One year ago we began the arduous process to become a chartless/paperless office. The task involved scanning all of our charts and documents into our software system (Softdent). We attempted to scan in the patients for the week, prior to their arrival. We also involved our children, having them scan charts during their summer break. With close to 2,000 charts to scan, the process was slow. However, I am happy to report that our staff and doctors are thankful that we are paperless. We were fortunate to have had digital radiographs for several years so we did not have to scan radiographs … [Read more...]
Are You Passionate About your Career or “Job?”
Most likely we all, at one time or another, have questioned if the career we have chosen is the “right” one. (Dentists included!) We know everyday cannot be rosy, but how often have you really stopped to think, “Am I doing what I am passionate about?" One of the best articles I have read was written by John Maxwell in the latest issue of Success magazine. He asks “when you think or talk about your work, does it consume you, do you wake up excited about it, do you go to sleep thinking about it?” Ask yourself the following questions if you feel like you are not doing what you want to … [Read more...]
Financial Planning for Dental CEOs: 529 Plans
My daughter is about to graduate from high school in a few weeks. She will be off to Mount Union for college in August. It is time to tap into that 529 plan that I have been contributing to for the past 10 years. It can be difficult to figure out how much is enough for your child’s college education, especially if they are young, but check out this helpful website. A 529 college savings plan is a tremendous vehicle to save for your child’s education. The benefits include tax free growth, the money is not taxed upon withdrawal if used for college expenses, no income limits and high caps … [Read more...]
The Bonus System and Rewarding Your Staff
Do you have a monthly bonus or incentive plan in place in your office? If you do not, you might want to implement one soon. There are many types of bonus plans out there to choose from. What we have found to be most effective is a plan that all employees will be involved in. Our plan includes a production and collection goal. This will include, of course, the doctors and hygienists producing, the front desk collecting, and the assistants suggesting additional services to the patients while they are in the chair. A bonus plan will force you to evaluate your production and collection … [Read more...]
Dental Practice Finances: Your Credit Score
One of the most important things you can have financially is a great credit rating. Of course, the better the credit score the better the rates for loans etc. One of the best books I have read on what is involved in calculating your credit score and what factors affect your score is, “Pay it Down” by Jean Chatzky. Did you know according to federal law you can access your credit report from all three credit bureaus, for free, once a year? Follow the instructions here to get your report from Transunion, Equifax and Experian. The report may be lengthy and might reveal some “surprises.” … [Read more...]