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Resource Library: Financials
Guidance on evaluating, managing, and improving your practice’s financial health.
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The Inflation Effect on Dental Office and Practice Values
Over the past thirty years, inflation as measured by CPI, has averaged 2.6% growth per year. From 2000 through 2020, inflation never exceeded 4%. Beginning in the Spring of 2021 and continuing through the majority of 2023, the annual inflation rate spiked. According to the BLS (Bureau of Labor Statistics) the US annual inflation rate… -
Mistakes for Dentists to Avoid When Considering Retirement
In 2014, the average dental salary was $166,000, making it one of the top ten earning professions in the country. Those statistics mean that dentists have a great base when it comes to planning for retirement. However, as with any entrepreneur, owning a practice usually means you have a large list of tasks and priorities… -
Common Mistakes When Applying for a Dental Practice Loan
Obtaining a loan to purchase a dental practice can often be more complicated than purchasing a house. When seeking a dental practice loan, avoid these common mistakes. For more information on how to get a dental practice loan, speak to one of our brokers. -
6 Phone Tips for Closing Prospective Patients
Keeping regular dental patients coming in the door is a matter of having a proven and reliable sales funnel in place. Whether your clients are coming from direct mail, personal referrals, or by way of the Internet – at some point you’ll need to speak to them either on the phone or in person. If… -
What Dentists Should Look for in a Financial Advisor
As an owner of a dental practice your financial needs are unique. It’s a good idea for any professional in any business to have a financial advisor help them maximize their earnings to keep the money they have earned safe. There are a few things that separate your financial needs from other professionals, so it’s… -
Tips for Growing Your Dental Practice During a Tough Economy
The last decade has seen industries across the board from retail to hospitality to healthcare all facing tough economic times. Many families have been forced to reduce spending, and unfortunately dental services often become one of those cuts. When it comes down to it, even in a difficult economy there is still revenue circulating and… -
Can You Afford An Associate?
By Larry Chatterley and Randon Jenson, CTC Associates The goal of any associate-type arrangement is to create and maintain a mutually rewarding personal and professional relationship between two or more doctors. Unfortunately, many associate arrangements do not address one of the most fundamental elements for a successful relationship, that is, does the dental practice have the… -
Finding the Right Dental Practice Loan Services
By Rod Johnston, MBA, CMA of Omni Practice Group There is good news on the dental practice transition front. The financial climate for dental practice loan services is improving, making it easier for dentists to buy a dental practice or when selling a dental practice. Obtaining dental practice financing can be a huge obstacle to the…