Think Before You Buy New Equipment

It’s inevitable. Eventually, your dental equipment will need to be replaced. Sometimes it is because newer technology has made your equipment obsolete. Purchasing new equipment is an investment that should be taken with caution and critical thinking. Here are a few tips to help you get started on making an informed and practical decision regarding your office’s equipment.

Take Your Time

Never rush into a purchase as crucial as new equipment. We strongly suggest you meet with our team to discuss the implications a purchase might have, particularly on your practice’s taxes. There may be an optimal time of the year to make a purchase.

Consider Its Use

How often will you utilize this equipment? Where will it fit in your office? Carefully consider how this new piece of equipment will be used in your day-to-day operations. If you are struggling to answer these questions, it may be a sign that the new equipment is not needed immediately.

Will This Help My Practice Grow?

Ask yourself if investing in new equipment will allow your practice to grow. Will it expand the available services you offer your patients? Perhaps it will improve the comfort, efficiency, and amount of time it takes to treat or serve patients. When marketed effectively, these can be excellent sources for driving new patient numbers or improving loyalty among your existing patients.

What About Cost?

You should never buy equipment if you are unsure how you will receive a return on investment from it. Consider how your pricing structure will offset the costs of the investment. Can you still be competitive in your market if you must raise costs?

Your office equipment plays a central role in allowing you to deliver quality care for your patients. New technologies are constantly making the patient experience more comfortable and safe. Before you rush to purchase new equipment, it is vital that you consider how the investment will impact your business.

Our team is here to help you make these decisions. For a consultation, contact us today.

Informed Decision Making During Acquisitions

Deciding to purchase an existing practice can be an exciting prospect and open doors for new opportunities. Regardless of whether you are an established practice or a new dentist, the acquisition process can be lengthy and complex. It is important that you weigh all the pros and cons of this potential investment. Remaining well informed during the process is your best defense against making a poor choice that could end up costing you more money. We have included some considerations to keep in mind when looking to purchase a practice. For more guidance in practice acquisition, finances, or management, contact Schiff and Associates.

Acquisition is Just the Beginning
Changes are going to be necessary. Even a new, modern, and technologically advanced practice will require some renovations or changes to make it match your branding and practice culture. This especially holds true for older practices or ones that do not meet your standards. It is important to consider the costs involved in renovating, modernizing, and updating your new practice. A great deal on a building may be dampened if you end up paying twice as much to get it patient-ready.

Assess the Assets
It is always best to have a professional appraisal of the practice you are acquiring before you commit to purchase it. The appraisal might include everything from the physical construction quality of the building to the usability of existing furniture and even the functionality of existing equipment. It’s important to understand exactly what is included in your potential purchase and to make sure it’s worth the investment.

Reputation Matters
Don’t rush to buy any practice without considering the reputation and standing it has in the community. Poor patient retention rates, negative online reviews, and a bad reputation in the community are important hurdles that you will need to overcome. While it’s not impossible to create a new reputation for your new practice, it will require greater effort on your part to establish separation from the previous ownership. This may result in additional marketing and branding expenses.

These tips are designed to help you think more comprehensively about purchasing a new practice. If you need advice on a potential acquisition or are simply looking for additional guidance in running your practice well, the Schiff and Associates team is here to help.

Contact us for a consultation today.

How to Be a Business-Minded Dentist

For most dentists, their primary focus throughout their career has been on developing the knowledge and technical skills needed to excel in dentistry. However, as a practice owner, one must also possess a strong business acumen and entrepreneurial spirit to thrive. Schiff & Associates LLC is a dental CPA firm that’s dedicated to helping dentists thrive in their profession. By offering CPA services and business advice unique to the needs of dentists, we’re able to help practice owners focus on delivering quality care to their patients.

Below are some of the characteristics of a business-minded dentist. If you recognize a need for improvement in any of these areas, contact our firm. We’re here to help!

Clear Vision and Goals

One thing that will hugely benefit a dentist is the ability to vision cast for the future. By setting clear goals for themselves and their practice, a business-minded dentist will be able to set and enact plans to help those goals become a reality.

Financial Understanding

While it’s not necessary for practice owners to manage their own finances, a basic understanding of the different aspects of practice finances is hugely beneficial in helping you manage your practice well.

Detail-Oriented Diligence

The more detailed and specific you are in your record keeping, the more you’re able to ensure you’re using resources efficiently, maximizing profits, and minimizing liability. Your whole team should be strong in this area.

Empowering Leadership

As an owner dentist, you have a lot on your plate. It’s unrealistic to expect to be able to oversee everything yourself. The way that you manage your team will have a huge impact on the success of your practice. It’s important to remember that good leaders create other leaders.

