973-808-1666

7 Spielman Road • Fairfield, NJ 07004

The Business of Dentistry: Navigating the Pitfalls, Shortcuts & Tools to Control YOUR Professional Destiny and 10 TIPS to Improving YOUR Cash Flow [AGD Code#: 550]

$85.00$95.00

 Presented by Dental Business Solutions, LLC and KINUM, INC:

Instructors: Mark Balog, CPA, Eric S. Studley, D.D.S., Charles L Feitel, Esq. and Vito Mazza

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Description

 Presented by Dental Business Solutions, LLC and KINUM, INC

Learning Objectives:

  • How “The Business of Dentistry” differs from the Practice of Dentistry and what that difference means to the practitioner in terms of their future quality of life and income.
  • How to make your practice work for you rather than you working for it.
  • How to create a Strategic Action Plan to optimize your results.
  • What financial and logistical pitfalls await the uninformed Dentist and how to avoid them?
  • New concepts about A/R and a refresher and review for others
  • Practical & specific recommendations for improving the Cash Flow
  • A System to relieve team members with the Practice’s A/R of frustrations and save them a great deal of time.

Course Description:        **  See Full Course Description below  **

Your practice is nothing more than a Vehicle to transport you to the quality of life you aspire to and the income to support it.

You can either let that happen to you or make it happen for you. The difference can mean hundreds of thousands of  dollars and in some cases, millions over the course of your career. They don’t teach the business of dentistry in dental school. Sadly, most practitioners learn this the hard way – trial and error over a 20 or 30 year time frame losing chunks of flesh along the way to the many sharks waiting hungrily to take your money.

Credits:             4 CEU’s  [AGD: #550]

Instructor/s:    Mark Balog, CPA, Eric S. Studley, D.D.S. and Charles L Feitel, Esq. and Vito Mazza

Mark Balog: Balog & Associate, CPAs, PLLC caters to select businesses and high net worth individuals in the areas of taxation, accounting, and profitability consulting by embracing a different philosophy and approach to the business of accounting and tax with a special emphasis in the healthcare industry for over the past decade.  As a result, his firm provides very different services than traditional accounting firms to his select clientele in an effort to create a significant impact on their quality of life and income. Before starting his own tax, accounting, and profitability consulting practice, Mark spent over 8 years in public and private accounting. Mark’s experiences included working in the General Corporate Group as a Tax Consultant in the NY offices of Ernst & Young, LLP &  Arthur Andersen, LLP.  Mark also spent time working for the NASDAQ Stock Market, Inc. as a Tax Analyst in their Finance Department. Prior to entering the accounting and tax profession, Mark worked on Wall Street as a Federal Funds/Eurodollar trader for Lasser Marshall, Inc. & National Bank of Canada.  In  addition, Mark had engaged in several successful entrepreneurial endeavors. Mark’s unique background has enabled him to apply its intellectual capital, business experience and resources in a partnering relationship with his select clients. Mark holds his professional license as a Certified Public Accountant (CPA) with the state of New York and is a current member of National Conference of CPA Practitioners. Mark received his undergraduate Bachelor of Science degree in finance and marketing, summa cum laude, from the University of Maryland, College Park, MD. Mark also earned his Master of Business Administration (MBA) and his Master of Science in Taxation from Fordham University, Graduate School of Business, NY.

Dr. Eric S. Studley: is licensed throughout the USA to offer insurance products and represents all major insurance companies. He specializes in the insurance planning needs of Healthcare Professionals. A renowned speaker in the Dental Community, Dr. Studley has lectured throughout the country on the subjects of Ethics, Insurance Planning, Case Acceptance, Risk and Practice Management. ACADEMIC ACHIEVEMENTS: G.P. Director in the Department of Cariology and Comprehensive Care, Associate Clinical Professor at NY University College of Dentistry,       Speaker-ADA’s Practice Management Program, Director of Practice Management at the dental school responsible for development and presentation of practice management skills to dental students , member of O.K.U. (Dental National Honor Society), Co-authored a Practice Management Textbook for new “Dental Practice-Get in the Game-2009

Charles L Feitel: A lawyer by education has been in the commercial real estate business since the mid-80’s. Having worked with Trammell Crow, and WRIT, Mr. Feitel was responsible for the management and leasing of significant portfolios of office and retail properties. Since 1996 his firm has specialized in the representation of medical and dental professionals with their commercial real estate needs. In addition, he has professionally represented several different HealthCare institutions. Moreover, his firm has leased millions of square feet of medical office space for a “who’s who” list of medical office building owners.  Also Mr. Feitel is recognized as an industry leader in Health Care Real estate and is a featured speaker in health care summits in Washington D.C. PA, Chicago, St. Louis, Las Vegas and New York. Having worked with hundreds of doctors, dentists and Healthcare providers over the years, Mr. Feitel has learned the “ins and outs” of medical/dental real estate. Since 1996 he has represented medical/dental real estate transactions in excess of One billion dollars. No commercial real estate broker in the nation is more experienced in the skillful representation of Healthcare professionals. Mr. Feitel graduated from The University of Michigan in 1982 and The University of Toledo College of Law in 1985.

