• Business Plan Even before you launch your practice, it is crucial to have a business plan that covers operations, management, human resources, equipment, and marketing. A well-conceived business plan for a dental practice will also consider how employees fit into your plans. Finally, a business plan should include a financial statement detailing how much it will cost to open and operate the practice. In short, a business plan will serve as a blueprint for your dental startup and also allow you to present your practice to lenders and investors who specialize in the dental industry
• Office Space An important consideration for any dental practice is office space. Will you be renting space in a professional medical complex or purchasing commercial property? If you are renting, it is wise to work with a dental lawyer who can help to negotiate a commercial lease, negotiate rent, buildouts, renewals, and other key terms. Similarly, a lawyer who provides services to dental professionals can also help to negotiate the purchase and sales contract if you are considering buying property. Ultimately, the location of your practice will be a key determinant of your success.
• Dental Equipment Your dental startup must have the right equipment, including patient chairs, sterilization equipment, X-rays, handpieces, dental lights, and cabinetry. There are countless dental equipment providers so it is important to get the best deal. Whether you are buying or leasing dental equipment, it is wise to have proper legal representation.
• Marketing It is essential to market your dental startup to attract new patients and keep them coming back. A comprehensive marketing strategy includes building a website and having a digital marketing plan that includes social media. It is also a good idea to have a professional media company develop an SEO and PPC strategy.
•  Dental Software Having a modern practice requires dental practice management software that can manage patient intake, track dental appointments, and record diagnoses, treatments, dental patient records, and dental billing.

The Takeaway

Dental startups need a business plan, dental equipment, office space, marketing tools, and dental practice management software. When it comes to launching and growing your dental practice in the new normal, it is essential to have the advice and ongoing counsel of an experienced dental attorney.

That’s where LaMaster Law comes in. Lead attorney Matt LaMaster has extensive experience representing medical professionals on all aspects of running a practice from startups, to practice acquisitions and sales, to HIPAA compliance, to practice transitions. Contact our office today to get started.

The post Top 5 Things Your Dental Startup Needs in the New Normal appeared first on The LaMaster Law Firm, PLLC..

Acquiring Dental Equipment

There are a number of professional dental suppliers that can provide practitioners with the right equipment. A variety of wholesale products are available on a long-term basis, including:

Patient Chairs

Patient chairs are one of the most important pieces of equipment you need for a dental practice.

Key features you should look for include:

• Movable armrests to help patients get in and out of the chairs easily
• Programmable positions or a touchpad or footswitch that allows you to make adjustments depending on the type of work being done

In short, you need to choose a chair design that is ergonomic – designed for both efficiency and comfort – so that your patients have a satisfying experience.

Sterilization Equipment

Sterilization equipment is critically important for a dental practice to mitigate the spread of infection. Sterilizing all of your tools keeps them safe, efficient, and effective. Ultimately, sterilization equipment:

• Eliminates cross-contamination
• Reduces the risk of illness or disease being transferred to patients
• Prevents injury from manually washing equipment

X-rays

Obviously, X-ray imaging instruments are necessary to accurately diagnose and treat a patient’s dental condition. Dental imaging can help locate the early signs of cavities, infections, and gum disease so that patients can be treated as quickly as possible. In particular, upgrading to digital X-ray technology will:

• Reduce radiation and improve efficiency in your practice
• Provide higher resolution images
• Allow you to share images across different devices to other professionals instantly
• Improve the efficiency of your practice

Handpieces

The right dental handpieces are necessary for routine appointments and surgical procedures. Whether handpieces are electrical or high-speed airdriven, they must be functional, feel comfortable in your hand, and allow you to balance their weight during procedures.

Dental Lights

If your practice includes dental surgery, dental operating lights improve your chances of success. Optimal lighting conditions allow for proper diagnosis and the ability to monitor what is going on during a procedure. In particular, dental lights with different swing arm adjustments and options will help you adjust the flow and direction of the light for each patient.

Cabinetry

Finally, your practice must have a good storage solution that allows you to quickly access the materials you need. Cabinetry for your dental practice should be both aesthetically pleasing and durable. Options include center island cabinets, size cabinets, and mobile cabinets.

