The biggest mistakes dentists make: Relying on your accountant for your vision and goals

Note: Based on his extensive experience with dentists over the past 30 years, Dr. Roger P. Levin has authored a new book entitled The 31 Biggest Mistakes Dentists Make. His premise is simple. As he says in the introduction, “we can learn from our mistakes. But isn’t it better to learn from other people’s mistakes?”

Following is an excerpt from the forthcoming book.

Mistake #2: Relying on your accountant for your vision and goals

Why do dentists lean so heavily on their accountants to answer so many questions? Over the years, I’ve realized that CPAs are the only people many dentists ever talk to about their finances. The accountant provides a level of comfort, but using such an expert the right way is essential.

You should seek counsel from a broad array of advisors, but first you need to create a vision where you want the practice to be in 3 to 5 years and what goals should be met along the way. Then you can have those evaluated not only by your accountant but also by other experts who have dentistry-specific knowledge. Otherwise, the practice may fail to reach its potential or, even worse, begin to decline on a consistent basis.

Note: Watch for The 31 Biggest Mistakes Dentists Make to be published this fall. To find out if you’re making any mistakes and see how you can increase practice income by 30 to 50% in three years, call (888) 973-0000 or click here to learn about Levin Group’s Practice Performance Analysis™.