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 are able to 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're at in the buying process, we're here to help as your trusted financial advisor. Contact SVA today and learn how our team can help you.
If making your practice more profitable and productive is at the top of the list, and you personally can’t handle more patients…..then bringing on an associate may be the answer. Not everyone will agree when a practice should bring on an associate, and some want to do it for more personal reasons, but here are a few general guidelines or thoughts to consider:
- The number of active patients exceeds 2000 in a general practice
- The dentist is booking 4-6 weeks in advance (counting next appointments only, not a booked treatment plan)
- You want to take your practice to the next level
- You have completed the financial due diligence needed with your accountant and this is the right time financially
- The practice is profitable
- You’re looking for an exit strategy and a person to eventually buy the practice
Then when bringing in a new associate, there are many factors you will need to consider such as determining how new patients are handled, the compensation, how expenses will be handled, an independent contractor or an employee, the employment agreement and if buy-in options are a consideration.
Operating at peak efficiency is essential in building and maintaining a successful dental practice. Also key are your recall strategies. By examining recall efficiencies, you can focus on maximizing the profitability from your existing patients as well as new clients.
SVA Dental Services, using their expertise in practice management, has developed the SVA Dental Practice Production Analysis (PPA) to help you evaluate your practice. Using your actual practice information, you will see a real-time analysis of your production levels and gain insight into possible ways to make improvements.
If you are a recent graduate, we can help you negotiate your first contract, assist you in purchasing a practice, or even help you start your own practice. We will roll up our sleeves and help you every step of the way: forming your business, choosing the best accounting software, choosing a payroll provider or processing your payroll for you, bill paying services, preparing financial statements for your practice, and complying with all of the various income and payroll tax reporting requirements.
If you already own your practice, we help you take your practice to the next level. We can help you analyze and evaluate your financial statements and practice, benchmark your practice against peers, competitors and national statistics, and maximize the profitability and value of your practice.
If you’re nearing retirement, we can help you prepare your business and your personal financials for that transition. We can help you determine the value of your practice and make changes to maximize the value. If you are looking to sell your practice, we will help with the transition. We can help you through the process of a direct sale or through the process of hiring an associate who will eventually buy your practice.
At every stage of your career, we can help you keep an eye towards the future to ensure that you have the proper financial plan to help you achieve your financial goals.
Dental Membership Plans (DMPs) are also called In-House Membership Plans or In-House Discount Plans. DMPs are NOT dental insurance. DMPs are “practice specific” and patients who are members in your plan can only take advantage of the benefits at your office. Below are a few key elements of a DMP:
- Set annual fee to participate
- DMP covers preventative wellness care (exams, cleanings and necessary x-rays for the year)
- Members receive a set discount on other restorative and cosmetic services
- There are typically different annual fees for adults, children and periodontics patients
- Some plans offer discounts for families that sign up
Why offer a Dental Membership Plan?
It’s good for your practice. The NUMBER ONE reason patients avoid going back to the dentist is because they don’t have dental insurance. Now you’ve taken away their excuse by offering an affordable alternative. It also provides a way for you to increase patient loyalty and decrease cancellations since patients have already paid.
Implementing a DMP at your practice involves working with our dental experts to decide on:
- Plan design
- Education of staff and patients
- How to market internally and externally
- How to price
- Monitoring and tracking systems
- Other special considerations
The business components of dentistry are complicated. Our SVA Dental Services Team has extensive experience and deep knowledge in the dental industry and understands the many pieces that must work together to attain your goal of an efficient, profitable, and satisfying dental practice.
You need to make sure you understand the financial data of your practice to fully understand where your practice is now, what adjustments you can make to help improve your bottom line and the value of your practice, and how the decisions you make will impact the profitability and value of your practice.
Are you ready to take your practice to the next level? Our experts will work with you and your staff to:
- Identify and resolve the pain points in your dental practice
- 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 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 benefit package design
- Design employee incentive programs to align the office towards common goals
- Assess the who, what, when, where, and how of hiring an associate
- Analyze your current business entity and its tax structure to ensure it meets your current and future needs
Our practice management solutions culminate with better patient care, smoother running practices, and ultimately… a financially “healthier” practice!
Is your tax bill taking too big of a bite out of your practice’s profit each year? Do you understand the tax impact of the decisions you’re making for your practice? Does your dental practice have a plan for the future? Proper tax planning not only reduces your tax burden but also answers questions you may not have thought of before.
Tax services are more than just filing this year’s tax return by the deadline. Our dental services group works with clients to proactively plan for this year and further into the future to make sure your tax bill isn’t taking all of the profit out of your practice.
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 a critical element of managing your overall practice cash flow.
Our experienced staff develops tax strategies geared to your personal financial situation to take advantage of new tax laws and legislation to help you meet all of your personal financial goals.