Dental Practice Consulting and Accounting Services
Fact-Based Decisions Maximize Practice Profitability.
As a dental practice owner, your focus is primarily on patient care, and you may not have the time to tackle all the practice management-related issues required to run a successful practice.
That's why engaging advisors who provide industry expertise to help you make fact-based decisions is the best option. In every life stage of your practice (from start-up, through the growth phase, and eventual exit), you will benefit by partnering with an accounting firm that provides a consultative approach.
What Should You Be Focused On?
Grow Your Practice's Production and Profitability
Assess your hygiene department’s performance, identify areas of improvement, and develop a plan to monitor production consistently
Enhance top-line revenue by analyzing payor and insurance company contracts
Benchmark your practice against peers to assess your productivity, fee schedules, and overhead costs
Develop an income allocation model to reward each dentist and fairly allocate overhead
Streamline the Business Side
Utilize comprehensive accounting, tax, and business consulting services provided by industry-specific experts
Outsource your back-office functions to provide scalability as well as cost and time savings
Develop a Transition Plan
Years ahead of your decision to exit your practice, utilize a valuation expert to determine the practice’s value and ways to increase that value before you exit
Determine if you plan to sell outright or transition, bringing in your future successor to work with you before the sale
Managing Financial Resources
Create innovative programs, build stability, and allow your organization to be flexible now and in the future with sound fiscal management practices that support your mission
Use technology to create effective budgeting, cash flow projections, and financial reports
Stay up to date on the latest laws, regulations, and accounting and audit standards by utilizing professionals with dental industry expertise
SVA Dental Salary and Benefits Survey
The SVA Dental Services team is excited to roll out the executive summary of our 2024-2025 salary and benefits survey.
This summary will help you benchmark your practice in order to ensure that you are best suited to attract and retain qualified staff, both now and into the future.
Business professionals need easy access to information to make timely decisions. SVA has what you need, when you need it. Choose a topic below or just contact us directly. Our expertise is ready anytime you need it.
By purchasing an existing practice, you are making money from day one. You have a staff up and ready to go, a client base, and a reputation in the community. Our experts can assist you with:
Dental practice analysis and valuation
Tax issues in making an offer on the dental practice
Financing the purchase of a dental practice
Consultation regarding offer terms
Whatever stage you are at in the buying process, we're here to help as your trusted financial advisor.
The main reason patients avoid going back to the dentist is because they don't have dental insurance. Offering dental membership plans provides a way for you to increase patient loyalty and decrease cancellations since patients have already paid.
Implementing a dental membership plan at your practice involves working with our dental experts to decide on:
Tax services are more than just filing this year's tax return by the deadline. Our advisors are well versed in all aspects of tax and the specifics of how tax laws impact dental practices.
From tax planning and consulting to the preparation of individual, corporate, partnership, and trust and estate tax returns, we understand that managing your income tax liability is critical in managing your overall practice cash flow.
Our experienced staff develops tax strategies geared to your financial situation to take advantage of new tax laws and legislation to help you meet all your personal financial goals.
Handling all your payroll, tax preparation, and bookkeeping needs in-house requires staff who are experienced in these functions, as well as the continual updating of your accounting software. These are time-consuming tasks which can be easily outsourced to an experienced provider.
You can outsource as much or as little of the work and ensure there are adequate internal controls to avoid any risk of having the same people perform multiple duties.
SVA’s Dental Salary and Benefits Survey will help you benchmark your practice to ensure you are best suited to attract and retain qualified staff, both now and into the future.
Data includes salary ranges for key positions by years of experience and region, benefits information, and Bonus plans.
To learn more about SVA’s Dental Salary and Benefits Survey – click here
Understanding your break-even point is key to making confident business decisions. We can help you calculate how much you need to sell—daily, weekly, monthly, or annually—to cover your costs. You can use this analysis to better understand how to generate profits in your business. Whether you’re launching a new product or simply reevaluating operations, our break-even analysis provides a granular look at the sales targets needed to keep your business on track.
We help companies design executive compensation plans that support strategic goals. From increasing profit margins to boosting sales performance, we work with leadership teams to build incentive programs that align with business objectives. We also create easy-to-use templates that track performance metrics and compensation earned, providing a structured approach to rewarding results.
Understanding your practice's current financial data and what adjustments you can make to improve the bottom line will create greater profitability and increase the value of your practice. Our experts will work with you and your staff to:
Grow your practice's production by assessing doctor production and hygiene department performance, identifying areas of improvement, and developing and monitoring a growth plan
Maximize the profitability of your practice by benchmarking production, receipts, and expenses against your peers and industry norms
Enhance top-line revenue by analyzing payor and insurance company contracts and fee schedules
Address the challenges of office staffing, including employee/associate compensation and benefits package design
Design employee incentive programs to align the office towards common goals
Arriving at a dental practice valuation should be simple, but it is not. Several methods can be used and some are quite involved. Having an updated appraisal is not just necessary for retirement planning, it can help in impairment or even death.
In many cases, your dental practice is often the most valuable asset you own. Anyone can render an opinion, but our dental practice valuation experts understand dental operations as well as intangible variables that add to the complexity of a practice valuation—expertise that can only be gained through experience.
You have finished school and are ready to start your dental practice, or you work for an existing practice and are prepared to branch out on your own. Before you get started, there are decisions to make that will truly shape your dental practice path.
We will work closely with you to develop the right plan and provide continuous support throughout the process.
Whether you are reaching the point of retirement or are transitioning to another stage in your career, we will assist you on your path to success and peace of mind.
From dental practice valuation to consultation regarding contract terms, we ensure that your personal financial goals and objectives remain our number one priority as we offer full and professional assistance along the journey. To get top dollar for your dental practice, you need to ensure it is at maximum profitability.
SVA can help you determine that by evaluating a few key areas including:
How does your office benchmark against best practices in dental productivity?
Are your hygienists producing what they should be?
ProfitCents is a powerful tool we use to generate projections and perform various “what-if” scenarios. Whether you're budgeting for growth, preparing projections for a loan, or acquiring a business, we use ProfitCents to generate detailed financial forecasts as well as benchmark your company’s performance against industry peers.
Thinking of purchasing new equipment or expanding operations? Our ROI analysis helps you evaluate whether the investment makes financial sense. We’ll help you understand the profitability of your investment and provide clear picture of your potential return and the timeline for reaching it.
Resources
Managing Your Dental Practice: A Comprehensive Guide for Financial Success
This eGuide covers current dental trends, profitability tips, financial statements and ratios, membership plans, and much more.
