Accounting for Dentists & Orthodontists in Minneapolis, St. Paul & Rochester MN

Navigating the Financial Terrain

Accounting for dental and orthodontic professionals presents many challenges, including:

• Practice Management: Running a dental practice involves a range of financial tasks, such as billing and coding, accounts receivable management, inventory management, and payroll. The larger a practice gets, the more complex these tasks become, and the bigger the job. Having someone with specialized expertise is crucial to completing this effectively and efficiently.
• Insurance Billing & Reimbursement: Dental and orthodontic practices often rely on insurance reimbursements for a significant percentage of their income. Dealing with varied insurers presents challenges for staff who must accurately submit claims and then monitor them until funds are received. The timeliness of payments can vary widely from one insurer to the next, which can wreak havoc on other financial issues, not the least of which is cash flow management.
• Expense Management: Orthodontic and dental practices have complex expenses that must be carefully monitored to ensure that profitability stays where it needs to be. From purchasing supplies to utilities and staff payroll, managing and optimizing expenses is vital to keeping the practice going.
• Cash Flow Management: Like any business, maintaining healthy cash flow is essential for dental practices to cover expenses, invest in growth opportunities, and meet financial obligations. Dentists must effectively manage accounts receivable, monitor cash flow projections, and implement strategies to address cash flow gaps during slow periods or unexpected expenses.