CPA Dentists | One reason that many dentists find their field so exciting is that they are able to establish their own practice. This allows you to work by yourself or within a partnership environment. Either way, you are at the top of your business. Effectively being a small business CEO comes with a set of responsibilities occurring outside of your appointment rooms. Dentist must make investments in their time to ensure that their practices remain profitable. So they must have a firm grasp on things like revenue, overhead and marketing techniques. Here are some ways that you can work with a dental CPA to help your dental practice grow even more profitable.
Priority Number One: Analyze Your Expenses
This is the first step for any dental practice that wants to increase their profit margins. You need to begin by producing an itemized list of your monthly expenses. This list should include things like supplies, equipment, employee salaries, rental cost, property taxes or liability insurance. Go over this list carefully to find anything that is not completely essential or anything your dental practice is spending an inordinate amount on.
You will probably find that you can reduce your overhead by reducing expenditures on certain supplies, finding ways to lower your insurance payments, or reducing your taxes by writing off more expenses. There are quite a few ways that you can reduce your overhead, beginning with patiently going over your expenses. Having a CPA dentists available is a great way to ensure that these tasks are performed accurately and effectively.
Setting Growth Objectives
Dental practices that do not have specific goals tend to be their own worst enemies. One reason is that being unfocused means that you tend to resort to a state of complacency with your practice. Complacency further leads to stagnant growth and lost profits.
If you want to be profitable, your practice should set clear goals where it needs to be in the short-term, medium-term and long-term. Set clear growth goals regarding how many additional patients your practice should be pulling in within a given time frame, and develop detailed strategies to reaching those goals.
Utilize Online Marketing
Did you realize that most prospective patients seeking out local dentists will use the Internet to locate one? Studies have found that as many as 90% of Americans search on the Internet for local dental practices. You want to have a presence in these Internet searches so that your dental practice’s website reaches as many eyes as it can. The answer is online marketing.
When it comes to online marketing, you want something called search engine optimization (SEO) that has a single goal: getting your dental practice’s website and related services to rank as highly as possible with popular search engines like Google. Boosting your practice’s profile will lead to an increase in patients and profits
Benefits of a Dental CPA
Finally, utilizing the services of a firm will provide you with a benchmark. If aspects of your dental practice, like financial ratios, are not in line with a successful practice, a CPA dentists can correct your course.