Industry: Dental

As your dental practice grows, you'll likely consider bringing on additional professionals - perhaps an associate dentist, specialist, or hygienist. But before you extend that offer, there's a crucial decision that could significantly impact your practice's financial health: determining whether to classify them as an employee or independent contractor.

As business advisors serving Ohio's dental community, we're seeing a significant shift in how dental practices will operate and grow, thanks to recent legislative changes. Senate Bill 40, signed into law by Governor Mike DeWine, introduces two game-changing reforms that will impact practice management and professional mobility

Let’s think about this from a different perspective. Think of the dashboard of your car. Your car’s dashboard provides essential information such as speed, fuel level, engine health. This information is imperative to make informed decisions while driving. Imagine driving a car without one. This could leave you stranded on the side of the road without fuel, or with citations for speeding, which are not good things. This is the same power as your financial statement. It is like the financial dashboard for your practice. It gives you the power to make informed decisions for your business. Without the financial statement, it can be difficult to steer your practice in the right direction.  

Congratulations! You're considering taking the leap into practice ownership. It's an exciting time, filled with possibilities – and, let's face it, a fair share of uncertainties. As you embark on this journey, you might wonder, "Why do I need a dental CPA in my corner?" Let's discuss how having the right team can set you up for long-term success and peace of mind. 

Many dental practice owners find themselves wearing multiple hats, trying to juggle clinical excellence, patient satisfaction, and the nitty-gritty financial details that keep the practice running smoothly. But what if you could regain more time to focus on what truly matters – your patients – while leaving the intricacies of bookkeeping and financial management in capable hands?