Thursday, 19 June 2014

Monitoring Your Practice’s Vital Signs

Written by Gary Borucki, CPA, CHBC

When you visit your doctor for a routine physical, you know the drill will include a check of your weight, height, blood pressure, heart rate, respiration and temperature. The vital signs tell your doctor something about your overall health and perhaps what to pay closer attention to during the rest of your exam. In the same way, periodically monitoring your dental practice's vital signs can help you better assess its financial well-being and whether there are areas that need improvement or even cry out for intensive care. In my line of work, I've found that too many practitioners make an assessment of their practice's economic well-being by looking at how much cash is in the checkbook...

Published in Dental
Saturday, 17 May 2014

When It Comes to Practice Space, Owning is Better

Written by Gary Borucki, CPA, CHBC

Although there are circumstances when it makes financial sense for a dentist to lease rather than buy the space for his or her dental practice, more often than not buying the space makes the better economic sense. In fact, when clients ask me for advice about the pros and cons of renting versus buying their practice space, I advise them to buy for four sound economic reasons which I'll outline later on. Unlike physicians who tend to join existing groups when starting out, new dentists are more likely to buy an existing solo practice and then its space as they launch their careers. They've typically already scouted out the right geographic fit for them to establish their practice and have looked for practices that are for sale in their ideal location...

Published in Dental
Thursday, 16 January 2014

Ten Practice Pitfalls to Avoid

Written by Rehmann Team

As featured in The Journal of the Michigan Dental Association. When you first dreamed of becoming a dentist, your focus was on acquiring the skills to become a top-notch practitioner and helping your patients improve their dental health and smiles. But all dentists put on two hats the minute they buy a practice: professional clinician and business owner. Dentists who don’t devote enough consideration to the latter may find themselves barely earning a living and putting their financial future in peril...

Published in Dental
Wednesday, 09 October 2013

Are You Sure You’re Ready for Retirement?

Written by Gary L. Borucki, CPA, CHBC

As featured in The Journal of the Michigan Dental Association.Not long ago I sat down with a client who has a very robust financial portfolio and is planning to retire soon. I asked him, "By the way, John, what are you going to do on your first day of retirement?" He looked at me with a puzzled expression that seemed to say, "I don't know," as if he hadn't given any real thought to how he might spend his time...

Published in Dental
Monday, 08 July 2013

Managing Your Money: Why You Need a True Financial Planner

Written by Rehmann Team

As featured in The Journal of the Michigan Dental Association.If you've ever taken a productivity course, you're told to organize your tasks. In one section you assess those tasks by their importance, and in another, how urgently those tasks need to be completed. What you'll typically find is that you spend a great deal of time on things that are urgent and need immediate attention — whether they're important or not in the long run...

Published in Dental
Wednesday, 26 June 2013

After Dental School: Now What? Sizing Up Your Opportunities

Written by Gary Borucki, CPA, CHBC

All new dental school graduates face the same question: Now what? Among the top options: become an associate of an established dental practice; plunk down a lot of money they probably don't have to buy a practice; seek a residency program; or go into the military. Often it boils down to a question of professional confidence: "Should I get some real-life experience in a dental practice before trying to own one?" Associating with an established dental practice is more popular than ever today for new dentists coming out of school...

Published in Dental
Thursday, 28 March 2013

What to Do When A Partnership Goes Sour

Written by Gary Borucki, CPA , CHBC

As featured in The Journal of the Michigan Dental Association.In a previous issue of the Journal, I wrote that most dentists generally choose to associate with a senior dentist when they graduate dental school. Then, after they gain a couple of years under their belt and more confidence in their business and clinical skills, they typically fly solo. Associating for a few years gives new dentists valuable experience, plus it buys them time to consider where they'd like to establish a practice of their own...

Published in Dental
Wednesday, 16 January 2013

Go Team! The Benefits of a Morning Huddle

Written by Gary Borucki, CPA, CHBC

As featured in The Journal of the Michigan Dental Association.As you begin your work week on Monday, do you know if an incoming patient will be celebrating a birthday soon? Just bought a new house or car? Is looking forward to retirement?..

Published in Dental
Monday, 26 November 2012

Is the Recession Really Over in Michigan

Written by Gary Borucki, CPA, CHBC

When the "Great Recession" got under way at the end of 2008, it seemed that the rest of the country was finally catching up to what Michigan had been experiencing since the beginning of the 21st century. Our state's dependence on the auto industry and the "trickle down" effect it had on other businesses (suppliers, retailers, restaurants, etc.) that had previously helped Michigan thrive was keenly exposed when it skidded to the brink of failure and required rescue by the federal government. Michigan dental practices had certainly been among the beneficiaries here during the boom times, with UAW and other union contracts that carried generous health and dental benefits...

Published in Dental
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