The Takeaway

Having the right equipment is essential for any dental practice, but there are many factors to consider from arranging for financing to mitigating potential liabilities. The best way to secure the right dental equipment and plan your growth strategy is to consult with a lawyer who represents dental professionals.

The post What equipment do you need to run a dental practice? appeared first on The LaMaster Law Firm, PLLC..

Covid-19: Dental Practices Meet the Challenge

Before we take a deep dive into the current trends in dentistry, the impact of Covid-19 cannot be overlooked. While dental practices around the country experienced brief shutdowns when the pandemic hit, many were able to quickly open because they already had significant safeguards in place.

Dental practices have customarily used personal protective equipment and maintained sterile conditions and that preparation has paid off. The American Dental Association (ADA) recently reported low infection rates among dentists and dental staff after nearly two years of the pandemic. The bottom line is that dental revenue remains strong. A recent study shows that revenue only declined by 6 percent in 2020 and is anticipated to grow by 7.5 percent in 2021.

Top 5 Dental Industry Trends in 2022

While Covid-9 continues to pose challenges, and the impact of the omicron variant is not yet known, let’s take a look at the current trends driving the dental industry.

1. Establishing Patient Trust

Creating and maintaining trust with patients over time has always been crucial for dental professionals. Attracting new patients requires dentists to demonstrate their expertise and trustworthiness by informing patients about the services they can expect to receive. One way for dental practices to increase new patient registration is to implement a digital marketing plan and create educational website content (e.g. blogs, videos) that will encourage potential patients to enlist the dentist’s services.

2. Convenience Matters

Dental patients are essentially consumers with numerous healthcare options, which makes prioritizing convenience for patients essential. Patients expect 24/7 access to services, treatment when they need it, and direct communication with their dentists. Some ways to provide convenience in dentistry include:

• Having an online portal that allows patients to schedule appointments online, ask questions, and fill out intake forms
• Expanding office hours to provide appointments at convenient times, including early mornings, evenings, and weekends
• Allowing patients to pay online or with their mobile devices
• Utilizing teledentistry and live video

3. The Rise of 3D Printing

The use of 3D printing by dentists increased in 2021 and is expected to continue in the coming year. In short, 3D printing increases the speed of creating custom dentures, crowns, and more which can now be made in minutes instead of in days or weeks. This technological breakthrough uses resins that (1) produce the fine feature details that are required for dental devices and (2) have the potential to be used for both short-term and long-term dental solutions.

4. Laser Technology

The rise of laser technology is transforming dentistry. Laser dentistry can eliminate cavities with little or no pain, reduce the risk of infection, lessen bleeding, decrease the need for sutures, and lead to faster healing.

5. Emotional Dentistry

Emotional dentistry encourages patients to directly participate in their treatment and foresee the outcome. Patients can envision their final restorations and try different smiles through digital photos and virtual mockups and choose the most appealing one. This approach can improve patient trust, improve the patient experience, and make the process of receiving dental care less intimidating than it would be otherwise.

The Takeaway

As dentists continue to serve patients in the face of the ongoing pandemic, embracing technology and improving the patient experience can help dental professionals grow their practices. As always, protecting your interests and navigating the new normal requires having trustworthy advice and guidance from an experienced dental lawyer.

The post What You Need to Know About Dentistry in 2022 appeared first on The LaMaster Law Firm, PLLC..

Given the current epidemic of ransomware attacks against businesses large and small, it is crucial for dental professionals to focus on cybersecurity to protect their practices. Let’s take a look at the steps you can take to protect your dental practice from being hacked.

Backup Your Data

Like many businesses, dental practices are turning to software vendors to store their data, but ransomware attacks can render your data unusable or make restarting operations difficult if not possible. While there are a number of cloud storage systems available to store data offline through remote servers, it is crucial to use strong encryption methods to ensure data protection. Also, portable devices (e,g, tablet pcs, portable dental equipment) should be stored separately and not remain connected to the internet to prevent software viruses.

Seek Reputable Vendors and Platforms

It is essential to rely on vendors with expertise in the dental industry for connected services, devices, and storage systems. Practice owners should start by getting references from other dentists and then ask vendors what service-level agreements are available, which ideally will be standard with their solutions.

Train Employees on Cybersecurity

Cybersecurity measures will be ineffective if there is a weak link in the chain of command. So all employees in a dental practice — front desk personnel, hygienists, associate dentists, practice owners — should receive regular training to learn how to identify and respond to potential attacks through “phishing” emails, fake voicemails, and robocalls.

