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 requires time, commitment, and money. As a dental practitioner, you want to spend your time seeing patients, not developing the best marketing strategy and optimizing the back end of the business. Fortunately, you can ensure things go smoothly in your practice without interrupting patient care or spending an exorbitant sum 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 tight cash flow and your practice finances keep you up at night, you need us even more. Hiring new staff, growing the business, and managing expenses is what we do best.
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.
Diagnosing the Need for a Dental CFO
Financial experts know how to prioritize spending so you can loosen your cash flow and plan for and limit your tax liability. 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.
Do you find yourself micromanaging staff and lamenting the lack of trust or incompetence of one or more team members? 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 challenges of running a dental practice can erode your self-confidence if your business fails to thrive. It may lead to poor time management and fewer hours in front of patients. The dental CFO offers the support you need to address concerns brought up in team meetings or by patients.
For example, it’s important to address pain points that come up in meetings. However, if you are scattered in too many directions, it’s hard to see the big picture. Let us help you connect the dots to improve business operations and best practices, as well as work on employee development and retention.
Here are common pain points you can address with better dental practice management techniques:
- Your patients don’t feel as if they are 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 clients 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 customer’s shoes, your front office staff will provide better service. In fact, your entire team may benefit from the right training and development strategy.
- 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 and appreciated, they are more loyal to the practice and less likely to leave. It’s also important to remain competitive in salary packages compared with other practices in the area so you don’t lose valued employees.
- 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.
Improve the Way Your Organization Communicates
If you want to know how to run a successful dental practice, start with communication. An effective leader helps improve interpersonal communication between staff members and across business practices.
With effective communication you can:
- Avoid ambiguity
- Set proper expectations
- Find and resolve problems early
- Develop policies to improve interpersonal relationships, the client experience, and the bottom line
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.
Benefits of Working With a Dental CFO
If you already have a dental CPA, you may wonder what a dental CFO does and the benefits of hiring one for your practice. A dental CPA provides bookkeeping services and files the taxes for your practice. They may offer tax planning advice and pointers to improve your business. Undoubtedly, those are significant contributions. However, a dental CFO offers the same services and so much more. Learn more about what a dental CFO does and how they can benefit your practice.
Dental CFO Benefits
A dental CFO acts as your chief financial officer. In this role, you receive effective accounting and tax strategy services with a deep understanding of operations and how to help your practice grow. The Dental CFO hires highly qualified executives with experience helping dozens of practices just like yours improve their financial performance.
We make sense of the numbers, compare them to industry norms, and help you improve your KPIs. Hiring an effective dental CFO simplifies your role and helps you concentrate on billable appointments. Do you want to experience greater profit and increase the value of your practice? Then, your business will definitely benefit from our services.
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. Additionally, your dedicated dental CFO will provide quarterly meetings to discuss tax strategies, financial considerations, and any major decisions required to move your practice forward.
Other advantages of hiring a dental CFO include:
- Take the guesswork out of how your practice compares to the competition. 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.
- Gain the benefit of an experienced CFO with an average of 22 years of experience. This expertise comes to you at a much more affordable rate than hiring an internal CFO, who will likely have less experience and a shorter portfolio of practices served.
- Rest peacefully at night knowing you’ll pay the least possible taxes and that April 15th won’t bring unpleasant surprises. We carefully monitor and manage your tax burden with targeted advice and comprehensive tax support.
- 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 can receive valuable guidance on how to improve business operations and fund your personal financial goals.
Why Your Practice Needs a Dental CFO
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.
An effective CFO can help you start your new practice by setting it up to maximize revenue and minimize your tax burden. If you are winding down and want to prepare for retirement, we can help you improve the value of your practice and walk you through the steps needed to sell it for maximum profit.
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.
Hiring a dental CFO also helps you reduce your taxes. Our Tax Reduction Optimizer service takes the surprise out of your quarterly and annual tax filings. We can also reduce your expenses by maximizing your tax savings.
Your chief financial officer strategizes the direction of your business based on the best practices of your competitors and new ideas that help you gain the attention of prospective patients. 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.
If you need assistance with buyers, buyouts, practice assessments, or PPP projects, go directly to the experts at The Dental CFO.
In short, we’ll 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.
Why Choose the Dental CFO?
Think of your partnership with a dental CFO as an investment in the future of your practice. We provide a solid plan to achieve your personal financial goals by maximizing profitability and developing a healthy culture among your team.
By freeing up your time to concentrate on each patient you serve, we help your firm develop a reputation for incredible dentistry. In order to reduce or eliminate the headaches of running a practice, it’s important to align yourself with the right resources. We are confident that a dental CFO can help your dental practice succeed.