Dental Practice Transition, A Practical Guide to Management by Dunning, David G. -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Contributor List Preface About the Companion Website Part 1: An Introduction to Practice Transition, Dental Practice Financial Statements and Practice Financial Analysis

Chapter 1: Introduction and Overview

Career Choices The Current Market and Its Implications for You The “Bermuda Triangle” of Practice Transition Selecting Key Advisors References and Additional Resources

Chapter 2: Financial Statements

Types of Financial Statements Using Financial Statements References and Additional Resources

Chapter 3: Practice Financial Analysis

Dental Office Financial Analysis Dental Practice Costs Financial Analysis: Quantitative Measures of Quality Management for a General Dental Practice Practice Analysis Application to Associateships and Practice Purchase References and Additional Resources

Part 2: Ownership: Business Planning, Practice Valuation, Dental Equipment, Buying/Buying into a Practice, Starting a Practice, Financing a Practice, and Business Entities

Chapter 4: Business Planning: From the Perspective of the Dentist and the Banker

The Management Process as a Foundation for Planning What Is a Business Plan? Business Plan Format Elements of the Plan Resources for Business Plans Key Points References and Additional Resources A Sample Business Plan (Figure 4.3)

Chapter 5: Understanding Practice Valuation

Introduction Overview of the Process Appraisal Methods Factors Affecting Practice Value Historical Performance versus Future Earnings Other Issues in Practice Appraisals and Sales Valuation Exercise Conclusion References and Additional Resources

Chapter 6: Dental Equipment

Tips on Buying New Equipment What to Look for in Used Equipment Valuation of Used Dental Equipment/Determining Fair Market Value Maintaining Equipment Final Helpful Hints References and Additional Resources

Chapter 7: Buying/Buying into a Practice

Choosing the Right Location Deciding to Buy out or Buy into a Practice Due Diligence Financial Statements and Tax Returns Accounts Receivable Existing Equipment Leases Financial Forecasting Common Transactions Contracts Key Points References and Additional Resources

Chapter 8: Starting a Dental Practice

“I Want to Be My Own Boss” Are You an Entrepreneur? Other Considerations Step-by-Step Process for Starting a Practice References and Additional Resources

Chapter 9: Financing a Practice

Introduction Financing Dental Transitions: The State of the Industry Historical Perspective Preparing for a Practice Acquisition Loan Preparing Your File for a Commercial Lender Understanding the Commercial Lender Seller Financing Local Bank SBA Loans Specialty Lenders Loan Brokers Questions to Ask Potential Lenders Analysis of the Buyer Analysis of the Practice Loan Terms, Rates, and Typical Conditions How to Maintain an Excellent Relationship with a Lender Assessing Your Future Practice Acquisition Practice Start-Up References and Additional Resources

Chapter 10: Business Entities

Sole Proprietorship Corporations Partnerships and Limited Liability Companies: An Overview Description and Ownership Necessary Documentation Operational and Management Aspects Tax Issues Liability Issues What Is Right for You? References and Additional Resources

Part 3: Business Systems and Related Issues: Incorporating Technology, Dental Fees and Financial Policies, Dental Benefits, Appointment Scheduling, Compliance, and Embezzlement

Chapter 11: Incorporating Technology

Introduction Choosing a Technology Partner Evaluate Current Technology Budget for Technology Business Continuity Computer and Networking Equipment Digital Dentistry Practice Management Software Communication Options Compliance and Security Patient Entertainment and Education Marketing Your Practice Making Wise Investments Conclusion References and Additional Resources

Chapter 12: Dental Fees, Fee Setting, and Financial Policies for Patients

Introduction Fee Schedules and Definitions Why Do Dental Practices Need to Increase Fees? Disturbing Trends Factors that Influence Pricing When to Raise Fees How to Raise Fees How Much to Raise Fees Economic Indexes that Influence Fee Setting Practice Purchase and Fee Schedule Discounting Practice Fees Discounting of Fees and Dental Benefits Impact of Fee Increases What Is UCR? What are Percentiles? A Benefit Provider Says My Fees are too High: Are They Right? Relative Value Unit Pricing Definitions Why Financial Arrangements are Necessary Account Registration Form Disclaimer Importance of Cash Flow How Much Can You Afford to Finance? Credit Cards Utilizing Collection Agents Summary Book Companion Website References and Additional Resources Appendix A: Payment Policy Acknowledgement Sample Appendix B: Financial Policy Worksheet (With Recommended Policies)

Chapter 13: Dental Benefits

Dental Benefits Overview Publicly Funded Dental Benefits Commercial Dental Benefits Commercial Dental Plan Models Commercial Dental Benefit Plan Types Structure of Commercial Dental Benefit Plans Participating Provider Organization (PPO) Obligations Submitting Claims An Overview of Dental Benefits A Glossary of Dental Benefit Terms References and Additional Resources

Chapter 14: Appointment Scheduling Strategies

Appointment Scheduling Policy and Philosophy Types of Appointments Units of Time Disinfection and Preparation Time Time Units by Procedure Scheduling by Provider Type of Procedure Sequence of Procedures Variability of Provider's Work Habits Patient Preferences by Provider Integrating Appointment Scheduling with Other Business Systems Well-Balanced Patient Load First-Time/New Patient Appointments Children Cash and Emergencies Filler Appointments Over-the-Counter Follow-Up Appointments Getting It on the Books Understanding Patient Behaviors Telephone, E-mail, and Internet Appointment Scheduling Confirmations Recalls Patient Account Balances Laboratory and Preparatory Results Who Is Responsible for Scheduling? Computerized and Paper Appointment Schedules Computer Interactive Scheduling/Web-Based Completing an Appointment Unit Chair-Side Scheduling Accessing and Monitoring Schedules Appointment Scheduling Maintenance Replacing Rocks with Pebbles Keys to Productive Scheduling References and Additional Resources