Purchase Cyber Insurance

Professional insurance brokers now offer cyber insurance along with their line of customary insurance products (e.g. general liability, professional liability, commercial property, business disruption). Cyber insurance is designed to cover losses arising from data breaches and cyberattacks give you peace of mind. Many policies include guidelines for protecting your practice and provide incentives such as cost-sharing to help implement cybersecurity solutions.

The post Why Cybersecurity Matters for Your Dental Practice appeared first on The LaMaster Law Firm, PLLC..

Upgrade the Office Space

When patients come to your office, the atmosphere should be welcoming and receptive, but it is equally important to showcase your professionalism to a potential buyer. While it may not be necessary to buy new equipment, maintenance and repairs should be performed. It is also wise to declutter the office, replace worn furniture, and clean up the facility.

Maintain Production

The number of patients your practice serves is the key data point for buyers because steady production is a leading indicator of your practice’s viability. In the contemporary marketplace, attracting new patients requires having a state-of-the-art website and asking existing patients to complete online reviews.

If you plan on selling your dental practice, it is crucial to maintain your production levels. By slowing down or referring patients to other providers, you will likely see lower profits and a decline in the value of your dental practice.

Adjust Fees

Generally, a dental practice’s fees should be evaluated and adjusted on an annual basis based on the market value in your region. If you have not adjusted your fees for more than 1 year, do so before you market your practice.

Business Management

When selling a dental practice, you will likely be asked to provide prospective buyers with financial information, including:

• Financial statements
• Accounts receivable reports
• Production reports

In short, you must be able to show that your practice is well managed and profitable.

Consult with a Professional Team

Given the various factors involved in selling a dental practice, it is wise to work with an experienced professionals who can:

• Value your practice realistically (accountant or broker)
• Promote the sale of your practice (broker)
• Work to locate a buyer
• Negotiate transaction terms (accountant, attorney and/or broker)
• Prepare or review legal documents (e.g. letter of intent, confidentiality agreement, purchase agreement, noncompete agreement) (attorney)
• Assist with tax planning (accountant)

Ultimately, your the team that you have should work for you and answer any questions that you may have. Having an attorney experienced with dental sales will be important.

The Takeaway

Selling a dental practice requires careful consideration and it is essential to be prepared. By taking the above-mentioned steps and working with an experienced dental attorney, your chances of a smooth and successful transition increase.

The post Preparing To Sell Your Dental Practice appeared first on The LaMaster Law Firm, PLLC..

Can a healthcare employer require employees to get Covid-19 vaccines?

The ADA notes that a vaccine requirement must be job-related, a business necessity, and no more intrusive than necessary. Dental practices meet this standard with respect to COVID-19 given that an individual with COVID-19 poses a direct threat to others.

Moreover, the Equal Employment Opportunity Commission (EEOC) recently published updated guidelines on vaccine mandates in the workplace. In short, employers, including dental practices, can require all employees entering the workplace to be vaccinated, as long as the requirement adheres to applicable federal law and state laws.

For example, employees who have a known medical condition that makes them ineligible for the Covid-19 vaccine may be entitled to reasonable accommodation under the Americans with Disabilities Act (ADA). Also, employees who have a genuinely held religious belief or practice that conflicts with such a requirement may be entitled to an accommodation under Title VII of the Civil Rights Act.

While these federal anti-discrimination laws only apply to employers with 15 or more employees. However, state equal employment opportunity laws apply to most employers. If you have questions about vaccine mandates and accommodations under applicable laws, talk to an experienced attorney.

What proof of vaccination can employers request?

Dental practice should not request any information that reveals any medical information about the employee other than vaccination status. The Centers for Disease Control and Prevention (CDC) has provided vaccination cards for such purposes; however, any information provided by the employee must remain confidential.

Are employers required to provide paid time off for employees to get a shot, or pay for time off in the case of side effects?

If staff members are required to be vaccinated, the practice is responsible for paying any time the employee is required to spend off-duty hours under federal and state wage and hour laws.

If staff members experience side effects that keep them out for a day, the ADA also recommends providing paid time off.

What if a staff member refuses to be vaccinated?

