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Dental Consultants Best Reopening Tips
Staff, PPE & PPP
Many dentists are making it clear to staff that if they cannot come back you will have to give their jobs away. There will likely be a fair amount of quality staff looking for work so this might be a golden opportunity to upgrade one or more positions if needed.
Let staff know you are eager to plan out reasonable changes so they feel safe and secure. If practice finances are an issue, ask staff to keep that in mind when making recommendations.
What you end up doing in terms of PPE and safety will in part depend on availability, changing protocols and finances. Do the best you can for you and your staff in terms of PPE and safety taking into account what your state board recommends. Many people are scared. You will be wise to educate yourself on PPE and safety so you know more than anyone else about all the regulations and recommendations. Then make a plan and execute it.
PPE and Safety
One dentist suggests a Level 3 mask is plenty or even a better option as it can be changed regularly, insuring a dry cloth on your face that will absorb humidity effectively while an N95 mask needs to be fitted which takes time. Once fitted, if the mask gets humid, it loses its effectiveness. Frequent replacement becomes a problem. Another dentist suggests the following is effective, repeatable and easy to do:
Level 3 mask. Gowns. Face shields.
Saliva ejector under the dam.
High vac held by the assistant close to the tooth.
Payroll Protection Program:
What expenses qualify for PPP loan forgiveness?
Payroll costs, including benefits. Payroll costs include salary, wages, commissions or tips capped at $100,000 on an annualized basis per employee. For employees earning more than $100,000, the correct amount to pay through wages during this 8-week period is likely $15,384.62 ($100,000/52 weeks X 8 weeks).
Employee benefits include costs for vacation, parental, family, medical or sick leave; allowances for separation or dismissal; payments required for the provision of group health care benefits including insurance premiums; and payment of any retirement benefit.
The amount of forgivable retirement contributions may be limited. Make payments for the employer funding, at a minimum, two times to reflect monthly contributions.
For family members, wages received should reflect the same amount of wages the family member received during the period before February 15, 2020. Employee benefits likely do not include individual health plans for owners and their family or Health Savings Account (HSA) contributions for the benefit of owners or their families.
Interest payments in the 8-week period following disbursement of the loan on mortgage obligations, incurred before February 15, 2020.
Only the interest on qualified debt obligations can be used for forgiveness, not principal. If you own your building under a separate legal entity, a building mortgage would likely not qualify here, but would rather be satisfied under the rent provision. If the building is owned in the operating entity, then the mortgage interest is qualified.
Practice acquisition loans, equipment loans, and build-out loans also qualify if they were secured by the business personal property and were incurred prior to February 15, 2020.
For tracking purposes, it is advised to pay interest and principal separately during this 8-week period to make sure this can be easily identified.
Rent, under lease agreement before February 15, 2020
Utilities, for which service began before February 15, 2020. Utilities are listed by the SBA as phone, internet, gas, water, electricity, etc. Both mobile and office phones should qualify.
When must funds be spent to qualify for PPP loan forgiveness?
Funds must be spent within 8 weeks of loan disbursement. Only qualifying expenses incurred and paid for within this 8-week window are eligible for loan forgiveness.
Employee and compensation levels must be maintained. Reductions in either category may impact forgivable loan allowances.
No more than 25% of your loan is used to cover non-payroll expenses, including mortgage interest, rent or utility costs. Consider opening separate bank account for the PPP loan and only pay qualified expenses from this account.
What other factors impact loan forgiveness amounts?
If your company also received an advance through the Economic Injury Disaster Loan program, this amount will be deducted from your forgivable allowance.
How do you request PPP loan forgiveness?
Loan forgiveness does not happen automatically. You will need to submit a request to your PPP loan provider.
Excellent record keeping is essential to qualify for PPP loan forgiveness.
What documentation is required to request loan forgiveness?
There is no standardized PPP loan forgiveness process. Thus, lenders may have their own requirements.
At a minimum, we recommend documentation to support the following:
Employment levels and pay rates for the periods before and after PPP loan disbursement. Your lender may request to see:
IRS Form 940, 941 or 944 payroll tax reports
Payroll reports from your payroll provider
Income, payroll, unemployment insurance filings from your state
Retirement and health insurance contributions
If you do not meet the conditions of PPP loan forgiveness, your balance will accrue interest at a fixed rate of 1%. The repayment term for PPP loans is 2 years, though you have the option to pay off your balance early with no prepayment penalty. All loan payments are deferred for 6 months, but will accrue interest over this period.
Dental Practice Analysis
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There is the good, the bad and the ugly of dental practice management, but many dentists will still tell you the probability is your dental consulting will work if you and your consultant are on the same page. It stands to reason that if a dental consultant had little value, worth or benefit that consultant could not stand up to harsh economic realities for long. A veteran dental consultant is also a "personal coach" who shold bring management wisdom based on "in the trenches" experience along with systems and protocols to that have been successfully implemented in other practices. Top dental consultants talk and network with each other. They pay attention to what systems work and don't across many dental practices.
New Patient Phone Call
New Patient Experience and Patient Education
Daily and Weekly Checklists
General Policy Manual
What gets monitored, gets managed. It is as simple as that. The only way to monitor what gets done is with daily stats especially for your weak areas. For example, one employee should be specifically responsible for calls to patients who are unscheduled, overdue for re-care or need reactivation. Other staff can and should help in coordination with the accountable employee.
What most practice owners are lack in knowledge is not how to book an appointment, but rather how to be an effective leader. The best systems in the world are useless if the staff do not comply. Good leaders know how to get staff to willingly follow through and comply.
Questions To Ask
Do you and/or your staff have to travel or does the consultant come to you?
Is the program mostly one on one consulting versus seminars or courses with multiple clients in attendance?There are advantages to both.
If the dental consulting is one on one who will actually deliver the consulting? I recommend knowing who your specific dental consultant will be prior to signing on the dotted line.
Is program based on a specific dental practice management system? You want to avoid cookie-cutter programs. Ensure the program will be tailor-made to fit your practice's specific needs.
The cost (including travel expenses and downtime) is certainly not the only factor, everything else being equal, it is still a major factor to consider. It's unwise to pay too much, but it's worse to pay too little.
Top Dental Practice Mangement Consultant
My name is Kevin Tighe. I am Cambridge's CEO and Senior Consultant. Before joining the Cambridge team I was in charge of setting up workshops for large nonprofits throughout the United States and Canada. During that time, I was fortunate to receive mentoring from several world-class business consultants, including a dental practice management guru, which led to a position at Cambridge as their seminar organizer. In time, I began crisscrossing the country delivering seminars myself for the better part of a decade. Subsequently, I moved up to senior consultant and eventually owner. Contributing writer to Dental Economics/DIQ, JADA, AGD Impact and Dental Town Magazine.
Free Practice Analysis
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