Dental News

Spring Cleaning Part 1

By |March 30th, 2015|

It’s that time of year again-spring cleaning. This annual cleaning ritual shouldn’t be limited to your home, though. Reflect on your dental practice, and you might find a number of ways to tweak systems or procedures to improve your bottom line. Incorporating this type of analysis into an annual routine could reap rewards by keeping your office current and your staff engaged.

First, break down your practice into four main areas: operational, financial, human resources, and marketing. Next, examine your current processes and systems for each area to determine what is working and what needs some improvement.

Smooth Operations

Operations are the heart of your practice. They include your scheduling systems, equipment, and facility. Your success hinges on keeping your practice running smoothly, and your staff occupied. A good scheduling system should take the administrative burden off your staff. Even an automated scheduling system may not be as efficient as it could be.

Many practices think they are operating at full capacity when they […]

Why Lease When You Can Own?

By |February 27th, 2015|

By: J.P. Blevins

Are you currently debating whether to lease or purchase space for your new practice? If so, the answer is quite simple: Purchasing the real estate will likely prove to be more financially beneficial when it’s time to retire.

You might ask, how so? Purchasing commercial real estate opens up the door to years of tax benefits, and the value of your property should appreciate over time. In some areas, it may even be ultimately cheaper to purchase and outfit a building as opposed to building out the office you are renting. Plus, the owner is given the opportunity to construct the office space to their preference rather than needing permission to build out.

Another advantage to owning is that when you choose to retire, you can sell the practice and property or sell only the practice and lease the commercial property. If you purchase commercial real estate with space for tenants, the owner will have opportunities for additional cash flow […]

Why Now Is A Great Time To Build Your Practice

By |January 5th, 2015|

If you’ve been thinking about building your own dental practice, now’s a great time to jump in.  Market conditions continue to support favorable mortgage rates and construction costs. In addition, owning your commercial property still appears to be a reliable and potentially profitable investment for your future.
Favorable commercial property values
Commercial property values are at their lowest level in decades, providing purchasers an opportunity to obtain far more for their investment than they could have just a few years ago. Plus, property values are likely to increase over time as the economy recovers, making commercial real estate a relatively secure long-term investment. Commercial property can also become a potentially valuable source of retirement revenue – either through outright sale of your practice and the underlying property, or through sale of your practice and lease of the property, creating a life-long revenue stream.
Historically low mortgage rates
As with residential properties, commercial real estate mortgages continue to be at historically low levels. Today it is […]

Know The Key Players In Your Loan Process: Borrower

By |December 22nd, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Borrower
As the borrower, your role is to make sure there are no holes in your financial story. The more complete your application package is, the easier you will make the process for the bank, and for you. Furthermore, a clean, well-organized and complete package can leave a positive impression that may serve you well in the future when seeking additional funding.
If you are requesting funding for a startup dental practice, be sure to include a thorough business plan. For a practice acquisition, expansion or construction loan or refinancing package, lenders typically require your business […]

Know The Key Players In Your Loan Process: Closer

By |December 17th, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Closer
Once a commitment is made by the institution to provide financing, the closer assembles, verifies and prepares closing documents in order to complete the loan transaction. The closer arrives at detailed and accurate financial numbers, prepares all required paperwork for the borrower to sign, and walks the borrower through documentation to make sure everything is understood and the deal is successfully completed or closed. The closer also ensures proper funding of the loan.

Know The Key Players In Your Loan Process: Chief Credit Officer

By |December 16th, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Chief Credit Officer
The chief credit officer holds a senior management level position, often working in conjunction with the bank’s board of directors and senior officers to ensure the quality of the bank’s lending portfolio. The chief credit officer has the final say on whether or not to lend, providing ultimate approval or disapproval of each loan application that comes through the bank’s door. An experienced CCO can review and approve or reject a loan application in about 48 hours. The chief credit officer may also create policies and guidelines for granting credit to the […]

Know The Key Players In Your Loan Process: Underwriter

By |December 1st, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Underwriter
The underwriter is perhaps the most influential person in the loan process. He or she researches and prepares your financial “story” and presents it with the loan package to the credit officer. The underwriter develops a detailed credit memo summarizing the background of the borrower and specifics of the loan package, and then presents the credit memo to the credit officer who approves or rejects the loan request. Key responsibilities of the underwriter include verifying that all information provided by the borrower is accurate and assessing the eligibility of the borrower to receive the […]

Know The Key Players In Your Loan Process: Lender

By |November 24th, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Lender
Many borrowers tend to believe their lender is responsible for approving their loan application. The true role of the bank lender is to provide the interface between you and the financial institution by collecting the information necessary to prequalify you for funding and ultimately gaining loan approval from others in the bank. The lender ensures that the borrower represents a reasonable financial risk for the institution, and the financial institution is able to offer a favorable financing package. Once all the necessary information is collected from the borrower, the lender packages the loan request […]

CEREC Annual Owners Symposium

By |October 28th, 2014|

Over the weekend, Live Oak Bank took part in the CEREC Symposium, featuring 900 of the most intuitive, technology-focused dentists in the country. It was a great conference held at the Aria Hotel & Casino in Las Vegas. We visited with a few of our existing customers; it was amazing to hear about their success and practice growth over the last couple years.  Looking forward to heading back out to Scottsdale, AZ for next year’s conference!

Equip Your Practice Now And Save With Tax Incentives III

By |September 23rd, 2014|

Qualifying Purchases

Most tangible goods including off-the-shelf software and business-use vehicles (with some restrictions) qualify for the Section 179 deduction.  Equipment and software must be placed in service during the tax year for which the deduction is taken in order for the deduction to apply. But you don’t necessarily have to pay for the equipment in the year it is deducted. You can purchase and install new equipment in December, write off the full purchase amount in 2011, and start paying the financing on your equipment in 2012 using some of the savings from your deduction!
 
So now is an excellent time to upgrade your practice with the latest in dental equipment and software. It’s unlikely you’ll find a better opportunity to build your business with significant financial assistance from the U.S. Government.

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