How Dentists Can Mastering Their Finances
Fortune Northeast coaches have experience with financial planning for dentists and dental practices. We provide financial planning for dental office business owners who are responsible for their own future, as well as the future of their staff.
Six Phases of Wealth Mastery for Dentists
Our model approach to financial planning for dental practices and dentists includes the following six phases:
- Financial Protection
- Financial Security
- Financial Vitality
- Financial Independence
- Financial Freedom
- Absolute Financial Freedom
Five “P”’s to Financial Well-being for Dental Practices
At Fortune Northeast, we help dentists master their finances by providing experienced dental practice financial planning. Learn more about the five “P’s” to financial well-being for dentists and practices.
Our coaches want to make sure dentists and dental practices are financially protected. Fortune Northeast provides consulting for the following areas of financial protection:
- Risk management / insurance – Malpractice, Liability, Umbrella, Disability, Life, Health
- Taxes – entity structure, legal, accounting, bookkeeping
- Regulatory compliance – HIPAA, Licensing, OSHA, Zoning, IT Security, etc.
- HR policy and manual, payroll services, employee benefits
- Team leadership / team culture / communications
- Systems to prevent fraud and theft
The next part of our dental financial planning process is managing payments, which includes:
- In-network with insurance, fee for service model, renegotiating insurance rates
- Financial policy and agreements
- Affordability strategies – cash discount, Plan for Health, Care Credit, Lending Club
- Credit card processing
- Collections/ account receivables cleanup and monitoring
Our coaches assist in monitoring your dental practice’s financial performance. Here’s what is covered with financial performance monitoring:
- Monitors – Dental Intel, Sikka, Square Practice
- Accounting/bookkeeping / computer systems and software for dental practices
- Accountability and consistent, positive communication with team
Profitability and Cash Flow
The next “P” in dental financial well-being stands for profitability, focusing your dental practices on creating profit and cash flow.
- Reading / monitoring financial statements – P&L, Balance Sheet, CF Analysis
- Accounts payable policies
- Lender relationships – debt restructure/refinancing, equipment and RE financing
- Real Estate – renting vs. owning
Planning for the Future
The last financial consideration is planning for the future. Fortune Northeast helps dentists and dental practices plan for the future.
- Transitions, mergers and acquisition, partial sale to associates, multi location/specialty
- Exit strategy
- Retirement planning – Pension, IRA, 401(k), Long Term Care, Health Insurance
- Helping employees plan and save for their retirements
View Our Webinar on 3 Ways to Grow Your Business
In addition to our dental financial planning, we also offer a variety of services to help you grow your dental practice:
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Get Started With Dental Financial Planning
Ready to get started with financial planning for dentists? Using our proven model, the dental practice coaches at Fortune Northeast can help. Contact us at 617-275-2554 or by using the form below to schedule a practice analysis.
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