Schiff Dental Clients- HHS Phase 3 – Update October 23, 2020

HHS Grant Relief Fund – Phase 3

Yesterday, the HHS changed the rules yet again, to now include the loss of Gross Revenue during the Pandemic. As a result of this change, we are encouraging clients to file for the additional funding under Phase 3 of the Provider Relief Fund (PRF).

You can apply again, even if you already applied. You can apply if you are a “start up” Dental Practice (January through March 2020). You can apply if you did not receive the proper amount of funding under Phase2. Please keep in mind, these funds are currently taxable.

There will be reporting requirements in the future (July 2021) in order for you to substantiate the funding. If you cannot support the funding, the excess will have to be repaid back to HHS. What can you use the HHS Funding for, besides the loss of Revenue? Here is a list of expenses.

a. Supplies: Expenses paid for purchase of supplies used to prevent, prepare for, or respond to the coronavirus during the reporting period. Such items could include: personal protective equipment (PPE), hand sanitizer, or supplies for patient screening.

b. Equipment: Expenses paid for purchase of equipment used to prevent, prepare for, or respond to the coronavirus during the reporting period, such as ventilators, updates to HVAC systems, etc.                                                          

c. Information Technology (IT): Expenses paid for IT or interoperability systems to expand or preserve care delivery during the reporting period, such as electronic health record licensing fees, telehealth infrastructure, increased bandwidth, and teleworking to support remote workforce. 

d. Facilities: Expenses paid for facility-related costs used to prevent, prepare for, or respond to the coronavirus during the reporting period, such as lease or purchase of permanent or temporary structures, or to modify facilities to accommodate patient treatment practices revised due to coronavirus.

e. Other Healthcare Related Expenses: Any other actual expenses, not previously captured above, that were paid to prevent, prepare for, or respond to the coronavirus.

We are encouraging all clients, to start to maintain a list of Covid Expenses you have incurred within your practice between the period of March 15, 2020 and June 30, 2022.

For additional information on the HHS Phase 3, please click on the following links:

ADA News – October 22, 2020 – https://www.ada.org/en/publications/ada-news/2020-archive/october/hhs-provider-relief-fund-open-for-phase-3-applications?utm_source=DEC_DIQ+Morning+Briefing&utm_medium=email&utm_campaign=CPS201022074&o_eid=5213J4648590B4Z&rdx.ident%5Bpull%5D=omeda%7C5213J4648590B4Z

What is the Provider Relief Fund? – https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html?language=es#what-is-the

HHS Webcast – November 2, 2020 – click here to register – https://webex.webcasts.com/starthere.jsp?ei=1392456&tp_key=eddc1773dc

ADA – FAQ’s – HHS – https://success.ada.org/~/media/CPS/Files/COVID/HHS_Provider_Relief_Fund_FAQ.pdf

HHS Client Assistance à If you have questions, please contact the HHS Provider Support Line at 1-866-569-3522 during the hours of operation from 7 a.m. to 10 p.m. CT Monday-Friday.

Maryland Dental CPA | From Dreams to a Reality: Effective Goal Setting

No matter how impressive your vision for your practice may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals. Establish daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in constant control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure it never happens again. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them at the last minute.

 

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office, include them on your calendar. Write your goals in a place you look daily as a constant reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Goals Need to be Measured

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see 10 new patients by the end of each month or to increase the number of referrals by 50% before the end of the quarter. Pick specific numbers and concepts that can be defined in a concrete way. Abstract goals are harder to reach because they are too difficult to define. When goals are measurable, you will know exactly what you need to achieve your desired result.

Rethink the way you are setting your goals for your practice. Your ambitious plans will be successful only if you have a road map to reach them. This is where effective goal setting comes in. Get into the habit of writing down your goals and measuring them. Effective goal-setting strategies take careful planning. Master these skills and you will be on your way to the practice success you have dreamed of achieving.

For more tips on managing your practice, please contact Schiff & Associates.

Dental CPA in Maryland | Finding Opportunity in Hygiene Appointments

What percentage of your total production consists of hygiene appointments? For many dentists, hygiene appointments make up a significant portion of total production numbers. According to a study last year, hygiene appointments comprise nearly one-third or greater of total production numbers for approximately 80% of all dentists.

Hygiene is a significant source of overall production, but is there room for improvement? The same study uncovered a startling statistic – only 17% of dentists indicated that the majority of their active patients are receiving regular hygiene appointments every six months. This means there is a significant opportunity here. Hygiene numbers could increase as much as five times among current, active patients.

What steps can you take to encourage patients to schedule, and attend, regular hygiene appointments?

It is necessary to have an action plan in place. Create a consistent system that can be followed for confirmations. Some practices call or text one or two days prior to the appointment. This can help reduce the number of no-shows. Instill in your team the need to address the importance of hygiene examinations to patients. Most patients are not fully aware of all that goes on during the appointment and view it merely as a cleaning. Emphasize the need for regular oral cancer screenings as well.

Opportunity exists within your practice. Harness the potential that each patient brings with regular hygiene visits.

