Happy December everyone! I hope you had a wonderful Thanksgiving break. Let’s finish 2022 strong. This week we’re going to focus on 2 articles around recessions. Enjoy! Markets Don’t Wait for Official Announcements (1 Pg. PDF) How Does Dentistry do in a Recession (2 Pg. Article from Advanced Practice Management’s November Bulletin) Summary: A recession… The post FIEGI Report – Recessions and Dentistry appeared first on Practice Financial Group ..read more

As your financial advisors, our work begins after money transfers from your patient to your bank account. Collections are the lifeline of your business, and although we’re not technically responsible for how you collect money, as your financial partner we take great interest that you do collect money. When our clients want to grow collections,… The post Want to Grow Your Practice Collections? Marketing May Not Be the Solution appeared first on Practice Financial Group ..read more

Embezzlement is a real concern among dental practice owners, as it should be. The statistics and reports vary, but it’s safe to assume that if you don’t take precautions, then you have at least a 50/50 chance that an employee steals from you during your career. All cases of embezzlement are sad, but some are tragic,… The post Dental Practice Embezzlement appeared first on Practice Financial Group ..read more

Who Wants to Be a Decamillionaire? For over a century in the United States, “millionaire” has been the ultimate standard for financial accomplishment. Unfortunately, millionaire doesn’t carry the same “ring” to it as in decades past. Although it is always fun to see our clients’ net worth pass the 7-digit mark, to sustain a lifestyle… The post How to Become a Decamillionaire Doctor, Part I appeared first on Practice Financial Group ..read more

Recently I met with a client who had an amazing experience. He lived close to a military base and years prior to our conversation he had landed a government contract to provide dental services to returned veterans. This was a lucrative contract as these vets needed a lot of dental work. Then one day he… The post The Art of Selling Dentistry appeared first on Practice Financial Group ..read more

At PFG, we hold the view that the multi-practice model doesn’t generally work. This is despite the fact that we could earn a lot more in fees helping doctors pursue their dreams of having 3, 5 or even 10 different locations – all needing bookkeeping and tax services. And it’s time we raised our voices… The post The Multi-Practice Model: An Epidemic in Dentistry appeared first on Practice Financial Group ..read more

For years we have been advising clients to establish and make the maximum contribution to a Safe Harbor 401(k) Profit Sharing plan. Of course this advice is always tailored to each client’s specific circumstances. Most of our clients have heard this advice enough times from several different sources, that they readily agree to get on… The post Why Dentists Should Have (and Max!) a 401(k) Profit Sharing Plan appeared first on Practice Financial Group ..read more

In this post I’d like to speak about your physical space – your office. This is a tough post to write as many of the readers have already made the decision about where to practice. I might contradict decisions you’ve made. I’m sorry for that. Even if you have already signed your lease or purchased… The post Profitable Practice Rule #3: Avoid the Taj Mahal appeared first on Practice Financial Group ..read more

The average dental practice has a 60% overhead, or 40% Operating Profit Margin (the percentage of money you keep after paying all operating costs of the business). This means that the average doctor keeps $.40 of every dollar he/she collects. Our clients are not average, so we’re not satisfied until we see a 50% operating… The post Profitable Practice Rule #2: Reduce Dental Supplies Expense appeared first on Practice Financial Group ..read more

In my last blog post I addressed this question: “Why is running a profitable dental practice is so important to a good life?” If you haven’t read the post, please check it out here. I also promised that my next three blog posts would address the next logical question: How can I run a more… The post Profitable Practice Rule #1: Focus on Production appeared first on Practice Financial Group ..read more