Vito Mazza is a positive, values-based leader, an engaging communicator, and a skillful presenter. He is accomplished at empowering world-class teams of all sizes, in the non-profit and for profit sectors. As an experienced educator and team player, he is adept at recognizing, recruiting and developing organizational talent. Vito is innovative and experienced at assessing group strengths & needs, evaluating options, and achieving goals. Through Kinum, Inc., he maximizes client potential, A/R team’s performance and client profitability. Cash Flow Consultant – KINUM, INC~ The Smarter Collection Company (2014- ) The Cash Flow faster Consultant in NY Metro/Northern NJ. Cash Flow Specialist Member of the GOOD LIFE TEAM @ Change Your Attitude/Change Your Life on 710AM WOR RADIO.)

  1. I. You Are Going To Make A Lot Of Money & The Predators Are Trying To Take It
  2. The Right Team Is Critical To Your Success In The Beginning, Middle, & End Of Your Career 
  3. Health Care CPA
  4. Health Care Real-Estate Broker
  5. Health Care Attorney
  6. Bankers/Lending Institutions
  7. Contractors
  8. Equipment Reps/Supplier(s)
  9. Health Care Insurance Advisor/Financial Planner
  10. Marketing Professional
  11. Business Consultant (Coach)
  12. How To Win At The Business of Dentistry At Any Place or Time of Career:
  1. Current Landscape of Dentistry (Will Go Into Granular Detail of Each Stage Thereafter)
  2. Graduate Dental School
  3. Residency Requirement for Tri-State Area (CT, NYS, NJ)
  4. Joining a Private Practice(s) As Either
  5. EE
  6. 1099 Independent Contractors
  7. Combination of Both
  8. Start-Up Practice/Buy Existing Assets of another Practice
  9. Attending
  10. Agency
  11. Once Established In Either Of The Above Choices, Does Your Business Run You Or Do You Run Your Business?
  12. Succession Planning/Transition Planning To Obtain Highest Saleable Value of Your Practice                                                                                                                            B. Residency Requirement:
  13. Preparation for Employment (C.V., Interview, Contracts, Agreements, Compensation, Etc.)
  14. How Do You Make It Happen For You?
  15. Why Do You Work?
  16. Quality of Life
  17. Income to Support Lifestyle
  18. You Need Develop Very Specific Q of L & Income Goals
  19. Create A Roadmap Along the Way To Achieve These Goals Known As Your Strategic Action Plan (SAP)
  20. Create A GPS to Monitor & Measure Your Progress
  21. Expect the Unexpected & Unforeseen Circumstances-Work/Life Balance
  22. Provide Examples
  23. C. Due Diligence – What To Look for When:
  24. Joining A Practice
  25. Sufficient Cash Flow
  26. Contingent Liabilities
  27. Age of Existing Partners
  28. Restrictive Covenant
  29. Buying A Practice
  30. Practice Valuation
  31. Lease Negotiations
  32. Role of Lawyer vs. Healthcare Broker
  33. How Long To Allow For Process
  34. Cost of Process
  35. A/R Review
  36. Stock vs. Asset Purchase
  37. Starting Your Own Practice
  38. Lease Vs. Buying (Real-Estate)
  39. How Do You Know If It Is A Good Real Estate Deal
  40. How Long Does The Process Take
  41. How Much Will It Cost You
  42. Do You Need “Local” Representation
  43.  Financing Options
  44. Bank Financing Criteria
  45.  Home Equity Line
  46. Seller Financing
  47. Hard Money Lenders
  48. Friends & Family
  49. Review Entity Choices to Maximize Federal & State Tax Laws
  50. Maximize Fringe Benefits
  51. Proper Internal Control
  52. Insurance Needs of a Dental Practice (Business, Personal, Staff/EEs)
  53. Provide Examples

III.       Once Established In Either Of The Above Choices,

Does Your Business Run You Or Do You Run Your Business?

