to participation with PPO , HMO , or other managed care programs . Insurance companies and government programs are not increasing their reimbursement rates to match rising costs . So , owners must take charge of offices to ensure fees match rising expenses .
Evaluate vendor relationships . Costs are rising in every area of dentistry , but there are opportunities to align practices with vendors who can extend favorable pricing in exchange for loyalty . Reach out to all vendors to learn of quantity or other cost reduction opportunities . Consider consolidating to fewer vendors to reach the thresholds for cost reductions . Collaborating with colleagues to combine orders can also be a helpful way to take advantage of cost savings .
Secure the practice ’ s financial structure . It ’ s time to evaluate all debt and other financial matters associated with the practice . Would it make sense to refinance the practice to lower the monthly payment or pull equity out of the office to fund rising expenses ? Have financial or other advisors review the financial portfolio of the office to confirm whether now is the time to restructure the fiscal state of the practice to secure it for the future .
As we all face the challenges of the world , remember , channel the stressors in the right way – reach out to professionals who can help , and treat those around you as you would want to be treated .
Cheers to all of us as we rise to the occasion in dentistry !
Audra Morris joined her mother , Nitia Morris , at Dental Auxiliary Service , Inc . in 2011 and opened an office in Austin in 2012 . In 2020 , the Austin team joined the Dallas office in their partnership with KAD Dental to become a part of KAD Dental Staffing . Email : audra @ kaddentalstaffing . com .
Haylee N . Davis , MBA is a co-founder of KAD Dental , a division of The KAD Group . KAD Dental is a business services firm specializing in the business needs of dentists and dental practices . Haylee has more than 20 years of experience in dentistry and nearly 20 years of experience in law , accounting , business transitions and dental practice management . Email : info @ kaddental . com , call ( 972 ) 294-5254 or visit www . kaddental . com for more information .
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