Posted by Amy Carbone on Sep 25, 2023 12:09:00 PM
If you have accomplished the major milestone of opening your own dental practice, congratulations! Not only have you conquered the challenge of completing dental school — with all the effort, time, and resources it takes — but now you are also about to embark on a journey of entrepreneurship.
As a business owner you will need to rely on the support and services of others. From team members to outside vendors, it will be important to surround yourself with the right people. This is not always easy!
It can be particularly difficult to select outside business services when starting your dental practice. You’ll need a CPA, an experienced attorney, a financial advisor, and potentially many other subject matter experts. The purpose of this blog is to explore what external services you may need and how to choose the ones that are right for you.
What Professional Service Providers Do Dental Practices Typically Need?
Most dental practices avail themselves of outside help in areas such as human resources, (HR), legal representation, and financial advice in the form of a CPA, bookkeeping services, and a financial advisor. After all, having the right services can help protect your business and set you up for success.
What To Look for in a CPA for Dentists
Let’s go to one of the most critical areas of need: taxes. Even if you felt like you could handle preparing your own taxes while you were in dental school, those days are long gone. You will need a CPA to help you with your business (and personal) taxes. However, not all certified public accountants have experience with businesses in the medical field.
You’ll want to make sure you look for a CPA who understands the specific needs of a dental practice, someone who is aware of key performance measures in your industry, to keep your finances aligned with your practice’s goals.
What To Look for When Choosing a Law Firm for Your Dental Practice
Not all lawyers are the same! Again, it would be good for you to find an attorney who is experienced in working with dental professionals. Once you do find one, make sure that they know the common legal challenges that dental practices encounter.
What To Look For When Outsourcing HR for Your Dental Practice
The same rule applies when you are looking for help with human resources. Your HR professional should be very comfortable with the needs of a dental practice, including:
- Compliance in a dental or medical practice
- Documentation in a dental or medical practice
- Employee feedback, hiring, and termination
Plus, a knowledgeable HR partner can help you to avoid possible lawsuits.
What To Look for When Choosing a Financial Advisor for Dentists
There may be a misconception that financial advisors only come into the picture when a practice is well-established, or when you have strong cash flow. In fact, it’s quite the opposite. Hiring a financial advisor who specializes in working with dentists can have a significant impact in how you protect yourself and grow your assets over time. It can make the difference between having a well-built retirement plan and having nothing at all.
You’ll want to identify an advisor who can address the hefty student loans that many dentists take on to finance their career path. Your financial advisor should know how to set up tax-efficient retirement planning vehicles for your practice. And lastly, should you decide to ever sell your practice, your advisor should have experience working with valuations and all the financial decisions that come with a sudden cash in-flow from a sale.
The right financial advisor can help you understand your entire financial life — from investments to insurance to financial planning for your family and your practice. The right financial advisor can help you from the moment start a new practice all the way to when you sell your practice.
Having the Right Partners is Key to Dental Practice Success
Choosing an experienced CPA, HR professional, attorney, and financial advisor can help ensure your practice is as efficient and safeguarded as possible. This will free you to focus on patient care, and to enjoy the rest of your life! If there is a common theme, it’s that working with a professional who knows and understands the financial trajectory of a dentist is critical for your success.
Hiring competent outside resources is one of many considerations when starting a new dental practice. To learn more about some of the other important topics you will need to consider, make sure to download our free eBook Starting a New Dental Practice.
About Treloar & Heisel
Treloar & Heisel, an EPIC Company, offers dental and medical professionals a comprehensive suite of financial products and services ranging from business and personal insurance to wealth management. We are proud to assist thousands of clients from residency to practice and through retirement. Our experienced teams deliver custom-tailored advice through an active local presence, while our strong national network ensures that clients experience the same high level of service throughout the country.