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Dental Accounting Association

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Archives for September 2016

Building a Dental Office – Project Financing 101

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wf-practice-financeOn September 22nd, Wells Fargo Practice Finance provided a webinar to the Dental Accounting Association titled Building a Dental Office – Project Financing 101.  The webinar informed the Dental Accounting Association members on the unique approaches that Wells Fargo Practice Finance takes to the dental practice community.

The webinar covered the key dental team members needed on the project, different types of financial lenders, and different types of loans that dentists need at various stages of transition.  Whether the need is acquiring a dental practice vs starting up a new practice, the webinar illustrated why a specialty lender such as Wells Fargo Practice Finance can be a key member for financing dental loans.

The Dental Accounting Association consists of fifteen (15) CPA Firms around North America focused on delivered superior tax guidance, accounting oversight, and practice coaching for dentists.  The Dental Accounting Association collaborates with dental industry experts to provide a higher level of expertise that generalists can not provide to dentists.

This webinar was the seventh webinar provided within the last six weeks as we collectively prepare for year-end tax planning and financial changes needed between now and year-end.

Dental CPA Firm in Florida – Sizemore & Associates

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sizemore-headshotIf you own a dental practice and searching for a Dental CPA Firm that understands tax planning for dentists, dental practice coaching, and dental practice management, then meet Mark Sizemore.  Mark operates a Dental CPA Firm servicing dental practices in Jacksonville, Gainesville, Tallahassee, Pensacola and Southeast Georgia.  Mark has over twenty years of accounting experience with in-depth expertise in medical facilities and dental practices.

Sizemore & Associates CPA is a Florida Certified Public Accounting (CPA) Firm servicing pediatric dentists, oral surgeons, orthodontists, and general dentistry practices throughout Florida and Georgia.  He also has medical facility clients throughout major parts of the country.

Mark is a proud graduate of the University of Florida.  He is also a member of the Dental Accounting Association and American Institute of CPA’s.

In addition to working with all types of dental practices, Mark makes a concerted effort to help new dentists and offers a new dental program.  To learn more about how Sizemore & Associates CPA helps younger dentists with the transitions, he offers a free eBook called The First Few Transitions as a New Dentist.  To receive the free eBook, simply complete the form.

If you are searching for a higher level of dental accounting and tax expertise, contact Mark at 904-334-4651.

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Should Dentists Use a Generalist CPA or a Dental CPA?

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Similar to dentists, Certified Public Accountants (CPAs) are licensed and regulated by the state.  They also have disciplinary review boards and continuing education requirements.

Typically, CPA Firms operate as generalists and work with everything from individuals to small businesses to non-profits to corporations.  And while being a generalist makes them well rounded, it can also be limiting if you want additional expertise like dental benchmarking or dental practice coaching.

specialist-vs-generalistWithin the typical CPA practice, the Generalist CPA Firm will service lots of small businesses that use QuickBooks because it is the predominant accounting software program for small businesses in the United States.  However, they seldom have a concentration of businesses within any one industry so the industry specific insight is limited.  For example, a Generalist CPA firm will typically have a couple medical clients but the concentration of dentists within their practice is very low (maybe 1-3 at best).  As a result, providing dental practice benchmarking or practice coaching is not something they can reasonably provide because dentists comprise a very low percentage (less than 5%) of their overall mix.

Conversely, a CPA Firm that concentrates on the dental industry can not only review QuickBooks, provide tax reduction planning, and provide best practices benchmarking for a dental practice your same size, but should also provide insight into the best local providers for:

  • Dental Law Firms
  • Dental Banking
  • Dental Real Estate
  • Dental Brokerage
  • Dental Insurance
  • Dental Practice Cost Segregation

If you are searching for a higher level of expertise at key points in your dental career, it really pays attractive dividends to align yourself with a CPA Firm that is focused on the dental industry.  Below are some of the most important inflection points for hiring a Dental CPA:

  • Incubator Stage – While working in Corporate Dentistry or attending dental school, it really pays to create the right professional relationships to overcome obstacles to dental practice ownership.
  • Growth Stage (first five years of ownership) – Decisions ranging from office location to practice type to office staff can have profound impact on production, cash flow, client acquisition, and debt reduction.
  • Adolescent Stage – Decisions focused on technology upgrades, remodeling, office design, improved work flows, and improving clientele quality.
  • Maintenance Stage – Most of this phase focuses on saving for retirement.
  • Exit Stage – Most of this phase is focused on maximizing the value of the practice for sale.

DAA-logoThe Dental Accounting Association is a proactive group of Dental CPA Firms that attend dental trade shows, dedicate time to dental industry education, provide dental practice benchmarking, actively put you into the best possible tax position, and can recommend the best dental providers throughout the key stages in your career.  If you would prefer to avoid some bumps in the road and would like a higher level of expertise, then hire a CPA Firm that concentrates on dentists and has gotten better with time by coaching dentists successfully through the vital stages of life.