An Entrepreneurial Drive

In order to have a truly successful practice, you must recognize that it’s a business at its core. Losing sight of this simple fact can have a negative impact on your ability to grow. This is not to say that you should care more about profits than patients. Rather, it’s a reminder that putting a value to your expertise can be beneficial to your financial and practice growth goals.

Baltimore, MD Dental CPA | Combat Burnout to Increase Production

Dental CPA

Have you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers? Burnout can happen to all dentists and their teams. Yes, this includes you. Before burnout starts to significantly impact your practice, you need to know how to recognize it and how to manage it.

Identify Signs of Burnout

If you start to feel unfocused, tired, or bored, you may be experiencing burnout. Does your team lack the enthusiasm they once possessed? When you start to notice these clues and behaviors, take action immediately. You and your team have invested countless hours in building a fulfilling career in dentistry. Don’t allow a temporary period of burnout to cause you to question your work. Instead, it’s time to reinvigorate your attitude.

Identify the Problem Areas

When production numbers begin to slip, look at where your numbers are starting to drag. When a department’s numbers begin to sink, your team members can start to feel low, impacting the office’s overall morale. Identifying the problem area allows you and your team to find and implement a solution before dissatisfaction spreads.

Identify New Areas to Explore

If you are experiencing burnout, the time may be right to learn a new skill. Sign up for a CE course or workshop on a subject that is new or intriguing. By expanding your skills, you can increase the number of services you provide, which can turn sagging appointment numbers around. Could your team benefit from additional courses? You may want to try selecting a course the entire team can participate in together. Not only will you all be learning new applicable skills, but you will be improving your relationships with each other which will lead to improved morale.

Burnout will happen to even the best dental team. When you start to notice the signs of burnout, don’t wait for things to improve on their own. Be proactive and identify the areas you or the team could improve. Whether it is improving the number of hygiene appointments, or taking a new CE course, take action immediately to combat signs of burnout.

Dental CPA Towson | Schiff and Associates Named One of Maryland’s Best

towson-dental-cpaSchiff and Associates is pleased to announce that our team has been named one of the best accounting firms by The Daily Record’s Reader Rankings 2017 list.

Schiff and Associates placed second in the category of “Best Accounting Firm.” Our team would like to extend our thanks and appreciation to our clients for allowing us to help you reach new benchmarks of success.

At Schiff and Associates, we are committed to providing personalized services for businesses including accounting, tax minimization strategies, profitability maximization, retirement planning, and more. Beyond focusing on your business’ numbers, we take the time to focus on your goals for your business. 

Businesses spotlighted by the Reader Rankings list were selected by readers of The Daily Record, who were asked to choose the best businesses in Maryland in numerous categories. The entire Schiff and Associates team would like to thank the readers of The Daily Record for their support and praise.

Together, let’s have a successful and fulfilling year.

Why Choose a Dental CPA

Why do you need a CPA?

As a business owner, you are faced with a host of responsibilities and decisions that can feel overwhelming.  Bookkeeping, financial planning, and practice management all take time you would likely prefer to spend with patients. The right accountant can help you minimize taxes, increase revenues, and improve the health of your business, while allowing you to focus more of your time and energy doing the dentistry you love.

What is a Dental CPA?

A Dental CPA is an accountant who works extensively with dental professionals. Dental CPAs invest time to learn the nuances of the dental industry, monitor trends and advancements in dentistry, and understand the unique business needs of a dental practice.

Why should you choose a Dental CPA?

A skilled Dental CPA can provide more specialized advice than an accountant who works primarily with other industries. Your Dental CPA has studied the tax codes for the best ways to minimize your tax burden now and will have strategies for affecting next quarter and next year, as well. They can provide personalized business and financial advice to help you grow your practice and reach your personal and practice goals.

What can a Dental CPA do for you?

Your Dental CPA knows how your practices finances reflect your business operations and will use your financial reports as a diagnostic tool to illustrate areas of opportunity in your practice. As a business advisor, they will use data on your practice health, fees, staffing, and more to see how you compare to your competitors. Your Dental CPA can suggest ways to achieve greater efficiency, productivity, and financial health. They can provide you with expert advice on the best time to add another dentist, invest in new equipment, or consider opening a new location.

How can you learn more about Dental CPAs?

You can learn more about Dental CPAs or find one in your area by contacting Allen Schiff, Dental CPA and president of the Academy of Dental CPAs. Visit http://schiffcpa.com/ or call (401) 321-7707.