The continual pressure to stay ahead of regulatory change, manage day-to-day office operations and stay competitive in the market can be challenging. Knowing key industry metrics and how to evaluate your practice’s data is essential to driving your strategy and achieving your operational and financial goals.
When it comes to setting dental service fees and compensation rates, we understand that there is no one-size-fits-all approach as there are many important factors to be considered. That’s why Baker Tilly conducts a fees and compensation survey each year with dental practices across Wisconsin and Minnesota. Our dental CPAs then analyze the data to develop a practice management tool that is designed to help you:
- Benchmark against other practices in your area
- Identify areas of improvement
- Make adjustments to increase profitability
In addition to properly setting fees, other items that impact practice revenue and profitability are the:
- Procedure mix
- Accurate billing
- Case acceptance
- New patient recruitment
After the decision to change fees, dental practices should recalculate practice collections using the same procedure mix as the prior year and set a budget accordingly. Fee increases and accurate billing for procedures have a 100 percent profit margin – there is no change in expenses for the practice.
Click here to download the 2018 survey report to see how your practice stacks up against others in your area.
Christopher R. VanStraten, CPA
Partner, Baker Tilly
2201 E. Enterprise Ave, Suite 100, Appleton, WI
920-739-3400 │ [email protected]
