How We Serve Dentists
Starting a new practice? Buying-in to an established dental firm? Growing your dental enterprise? Maybe you already have a successful dental practice and are thinking about bringing a new dentist on board as a partner. As a Dental CPA firm, we understand the specific needs of dentists and dental specialists, and can customize our extensive service offerings to the needs of each practice. We want to inspire you to build the practice of your dreams, and will be with you every step of the way. At every stage of your dental career you need a trusted financial strategist who can motivate you to take charge of your financial situation by holding you accountable and providing financial leadership to decrease your overhead, increase your savings, and increase your revenue.
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- Business valuation and transition strategies with a partner(s)
- Merger or acquisition of a practice
- Ratio & industry benchmarking
- Split-up of a partnership
- Implementation of strategy-based partnership income allocation methodologies
- Benchmarking of overhead and practice fee assessments and consulting
- Comprehensive financial planning
- Practice development services, including business and marketing plan coaching, HR consulting, and management mentoring
- 360 Analysis of the practice
Professional Services for Dentists in Private Practice
What would it take to motivate you to think about how much something you’re not doing is costing you? Have you ever stopped to consider how small inefficiencies affect your practice? Inefficiencies such as patient no-shows, failure to return phone calls, and low new-to-return patient conversion percentages can cost a dental practice thousands of dollars each year. These may seem like small matters, something to be handled when you aren’t so busy; but have you ever analyzed the dollar amount lost because you were just too busy?
Traditional tax and accounting services barely skim the surface of the needs a dental practice has. Our firm understands the amount of time and dedication it takes to building a successful practice, and we provide several fee-based, industry-specific consulting services to help you understand your financial position. True financial consulting involves in-depth benchmarking of a practice’s Key Performance Indicators (KPIs) to determine areas of inefficiency and acts as a foundation for measuring the progress made toward reducing inefficiencies to meet an organization’s goals.
Are the company’s fees too low? Is the practice spending excessive amounts of money on unnecessary overhead expenses? Are the collections timely and adequate? How does my practice stack up against the competition? These are all questions a dentist needs to ask that industry benchmarking can answer. If you don’t benchmark your practice against other dental firms and against the goals you’ve set, how will you know which areas you need to improve? Regardless of your goal, we can find the causes of inefficiency and work with you to determine what the cost is to your practice in dollars, and point you in the direction to increase productivity and revenue.
Parkhurst Consulting has extensive experience working with dental practices and related dental specialties. Our reputation and experience lies in an extensive breadth of knowledge of the financial side of the business. We understand how overhead is managed and benchmarked for each type of dental practice across the country, whether you are a solo-practitioner or in a multiple partner practice.
Start-up and Buyer-Side Services for Transitioning Dentists
Many of the dentists we’ve worked with are either in the beginning stages of their career, or are looking to advance their career by partnering with an established dental practice. Some dentists choose to start their career at a franchise or dental group location, where the financial side of the practice is handled by a corporate office. This is a great place to start, because it allows you to spend more time on patient care without the hassle of bookkeeping, accounting, or other tedious financial paperwork. But what if you could have that kind of convenience in your own practice, or as a partner in an established dental firm?
There is satisfaction in knowing that what you do makes a difference, and even greater satisfaction in knowing the success you achieve is your own – not a corporation’s. We offer several services that allow dentists in the early stages of their career to have peace of mind when taking risks such as opening their own practice or joining another dentist in a partnership.
On that note, how do you value a practice to determine wage-splitting? Is it always 50/50? If you already have an established dental career and are thinking about bringing on a new dentist to help your practice continue to grow, some of the same services we offer new dentists from the buyer-side perspective can be taken advantage of from a seller-side perspective. Based on the activities a new partner will be performing, we can assess the value of those activities and help devise a plan for dividing income between partners. This service can also be used when dissolving partnerships as a dentist transitions out of the practice.
Some of the services we offer new dentists, or dentists transitioning into or out of a partnership, are:
- Start-up Tax & Entity Planning
- Practice Acquisition Consulting
- Transition & Valuation Consulting
- Partnership Financial Consulting
- Tax & Accounting Services
Let Us Serve You
Just one consultation is all it will take for you to understand the value our firm can add to your dental career. We would be happy to serve you by scheduling a free initial consultation to discuss the financial statements for the practice, and to determine if our firm is a good fit for the needs of your practice. For more information about the specific services Parkhurst & Associates offers, or to learn how we can help you save money on taxes, better understand the financial side of a dental office, or grow your practice by correcting inefficiencies give us a call at 512.582.7500. We look forward to working with you as your Dental CPA Firm!
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