Are you properly managing your practice’s overhead costs? Are you noticing that you are having to work harder for the same take home pay? You are not alone. The costs of running a practice continue to increase. For most medical and dental practice owners, overhead costs play a crucial role in profitability and growth. After […]
Understanding and Managing Overhead Costs in Your Practice Read More »
Choosing the right path for your career in the medical or dental field is an important decision. Whether you’re a recent graduate or an experienced professional looking to take the next step, you typically have two options: buying an existing practice or starting your own from scratch. Each option has its advantages and disadvantages, and
Buying a Medical or Dental Practice vs. Starting Your Own Read More »
As a healthcare professional, the decision to add a new service to your practice is certainly something you should weigh fully. You should consider assessing patient needs, analyzing competition, and ensuring financial viability. If you’re thinking of such a move, here are a few things to consider as you navigate the pros and cons. Patient
Deciding If Adding A New Service Is A Good Idea Read More »
Are you nearing retirement age? If you’re like most doctor and dental practice owners, you’ve been consistently saving for retirement for years now. This means you have options when it comes to maximizing your Social Security benefits. You can start receiving Social Security benefits at age 62; however, delaying benefits can result in a higher
When Is A Good Time to Take Social Security? Read More »
Positive cash flow is the lifeblood of any business. In medical and dental practices that often means efficient and timely collection of payment both from insurance companies and patients. While everyone will agree, that doesn’t mean that all practices can get it done. We work with most of our clients on setting up a system
5 Tips to Increase Collections In Your Medical or Dental Practice Read More »
Are you trying to plan for retirement? How about fully leveraging the benefits of Roth IRAs? If you’re like most medical and dental practice owners, you might be considered a high-income earner according to the IRS. This precludes you from making standard contributions to a Roth IRA account. As a way to bypass the income
How To Do A Backdoor Roth IRA Contribution Read More »
Are you looking for college savings strategies? Whether you just started a family or already have a growing clan, it’s important to take a proactive approach to saving for college. College tuition inflation averaged 12% each year from 2010 to 2022, with these trends expected to continue over the next few decades. Saving for your
Options For Saving For College Read More »
Tax time is dreaded by most medical and dental practice owners. Did your practice beat expectations, resulting in an unexpected tax bill? Is 2023 the year you finally get a refund? As a practice owner, proactive tax planning helps you minimize your tax bill and avoid unforeseen payments to Uncle Sam. In this article, we’ll
5 Tax Moves Before You File Your 2023 Taxes Read More »
Whether you’re considering starting your own practice from scratch or buying into an existing business, one of the first decisions you will need to make is your practice structure. Choosing the right structure is important, as it dictates your legal liabilities and how your practice is taxed. There are four main practice structures: sole proprietorships,
S-Corp, C-Corp, Partnership, or Sole Proprietor. Which One is Right for Your Finances? Read More »
Have you considered the benefits of a Practice Retirement Plan for your practice? A Practice Retirement Plan offers a precise financial approach designed to meet the distinct needs of healthcare professionals in private practice. Whether you start one just for yourself, your employees, or both, there are good reasons on both sides of this question.
Practice Retirement Plan: Is It a Smart Move for Your Practice? Read More »
