Avoiding Employment-Related Lawsuits as a Dental Practice

Avoiding Employment-Related Lawsuits as a Dental Practice

One of the challenges of being an employer is the responsibility to your business and patients to prevent employment lawsuits. The focus of any great practice is providing the best care possible to your patients, and the last thing you want is an employment lawsuit distracting from your primary purpose. Unfortunately, these lawsuits are more common than you may think and are not only reserved for careless employers.

There may be ways you have been unknowingly putting yourself as an ......

How to Reduce the Risk of a Partnership Failing

How to Reduce the Risk of a Partnership Failing

In any partnership, a lot goes into success. Each person needs to work with the other to make the partnership work properly. Dental practitioners often find numerous benefits of working together. A dental practice partnership can prove beneficial in allowing the practice to maintain competitiveness as the cost to maintain technology continues to rise. It can also aid in managing flat or decreased reimbursement rates. In some areas, these partnerships are critical for competing with greater competition within the local ......

The Difference Between W2 and 1099 Workers

The Difference Between W2 and 1099 Workers

In the healthcare industry, you may come across a variety of different types of workers. You will see regular W2 employees, as well as some 1099 independent contractors. It can be tricky to determine how to classify them. However, it is very important to identify them correctly. The IRS and Department of Labor have been cracking down on violations regarding misclassifying employees, so now, more than ever, you want to be sure you have all employees identified correctly. ......

Is Your Accountant Proactive or Reactive?

Is Your Accountant Proactive or Reactive?

Do you have a proactive accountant, one that is preparing for the good and bad that may come in your future? Many dental offices don’t think much about this until there is a concern that needs to be managed effectively (and sometimes quickly). Consider what a financially successful dental practice looks like. This is an organization that can handle periods of downtime, such as when a pandemic makes it impossible to provide services to clients. In some cases, this type ......

4 Common Wage and Hour Mistakes Dental Practices Make

4 Common Wage and Hour Mistakes Dental Practices Make

Long hours are nothing new to workers in the healthcare industry. Although extensive shifts are an expectation for those in the medical field, the healthcare industry is facing increased scrutiny by the Department of Labor as of late. Many healthcare employers have been unknowingly violating the Department of Labor’s wage and hour rules, and are now being investigated for improper compensation of employees.

More often than not, neither the employees nor the employers are aware that there are any violations, ......

Are Your Employees Classified & Paid Properly?

Are Your Employees Classified & Paid Properly?

Have you ever been a little unsure as to the classification of your employees as being exempt from overtime compensation, or being eligible for overtime compensation - which is called being “nonexempt”? This issue causes a tremendous amount of confusion for many employers, which can lead to major headaches, and oftentimes, monetary awards for back wages that are determined to be due by the Department of Labor (DOL). Wage and Hour Investigations by the DOL have been increasing in recent years and actually set an all-time record in 2016. This area has seen aggressive scrutiny and focus by the DOL in recent years. Wage and hour cases are the most active types of litigation in the field of employment law. The year-to-year increases have become a pattern since 2000, going up by more than 450% since that time. Every employer must follow wage and hour laws to the fullest. There is no room for shortcut or a lax approach when dealing with employment laws. So, what is the major mistake that many employers make that is getting them into hot water? There are actually two major mistakes and one of them revolves around misclassifying employees and how they have to be compensated. We will talk about that one in this article and then cover the other in our next newsletter. ......
How to Protect From and Detect Embezzlement in Your Dental Practice

How to Protect From and Detect Embezzlement in Your Dental Practice

You practice dentistry because you enjoy helping patients. At the same time, you went into business to make a profit. What happens when you discover that a trusted employee is stealing your profits? Think it cannot happen to you? Think again…no one is immune! In this article you will learn to recognize the profiles and modus operandi of embezzlers, safeguards you can implement to protect your practice from being an easy target, as well as what to do if you discover that you are a victim of embezzlement. ......
What’s Missing in a Dental CPA

What’s Missing in a Dental CPA

Having a good advisor by your side as a business owner is extremely important. It can not only increase the profitability of the practice but can also help eliminate bad decisions and reduce the headaches of business ownership.

Range of Support

Do It Yourself

In an attempt to reduce overhead cost some practice owners attempt to keep their own books. Whether they purchase a check writing software or keep manual records, they simply hand off their records at the ......

What You Thought About Overhead Expenses is Wrong

What You Thought About Overhead Expenses is Wrong

As a dental practice owner, recognizing the specific costs of operation is a critical part of keeping the business running. Dental office overhead breakdown information can provide some insight into this. When you understand what you are paying, and where those costs come from, you can make better decisions about managing your practice.

What Are the Average Expenses of Dentists?

Every business has costs of operation. A dental office has them as well. They are the costs of keeping your ......