Dental Accountant | Four Financial Mistakes That New Dentists Make 

Dental AccountantGraduating dental school after four years of hard work and beginning your practice brings about a myriad of changes, which include embarking on a rewarding career. Unfortunately, many new dentists do not pay close enough attention to financial considerations. The team at Schiff & Associate can work with you to avoid the common pitfalls that new dentists often encounter. Take care to avoid these five common mistakes. 

Poor Debt Management In 2018, the median debt for dental school graduates was $280,410. Compounding interest on school loans can add up quickly. While it’s tempting to buy cars and clothes that you previously weren’t able to afford, managing student loan debt during the first years of your practice can make the difference when the time comes to get a mortgage or expand your practice. Talking with our team of professionals can help you strike a balance between paying off your debt and taking advantage of the student loan income tax benefits. 

Few or No Written Goals Having a financial plan for your life will help you set a course, even when the unexpected happens. Saving for retirement needs to happen early on. The average age of retirement for dentists is now 69, according to the American Dental Association. Not considering retirement can have you living beyond your means early on in your career. Because of schooling, many dentists are age 30 or close to it before they start earning a significant salary. Having a sound plan as soon or soon after you start working will set you up for the future. 

Ignoring Changing Overhead Costs Newer dentists are often anxious to further their practices, but what comes along with that is an increased cost in overhead when more supplies, employees and the like are needed. Review your practices every few years to determine where you can cut costs or streamline processes to reduced overhead. 

Insufficient Billing and Collections Procedures Every practice has bills that are eventually written off because of the failure of insurance companies and patients to pay. Working with your accountant to develop a plan can help minimize those write-offs and maximize profits. 

If you’re a newly practicing dentist and want to get your professional career off on the right foot, contact our office to schedule a meeting. Developing a financial plan at the outset is one of the keys to creating a sound dental practice. 

Schiff & Associates, CPA
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707
Url: https://www.schiffcpa.com
100 West Road, Suite 410,
Towson, MD 21204

Dental CPA Allen Schiff Gives Back to Maryland Community

Towson, MD: Dental CPA Allen M. Schiff, CPA, CFE has continued to make philanthropy a priority in his community after providing financial support to the Maryland State Dental Association Foundation (MSDAF). The donations made by Schiff & Associates to the MSDAF in 2018 helped bring dental care to over 1,300 Marylanders in need.

 
The MSDAF has dedicated itself to improving the oral health of Marylanders through education and support of programs that improve access to dental care. Through donor participation and volunteer support, the MSDAF helps thousands of Marylanders overcome barriers of care, connecting them with the treatment they need but may be unable to afford.

By supporting the MSDAF, Allen hopes to give back to his Maryland community and improve the education and level of care for those around him. As a Dental CPA, Allen has committed himself to helping empower not just dentists, but the communities they serve as well.

Allen Schiff is the managing member of Schiff & Associates, LLC and also serves as President of the Academy of Dental CPAs (ADCPA). He has over 35 years of experience in dental practice management and has received the SMART CEO award six out of the last seven years as one of the top CPAs in Maryland.

In addition, Allen is an active speaker on a national level, helping dental practices achieve top success. He has presented to the American Dental Association (ADA), the Academy of General Dentistry (AGD), the American Academy of Pediatric Dentists (AAPD), local Mid-Atlantic societies, as well as various dental study clubs. Allen has also taught dental practice management at a local dental school for over 30 years.

For more information on Allen Schiff or to request a consultation, please call Schiff & Associates, LLC at (410) 321-7707 or visit https://www.schiffcpa.com/.

Schiff & Associates, LLC
100 West Road, Suite 410
Towson, MD 21204
(410) 321-7707
www.schiffcpa.com

57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants

Dental CPA

Allen Schiff, Dental CPA, has been featured in delmainanalytics.com’s latest article “57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants” giving advice regarding:

  • Management
  • Communication
  • Teamwork
  • Customer Service
  • Time Management
  • And Much More…

Please follow this link to see what these professionals have to say: 

57 Definitive Dental Practice Management Tips from 57 Dental Practice Consultants

Dental CPA in Baltimore | Are You Prepared for the Future of Dentistry?

MD Baltimore Dental Broker

Dental Practice SalesWhat will the dental profession will look like in 10 years? Are you and your team prepared to face the future with a successful action plan?

As a dentist, you are used to thinking about the big picture. This is true when you are caring for your patients, as they turn to you for your expertise to establish a lifetime of optimal oral health. But do you employ the same forward-thinking strategies to ensure the long-term health of your business?

Dentistry is changing. New technology is constantly being developed leading to entirely new procedures, which in turn creates a new market of patients who could benefit from your services. Furthermore, the business landscape of the profession is evolving. What used to be a field dominated by independently owned practices has become increasingly more corporate-based. Ask yourself where your practice fits into the landscape of differing business models in dentistry.

If one thing is for certain in dentistry, it is that the future will continue to bring change. Did you ever think you would be ordering supplies from your smartphone or connecting with potential new patients on Facebook? The future will likely bring innovations bridging the education and communication gap between dentist and patient.

Like today, the key to success will lie in your ability to build trusting, loyal relationships. It is essential that your marketing messages hone in on the unique qualities that make your practice and your team stand out from the crowd. A re-branding strategy can help freshen your practice’s appeal to your community and attract your ideal new patient.

You’ve probably heard the saying, “The more things change, the more they stay the same.” The future will bring changes to the dental profession, but that shouldn’t come as a surprise nor should it be a cause for concern. Face the future with optimism and an action plan.