Veros Dental

As the end of the year approaches, I’ve been meeting with several clients to review various aspects of their practices.  In the next couple months, you should not only be discussing your potential tax liability or equipment needs, but you should also perform a quick overall review of your practice.

Things to consider for 2012 as you recap 2011…

• Staffing
  What additional needs do you have for 2012? Have you thought of adding benefits or doing compensation reviews?
• Operations and the layout of your practice
  Are you in need of additional chairs or equipment?  How is your current space working for your practice? Is 2012 a good time to make some adjustments?
• Fee schedule
  When was the last time this was reviewed or updated?  Are your current fees competitive?
• Benefits
  Is your office ready to implement a retirement plan, officer health insurance, or any other benefits?
• Office cash flow
  How much cash is being retained in the practice?  Many doctors keep too much cash in their practice.  Once you establish the “minimum” amount you should be retaining, ensure you are then using the excess cash to meet your practice goals (paying down debt, increasing salaries, contributing to retirement, etc.)
• Marketing plan
  Revisit your current marketing plan.  What are you NOT doing?  Put a plan together for the new year to ensure you are meeting your marketing calendar goals.
• Review of insurance companies
  Are you ready to drop off a few of the PPOs you’ve been accepting?  Do you need to add a few more?
• Practice and home debt
  When was the last time you refinanced your home mortgage?  What is your practice debt’s current interest rate?  Are you eligible for refinance?  Review your current debt terms and determine if now is the right time to refinance.
• Lease
  When is your office lease up for renewal?  Is this the space you want to continue practicing in?  Review your options and plan ahead!
• Practice goals and budget for 2012
  Review the 2011 year-end but also think about the goals that you want to accomplish for 2012 and start mapping out the next year!