Subject: 552 - Financial Management
Credits: 1 (Lecture)
Saturday, July 15: 2 to 3 p.m.
Fee: Free with Registration!
Location: Pool Level, Forum 1-3
Description: Like most other types of small businesses, dentistry has not escaped the downturn that is now officially in its sixth year, but for many dentists has lasted longer. With the recent Supreme Court decision upholding most portions of the Affordable Care Act (Obamacare), this will have a profound effect on the type of practice you will be able to build and sustain at present and beyond. Resolution of the “fiscal cliff” is only a small part of how small business such as dental practices will be profoundly changed, and will require a totally new business model. This lecture will touch on how to make your practice more resistant to the economy, what you can expect to see in the economic near future, and basic financial steps you must take to ensure that you will able to financially be successful throughout your entire dental practice career.
Learning Objectives:
- Attendee will be able to identify basic economic business cycles, and how it affects dentistry.
- Attendee will be able to understand the penetration of corporate dentistry/large group practice modules in both Fee for Service and PPO systems, and how a solo practice is at a distinct disadvantage in competing with their business model.
- Attendee will gain knowledge on current economic trends that are happening with the third party financing of dental care, and how the ACA will alter the future of how dental care is paid for in this country
- Attendee will be able to return to the office with clear initiatives on how to increase the efficiency of their operations, and whether they are a candidate for a merger or acquisition of another dental office.
