TIME TO INCREASE FEES

You’ve no doubt long heard the recommendation to increase your fees at least annually.  Wondering how to do so?  Suggestion:  Order Dr. Charles Blair’s Revenue Enhancement Program which analyzes procedures and fees for every ADA procedure code by percentile according to zip codes.  For information or to place an order, call 1-866-858-7596 or visit www.practicebooster.com.  Incidentally, for 2012, Dr. Blair is recommending a 2.5% fee increase for general and specialty practices.  However, before setting the 2.5% increase, doctors should make certain their current fees reflect the quality of care provided in their office and are commensurate with the fee profile in their particular zip code.

CAUTION CAN BE OVER-PLAYED

An anonymous poet wrote:

            “There was a very cautious man who never laughed or played; he never risked, he

            never tried, he never sang or prayed.  And when one day he passed away, his  

            insurance was denied; for since he never really lived, they claimed he never

            died.”

Does this describe anyone you know??

DARE TO TRY SOMETHING NEW

Fear of failure is one of the most significant stumbling blocks to growth and success---growth and success for individuals and for dental practices.  It is simply easier to do what you have always done.  It is safe and familiar.

The corporate world risks failure with every new venture, whether in manufacturing companies or  in service businesses.  Do these organizations always succeed?  No, but these enterprises realize that without taking an occasional risk, there is no chance of succeeding.

Think about this the next time you, the dentist, or a staff member suggests a positive change for your practice that may take some effort and seem a bit risky.  Put in the extra effort for the extra measure of success and pride of accomplishment.  Dare to do it!

NEED NEW EQUIPMENT IN YOUR OFFICE?

In yet another effort to stimulate the economy, Congress has added a new section to the tax law. Purchase of new business equipment formerly allowed 50% of the cost to be depreciated. Now 100% of the cost can be depreciated for equipment placed in service after September 8, 2010 and before January 1, 2012. Three caveats: the equipment must be new, must be used for business more than 50% of the time, and must have a recovery period of 20 years or less. Check with your accountant.

TAX STRATEGY HINT

Fund private school costs or a college savings account with tax-deductible salary paid to your six year old or older child who performs some tasks in your office. In 2011 a child can earn up to $5,800; up to $5950 in 2012. Check with your accountant.

TAX STRATEGY HINT

If you still employ a staff member hired during 2010 who was unemployed on February 3, 2010, your practice may qualify for the New Hire Retention Tax Credit of up to $1000 per employee. Check with your accountant.

FEATURE FIND: The SmileAisle section of Practicon’s catalog has received rave reviews for its selection of outside-the-norm giveaways to delight all your young patients. We work diligently to find quality, affordable toys that mark your practice as one that truly appreciates young patients. Take a look. You’re sure to find some toys to please youngsters and their parents.