Chapter 15: Compliance with Government Regulations

What Is OSHA? Walking and Working Surfaces Means of Egress Noise Exposure Ventilation Nonionizing Radiation Hazardous Materials Personal Protective Equipment (PPE) Put On: Take Off: Medical and First Aid Fire Safety Electrical Safety Employee Medical Records Ionizing Radiation Blood-Borne Pathogens Hazard Communications Workplace Violence OSHA Compliance and Inspections Sexual Harassment What Is HIPAA? CDC Guidelines Government Agencies Unraveled References and Additional Resources

Chapter 16: Understanding Embezzlement

Introduction What is Embezzlement? So Who are These People and Why Do They Steal? The Relevance When Purchasing a Practice Controls are Ineffective A Crime of Navigation Daily Balancing is Impotent Is Embezzlement Therefore Inevitable? Avoid Hiring Mistakes What About Existing Employees? Expense Fraud Theft of Revenue: The Biggest Problem How Embezzlers Act Can My CPA Find Embezzlement? What to Do (and What Not to Do) If Embezzlement is Suspected And What If I Catch a Thief Red-Handed? Investigators Maximizing “Net Recovery” Sources of Financial Recovery The Justice System Conclusion References and Additional Resources

Part 4: Marketing and Patient Communication

Chapter 17: External Marketing

The New Economy SmilePalooza Is Born! Differentiate or Die The Battle for Your Mind Build Your Brand Key Online Brand-Building Strategy Top Offline Brand-Building Strategies Newsletters Card Campaigns Public Relations Enhanced Through Press Releases Radio Show Host Speak at Seminars Write a Book References and Additional Resources

Chapter 18: Internal Marketing and Customer Service

Marketing and Customer Service: How Do They Relate? Internal Marketing The Three Levels of Patient-Friendly Customer Service Excellence in Communication Skills Asking for Referrals First Impressions Count The Welcome Packet Morning Huddle Portraying a Professional Image Guidelines for Dental Dress for Success The Significance of the Team to the Patient Definitions of Patient Service References and Additional Resources

Chapter 19: Chairside Communication with Patients

Goals of Communication Communication Strategies Word Choice Suggested Scripts Management of Anxious, Fearful, and Phobic Patients Fear Pain Management Special Needs Patients Book Companion Website References and Additional Resources

Part 5: Associateships and Dental Support Organizations

Chapter 20: About Associateships

Types of Associateships Purpose for Associateship Advantages/Disadvantages Making the Connection Define Success Win-Win Evaluation of a Practice Compensation Package Failure Associateship Contracts Conclusion Acknowledgments References and Additional Resources

Chapter 21: Dental Support Organizations

An Evolving Industry DSO Models and Processes The Present and Future of DSOs References and Additional Resources

Part 6: Managing Staff: Human Resources/Compliance, Managing Dental Teams, and Staff Meetings

Chapter 22: Human Resources and Employment Compliance

An Introduction to Employment Law An Introduction to Human Resources Foundational Elements Foundational Element: A Policy Manual Foundational Element: Job Descriptions Foundational Element: Personnel Files Recruiting Performance Management Preventing Sexual Harassment Tips on Dismissing Staff Members Final Note/Conclusion References and Additional Resources

Chapter 23: Managing Dental Teams

Before You Hire Anyone, What You Must Know How to Locate and Recruit the Best Staff for Your Practice Sample Employment Ads Telephone Screening First Interview Questions About His or Her Most Recent Position Questions About His or Her Other Work Environments Questions About His or Her Personal Effectiveness Second Interview/Skills Assessment and Lunch with Staff Questions About Philosophies Welcoming Your New Employee to Your Practice Job Descriptions Buying a Practice with Existing Staff Training Employees Employee Evaluations Raises Motivating and Appreciating Employees How to Handle Challenging Staff Members: Focus on the Behavior, Not the Person Disciplinary Process Leading to Staff Dismissal References and Additional Resources

Chapter 24: Staff Meetings

Staff Meetings = Empowered Team = Delighted Patients Morning Huddle: 15 Minutes Before the Start of Each Day Monthly Team Meeting Length and Frequency of Team Meetings Moderator for the Staff Meeting Getting Started: What to Do If You Do Not Already Have Monthly Staff Meetings Other Ideas for Staff Education Topics Book Companion Website References and Additional Resources

Part 7: Money Management: Insuring a Practice; and Personal Finance, Investments and Retirement Options

Chapter 25: Insuring a Dental Practice

Insuring a Dental Practice Health Insurance High Deductible HSA Qualified Health Plans Deductible Plans with Coinsurance Deductible Plans with Co-Pays and Co-Insurance Dental and Vision Insurance Disability Insurance Business Overhead Expense Life Insurance Protecting What Belongs to You Insuring your Building Insuring your Business Personal Property Business Interruption Policy Deductibles and Co-Insurance Ancillary Policy Coverages Flood and Earthquake Protecting You the Dentist from Others Workers Compensation Employers Liability Workers Compensation Policy Audits General Liability Insurance Umbrella Policies Professional Liability Insurance Claims Made and Reported Policy Forms Occurrence Policy Forms Employment Practices Liability Insurance Cyber Liability Insurance Identity Theft Plans Summary References and Additional Resources

Chapter 26: Personal Finance, Investments, and Retirement Options

Finance Building Wealth Budgeting Process Exit Strategies Summary References and Additional Resources Books Websites

Index End User License Agreement

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