By David O. Willis
ISBN-10: 1118581660
ISBN-13: 9781118581667
Dr. David Willis combines his event as a training dentist, educator, MBA, and authorized monetary planner during this leap forward textual content approximately coping with a dental company. instead of a record of steps for achievement, enterprise fundamentals for Dentists describes company, fiscal, advertising and marketing, and administration ideas and explains the right way to practice them to the dental perform. Dental scholars and new practitioners will tips on how to use the middle strategic and operational enterprise philosophies to increase a good dental perform. He presents the fundamental components of a company course--management ideas, economics, enterprise finance, and monetary analysis--without slowed down in an excessive amount of element. those are then comparable particularly to varied elements of operating and handling a dental perform, together with workplace communications, billing, stock, and advertising the perform. All points of perform transition are approached: profession possibilities, procuring a tradition, beginning a brand new perform, multi-practitioner preparations, perform valuation, and making plans and constructing a tradition. final, Willis incorporated own monetary making plans to make sure that the dentist can also be making plans for his personal funds and retirement past the boundaries of the practice.
Table of Contents
Preface
About the spouse Website
Section 1 own monetary Management
Chapter 1 own cash Management
Chapter 2 own coverage Needs
Chapter three making plans for Retirement Income
Chapter four lowering the non-public Tax Burden
Chapter five property Planning
Section 2 enterprise Foundations
Chapter 6 company Entities
Chapter 7 easy Economics
Chapter eight The felony setting of the Dental Practice
Chapter nine monetary Statements
Chapter 10 fundamentals of industrial Finance
Chapter eleven company Taxes and Tax Planning
Chapter 12 administration Principles
Chapter thirteen making plans the Dental Practice
Section three Dental workplace luck Factors
Chapter 14 monetary research and keep an eye on within the Dental Office
Chapter 15 holding Production
Chapter sixteen keeping Collections
Chapter 17 producing sufferers for the Practice
Chapter 18 Gaining Case Acceptance
Chapter 19 Controlling bills within the Practice
Chapter 20 selling employees Effectiveness
Chapter 21 keeping day-by-day Operations
Chapter 22 coping with probability within the Office
Section four perform Transitions
Chapter 23 occupation Planning
Chapter 24 Employment Opportunities
Chapter 25 perform Ownership
Chapter 26 perform Transitions
Chapter 27 Valuing Practices
Chapter 28 Securing Financing
Chapter 29 The enterprise Plan
Index
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Extra info for Business Basics for Dentists
Example text
Everyone will die eventually. Instead, life insurance is bought to guard against premature death or death before a person has had a chance to build assets to provide for a given financial need. If life insurance is viewed as a bet or a game of chance, a person will lose. A person will lose if he or she does not collect because the company’s actuaries have determined premiums that will provide a profit for the company. A person will certainly lose if he or she collects because he or she will be dead and unable to enjoy the benefits.
Social Security retirement payments are not large to begin with. In the future, higher income earners will pay more (both while working and in retirement) to help keep the system solvent. This effectively decreases their return. So although Social Security is not expected to disappear in the future, most dentists should not plan for Social Security to be a major part of their retirement income. They should plan as if Social Security will not exist in the future. Any payments received from Social Security will then be a bonus.
The cash value that builds up varies as the underlying investment return varies. Depending on the policy, the amount of insurance may also vary. Universal life policies are similar to whole life policies, except they pay a competitive interest rate. The underlying investment portion of the payment is tied to money market or US Treasury Bill interest rates. Endowment life policies are pay dividends as an annuity or regular payments. These policies can supplement retirement income once the retirement plan is funded.