Over 30 Years of Excellence
Over 30 Years of Excellence

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

Accounting Solutions for Dentists and Orthodontists

As dental and orthodontic practitioners, navigating the intricate landscape of accounting is a daily challenge. Whether you’re managing a solo practice, a partnership, or a larger clinic, the ever-evolving regulations and financial intricacies demand careful handling. At Haworth & Company, we specialize in managing the unique accounting complexities faced by dental and orthodontic professionals and are ready to help you optimize your financial management.

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.

Specialized Accounting for Orthodontic and Dental Professionals

In addition to the standard accounting concerns of most businesses, dentists and orthodontists have unique financial needs that require specialized accounting services. Some of the specific services that Haworth & Company assists with include:

  1. Accounting: Orthodontic and dental professionals need financial statements and analysis to know where they are and where they’re going. Our team of Staff Accountants and Business Advisors can help you with budget to actuals, A/R and debt management, and dig into balance sheet or P&L issues that could derail your small business.
  2. Tax: Dental and orthodontic professionals often have complex tax situations, including income from multiple sources, real estate ownership, and retirement savings. We help them maximize their tax savings and plan ahead.
  3. PayrollFrom hourly and salaried employees, garnishments, levies, deductions, and more, payroll is too involved and complex for a busy healthcare professional these days. We take that stress off your shoulders and empower your team with tools like Employer on the Go and HR on Demand.
  4. Consulting: Whether you need advice on growing, how much your staff are making relative to billing, or how a new state regulation may affect you, our Business Advisors are ready to help you.
  5. Provider Tax, Succession Planning, & More: We also help healthcare professionals calculate and file their MinnesotaCare Provider Tax, develop succession plans to pass their business on, advice on stock and asset sales, and much more.