details with employees. 

Crest Oral-B is accepting nominations for its second annual Pros in the Profession awards program. Pros in the Profession recognizes six dental hygienists who have demonstrated a true passion for making a difference in the lives of their patients. Do you work with an inspiring dental hygienist? Nominate him or her! Read the full press release below...