  1. Most Businesses Develop Their Momentum & “Throughput Process” (The Business Culture) By “Growth through Entropy”
  2. “Entropy” Defined
  3. The Impact of “Growth through Entropy” Is Usually a Business Which Operates At Less Than Optimum Efficiency
  4. The Results Are Often Negative Impacts on the Practice Owner’s Q of L & Income & You Feel That the Business Runs You, It Owns Your Life!
  5. What Is Your Practice?
  6. They Are All Very Different
  7. In Many Ways They Are All Alike
  8. Isn’t Your Practice Just A Vehicle To Your Goals & Dreams?
  9. Is It The Correct Vehicle For Your Journey?
  10. Is It A Yugo
  11. Is It A Ferrari Or iii.
  12.  … Is It the Any car?
  1. Many Businesses are Like the Any car
  2. They Add a Piece Here & Add Another There As They Evolve
  3. The End Result Often Resembles the ANY-CAR
  4. What Impact Do You Think That May Have On The Efficiency Of Your Journey?
  5. What, Specifically, Is the Impact of an Inefficient Journey to Your Q of Life & Income?
  6. Back To Why Are You In Practice?
  7. Q of L
  8. The Income to Support Your Vision
  9. What’s Preventing You?
  10. Shrinking Profit Margins
  11. The Economy
  12. Finding & Keeping Good Staff
  13. Competition from Customers
  14. Time (Too Busy To…)
  15. Getting the Right Customers (High Profit & Happy To Pay)
  16. Real Estate & My Practice
  17. Should I Lease or Own My Space
  18. How Do I Renew My Lease
  19. How Long Does It Take To Renew My Lease
  20. What Should It Cost To Renew My Lease
  21. How Can a Broker Save Me Money on My Renewal?
  22. How Do I Create “Leverage” In the Negotiation?
  23. Everyone Focuses On External Obstacles
  24. In Every Economy, Some Practices Soar While Others Go Under
  25. Everyone Has To Deal With the Same Market Conditions
  26. What Is It That Most Successful Practices Do That Separate Them From The Unsuccessful?
  27. Fiscal Management-3 Legged Stool of a Successful Practice
  28. Production
  29. Sales & Marketing
  30. Accounting, Tax & Bookkeeping
  31. Fiscal Management-CFO-Most Practices Are Missing
  32. Start With Your Goals!
  33. W/Out A Specific Destination, Any Road With Take You There!
  34. In Writing
  35. Long-Term (5 Years-Retirement)
  36. Intermediate (3-5 Years)
  37. Short-Term (1-2 Years)
  38. 30-60-90 Day Deliverables
  39. Examples of the Next Steps
  40. Define Specific Destinations
  41. Your Personal Q of L &
  42. Income Goals
  43. Create a Roadmap To Follow
  44.  Create A SAP W/Prioritized Steps
  45.  Create a Timeline with Deadlines

iii. Create a Business

  1. Know When You Are On or Off Course
  2. See Your Progress to Your Goals
  3. Create a Business Dashboard
  4. Know How You Are Using Your Assets
  5. Manage Cash Flow to Your Best Advantage
  6. Look Ahead For Potholes
  7. Be Prepared For Contingencies, Problems & Market Change
  8. Summary/Review of Key Points
  9. Clearly Define Your Destination In Terms of Your Q of L & the Income Requisite to Sustain It
  10. Identify the Appropriate Vehicle (The Proper Model) & Prepare It for the Journey
  11. Identify & Begin To Acquire the Requisite Skill Sets & Tool
  12. Fiscal Management Tools
  13. Life Planning
  14. Forecasting/Budgeting
  15.    i. Business
  16. Personal
  17. Individual Profit Centers
  18. Benchmarks
  19. External
  20. Internal
  21. Key Performance Indicators
  22. Exception Reports
  23. Tax Planning
  24. Retirement Planning
  25. Accountability for Implementation
  26. What’s The Catch?
  27. Change
  28. Time
  29. Investment
  30. Accountability
  31. Succession Planning/Transition
  32. Strategies For A Successful Practice Transition To Get Highest Saleable Price
  33. Your Space Is Critical To Your Success & Promoting The Proper Image & Atmosphere Pace Is Critical To Your Success & Promoting The Proper Image & Atmosphere
  34. Is The Lease Assignable
  35. Does The Assignor Stay On The Hook After Sale
  • Is The Landlord Sharing In The Business Sale Profits
  1. Should You Sell Or Lease Your Building If You Own It
  2. Operational Efficiency

Additional information

Date:

Dentist/Staff: Sunday, February 17, 2019 / Time: 9am to 1:00pm / Location: DSI: Fairfield, NJ, Dental Student-Resident Rate: Sunday, February 17, 2019 / Time: 9am to 1:00pm / Location: DSI: Fairfield, NJ