Under the Affordable Care Act (ACA), most health plans are required to cover certain preventive care benefits at no cost, but we have all heard stories about a coworker who was charged a copay for his annual physical, or a cousin who had to pay her deductible when she had her mammogram. Here’s a look… Continue Reading Four Tips To Avoid Unexpected Charges at the Doctor’s Office
Embezzlement in the practice is something that most dentists prefer not to think about. Your team members often feel like an extension of your own family and it can seem like a betrayal to consider that they could be capable of stealing from you. However, over the course of their career, it’s estimated that between… Continue Reading Do You Know How to Prevent Financial Fraud in Your Dental Practice?
On July 27, 2022, the Federal Reserve raised interest rates by three-quarters of a percentage point, its second consecutive 0.75 percentage point increase (the first, in June, was the largest interest rate hike since 1994) and the fourth hike this year. What do the Fed’s moves to bring down inflation mean for the dental community?… Continue Reading What do the recent interest rate hikes mean for the dental community?
Surcharging credit cards…and calling it a “cash discount fee.” Good idea or bad idea? Is it Legal? Best Card is the endorsed credit card processor of the ADA Member Advantage program and 40+ state dental associations (including WDA), through which we serve thousands of dental practices across the country. We’ve recently fielded a number of… Continue Reading Surcharging credit cards: Legal, risky, complicated
The PPP loan forgiveness process will currently lead to taxable income for Wisconsin businesses. If Wisconsin doesn’t pass new legislation to accept the federal deductibility rules for PPP, most Wisconsin businesses won’t be able to deduct certain expenses from their state taxable income in 2020, effectively increasing their tax liability. Without action, the PPP loan… Continue Reading PPP Loans Currently Forgiven Could be Taxable Income in 2020 for Wisconsin Businesses
Understanding how to use key industry metrics to evaluate your practice is essential to driving your strategy and achieving your operational and financial goals. When you can see how your procedure mix, billing practices, new patient recruitment and fee structure stack up to your competitors, you can accurately assess how your practice is doing and… Continue Reading Baker Tilly Dental Survey now open!
The Coronavirus Aid, Relief, and Economic Security (CARES) Act included the Paycheck Protection Program (PPP), which administers loans through the Small Business Administration (SBA). Many dental practices received these PPP loans, and there’s much to consider regarding debt forgiveness. PPP loan forgiveness qualifications Let’s start with the basics: at the end of the covered period,… Continue Reading How dental practices should approach PPP loan forgiveness
The Wisconsin Dental Association has worked in conjunction with CLA and their many services that help benefit the practice of dentistry in Wisconsin over the years. WDA staff has referred to CLA for their expertise in dental services when complex questions arise and are very thankful for their assistance. CLA has routinely offered an annual… Continue Reading CLA transitions traditional fee survey to more in-depth Practice Profitability Analysis
The application period for the most recent phase of the HHS Provider Relief Fund distributions (Phase 3) is open. If you are intending to take part in this, act soon as applications must be received by November 6, 2020. Up to $20 billion will be paid out with this distribution. Phase 3 funding is available… Continue Reading HHS provider relief fund distribution window closes on Nov. 6
For many, the perception is that 2020 will be a down year with reduced income and related tax liabilities. However, the infusion of cash from the Paycheck Protection Program (PPP) loan, the HHS stimulus package, and other supplemental payment programs has helped to reduce the financial impact of the pandemic. Current guidance from the IRS… Continue Reading Tax planning ideas for 2020