Running a dental practice entails more than just providing excellent patient care. To thrive in today’s competitive market, dentists need to embrace the power of data-driven decision-making. That’s where Key Performance Indicators (KPIs) come into play. KPIs act as compasses, guiding dentists toward practice growth, operational efficiency, and financial success. In this blog post, we […]
How To Earn Your Tax Planning Green Jacket
The snow is gone in Michigan and we are watching Tiger Woods make an unexpected return to golf at the 2022 Masters in Augusta, Georgia. For many Michigan residents, the Masters marks the start of spring and a turn towards warmer weather. For many Michigan accountants, the Masters marks the winding down of our busy […]
How To Create A Simple Bonus Incentive For Mid-Level Providers
In today’s post, we’re talking about incentive bonus plans for mid-level providers. Specifically, I’ll show you a simple method you can use to calculate an incentive bonus based on collections. If you’re a physician owner hiring a new mid-level provider, or if you need help restructuring a new compensation plan, this one’s for you. Let’s […]
Should You Offer Remote Patient Monitoring Services?
When I first started working in the healthcare consulting business I worked with a physician who had a propensity to spend more money than he made. So I made him promise me that he wouldn’t spend another dollar on the practice unless he called me first to talk about the purchase. He agreed. But it […]
HHS Provider Relief Funds: 2021 Reporting Requirements
Roughly $175 billion were distributed to America’s healthcare providers in 2020 through the HHS Provider Relief Fund. The intent of this money was to help hospitals, physicians, dentists, and other healthcare facilities pay for increased COVID-related expenses and supplement lost revenue. With notable speed and convenience, the government did their job to get money into […]
FFCRA Tax Credits: What Practice Owners Need to Know
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide qualifying employees with additional paid time off. To cover these extra wages, your practice can claim FFCRA tax credits. The purpose of this article is to help practice owners understand four things: What are FFCRA tax credits? Who qualifies? How do you claim […]