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Providing care to your dental patients is a full-time job, and every additional hour you can dedicate to your core competency increases the efficiency and profitability of your business. Alternatively, dentists can switch to a fee-for-service approach, which involves setting your prices for services and collecting payment in full from patients upfront. You or the patient can still submit a claim to their insurer for reimbursement if there is one. Here are some best practices you should follow to minimize the interference of your dental accounting responsibilities in your day-to-day working life. Not only do busy dentists enjoy reducing their time doing accounting, but focusing on your craft is in your business’s best interest. Maximizing the hours you spend on your core competency is highly beneficial to your profitability. Quality Personal Care In conclusion, bookkeeping is an essential part of running a successful dental practice. It allows practices to track their income, expenses, and profits, and make informed decisions about their financial health. By properly managing their bookkeeping, dental practices can ensure their financial stability and compliance with tax laws. Dental practices present unique accounting challenges requiring specific dental bookkeeping and accounting services. Besides, today’s challenging business environment prompts dentists and dental practices to use accurate techniques in business planning, accounting, and bookkeeping for the success of their enterprises. Let’s talk about how WCG can provide timely and accurate financial statements… but let’s also talk about how we can help use those financial statements to leverage the most out of your dental practice. Bookkeeping can be one of the most time-consuming aspects of small business accounting when you do things by hand. I have also been recently honored, when I was named to the Visiting Faculty at the Scottsdale Center for Dentistry. First, dental practices can go with the traditional route of being a participating provider. That’s because litigation is one of the most significant risks in the healthcare industry, and you can’t afford to leave yourself exposed. Included in our bookkeeping service: You need to make sure that the bookkeeper you choose can cope with your practice’s growth without sacrificing your financial data’s quality, accuracy, or timeliness. The payroll costs for your team of practitioners will be listed under your cost of goods sold category, while your admin staff will be listed under overhead expense. There are several reasons why dental bookkeeping dentists and oral surgeons decide to outsource […]

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