Boost hygiene production to improve your bottom line. Contact Schiff & Associates for financial insight and assistance.

 

Maryland Dental CPA | How Team Morale Can Make or Break Your Dental Practice

Team morale can make or break your dental practice. It’s a bold statement, but there are several reasons why it is true. The morale of every member of your team impacts other team members, your patients, and over time, even your bottom line. If you want your dental practice to be a success, team morale needs to be a priority.

Unhappy staff are less productive. When a member of your team is unhappy in their job, they work more slowly, are less efficient, and are less likely to “go the extra mile” to ensure a great patient experience. When an unhappy staff member isn’t giving a great patient experience, that patient is less likely to be a repeat patient and unlikely to refer anyone else to your practice. Over time, this could potentially cost you dozens of patients and thousands of dollars.

Unhappy staff make other staff unhappy. When one person is feeling unmotivated, unappreciated, or disgruntled, their attitude affects those around them. Other staff are forced to work harder to compensate for the lack of productivity. One person complaining about being unhappy can hurt the morale of every other person in your office. What starts as a seemingly small problem can quickly gain momentum if it isn’t addressed quickly and correctly.

Unhappy staff are more likely to quit. On the surface, this may seem like a good thing: take the poor attitude and low morale out of the equation. However, the cost of finding, hiring, and training a replacement can be high. Even more, the most common reason why an employee quits a job is that they feel unappreciated and/or unsupported by management. Chances are good that if one of your staff feels that way, others aren’t far behind.

Overcome team morale issues with good leadership. As the dentist and CEO of the practice, you are the primary person your team is looking to for leadership. Hold yourself accountable to your team for following through on your promises. Deal with conflicts as soon as they arise. Have an open door policy that makes your staff feel comfortable coming to you with problems so you can address them before they become unmanageable.

Hold regular effective team meetings to ensure every team member understands their place in your vision for the practice. Recognize individual and team successes. Show appreciation. Ensure that you are supportive of any staff empowered to make decisions. If you need to coach them on a change in policy, do so privately to avoid undermining their authority.

You are the leader of your team. The trust, support, recognition, appreciation, and respect you give to your team is the foundation of your team’s morale. When you create a great working environment, your team morale is high. High team morale creates a better patient experience and greater productivity, which benefits everyone. To ensure your practice thrives, make your team’s morale a priority.

Maryland Dental CPA | How to Prepare for an Audit

The prospect for an audit can be daunting. The best way to combat the stress and anxiety induced with this process is to prepare yourself and your company before it happens. Below are a few tips to keep your stress levels low and your preparations high through the process.

Know what it will entail

If you are unaware of what an audit entails, it is a good idea to do your research and learn about the process. Knowing what questions the IRS examiner might ask or what documents they will want to see can help control your anxiety and show you are well prepared.

Document thoroughly

Get in the habit of keeping up with your primary and secondary tax records year-round to be better prepared for when an audit happens. Staying organized using a personal filing system will help you know where everything is. Be sure to have a digital and paper trail as well incase anything happens to either filing system.

Gather the Information

Before the audit happens, make sure you have all the necessary documentation that will be asked of you to present. If you believe something is missing, you can try to recreate the records as accurately as possible or contact the place where you submitted it to for their records. Since you will have all your documents in one place, lay out the information and label it for the auditor for an efficient process.

Pre-audit compliance report

If you feel overwhelmed or disorganized, get on track with a thorough examination of your financial data to prepare and compile your documents. Our experienced team will help you set up a system and provide you with confidence if facing an audit.

For more information on audits, or addition accounting advice, contact Schiff & Associates today.

Free Exclusive Webinar: 4 proven strategies to reduce practice overhead to 60% or less

One thing I believe in is “if it’s been done before then it must be possible.”

This quote was shared by one of my mentors, Dr. Omer Reed who has been an inspiration to both myself and my clients, to truly believe in the fact that it is not impossible to achieve our dreams and goals.

As we face these uncertain times, I am reminded of how we bought our practice, LifeSmiles in May of ‘07, (which at the time was a practice that was dysfunctional in every possible way), and then faced a nationwide economic crisis during ‘08 and ‘09.

We did not know the future of our practice during those times yet we managed to not only survive the downturn of the economy but also thrive in the midst of it.

In fact, in a market where 400 dentists failed, Life Smiles was able to thrive in the midst of it.

I believe this story brings tremendous hope to those who hear it.

The strategies I will be sharing during this webinar are the very same strategies that helped us develop LifeSmiles into our ideal practice.

Therefore, I encourage you to join me and my good friend Allen Schiff, on Tuesday, 28th July at 5 PM PT (7 PM CT/ 8 PM ET) to learn The 4 Proven Strategies to Reduce Your Practice Overhead to 60% or Less and implement them in your practice with the knowledge that, “if it has been done before, it must be possible”.

I also look forward to answering all your questions during the live Coaching / Q&A segment.

Here’s the link to Register: www.thrivingdentist.com/webinar/adcpa/ 

I look forward to seeing you at this exclusive live webinar!

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 https://www.schiffcpa.com/ or call (401) 321-7707.