PRACTICE PLANNING
Are you trying to determine if buying a practice or starting one is the best approach? Every dentist strives to reach their goal of having a profitable practice, but it's not always clear as to the correct path.
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Practice owners often strive for a more rewarding practice but building a successful practice is a marathon, not a sprint. To achieve your desired result, one must stay focused on the plan, not on distractions.
STRATEGY AND OPERATIONS
What is strategy and operations? You may not be able to make the necessary adjustments needed to grow your practice without first understanding how these two things fit together.
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Practice Growth Advisors provides strategy and operations consulting and will take the time to review all of your professional goals and help with the direction you should be going. We will work with you to review quarterly cash flows of the practice and address overall financial issues. This includes accurately evaluating your practice, reviewing your marketing and advertising strategies and may require adjustments to the company structure, collections, operations, staff and management.
IMPROVING PROCESSES
An inefficient practice can increase stress not only for the owner but also among the staff. Many practice owners don't collaborate with other owners and are often unaware of inefficiencies present within their own practice. This can result in a poor patient experience, poor staff morale, added operational costs and lost profits. Practice Growth Advisors will work with you to evaluate the current financial condition and performance of your practice then implement efficiencies to help create a more effective practice more rewarding to your patients, staff and you as the owner.
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HUMAN CAPITAL
The cost of human capital of a dental practice is often the largest portion of its overall operating expense. Human Capital consists of staff compensation and development. Most dentists will admit that they don’t do enough investing in staff development opportunities or enhancement training. Investing in your staff is a smart way to motivate them and expand their personal growth. Investments pay dividends. Investing into the Human Capital side of your practice is no different. Doing so will often result in increased productivity, a better patient experience and more profitability that translates into greater equity.
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It can take years to create the right team and being smart about staff investment is critical to reduce turnover and retain key staff members. Practice Growth Advisors can be instrumental in providing you an attractive plan to retain and reward staff committed to your practice.
CAPITAL PRESERVATION
Controlled Tax
Practice Growth Advisors has created an alliance with professional investment firms for its practice owner clients to access IRS approved programs permitting significant retirement contributions. In doing so, a practice owner can expect to significantly reduce taxable net income far greater than the standard 401k and IRAs available.
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These approved vehicles also permit contributions for vested staff members as a measure to increase staff morale and retain key employees.