*In this episode of Beyond Bitewings, Robert and Ash talk numbers, but it’s the good numbers that are crucial to know in order to determine the health of your practice. They talk about the importance of basic financial knowledge and how it can help clients make better decisions.

They touch on the differences in collection percentages based on location, and where you should fall with collections versus take home pay. They also cover marketing budgeting and how it should be based on target collections rather than current collections.

Ash and Robert also discuss why consultants can offer a big return on your investment by helping you see the blindspots in your practice. Plus they discuss rent percentages, and why you may not be able to stay within the national average based on where you live. Additionally, they discuss continuing education expenses, and what you can write off when it comes to travel. Finally, they explore the financial differences between pediatric practices, orthodontists, and general one-dentist practices.

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash’s financial course.

*Replay from 2023

Topics Discussed:

* Impact of consultants on dental practice efficiency

* Real-world example of improved collections

* Financial benchmarks for dentists

* Importance of managing team member expenses

* Marketing strategies for specific dentistry fields

* Educational resources for understanding the business side of dentistry

The pandemic was four years ago, so why are we still talking about the ERC (Employee Retention Credit)?

It's a topic that doesn't seem to go away, and so Lynne is joining Ash for another episode to jump into the complexities of this ever-evolving topic. Many are still unclear about the intricacies of ERC eligibility and the recent legal developments affecting those who have claimed it. Lynne breaks down the essential criteria for eligibility, updates on IRS actions, and necessary precautions and responsibilities for dental practice owners.

In other episodes, they have warned of the potential pitfalls of engaging with ERC mills—companies promising easy money through the ERC without proper adherence to the rules. Now, as the situation unfolds, Lynne updates us on the IRS crackdown on invalid claims, criminal prosecutions, and what this might mean for dental practices caught in the middle. She also sheds light on the IRS's recent offer allowing practices to return erroneous claim amounts for a limited-time reduced penalty.

If you're unsure on what steps you should take with your ERC claim or if you have specific questions about any of these topics for your practice, please feel free to reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course. Visit us at: https://EandAssociates.com

Episode Breakdown:

• The Employee Retention Credit (ERC) Discussion
• Misinterpretation and Abuse of ERC Claims
• Criminal Prosecutions
• Validity of ERC Claims
• Red Flags Identified by the IRS
• Voluntary Correction Program Offered by the IRS

There's been a lot of buzz about the new Beneficial Ownership Information reporting requirement, but have you filed yours yet? Are you still trying to figure out what it even is?

In this episode, Ash and Lynne discuss a crucial topic that has been making waves in the business world throughout the United States. They discuss FinCEN's new reporting requirement and shed light on who needs to comply, the potential penalties for noncompliance, and the complexities of reporting for different entities.

They also talk about the risks associated with entrusting sensitive information to third-party companies and provide insights for business owners and professionals handling multiple entities. This is definitely something that, as a business owner, you don't want to sleep on, and make sure you take care of as soon as possible.

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Key Topics:

• Introduction to BOI
• Categories of Entities Subject to BOI
• Penalties and Filing Deadlines
• Responsibility for Compliance and Potential Risks
• Additional Considerations for Complex Business Structures
• Forms and Filing Process

Have you ever noticed when you search for something near you on Google, there are always 3 places that pop up on a map? That's called the Google 3-Pack, and it's the key to having Google become a lead-generating machine for your business.

In today's episode of Beyond Bitewings, Ash welcomes Darren Tessitore, CEO of Thrive Reviews, to unravel the mysteries of local SEO and how to maximize your Google Business Profile to drive traffic.

Darren sheds light on the importance of frequent updates, active social media engagement, and strategic use of customer reviews to climb up the rankings of the Google Map 3-pack and soar above your competitors without paid ads.

Darren also provides crucial tips on the importance of commenting on reviews while remaining HIPAA compliant. He also talks about how you can incentivize your staff to encourage and ask for reviews, and why it's an important factor when staying on top of Google's local search.