Shortage of Dentists by State

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dental office interior design with chair and tools
dental office interior design with chair and tools

The US Department of Health and Human Services regularly reports on areas that experience over-saturation and shortages for certain health professionals.  The challenge is providing a delicate balance of enough new dentists coming out in the right geographic area of the country and not creating too many oversupply areas as well.

And while this delicate balance is measured on a market by market basis, here is a simplified version on a state by state basis according to the US Department of Health and Human Services.

The math equation is pretty simple.  For dentists, the ratio is 1 dentist is needed for every 5,000 people.  Nationally, the US shortage of dentists is estimated to be 7,300.  The challenge is that certain areas of the country are growing rapidly while certain metropolitan areas are declining in population.

States that need dentists the most

  1. Florida – needs 933 dentists – has just 3 dental schools
  2. Arizona – need 432 dentists – has just 2 dental schools in Arizona
  3. Texas – needs 402 dentists – has just 3 dental schools in Texas
  4. Illinois – needs 399 dentists – has just 3 dental schools in Illinois
  5. Georgia – needs 354 dentists – has just 1 dental school in Georgia
  6. Tennessee – needs 341 dentists – has just 2 dental schools in Tennessee
  7. Pennsylvania – needs 310 dentists – has just 3 dental schools in Pennsylvania
  8. North Carolina – needs 304 dentists – has just 2 dental schools in NC
  9. Alabama – needs 303 dentists – has just 1 dental school in AL
  10. New York – needs 302 dentists – has just 4 dental schools in NY

Over the past five years (as measured by US Census), below are the corresponding population changes for the top five states that need more dentists.

  1. Florida – +7.8%
  2. Arizona – +6.8%
  3. Texas – +9.2%
  4. Illinois – +0.2%
  5. Georgia – +5.4%

And within Florida and Texas, think about these cities growing over the past five years:

Fastest Growing Cities in Florida                                Fastest Growing Cities in Texas

The Villages – +26.1%                                                      Midland – +17.6%

Ft Myers – +13.1%                                                            Odessa – +16.3%

Orlando – Kissimmee – +11.7%                                   Austin – +15.8%

Ft Walton – Destin – +11.1%                                        Houston – +11.9%

Naples – Marco Island – +10.7%

The reality is that population shifts can change much faster than the migration of dental practices and dental schools.  If you are a young dentist seeking to move into a rapidly growing city, then I would highly recommend contacting an established Dental CPA Firm that understands the rapidly growing areas.  Here are a few Dental CPA Firms worth contacting.  Each of these firms has a program for new dentists and can quickly put your touch with the right dental experts locally ranging from dental real estate to dental law to dental lending to dental insurance.

Florida Dental CPA Firm – Central/South – Peter Freuler Jr CPA – www.medical-cpafirm.com

Florida Dental CPA Firm – North/Panhandle – Mark Sizemore CPA – www.dental-cpafirm.com

Texas Dental CPA Firm – Mike C Manoloff CPA – www.cpa-dentists.com

Illinois Dental CPA Firm – 1st Chicago Accounting – www.1stdentalcpa.com

Georgia Dental CPA Firm – R. Lee Pennington CPA – www.atlanta-dentalcpa.com

North Carolina Dental CPA Firm – Robert Gomez CPA – www.cpadentists.com

New York Dental CPA Firm – Mark Feinsot CPA – www.dentists-cpafirm.com

California Dental CPA Firm – San Diego – MW Orlando CPA – www.calcpa4dentists.com

California Dental CPA Firm – Los Angeles – The Rosson CPA – www.caldentalcpa.com

California Dental CPA Firm – Orange County – Morey & Assoc CPA – www.mydentistcpa.com

California Dental CPA Firm – Central / San Jose – Only for Dentists – www.onlyfordentists.com

Colorado Dental CPA Firm – Gheen & Co CPA – www.dentistcpafirm.com

Ohio Dental CPA Firm – Central / South – Siebert & Reynolds, CPA – www.cpa-for-dentists.com

Ohio Dental CPA Firm – Michigan Dental CPA – Overwatch Dental CPA’s – www.overwatchltd.com

 

ADA 2016 in Denver – Gheen & Co CPA

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z-ada-annual-denverIf you are planning to attend the American Dental Association Annual meeting in Denver, please visit booth # 3717 and ask for Luke Gheen.

Gheen & Co CPA is a Colorado CPA firm with offices in Denver and Colorado Springs.  Luke is a also a prominent member of the Dental Accounting Association and his firm focuses on tax reduction, dental practice management and dental accounting.  They currently service all types of dental practices ranging from orthodontists to oral surgeons to pediatric dentistry.  They even provide a new dentist program and have spoken to dental schools regularly on dental financial management.

Dental CPA Firm – ADA Annual meeting

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American Academy of Periodontology Annual Meeting

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z-aap-perio-mwoIf you are attending the 102nd American Academy of Periodontology Annual Meeting, please stop by the booth for MW Orlando CPA and ask for Mark.

MW Orlando CPA is a San Diego CPA firm focused on dentists.  They are also a member of the Dental Accounting Association.

MW Orlando CPA provides customized dental practice coaching, dental practice accounting and is aggressive on tax strategies designed to lower your tax liability legally.