When you’re busy running a dental office, conducting in-house financial compliance audits might not be at the top of your to-do list. However, auditing your financial practices can be a major step toward avoiding an IRS audit or ending up in trouble with a governmental agency.
The good news...
HIPAA is a federal law designed to protect private patient information. As healthcare providers, dental offices are legally required to fully comply with the requirements outlined in HIPAA. Unfortunately, HIPAA is complex. It can be easy to engage in practices that inadvertently leave you in violation.
HIPAA violations can...
Owning a dental practice comes only after many years of hard work. You know that the dental industry naturally leaves you vulnerable to a variety of liabilities, and you also know that having the right insurance coverage is non-negotiable. However, figuring out exactly what insurance your practice needs is rarely easy.
In establishing your dental practice, there are several legal documents that will cross your desk. One of the most significant ones will be your dental practice lease agreement. Resist the urge to sign off on this without a second glance as it can have profound impacts on your business, not to...
Branding in its broadest sense is what you want your business, your team, and yourself to represent to the world. When done so intentionally and mindfully, branding can allow you to set your business above the rest and define its goals. Properly executed branding can make your clients and the public develop...
A business plan can act as the foundation for building a strong business, setting it up for long-term growth that is sustainable into the foreseeable and unforeseeable future. A dental practice is no different. As a budding business, a dental practice should have a strong business plan in place for a number...
The sale of your dental practice may be one of the most significant transactions of your life. You have invested your time, money, and energy into building this business. When it comes time to sell, you want to ensure that you are doing right by yourself and everything that you have...
Human resource departments provide essential services to businesses of all sizes. Smaller dentist practices may see an HR department as a luxury they can’t afford, but not having dedicated HR services may prove even more expensive to the practice. You see, the value of people should not be underestimated. Dedicated staff...
Whether you are looking to buy a dental practice or do a check in to your existing practice’s strength, overhead costs can be an instructive factor to review. In fact, reviewing a practice’s overhead can give you an insightful look into a practice’s overall health and wellbeing. While it will not tell...
A lot rests on the person responsible for owning and running a dental practice. The costs alone can be a major stressor. Think about the cost of your space, equipment, and everything else needed to properly serve your patient. Some dentists choose to reduce these costs by entering into a cost-share...
