Dental Practice Consulting and Accounting Services

dentalIllustration

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?

graphUpRight

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
speedyClock

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
threePeopleArrows

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
SpecialisedServices

Specialized Industry Services

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:

  • Plan design and pricing
  • Education of staff and patients
  • Monitoring and tracking systems

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.

Learn more about how outsourced accounting can help your business.

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

eGuide: Ready to Grow Your Dental Practice?

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?
  • Are your insurance contracts profitable?
  • Are your fees competitive?
  • Are your receivables up to date?

Resources

ready-to-grow-your-dental-practice

Ready to Grow Your Dental Practice?

Check out our Top 10 List on ways to grow your dental practice, including ways to increase revenue, referrals and productivity.

svaa-due-diligence-checklist-dental

Due Diligence Checklists for Practice Buyers/Sellers (Dental)

Are you preparing to buy or sell a practice? Start with our checklists so you don’t forget important factors to consider during the process.

Awards and Affiliations

Forbes Names SVA as 2021 America's Best Accounting Firms
sva-certified-public-accountant-affiliation-accountingtoday-top100-firms-2021
sva-certified-public-accountant-affiliation-inside-public-accounting-top-100-firms-2020
sva-certified-public-accountant-affiliation-inside-public-accounting-best-of-the-best-firms-2020
sva-certified-public-accountant-affiliation-wicpa
sva-certified-public-accountant-affiliation-great-place-to-work-2021
sva-certified-public-accountant-affiliation-m-power-business-champion-program
sva-certified-public-accountant-affiliation-ib-executive-choice-award-2020-winner
sva-certified-public-accountant-affiliation-aicpa
sva-certified-public-accountant-affiliation-aicap-ebpaqc-member

Locations

Madison, WI
1221 John Q Hammons Dr, Suite 100
Madison, WI 53717
(608) 831-8181

Milwaukee, WI
18650 W. Corporate Drive, Suite 200
Brookfield, WI 53045
(262) 641-6888

Colorado Springs, CO
PO BOX 62786
Colorado Springs, CO 80962
(719) 413-5551

Contact

(888) 574-4782
info@SVAaccountants.com
BizTips

Are you in the know on the latest business trends, tips, strategies, and tax implications? SVA’s Biz Tips are quick reads on timely information sent to you as soon as they are published.

Connect With Us

Copyright © 2021 SVA Certified Public Accountants

sva-logo CORPORATE SITE