AUTHOR: The Dental CFO
June 21, 2023
Pain Points of Running a Successful Practice
What makes a dental practice successful? As a dental professional, you know it takes more than just money to run a successful practice.
Reinvesting in your practice and helping it grow also requires time. But as a dental practitioner, you want to spend your time seeing patients, not analyzing financial data and trying to determine how to optimize your practice’s operational performance and financial results on your own.
To reduce or eliminate the headaches of running a practice, it’s important to equip yourself with the right resources. Fortunately, you can ensure things run smoothly in your practice without interrupting patient care or spending an exorbitant sum by hiring a full-time dental CFO.
When you partner with The Dental CFO, you gain access to professionals with decades of experience. If you have a tight cash flow and your practice finances keep you up at night, you need us even more. Advising you on rowing the business, managing expenses, and developing financial strategies for your practice is what we do best.
Why Hire a CFO for Your Dental Practice?
If you already have a dental CPA, you may wonder what a dental CFO does and the benefits of hiring one for your practice. Although both dental CPAs and CFOs focus on a practice’s financial records, their responsibilities are different.
Your staff CPA provides bookkeeping services and files taxes for your practice. They focus on what matters to the IRS: Your practice’s books and taxes — not a financial strategy. They may offer tax planning advice and pointers to improve your business.
While these are significant contributions, a dental CFO acts as your chief financial officer and is concerned with growing your practice’s revenue. They offer effective accounting and tax strategy services with a deep understanding of operations and how to help your practice grow.
Essentially, a dental CFO takes the practice’s financial data and uses it to develop a financial strategy to support and carry out your practice’s financial goals. This will simplify your role and help you focus on billable appointments so you can experience greater profit and increase the value of your practice.
4 Signs It’s Time to Hire a Dental CFO
There are numerous pain points that indicate it may be time to outsource your dental CFO responsibilities to third-party experts who keep your interests top of mind.
Here are common pain points you can address with better dental practice management techniques.
1. Your Patients Don’t Feel As If They’re Your First Priority
It’s important to listen to those paying for your services. If you have several complaints about the billing process or an inefficient appointment system, your patients are likely to look for another provider.
Let our consultants help your team implement new, more efficient processes and systems. By putting themselves in the patient’s shoes, your front office staff will provide better service. In fact, your entire team may benefit from the right training and development strategy.
2. Employee Turnover Is a Problem
If you find yourself or your office manager constantly looking for new employees, it’s important to find out whether you’re hiring the right people. We can help you improve employee retention instead of dealing with a constantly revolving door of recruiting and training new people.
When employees feel invested in and appreciated, they are more loyal to the practice and less likely to leave. It’s also important to remain competitive in compensation packages compared with other practices in the area so you don’t lose valued employees.
3. You Have the Wrong Technology
You don’t have to have the latest and greatest software, but whatever you use needs to help you manage appointments, billing, insurance, and other considerations.
Our experienced dental CFOs can help you identify affordable technology so you can stay current and enjoy the efficiencies the right technology offers.
4. You Don’t Have Time for Employee Management
Do you find yourself micromanaging staff and lamenting the lack of trust or incompetence of team members? This can lead to poor time management and fewer hours in front of patients.
We can help you delegate tasks that take you away from staff training and management so that you can improve morale, patient satisfaction, and, ultimately, your bottom line.
The Dental CFO also offers the support you need to address concerns brought up in team meetings or by patients. We’ll help you see the big picture and connect the dots to improve business operations and best practices, as well as work on employee development and retention.
Benefits of Working With The Dental CFO
The Dental CFO hires highly qualified executives with experience helping dozens of practices just like yours improve their financial performance.
We take the guesswork out of how your practice compares to the competition. Plus, this expertise comes to you at a much more affordable rate than hiring an internal CFO who will likely have less experience and less expertise in a number of critical areas..
Below, learn more about the advantages of working with our team for your practice financial management.
Reach Your Goals
At The Dental CFO, we mean it when we say ‘ridiculously personalized business guidance.’ It is our mission to look out for your personal and business security, longevity, and profitability. We do this by helping you set professional goals and developing a roadmap to get there as quickly as possible.
We make sense of the numbers, compare them to industry norms, and help you improve your practice’s KPIs.
For example, our CFO Core service helps you differentiate from other firms. We provide a proprietary monthly dashboard that gives you a complete financial look at your practice. We’ll also hold quarterly meetings to discuss tax strategies, financial considerations, and any major decisions required to move your practice forward.
Maximize Your Revenue
Our dental practice management consultants help you maximize your revenue stream by improving the patient experience when it comes to billing, making appointments, and receiving efficient service.
With a steady pilot behind the wheel, you’ll have a solid growth plan in place for your practice’s financial journey. Regardless of the expertise needed, you will receive valuable guidance on how to improve business operations and fund your personal financial goals.
Enhance Your Reputation
We understand that large corporations are taking over more and more dental practices. By providing superior customer service and keeping an eye on your finances, we can help you become more profitable and grow your patient base.
By freeing up your time to concentrate on each patient you serve, we help your firm develop a reputation for incredible dentistry.
Grow Your Business
When it comes to practice management consulting, The Dental CFO can help you improve your margins and appointment booking for high-value dental and hygiene services. We’ll strategize the direction of your business based on best practices and new ideas that help you gain the attention of prospective patients.
By remaining flexible and considering all the factors that impact your revenue and expenses, we can help you paint a clear financial picture of your practice and achieve growth.
Improve Your Operations
Our dental CFOs understand business operations, particularly for dental practices. And our dental practice management consultants identify what’s taking up too much of your time and take over the burden of administering your financial operations.
Reduce Your Taxes
Our financial experts know how to prioritize spending so you can loosen your cash flow and plan for and limit your tax liability. We carefully monitor and manage your tax burden with targeted advice and comprehensive tax support.
You can rest peacefully at night knowing you’ll pay the least possible taxes — and that April 15th won’t bring unpleasant surprises.
Partner With Us and Invest in the Future of Your Practice
No matter how efficiently you run your dental practice, it’s important to have someone else look under the hood once in a while. When you partner with The Dental CFO, you gain the same acumen as large firms and at a fraction of the cost.
We have decades of experience and provide crystal-clear financial reports so that you can concentrate on dentistry. Whether you’re starting a new practice or preparing for retirement, we’ll provide a solid plan to achieve your personal financial goals by maximizing profitability and developing a healthy culture among your team.
Request a free consultation now to partner with The Dental CFO and tap into the expertise of seasoned CFOs boasting an average of 22 years of experience.