FOUNDATIONS of FINANCE

for the dental student

Navigating personal & business financial decisions can be difficult, especially as a dental student. It’s important understand concepts so you can make informed choices for your future as a dental professsional.

1] Things You Need to Know with to start:

  • Your Credit status

  • Location of where you want to practice

  • How do you plan on financing your practice?

Considerations for Location

  • Market Analysis (you can get this from a Practice Broker or Real-Estate agent)

  • Your Credit status

  • Location of where you want to practice

  • How do you plan on financing your practice?

2] Understanding what your team could look like:

  • Office Manager: Responsible for administering the day-to-day activities: patient and employee relations; staff interviewing/dismissal; management of marketing and communications efforts; ensuring regulatory compliance; staff training and motivation.

  • Banker (Private or Corporate?):

  • CPA [Certified Public Accountant]: A CPA evaluates a practice’s financial reports and determines how it can reduce expenses and increase profits.

  • Business Strategist: fdak;

Your Potential Team

Office Manager

Responsible for day-to-day activities: maintaining patient & employee relations; staff interviewing/dismissal; management of marketing & communications efforts; ensuring regulatory compliance; staff training and motivation.

Business Strategist

Responsible for day-to-day activities: maintaining patient & employee relations; staff interviewing/dismissal; management of marketing & communications efforts; ensuring regulatory compliance; staff training and motivation.

Legal Counsel

Dental attorneys are familiar with what is required to run a successful dental practice; they represent dentists regarding several legal matters: purchase/sale of a practice, lease of your office space, vendor/employee contact, litigation, & regulatory compliance.

Considerations/Questions to ask:

  • Business Structure: LLC, PLLC, PA, S-Corp

  • Rating: A++, A+ —, C+, C, Not-Rated

  • Enrollment process: is it made simple?

  • How Renewals are handled

  • What the on boarding & education process is like for employees?

CPA [Certified Public Accountant]

A CPA evaluates financial reports & advises how to reduce expenses & increase profits.

Considerations/Questions

  • What is the diversity of your portfolio?

    • Growth-minded or Established?

    • Dental-Specific or Broad?

  • What is your audit process?

  • How do I best get ahold of you?

  • How do you plan to support my personal financial goals?

  • How do you & How often do you communicate with the banker?

Questions & Considerations

Lender or Banker

You may or may not need to take a specific jurisprudence exam depending upon

Considerations/Questions

  • What is the significance of my credit score & financial history?

  • Is there collateral required to secure my loan, and if so - what type?

  • What specific types of insurance am I required to have?

  • Request itemized fees & closing costs

Insurance Broker or Agent

Both can help you buy an insurance policy - but a broker represents the consumers, and can help shop for policies from multiple providers. An agent represents a particular insurance and sells policies from that single provider.

Considerations/Questions to ask:

  • Rating: A++, A+ —, C+, C, Not-Rated

  • Enrollment process: is it made simple?

  • How Renewals are handled

  • What the on boarding & education process is like for employees?