Dental Accounting Services
Dental accounting services take a lot of time and energy. And that’s time and energy many independent dentists don’t have. Unfortunately, at the end of the day, dental practices are still businesses, which require administrative upkeep. Practices must have accurate and timely financial information to empower dentists to make better decisions for their growth.
Schedule a free consultation with Synergize Dental by filling out the form. We are always happy to provide support for dental practice accounting or any other business service you might need.
Providing Accounting for Dentists
We maintain all your accounting files with back-ups of each file. We’ll also keep records of all deposits made and monitor timeliness and accuracy of each deposit. If you need us to order banking supplies, we can help with checks, deposit slips, endorsement stamps and more.
We prepare all accounting information for review by SynergizeDental accountants for the preparation of monthly financial reports. These help with budgeting and forecasting to help you achieve the goals you set. And to top it off, we can calculate profit distributions and year-end reconciliation of draws.
Are you ready to have someone else manage all your payroll needs? In addition to the standard, a customized payroll system will give you complete peace of mind and eliminate any distractions from dentistry.
Whether intential or not, fraud is a real problem in the dental industry. Without safeguards in place, you could be putting your practice at risk. We check and balance Day Sheets on a timely basis to help guard against any fraud or mishandling.
5 Common Dental Accounting Challenges
1. Cash Flow
When it comes to maintaining a steady cash flow, dental practices need to optimize the efficiency of accounts receivable and accounts payable. This means keeping an eye on metrics like past-due invoicing, collections, insurance reimbursement, expenses and operating cash flow. Practices that generate and track cash reports on a daily basis can prepare for the future as they notice any fluctuations.
2. Financial Reporting
Accurate financial forecasting and reporting is essential for short- and long-term success. We understand that dentists need to use financial statements to assess and predict practice performance. Accounting analytics can make the difference in creating financial models that monitor historical trends, current practice financial conditions, and best/worst case scenarios.
In addition to internal data, dental practices need to provide financial reporting that complies with federal and state regulations. Dentists will need to ensure they maintain proper documentation, recording and reporting for audits.
3. Expense Management
According to Oversight, spend risk tripled from 2019 to 2020, with fraud activity increasing by 57% from Q2 to Q3 in 2020 alone. Although dentists want to assume the best intentions of their employees, having an accurate and detailed expense management program can reduce unnecessary spending. With a partner like Synergize Dental, dentists can rest assured that any expenses are used to fuel the growth of the practice.
4. Payroll Management
With ever changing laws and regulations at both the state and federal level, payroll challenges persist. Having a dental accounting partner helps dentists with the calculation of earnings, deductions, company contributions, taxes and PTO.
5. Fraud Prevention
According to the American Dental Association (ADA), dental fraud relates to crimes where individuals receive insurance money for filing a false claim, inflating a claim or billing for services not rendered. Although there are many aspects of fraud, it generally requires intent, deception and unlawful gain. This can drive up the cost of coverage for patients and employers, which can directly impact dental practices. If your practice is found guilty of fraud, it will result in fines, loss of dental licenses, and even jail time for extreme cases.
What is your dental practice score?
Practice Vitality Assessment
Speaking from Experience
When it comes to running a dental practice, it can feel overwhelming. Most dentists go to school so they can practice dentistry, not operate all the administrative minutiae of a business. Dr. Scott Craven has been practicing dentistry for over 25 years. His goal in providing accounting for dentists was to eliminate unnecessary burdens from their shoulders.
In addition to understanding a wide range of dental procedures, Dr. Craven has owned and operated dozens of successful practices over the years. He uses his knowledge and expertise at Synergize Dental to ensure every dental practice accounting is smooth and simple.
As a practicing dentist, Dr. Craven understands the challenges dentists face and with his degrees in psychology he has a deep understanding of the mindset necessary to create a thriving dental practice and develop an empowered dental team.
It’s important to work with a partner that not only understands dental accounting, but also the dental industry as a whole. Our network of dentists know they can trust a fellow dentist to successfully support the financial needs of any practice.