Five Reasons Why Dental Offices Should Purchase Cyber Liability Insurance

By Scott Ruthstrom, Chief Operating Officer, FDA Services, Inc.

Any dental office that handles electronic medical records should consider purchasing cyber liability insurance for these 5 reasons:

  1. Protection against cyberattacks: Cyberattacks are becoming increasingly common, and dental offices that handle electronic medical records are particularly vulnerable to these attacks. Cyber liability insurance can help protect against the financial losses that can result from a cyberattack.
  2. Compliance with regulations: Dental offices that handle electronic medical records are subject to regulations such as the Health Insurance Portability and Accountability Act (HIPAA). Cyber liability insurance can help ensure compliance with these regulations and avoid potential penalties for non-compliance.
  3. Recovery from data breaches: If a dental office experiences a data breach, cyber liability insurance can help cover the costs of recovering lost data, notifying affected patients, and addressing any legal or regulatory issues that arise.
  4. Reputation management: A cyberattack or data breach can damage a dental office’s reputation and lead to loss of business. Cyber liability insurance can help cover the costs of managing the fallout from such incidents, including public relations efforts and customer outreach.
  5. Business interruption coverage: A cyber liability policy can help cover lost income and expenses if a cyberattack or data breach disrupts normal business operations. This is particularly important for dental offices that rely heavily on electronic medical records to provide services to patients, as any interruption in these systems can lead to significant business losses.

Overall, cyber liability insurance can provide valuable protection and peace of mind for dental offices that handle electronic medical records and help mitigate the potential financial and reputational risks associated with cyberattacks and data breaches.

How To Overcome Financial Setbacks and Start a Dental Practice

By Karen Weeks

Starting a dental practice from the ground up is a dream for many dentists (and aspiring dentists). But financial setbacks can make this dream seem out of reach. If you’ve experienced challenges in the past, know that there are practical strategies for overcoming your obstacles and launching a dental practice that stands the test of time. Florida Dental Association shares some tips for doing just that!

Use your mistakes for growth.

As with any area of life, learning from your mistakes is one of the best ways to overcome your financial setbacks. If you’ve made bad investments, failed to manage cash flow or made any other financial mistakes, take it as an opportunity to learn and inform your decision-making going forward. That way, you can avoid making the same mistakes and position yourself to succeed financially.

Establish an LLC.

Forming an LLC is another step to consider taking when launching your dental practice. This type of business entity can help protect your personal assets if your business fails in addition to providing tax benefits and making it easier to raise capital from investors. Remember to research your state’s rules and regulations and work with a formation service to ensure your LLC is compliant. Plus, it will save you a lot of time!

Find cost-saving tools.

It’s essential to find ways to save money where you can when starting any type of business. Fortunately, there are many cost-saving tools available to entrepreneurs, such as online accounting software, discount office supply sites, web builders, video conferencing apps and more.

You’ll also manage your fair share of digital documents when launching and running your digital business. You can fill out digital forms quickly and accurately with a PDF editor tool, adding text, images and signatures with a few clicks. PDF editors are easy to use, extremely versatile and offer the utmost security for your important documents. You can learn more by clicking this!

Research the wealth of affordable technologies that can help you run a thriving practice. The right tools will help you stretch your budget further while helping you get off to a solid start and sustain success over time.

Image via Pexels

Develop a supportive network.

Every entrepreneur and business needs a supportive network of professionals surrounding them. Talk to other entrepreneurs who have started businesses despite facing financial challenges; learning from their experiences can give you valuable insight into how to triumph over hindrances and achieve the success you dream of. Plus, a supportive network can provide moral support when times are tough.

Learn to market your dental business.

Learning how to craft a stellar marketing strategy is one of the most important steps you can take when starting a business. Marketing is especially crucial for attracting new patients and growing your practice!

There are many different marketing channels to utilize — both digital and traditional. You’ll be in a much better position to launch and manage your dental practice by becoming well-versed in marketing fundamentals and creating a solid plan.

Consider these simple tips while developing your marketing strategy:

  • Establish a strong online presence through social media, content marketing and search engine optimization (SEO).
  • Utilize email campaigns to stay in touch with existing patients and inform them of new services or promotions.
  • Develop relationships with other local businesses to get referrals.
  • Create professional materials like brochures, flyers, posters and business cards that you can distribute within the local community.
  • Run targeted advertising campaigns on radio and television stations to reach more potential patients.
  • Make sure your website is user-friendly and up-to-date with accurate information about your services and contact details.

Wrapping Up

Moving forward after suffering one or more setbacks can be an overwhelming prospect. But you can use your mistakes for growth and lay a firm foundation for a brighter future. Remember to establish the appropriate business structure, take advantage of cost-saving technologies, surround yourself with supportive people and learn how to market your dental practice. Get ready to overcome your obstacles and build a business that flourishes long-term!

Would you like to read more helpful content or learn about our dental association? Visit today!

5 Strategies to Hire Great Staff for Your Dental Practice

By Anna L. Davies, Digital Marketing Specialist at Whiteboard Marketing

Like every industry, dental offices are facing staffing shortages. According to the American Dental Association, more than 80% of dentists say the recruitment process is extremely challenging.

Finding the staff and talent you need can feel overwhelming. Here are five strategies to help you recruit staff to your practice.

Strategy #1: Use Your Website to Hire New Staff

“Your website, if optimized, can be one of your most valuable recruitment tools,” says Sean White, CEO and owner of Whiteboard Marketing. “Prospective employees look through websites to get a feel for day-to-day life in your office.” In fact, the second most-visited page on a website is your team page.

