Posts by Ed Gabriel
How to Succeed as a Dentist and Build a Thriving Career
Introduction The biggest obstacle many dentists face is that they think they’re entitled to a prosperous career. “I’m a really good dentist. Therefore, I should be able to succeed as a dentist.” The problem is that only 50% of becoming a successful dentist is about your clinical dentistry skills. The other fifty percent of what…
Read MoreWhy a Sole Proprietor Dentist Should Consider an S Corporation Election
Introduction Many dentists file taxes as sole proprietors. In the past two weeks alone, we’ve talked to three dentists who are filing taxes as sole proprietors. Unfortunately, they are missing out on the tax savings that come with an S corporation structure. This blog post outlines how you might benefit from switching to an S…
Read MoreBookkeeping vs. Management Accounting for Dental Practices
Introduction Running a successful dental practice is not just about being a great dentist. It also means managing your finances well. Two important parts of this are bookkeeping and management accounting. Although these terms may sound similar, they are different and serve unique purposes. Many dental practices have bookkeeping sorted, but what about management accounting?…
Read MoreWhat is RCM (Revenue Cycle Management)?
Introduction Revenue Cycle Management (RCM) is the financial aspect of patient care in a dental practice. The cycle starts when a patient makes an appointment and ends when the payment is received and processed. The main goal of RCM is to ensure your dental practice gets paid on time for the services you provide. Key…
Read MoreValuation of Dental Practices: Key Considerations and Common Pitfalls
Introduction Valuing a dental practice can be complex and nuanced, requiring a thorough understanding of various factors that influence its worth. While there are common rules of thumb used in the industry, they often fall short of capturing the true value of a practice. In this article, we’ll explore why these general rules can be…
Read MoreThe History and Value of a Family Office for Dentists
As a dentist, your primary focus is your patients and your practice. However, managing your wealth and planning for the future is just as important. This becomes especially crucial when considering the sale of your practice to Dental Service Organizations (DSOs) or Private Equity Groups. This is where a family office can help. A family…
Read MoreFinancial Clarity In Your Dental Practice
In a dental practice, patient care and operations go hand in hand. As such, financial clarity and understanding your financial position is critical to success. Financial statements provide a clear view of your dental practice’s financial health and past performance. From there, you can plan for the future by creating measurable goals and financial objectives.…
Read MoreMaximizing Tax Returns: Equipment and Building Depreciation Options for Dentists
Introduction As a dentist, you know that top quality equipment is the key to providing excellent patient care. However, purchasing new, innovative, and cutting-edge dental technology and equipment can be expensive. Fortunately, the IRS tax code provides options for dentists to recoup some of these costs through equipment depreciation. In this article, we’ll explain the…
Read MoreNavigating Business Entities: A Guide for Dentists
Introduction Are you a dentist looking to set up your practice or expand your existing one? One of the main decisions you’ll face is choosing the right business entity or corporate structure. Your choice can impact your liability exposure and level of taxation. In this article, we’ll explore the various business entities available to dentists,…
Read MoreCash Flow vs. Profit: Maximizing Your Dental Practice Success
Introduction If you’re running a dental practice, you know how important it is to keep an eye on these two critical metrics: profit and cash flow. While both are pivotal to the operational health and sustainability of your dental practice, understanding the difference between them is vital for informed financial decision-making and strategic planning. This…
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