To get in contact with Darren, you can visit https://thrivereviews.net/ or call him at 727.300.1084

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Episode Breakdown:

• The Importance of Google Business Profiles
• The science of optimizing Google Business for top-ranking
• Google marketing strategy to boost local rankings
• The importance of social media to your Google Profile
• Automated updating, posting, and review management
• The importance of understanding HIPAA to ensure compliance and avoid lawsuits.
• Lowering the cost for customers

Have you considered what you'll really need to create true financial freedom?

In this episode of Beyond Bitewings, Lynne and Ash welcome Eric Miller, co-owner of a national financial planning company dedicated to serving the needs of healthcare owners. They discuss why it's so important for dental practice owners to think beyond just the month-to-month expenses and plan for their future.

Eric shares insights on managing finances for medical professionals and the importance of integrating the cash flow of a dental practice with personal finances. Plus, they talk about the roles dental practice owners should play as practitioners and investors. He emphasizes the need for owners to receive fair compensation from their practices and how they can use their business as a vehicle to create multiple income streams and build the life they desire. He also discusses the various investment opportunities, such as stocks, real estate, and insurance-based products, to help dental professionals secure their financial future.

To find out more and connect with Eric, you can find him at: www.econologicsfinancialadvisors.com

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Episode Breakdown:

• Why it's important to understand your practice to improve personal finances
• How to find investments that benefit your household's finance
• How owner compensation should be linked to practice income but also more
• Getting out of the race of the practices needs to make more money to survive.
• Why moving money is the key to retiring wisely
• Diverse investments create multiple income sources for retirement
• Financial advisors help people plan for retirement

Imagine having a process in place where you set up your team to handle conflict resolution and address issues more easily? Or what if you could easily be able to identify the right team members to hire?

It may feel too good to be true, but it's a system that many businesses throughout the world use to clarify, simplify, and achieve their vision. In today's episode of Beyond Bitewings, Ash welcomes EOS implementor Jeff Schafer to discuss how dental practices could use this system to grow a better and stronger practice.

They talk about the role of the Entrepreneurial Operating System (EOS) in enhancing leadership, management, and overall organizational effectiveness and give examples he's seen in different companies, but especially dental practices. They also talk about why company values are crucial to creating the right culture and fostering team cohesion, building organizational health, and ultimately driving business success within the dental industry.

To find out more and look up Jeff, visit: https://www.eosworldwide.com/implementer

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

Visit us at: https://EandAssociates.com

Episode Breakdown:

• After selling a business, why Jeff was rehired and grew the business, and became a successful coach
• Emphasizing core values for building dream teams
• Why core values are crucial for employee alignment
• The book "Good to Great" by Jim Collins emphasizes core values and right people in the right seat
• Simplify systems and focus on key functions
• Creating discipline and accountability to solve issues
• The People Analyzer tool validates core values, facilitates conversations
• Teach and execute efficient business strategies

Implementing EOS tools can help achieve business objectives.

Do you feel confident that you have the best dental distribution partner for your dental practice?

In today's episode, Ash is joined by Jeff Van Hess, a sales rep for Patterson Dental, who talks about five tips for choosing a reliable dental distribution partner.

Jeff discusses crucial factors to consider, such as the significance of tenure, building relationships, distribution center proximity, financing capabilities, loyalty programs, and the importance of trust in the relationship. Additionally, Jeff provides an exclusive preview of the latest advancements in dental equipment and the changing dynamics of the market.

To learn more or to connect with Jeff, visit: www.pattersondental.com

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Have you lost employees because another practice offered better benefits packages?

If you wonder how you can create a more competitive package for your employees but feel it's too expensive or your office isn't large enough, we may have a solution.

Today, Ash is joined by Michael Battaglia. Michael is the owner of Insure You Too, a company that helps small businesses create benefits packages for their employees, and he works with companies as small as four employees.

Michael and Ash discuss why a one-size-fits-all package is not what you want to create for your employees and why it's essential to understand what they need before offering anything. They also talk about the options you should consider before putting together options.

Michael offers valuable insights into the strategic aspects of benefits administration and emphasizes the significance of understanding the human impact behind the numbers.

If you're interested in potentially offering benefits, you can connect with Michael at https://insureyoutoo.com/

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com