Dental Practice Consulting Services
From comprehensive back-office outsourcing to transitional planning, our dental practice consulting services team will help you get back to what matters most – your patients.
Dental Practice Consulting Services
Dental practices are navigating significant challenges, including staffing shortages, rising overhead costs and the complexities of insurance reimbursements.
To be successful in today’s environment, you need dental practice consulting services tailored to your needs.
Dental practice services for today’s challenges
Baker Tilly recognizes the unique challenges and risks in running your dental practice. Our dental practice consulting services are designed to meet your specific needs, whether it's outsourcing back-office functions or streamlining financial processes using real-time data.
Ownership transition and exit strategies
One of the most significant changes to a business and its stakeholders can be the transfer of ownership. Baker Tilly can help you prepare for transition now, for tomorrow.
All privately held businesses must transition ownership and leadership positions at some point.
Dental practice owners should have a transition plan in place whether they plan to retire, transact or an unexpected circumstance arises. Baker Tilly helps our clients navigate and plan for the impact of a sale or ownership transition.
Our transitional planning solutions include:
- Associate buy-ins: Determine buy-in method and future compensation planning, recruitment of new dentists.
- Valuations: Value practice based on industry expertise and market trends.
- Sale and acquisitions: Assistance in negotiations, structuring, valuation and tax implications.
- Networking: Introduction of potential candidates when buying or selling a practice.
- PE and DSO: Due diligence review and readiness evaluation.
Practice optimization analysis
Baker Tilly and Dynamic Dental Advisors help independent dental practices drive growth and achieve financial sustainability.
Baker Tilly and Dynamic Dental Advisors (DDA), a comprehensive business solutions organization specializing in dental practices, are collaborating to help dental practices better understand revenue enhancement and cost containment opportunities.
Increasing workforce and supply cost, fueled by rising inflation and continued staff shortages, along with thinning margins in insurance reimbursement are affecting dental practices across the country.
Our collaboration with Dynamic Dental Advisors gives independent dental service providers greater transparency and actionable insights into direct, controllable costs and revenue.
Back-office outsourcing
Spend more time growing your practice than running it.
Free yourself up from the operational complexities and responsibilities related to taxes, accounting and human resources (HR). Baker Tilly Advantage provides you with the ideal mix of resources and expertise, all with the scalability to support your needs as they evolve throughout the business life cycle.
- Tax: Constructive tax and business advice to help you meet all your tax compliance responsibilities in an accurate and timely way – it’s at the heart of what we do.
- Accounting: Whether you’re in need of outsourcing your entire accounting function or seeking assistance with basic accounting and bookkeeping, we work with you to create a customized solution that meets your needs and scales as you grow.
- HR: As your practice continues to grow, your HR and payroll needs will follow suit. Get time back in your schedule to focus on growing your practice while we help support your HR needs.
Benchmarking and projections
Whether exploring an additional location, expanding your team or considering the addition of ancillary services to your practice, our dental practice consulting services team can help.
We do more than just the numbers, helping dental practices with projections and benchmarking reports to inform critical decisions. We specialize in:
- Associate and staff addition projections: Position profile, compensation and profitability analysis.
- Additional and new sites: Financial assistance and preparation of operating and cash flow projections.
- Feasibility studies: Analysis of adding ancillary services, such as laboratory, imaging or surgery, to your practice.
- Benchmarking: Review of practice data against market indicators to identify opportunities.
- DentaMetrix: Baker Tilly is strengthened by DentaMetrix to help dental practice boost performance and revenue with real-time analytics, AI insights, and customizable dashboards. Contact us today to learn how Baker Tilly and DentaMetrix can help serve you as a team.
Operating efficiency and compliance
Enhance your dental practice profitability and operations. Our dental practice consulting services team analyzes financials, productivity and expenses. We offer financial planning, system efficiency reviews and comprehensive tax services for individuals and businesses.
- Profit enhancement/operations effectiveness: Analysis of financials, hygiene department, productivity, expenses and doctor vs. owner profitability.
- Financial planning: Assistance in combining personal and practice goals to achieve an overall financial plan.
- System efficiencies: Review of office systems and procedures.
- Tax planning and preparation: Individual and business.
Other dental practice consulting services
We offer a comprehensive suite of services for dental practices, including reviewing and developing compensation formulas, evaluating and suggesting alternatives for retirement plans, and designing effective collection procedures. As a trusted advisor, Baker Tilly supports every aspect of a dental practice's business, providing specialized guidance on a wide array of topics.
- Compensation formula: Review existing methods, develop alternatives and associated theories.
- Retirement plans: Review existing plans and determine alternatives.
- Collectability: Review structures and design effective collection procedures.
- Personal financial planning: Assistance including retirement planning, estate planning, investment management and insurance planning.
Association involvement
Baker Tilly Advantage
Spend more time growing your business than running it
Free yourself up from the operational complexities and responsibilities related to taxes, accounting and HR. Baker Tilly Advantage provides you with the ideal mix of resources and expertise, all with the scalability to support your needs as they evolve throughout the business life cycle.