To optimize your website for staff recruitment, work with your web developer to:

  • Add a careers page to your website so prospective employees can easily find postings.

This helps qualified, prospective employees find essential information about your practice and available positions.

Add individual pages for each job posting linked from the careers page. This makes the job posting easy for prospective employees to locate and help search engines like Google show your webpage when people search for dental jobs near them.

Strategy #2: Use Facebook to Attract New Staff

“With 71% of the U.S. population currently using Facebook, finding your best candidate is just a job post or advertisement away,” says White. “For our dental clients, we have had the most success recruiting quality candidates for front desk and office manager positions.”

Work with your social media manager to:

  • Post open positions on your Facebook business page.

Include the link to your careers page so prospective employees can go to your website and learn more.

After posting, boost this post to reach a wider audience. It will appear on your Facebook business page, in the “Jobs bookmark” and on Marketplace.

Facebook provides easy steps when boosting a job post. The platform considers job ads a “special category” and has a strict non-discrimination policy with limited audience segmentation capabilities.

  • Advertise open positions with Facebook ads.

Facebook advertising allows you to run your hiring ads longer than a boosted post. Use high-quality team images, positive messaging and strong calls to action.

For example, if you’re looking to hire a dental assistant in the Fort Lauderdale area, you can target Fort Lauderdale as your ad radius and people with “dental assistant” as an occupation or interest on their profile.

  • Join your area’s Dental Peeps Facebook group.

Dental Peeps is a private Facebook group for dental staff. Ask your staff to post on the wall and encourage others to apply.

Strategy #3: Post on Key Job Search Websites

Accounting for more than half of all online job postings, job websites serve as the primary recruiting source for employers and employees.

Indeed is the No. 1 job site in the world with more than 250 million active unique users each month,” says White. “Because every dental market is different, research the best site for your area.”

Consider using:

Strategy #4: Ask Your Employees to Refer Potential Staff

According to CareerBuilder, 82% of employers say their best employees come from referrals.

“Employee referral programs are one of the most effective and efficient recruitment strategies you can implement,” says White. “Your current team members understand your practice, patient philosophy, culture and work ethic. They also have the best idea of peers who may be a great fit for your business.”

Motivate your staff to refer employees through an organized incentive program. Some incentive ideas include cash, gift cards or extra vacation days. You also can ask team members to review your practice on hiring websites.

Strategy #5: Maintain an Inventory of Potential Employees

As you navigate the hiring process, you will collect resumes of qualified candidates. Keep these resumes on file for future opportunities at your practice.

Whiteboard Marketing is a national dental marketing agency, based in Dublin, Ohio. With more than 17 years of experience, Whiteboard Marketing creates unique, customized solutions that attract, acquire and retain patients for your practice.

How Can Dental Practices Take Advantage of a Section 179 Tax Deduction?

By The Dentists Supply Company

If you own a dental practice, the Section 179 tax deduction may help you lower your taxable income and help you save on your business taxes for 2021. Learning more about this valuable tax incentive can help you reduce owed business equipment taxes and help you plan for your practice’s future.

What is the Section 179 tax deduction?

The Section 179 deduction applies to tangible personal property such as machinery and equipment purchased or leased for use in a trade or business.

How does the Section 179 tax deduction work?

Any dental practice filing a U.S. Business Income Tax Return for 2021 is eligible to take the Section 179 deduction. The equipment must be acquired in 2021 and installed or placed in service by Dec. 31, 2021.

I recently bought new equipment. What more do I need to know about qualifying for Section 179?

Coordinate with your equipment provider to ensure there’s enough lead time to install your equipment before the end-of-year deadline. If your new equipment requires employee training, you will need to schedule the training as soon as possible to meet the deadline. Keep in mind that if you pay for equipment in advance but fail to install it by Dec. 31, 2021, the Section 179 deduction will not apply for 2021. You also may need to meet other eligibility requirements under Section 179.

What kinds of equipment purchases qualify for the deduction?

Most of the equipment you’ll purchase, finance or lease for your practice will qualify for the deduction, provided that it is used more than 50% of the time for business purposes. A few examples of qualifying purchases include:

  • Business vehicles.
  • Certain improvements to an existing non-residential building, which may include fire alarms, HVAC, security systems, and roofing.
  • Computers.
  • Computer “off-the-shelf” software.
  • Equipment (machines, etc.) purchased for business use. (Your deduction is based on the percentage of time you use the equipment for business purposes).
  • Office equipment (X-ray imaging instruments, handpieces, air purifiers, etc.).
  • Office and operatory furniture (dental patient chairs, dental cabinets).

A routine part of an IRS audit is to review freight bills and bills of lading, and to verify when the equipment was delivered and installed. Make sure you retain these documents in case of an audit.

Is there a limit on how much money I can deduct in 2021?

The Section 179 deduction limit for 2021 is $1,050,000. This means your dental practice can deduct the full cost of qualifying equipment (new or used, leased or owned), up to $1,050,000, from your taxable income in 2021.

The tax deduction applies until you reach a spending cap of $2,590,000 for the year. The spending cap was put into place to ensure that the deduction remains an incentive for small businesses.

Who should I contact to claim the tax deduction for dental practices?

If you have questions about Section 179, contact your CPA or tax professional. They can help you determine if taking the Section 179 deduction is the right choice for you and your practice. In addition, your tax professional may be familiar with other tax provisions that may provide additional tax savings.

Explore equipment and handpieces.

Reprinted with permission. This blog was originally posted by The Dentists Company on Nov. 8, 2021.