Welcome to the treasure trove of dental practice wisdom! If you’re a dental practice owner, new dentist, or an office manager looking to sharpen your financial acumen, you’ve struck gold. In this blog post, we distill the expertise of Amanda DeMoura and Sarah Hamlin—dental industry veterans and leaders at Essential Dental Services—into five golden nuggets of knowledge that will help you keep your practice’s finances sparkling.
1. Understanding How Your Office Gets Paid
It’s not just about treatments; it’s about transactions too! Dive into the nitty-gritty of insurance payments—are they electronic funds transfers (EFTs), paper checks needing bank runs, or those pesky virtual credit cards? Each method has its own set of pros and cons that can impact your bottom line. Stay informed about how often payments are posted and ensure there’s a process in place for reconciling EFTs regularly.
2. Crafting a Solid Financial Policy
A strong financial policy is like a sturdy crown—it protects both patient relationships and your revenue stream. Make sure everyone on your team knows whether patients pay upfront or after insurance claims are processed—and stick to it!
3. Who’s Handling Your Money?
Keep an eagle eye on who manages the cash flow in your office. From posting payments to making adjustments, ensure there are checks and balances in place to prevent embezzlement—a surprisingly common issue in dental practices.
4. Running Basic Reports: A Must-Have Skill for Owners
Production numbers might make you feel like a rockstar dentist but remember—the real headliner is collections since that’s what truly reflects money coming into the practice. Learn how to run basic reports such as production vs collection comparisons, outstanding claims reports, A/R aging summaries—and actually review them!
5. Payroll Proficiency: More Than Just Numbers
Whether it’s running payroll yourself or understanding how hours are tracked and employees paid (hourly? commission-based?), having hands-on knowledge can save the day if someone on staff is unexpectedly out.
While these insights may seem overwhelming at first glance—especially if you prefer focusing on molars over money—they’re crucial for maintaining a healthy financial pulse in
Be sure to check out our podcast episode on this topic: https://amandaws.podbean.com/e/5-things-every-doctor-should-know/