The third quarter 2013 edition of the Bentson Clark reSource is now available. Each quarter, the Bentson Clark reSource orthodontic newsletter analyzes and examines the most current issues and concerns within the orthodontic industry. This quarter’s publication features articles targeted towards all orthodontists, regardless of practice size or career stage. Here’s a brief overview of the articles that are included in the latest quarterly issue of the reSource:
Exploring Practice Overhead: Staff & Supply Expenses
By: Chris Bentson & Doug Copple
Orthodontic practice owners use a variety of business models to manage and operate their orthodontic practices, demonstrating that one size or strategy does not fit all. This is the second installment of a three-part series that focuses on orthodontic practice overhead. This article will break down the staff expense and orthodontic expense categories of an orthodontic income statement, yielding the average expense for each category. The goal of this article is to provide an overview of orthodontic practice overhead, allowing owners to gain a sense of not only averages, but also the rate or change in certain expense categories over the last five years.
2013 Tax Law Changes Challenge Traditional Tax Planning Strategies
By: Diane Rumley & Heather Cosgrove
There were several items enacted or extended through the American Tax Relief Act of 2012 (ATRA) and the Patient Protection and Affordable Care Act (PPACA) that could directly impact one’s 2013 tax liability. This article highlights a few of the significant changes. Awareness and understanding can help make mindful financial decisions as one embarks on the second half of 2013. As the transition from summer into fall occurs, the need for tax planning may seem far on the horizon; however, with these new tax laws, it is so important for you to start early so you have time to structure your situation as favorably as possible.
Embezzlement: Sadly, It CAN Happen to Anyone!
By: Rebecca Crane
Most orthodontists naturally want to focus on dentistry and tend to rely heavily on others to do the tasks that they do not want to do in relation to managing the various business aspects. However, within a dental practice there are many opportunities to take advantage of the employer. It’s a fact that 15 years ago 35 % of dental practice owners said they were victims of employee embezzlement; today the percentage is nearly 70%. Given that, if one somehow does not think it can happen, he/she might want to reconsider.
What You Really Need to Know about the AAO Branding Campaign
An Interview with John Athorn, George Clark and Linda Gladden
It’s no secret that the orthodontic market is in the middle of a sea of change. Changes in the economy, changes in the consumer, changes in treatment modalities, changes in technology for diagnostic and treatment planning and even changes in how to communicate with patients. Collectively, dealing with the pace and enormity of all this change has many doctors out of breath and looking for some help. The AAO has shown up to help show the way forward. We interviewed John Athorn and George Clark of Athorn, Clark & Partners, a Manhattan marketing communications firm, who created the AAO’s new marketing campaign. We also spoke with Linda Gladden of American Association of Orthodontists regarding how AAO Members can access the marketing materials from this advertising campaign and use them in one’s practice.
Dental Referrals are Declining…Halt the Trend! – Part 1
By: Nancy Hyman
Declining dental referrals often result in looking to other segments of one’s orthodontic practice for potential patients. It is important not to ignore this important referral stream! The Journal of Clinical Orthodontics reports that dental referrals dropped 10% between 1999 and 2011. In order to increase this vital segment of a referral base, create vibrant and innovative programs that keep your practice at the top of the list when general dentists and their teams are recommending patients for your services. This article will discuss a variety of ideas to combat declining dental referrals.