SVA's 2021 Tax Year Review: Dental Industry

SVA's 2021 Tax Year Review: Dental Industry

In this Biz Tip, SVA's Joel Rechlicz covers the common questions and issues that SVA dental clients had during 2021, and provides recommendations for 2022.

Was there a common problem or issue found with dental clients in 2021?

Employee retention was the most common problem found among SVA’s dental clients in 2021. Many practices experienced employees leaving to go to another practice or requesting raises. Even employees who enjoy where they work find the temptation of more money elsewhere too strong to keep them where they are.

Another issue is starting wages for new employees. The combination of inflation, higher demand, and competition makes it common for a new hire to start off at the same or higher salary than the hygienist who has been working at the practice for 5-10 years. This can result in longer-tenured employees raising difficult questions and possibly leaving to go to another practice for more money.

dental-surveyRELATED eGUIDE: SVA Dental Salary and Benefits Survey 2021-2022

Were there common questions asked by dental clients in 2021?

Staffing levels were a concern for many dental practices in 2021. While the demand for employed dentists is growing, there is a shortage of hygienists and dental assistants to keep pace with the number of new dentists.

With this shortage of hygienists and assistants, hiring for these positions has become very competitive. Practices need to find new ways to hire and retain staff by using a combination of hiring bonuses and retention bonuses throughout the year. Practices should also review their employees' current wages and compare them to industry-wide averages to make sure they are paying employees relative to the market rate.

sva-certified-public-accountants-is-your-dental-practice-ready-to-hire-an-associateRELATED eGUIDE: Is Your Dental Practice Ready to Hire an Associate?

Looking ahead to 2022, what recommendations does SVA have for dental practices?

Along with year-round tax planning, the biggest recommendation from SVA’s experts is for practices to focus on retaining employees by implementing a retention bonus program. Fairly compensate longer-term employees to bring them up to new-hire salaries to help ensure your practice is retaining sought-after talent.

Employee-Incentive-Plans-and-Bonus-Structures-for-Your-Dental-PracticeRELATED BIZ TIP: Employee Incentive Plans and Bonus Structures for Your Dental Practice

SVA’s dental industry experts work with dental practices to help them navigate these issues and many more. If you are interested in learning more about how SVA can help your dental practice, please contact us today.

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Biz Tip Topic Expert: Joel Rechlicz, EA

Joel Rechlicz, EA

Joel is a Manager at SVA Certified Public Accountants with expertise in the healthcare, dental, and veterinary industries. He is involved with financial statements, benchmarking, payroll tax reporting and compliance, 1099s, personal property, and individual and business tax returns.

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