Dental News

The Dental category is for all Dental related posts.

How to Write a Business Plan

By |September 17th, 2012|

If you’re considering a loan to start-up, build or expand your practice, you’ll need to present a thorough business plan as part of the application process. A business plan shows potential lenders you have a well thought-out strategy for building income and profit, giving them the ability to assess risk. The quality of your plan can affect the terms you receive from your bank. But more importantly, a good business plan functions as your roadmap to practice growth, detailing how you expect to succeed and how you will measure that success.

The following are the key elements of an effective business plan. For a more thorough description of how to develop a business plan, visit the U.S. Small Business Administration website at www.sba.gov.

Executive Summary
Perhaps the most important section for lending institutions, the goal of the Executive Summary is to convince the reader that you have a viable business proposition. Here you introduce your business strategy and provide a concise [...]

Equip Your Practice Now and Save with 2011 Tax Incentives

By |September 17th, 2012|

EQUIP YOUR PRACTICE NOW AND SAVE WITH 2011 TAX INCENTIVES 

The next few months are perhaps the best time we’ve seen in decades to invest in your dental practice. Thanks to the Tax Relief Act of 2010, the 2011 IRS Section 179 tax deduction for equipment purchases is bigger than ever at $500K. But it declines significantly starting next year. So if you’re considering purchasing equipment or software for your dental practice, do it now!

Incentive for Small Business
Section 179 is an incentive created by the U.S. Government to encourage business owners to invest in their companies through equipment purchases. The goal of the legislation is to provide genuine tax relief for small businesses, and since its introduction millions of small businesses have taken advantage of Section 179 and are gaining real benefit. Under the code, if you buy or lease qualifying equipment, you can deduct the full purchase price of the equipment from your gross income, saving you potentially [...]

Interview with Dr. Steven Beuligmann

By |September 17th, 2012|

Interview with Dr. Steven Beuligmann from The New Dentist

We recently spoke with Dr. Steven Beuligmann of Carlsbad, California about his practice expansion project. Here is his personal story.

You had a successful practice for over 20 years but wanted to change your location to a larger facility. Why?

My practice was originally located in an old office complex; it was small and antiquated with no room to expand. There was no space for new equipment, parking was inadequate, and there were too few operatories to meet our patients’ needs. We found we were occasionally turning away emergency calls because we had no place to treat the patients. So overall, I found my practice potential was limited unless I could find a way to upgrade my systems and increase traffic flow. But because I live in a small beach community, ideal locations were typically taken by residential zones or smaller office complexes with similar limitations.

About 2-1/2 years ago, a new complex in [...]

Great Time to Build a Dental Practice

By |September 12th, 2012|

WHY NOW IS A GREAT TIME TO BUILD YOUR PRACTICE

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, while the U.S. government has reached out to small businesses with even greater tax deductions for equipment purchases in 2011. 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 [...]

Expand with a Second Practice for Real Growth

By |September 12th, 2012|

As a dental practice owner you continually look for ways to grow your business and expand on your success. But have you considered literally expanding your practice by opening a second location? Assuming your current practice is well grounded with a solid patient base, good management practices and steady cash flow, expanding to a second location can be one of the most dramatic and effective ways to build business success as well as create options for long-term security.

Build Your Business Assets
Just as buying a second home increases the value of your assets and provides profit opportunities for the future, expanding your practice to a satellite location provides several advantages in building your business.

New Market to Tap. At some point your current dental practice will reach a threshold beyond which it cannot grow without additional space, services and clientele. A new market provides an entirely new foundation for growth. Opening a second location to tap into an existing, underserved [...]

Chart Audits: Key to Income Growth

By |September 12th, 2012|

One of the surest ways to increase patient traffic and practice income is to improve your chart auditing system. A chart audit is a systematic review of patient records to identify those who have not kept up with appointments. Ongoing chart audits combined with proactive phone calls to reactivate idle patients offers one of the most efficient, valuable tools for increasing cash flow.

“Not a chart audit!” you might say. Many practices find it burdensome to complete regular chart audits as they’re a time consuming endeavor that entails patient record reviews, phone calls and scheduling. Yet former patients who are not being tapped for needed dental treatment represent lost income, and contacting these patients to schedule an appointment is nothing less than responsible follow-up care.

Steps for Conducting a Chart Audit

Following are the basic steps for creating an effective chart audit system:

1) Chart Audit Report. Start with a Chart Audit Report to avoid the post-it notes, computer reports and files [...]

Assembling Your Office Design Team

By |September 12th, 2012|

The quality and effectiveness of your dental office design has a significant impact on the well-being and comfort of your staff and patients, not to mention your level of productivity. So whether you are building from the ground up, remodeling or expanding an existing facility, you want to surround yourself with a team of professionals who understand the dental industry and what a contemporary, start-of-the-art practice requires.

An effective project team can add valuable input during all stages of the office design process, from negotiations for your commercial lease to selecting office systems software. Assemble your project team early during the project planning phase and consider including:

Commercial Real Estate Broker

Your CRE broker will show you properties that meet your location and cost criteria and negotiate your lease or purchase with the property owner or developer. Negotiating a lease or purchase can be a time consuming and tedious process that requires an understanding of the underlying legal implications. Your broker [...]

Dental Practice – Missouri

By |September 4th, 2012|

Dr. Mehjabeen
Missouri

Our life changed because of you. You made our dream come true. You gave us hope during our first talk and confidence when we were in last minute distress.

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    Live Oak Bank contributes to the National Children’s Oral Health Foundation

Live Oak Bank contributes to the National Children’s Oral Health Foundation

By |August 1st, 2012|

August 2, 2012 – Wilmington, NC – Live Oak Bank has generously donated $1,000 to National Children’s Oral Health Foundation: America’s ToothFairy (NCOHF), a non-profit organization dedicated to eliminating children’s preventable suffering from pediatric dental disease, also known as severe tooth decay. Supporting the delivery of oral health education and care beginning at the prenatal level, NCOHF: America’s ToothFairy has reached millions of children in need through its national non-profit clinical network and volunteer professional and student community service programs.

“We are grateful to Live Oak Bank for their contribution to NCOHF: America’s ToothFairy,” stated Fern Ingber, NCOHF President & CEO.  “The generosity of supporters such as Live Oak Bank is essential for expansion of children’s oral health services and breaking the cycle of this devastating disease.”

“Live Oak Bank is committed to helping the dental community, so we are happy to donate to such a worthy cause,” commented Keith Merklin, General Manager and Sr. Loan Officer at Live Oak Bank. “We appreciate the dental [...]

First Class Dental Facility – Texas

By |April 25th, 2012|

Drs. Chip & Jennifer
Texas

One thing that really impressed us was Live Oak’s willingness to see the ‘big picture’ when other banks could not.  Our vision was to bring a first class dental facility to an area where some banks said it couldn’t be done.  The team at Live Oak took the time to meet us in person and listened to our story.  They looked through our raw numbers and saw the true potential of what we had to offer to our patients and our community.  We worked and negotiated with multiple lenders and just kept going back to Live Oak.  Their people and the way they treated us really made a difference.