North Texas Dentistry Volume 9 Issue 5 2019 ISSUE 5 DE | Page 19

Q & Matthew McCarthy Vice President Regional Business Development Officer Bank of America Practice Solutions [phone] [email protected] Adam Schenck Assistant Vice President Regional Business Development Officer Bank of America Practice Solutions [phone] [email protected] At Bank of America Practice Solutions, we know that obtaining a competitive rate is essential to any dentist seeking fi- nancing. While we also understand the importance of rate, experience dictates that optimizing monthly cash flow has proven to make the definitive difference between success and failure in many practices. You can count on us to provide extensive expertise, helpful loan solu- tions and the attention to detail that you and your practice deserve. Q: What is the most common mistake dentists make in their finances both personally and pro- fessionally? A: Overall I would say a lack of strategy and utilization of resources create the largest amount of mistakes for many dentists. In today’s world there is not only an abundance of information but several industry experts that can assist a dentist when they grapple with their finances and general business acumen. It’s our job as subject matter experts to be a comprehensive resource to the dentist and aid with their success. Having a tal- ented team where you can leverage their experience creates an incredible engine that will generate growth for the dentist and their business. P R O F I L E Q: What trends do you see in the finances of the dental practice? A: One of the biggest trends we see especially here in Texas is a desire to grow as fast as possible with multiple locations. Aggressive growth can be a powerful tool but it can also lead to lack of infrastructure and a potential for fail- ure. Businesses run on cycles and ensuring your business is healthy before the next step is paramount to running an efficient practice. We provide various loan options to help prepare you for the next step while simultaneously looking out for the health of your business. Q: What special services do banks offer that are a particular benefit for the dental practice? A: As specialists in the “business of dentistry,” we are obligated to provide comprehensive and convenient services that are specific to our industry and serve all facets of a dental practice. We provide a project management team that assists with managing budgets and making sure the project runs smoothly and is com- pleted on time. We offer a team of coaches through our Practice Heartbeat program that are available to review the metrics and offer solutions to overcoming hurdles. We offer multiple repayment structures that are designed to ease cash-flow struggles during the early stages when a dentist is building their patient and referral base and to help dentists pursue their capital needs with confidence. www.northtexasdentistry.com | NORTH TEXAS DENTISTRY 19