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Dental Accounting Association

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CPA Accountant - Dental Practices

Free Dental Seminar and Dinner

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For Dental practices in Colorado and New Mexico, there is a free dental seminar on Wednesday, November 1, 2017 from 6pm to 8pm.  The dental seminar is being hosted by:

  • Gheen and Company CPA with offices in Colorado Springs and Denver
  • Carr Healthcare Realty – the nations leader in healthcare realty for dentists, doctors and veterinarians
  • Zions Bank

To register for the event, please email [email protected].

Topics of discussion include:
-Leasing vs owning office space
-Understanding commercial real estate loan options
-Understanding the latest technology in collection services
-Forming an efficient tax and accounting ecosystem
Gheen and Company is a Dental CPA Firm servicing dental practices throughout Colorado, New Mexico and Arizona.  To learn more about Gheen’s dental services, contact Luke Gheen directly at 719-785-4864.

Dental Student’s Guide to Disability Income Insurance

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In our work with dental students across the country, we spend a lot of time talking about the importance of disability income insurance. Once students understand how important it is to put this insurance in place early on in their careers – ideally while still in school, the next question is how to obtain it.

I know I need disability income insurance. How do I get it?

Buying insurance isn’t like a buying a computer, a car or a house. You can’t just go and get it. You have to apply for it. This means that you have to identify one (or more) insurance companies, and with the help of an insurance agent or financial advisor, apply for their product. After the application, you go through underwriting. Underwriting is just a fancy word for the research and evaluation that insurance companies do to make sure you qualify for insurance coverage.

How do I know whether I qualify for insurance?

Determining whether you are insurable depends on three major factors: your health, age, and income.  As a dental student you will not have to worry about your income – the insurers know that you are temporarily limited in income while you are undergoing training and paying for an expensive education. As a dental student you still qualify for disability insurance, but the amount is capped at $5,000 per month of benefits. Later, as your income increases, you have the option to increase your coverage. Also, insurance is most affordable when you are young and healthy – so get it as soon as possible while you are still young and healthy.

Ready to get started?  

After conducting an interview with you (no need to prepare, this is just a friendly conversation) an insurance agent will take your application for disability income insurance.  This application will ask for basic information like your name, phone number, address, as well as questions about your health history. This process generally takes 15-30 minutes.

Next up: the medical exam

As scary as this may sound, the medical portion is really painless. Your application is submitted to the insurance company, and they in turn order a medical exam.  The insurance company contacts you to set up a day and time that works for your schedule. The best part is that you will not need to go anywhere to complete it. The nurse or paramedic will come to your home or to your place of work. They will draw some blood, measure your height and weight, take your blood pressure, and ask you some medical questions.

The offer

Now can you buy the insurance? Not yet.  From this point the insurance company will review the results from your medical exam, and request your medical records from your primary care physician.  Getting your medical records from care provider can sometimes delay the approval process.  After these are received and reviewed, the insurance company makes you its “offer.” In simplest of terms, the offer is the insurance company’s way of telling you how much they can insure you and how much it will cost. If you like the terms of the offer, all you have to do is sign the paperwork, accept the policy and pay the insurance company for your first month of coverage.

How much does the application and underwriting process cost? 

Absolutely nothing. The insurance company pays for the entire underwriting process.  And you will not be required to pay for your policy until underwriting is 100% complete, and you accept the insurer’s offer.

What happens if I decide not to purchase the policy? 

You are not required to purchase the policy, nor are you out any money, nor will it affect you in any way.  The medical exam that you completed will be good for 6 months, so you can reapply later with that company if you change your mind.

 

Z - Christian - T and HSource – This article was provided by Christian Pearson, National Director of Dental Partnerships at Treloar & Heisel.  

Treloar & Heisel is the premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service. For more information, contact us at 800-345-6040, [email protected], or visit us at www.treloaronline.com

Orthodontic Emerging Trends – Practice Transitions

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Z - Bentson CoppleOn August 23rd, Doug Copple from Bentson Copple & Associates provided the Dental Accounting Association with a comprehensive update on the orthodontic industry.

Bentson Copple & Associates provides orthodontic practice valuation, transition, and search services.  Bentson Copple was established in 2004.  In 2006, reSource was launched as a newsletter publication and now reaches 1,900 orthodontists in North America.  And over the past few years, Bentson Copple has grown aggressively providing independent valuation, transition and doctor search services.

The roots of Bentson Copple are built around Chris Bentson’s leadership as the Editor-in-Chief.  He has personally visited over 1,000 orthodontic practices in North America and is a prominent Board Member (AAOFTT, Ortho 4D, AAOF, etc.).

Z - Bentson - Doug headshotMany of the insights provided by Doug Copple came from their annual resident survey which has served as an industry standard to measure orthodontic practice dynamics, changing technology, inroads made by corporate dentistry and future trends.

The Dental Accounting Association was thoroughly impressed with the insights provided by Doug Copple.

Protecting Dentists from Financial Threats

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T & HJoin us to learn how to better protect dentists from financial threats and risk.

On July 20th, Treloar & Heisel will share insights on the common threats dentists face to their financial future and how to better protect them from these risks.  The educational session will be instructed by Christian Pearson, National Director of Dental Partnerships, and Shawn Johnson, VP of Sales.

Treloar & Heisel started as a family enterprise over fifty years ago and has grown into the financial services leader for dental professionals offering insurance, financial planning and investments.  Today, they service thousands of dentists and medical professionals from residency to retirement.

 

Florida Dental Convention

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DAA Booth - FL Dental 2Join us this week at the Florida Dental Convention.  The show starts today, June 22nd and runs until June 24th at Gaylord Palms Resort.

Over 7,000 dentists are expected to attend.  Stop by and visit us at booth # 1205.

The Dental Accounting Association is a collaborative group of CPA Firms throughout the United States.  Our members provide tax reduction, dental benchmarking and profit coaching services to dentists.  Each firm avoids hourly billing at all costs and provides their services on a fixed fee basis to avoid any billing surprises.

 

Dental Accounting Assoc Heading to FL Dental Convention

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Z - FL Dental ConvThe Dental Accounting Association is making final plans for our trip to the Florida Dental Convention on June 22-24th at Gaylord Palms Resort.

If you are planning to attend, visit booth # 1205. Our booth will be staffed by Peter Freuler and Mark Sizemore.

Peter J Freuler, CPA is Orlando based and services dental practices throughout Central and South Florida.  Mark Sizemore is owner of Sizemore & Associates in Jacksonville.  Sizemore and Associates services dental practices throughout North Florida, Panhandle and Southeast Georgia.

Dental Accounting Assoc members strive to minimize taxes legally and provide dental practices of all types with dental benchmarking and profit coaching.  Each firm avoids hourly billing at all costs.  Our members provide a fixed fee that is understood upfront.

The Florida Dental Convention is expecting over 7,000 dentists to attend.