Top 5 Issues Faced by Dentists
Dentists are committed to provide high standard care to the patients. Along with that, they also keep up with the latest clinical techniques and technologies for managing and operating the practice.
Even after performing all these things, the success of dental practice is uncertain which the dentists certainly have no control over. Have a look at the issues that is commonly faced by the dentists in their practice.
Economy
While everyone is affected by the economic downturn, dentists shouldn’t make it as an excuse for not taking charge of their job. Dental practice owners should educate patients on the importance of addressing small dental issues immediately which can turn into expensive health threatening issues if not addressed.
Staff Consistency
Sometimes all the staffs may be not consistent in their work due to low self-esteem which can bring down the office atmosphere. That is why it is very important to correct it as it also helps to create a positive environment for the patients too. A calm dental office can also ease and make the patients relax until all the procedures are done. For motivating staffs, holding off-site team building meetings can help to increase morale and thus productivity of the staffs.
Annual Budget
A budget should be prepared for understanding the financial data of the dental practice. It can be made by using the previous years’ financial data and key benchmarks for setting goals for the current year. QuickBooks can be used for creating a budget which will also help to determine the trends and indicate areas that need attention.
Fee Schedules
If the dental practice owner doesn’t remember the time of last fee update, it is time for re-evaluating the fee structure. From small changes to routine procedures, they can have significant difference and benefit a practice so strong financial policies should be implemented.
Internal Controls
If the cash flow is good, any practices can become satisfied. But, are the collections reasonable and the patients aren't paying late? It is vital to see this statistics for which a dental accountant comes handy. A dental accountant will create a policy for collections that adheres to both in boom times and in slow periods. And, for significant treatment plans, it is best to ask the patients for an upfront payment to ensure no dues in future.
About Phoenix Tax Accountants
Phoenix Tax Accountants is a group of accountants which specialise in accounting, tax, VAT and audit services for the medical professionals including dentists, doctors and general practitioners. Call us today at
075 1807 5357 if you need dental accountants in London.
