When it comes to dental practices, there are many moving parts. From income and overheads to fees and taxes, it’s a lot to keep track of. The importance of proper dental clinic financing cannot be understated. It doesn’t matter if you’re the best dentist in town; if you don’t manage your finances properly, you’re not going to be able to build and maintain a profitable, financially stable dental practice. Here we discuss how to run a successful dental practice by properly managing your finances.
Hire an Expert
The best course of action for any dental practice is to hire a financial expert, ideally one with specific dental practice expertise. As a dentist, you’re likely not a financial expert, so how can you be expected to manage your finances efficiently? Hire someone with expert knowledge in the field so you can better carry out your own expertise without further financial stress.
Even with an accountant advising you on financial matters, you still need to provide the data necessary for them to assess your practice’s finances. Dental software is essential in this matter. Accounting software makes it easy to track revenue, expenses, and other financial data to provide your accountant with an accurate picture of your income and outcome.
Exact dental software is one such example of this. It automates many of the mundane but entirely essential management tasks that will collectively determine the financial success of your dental practice. Dental software provides a range of features that allow dental practices to benefit from increased efficiency, giving you more time to focus on patient care.
Equipment Financing & Leasing
The healthcare sector is ever-changing; practices evolve, and equipment is enhanced at blinding speeds. Dental equipment is a costly resource, but it is imperative to perform your services. If your equipment is outdated or broken, financing or leasing this equipment may be the right decision for your dental clinic. Certain finance providers will offer 100% of the cost financing with alternative methods to acquire the tools your clinic needs to run. This includes everything from computer hardware and software to supplies and equipment.
Small Business Loans
Has covid hit your business hard? Do you want to make upgrades to your current practice? Investing in equipment, services, or upgrading your facilities are all worthy endeavours, but you will most likely require additional cash flow. A loan can assist any dental practice in achieving its goals, whatever they may be.
A small business loan offers you financial flexibility in otherwise tight financial situations. They deliver a fast injection of cash with short or long-term payment options catered to your business so you can feel secure knowing your business has the finances it needs.
Get Help Organising Your Finances Today
Maintaining a profitable dental clinic might seem a daunting task, but you can minimise your expenses and maximise profits when you take the proper steps. If your dental practice needs financial assistance, do not hesitate to reach out to Henry Schein. We are the financial experts, so you can focus on what’s important. Get in touch today!