If an employee refuses to get vaccinated, find out why. If the refusal is based on a claimed disability or religious belief, determine whether a reasonable accommodation is feasible. While there have been reports of employees being terminated for refusing a shot, you cannot retaliate against a staff member who exercises their legal right to an accommodation.

What if a staff member suffers an adverse reaction?

If a dental practice requires employees to be vaccinated, adverse reactions would generally be compensable to them under state workers’ compensation laws.

Why This Matters

Employer vaccine mandates in the workplace are likely to become more widespread once they receive final FDA approval. In the meantime, if you have concerns about implementing a vaccine mandate at your dental practice, consult with a lawyer who works with medical professionals.

The post In Focus: Vaccines in the Dental Office appeared first on The LaMaster Law Firm, PLLC..

Given the costs associated with state-of-the-art dental technology, as well as the risks to patient privacy and related cybersecurity concerns. This article is a discussion of some of the ways technology is driving the dental profession in the new normal.

Virtual Accessibility

When the pandemic forced dental practices to shut down for emergency-only patients, virtual accessibility became critically important for providing patients virtual examinations prior to seeing them. Dental practices will continue to utilize the teledentistry model, providing for improved patient engagement and retention.

Software Technology

Today, cloud- and browser-based practice management software provide dental teams with seamless access to radiographs and other clinical data as well as intuitive workflow for patient intake, scheduling, contact, and billing.

In addition to practice management software, imaging software technology, such as intraoral cameras can be used for virtual patient visits, while patient engagement programs offer teledentistry through a patient’s computer or smartphone. Moreover, dental imaging capabilities have expanded dramatically with digital sensors that provide more detail, better diagnostics, and better patient outcomes.

Touchless Communications

As patients return to dental practices, many are looking to communicate in touchless ways. Dental providers can engage with patients virtually using methods that work for them (e.g. phone, text, email) and send online forms to patients prior to their appointments.

Patients can complete intake forms, medical history, demographic, and insurance information prior to their appointments and the information can often be automatically uploaded into the practice management software so that it is readily available.

As for dental insurance, sending electronic insurance claims results in more expedient processing and turnaround times, while third-party payment options allow for touchless payments by patients, which can improve practice revenues.

Electronic Prescriptions

In response to the opioid crisis and to prevent prescription fraud, most states have passed laws requiring medical and dental clinicians to send prescriptions for pain medications electronically to pharmacies; and filling prescriptions electronically is touchless and saves time.

Why Data Matters

Dental practices looking to improve productivity and profitability need statistical data to improve practice functionality. From scheduling to controlling accounts receivable, a variety of cloud-based programs can provide real-time information about the practice’s overall business health.

The Takeaway

As dental practice technology evolves, dentists will be able to provide better care to patients and also help their practices grow. The best way for dental professionals to navigate the new normal is to consult with an advisors (including attorneys) who have a working knowledge of the dentistry space.

The post The Necessity of Dental Technology in the New Normal appeared first on The LaMaster Law Firm, PLLC..

Understanding Your Profit and Loss (P&L) Statement

To understand dental practice overhead, you need to get a handle on your P&L statement, which can be broken down into the following basic expense categories: employee costs, variable dental costs, facility and equipment costs, other business expenses, discretionary costs, and owner’s compensation.

Employee Costs

Employee costs include your team’s salaries (front desk, dental assistant, and hygienist), items such as payroll taxes, retirement plan contributions, and other employee benefits, as well as the cost of outside services (e.g. employment agency costs to cover for an absent employee). It is worth noting that the costs of an associate are not included in employee costs, but are reflected in the owner’s compensation on your P&L. In any event, employee costs should be in the range of 24 to 26 percent of your practice’s revenues.

Variable Dental Costs

These costs may vary with the volume of dental services you provide, but normally include dental supplies, implant supplies, and lab fees. The costs for dental supplies should be no higher than 6 percent of your practice’s collections, although lab fees can vary further depending on the technology your practice is currently using.

Facility and Equipment Costs

Facility and equipment costs include such items as the depreciation of your dental equipment and the interest costs associated with financing your practice acquisition. Other costs that must be accounted for include:

• Rental costs of your space
• Equipment leasing
• Personal property taxes
• Real estate taxes
• Utility costs

A workable budget for facility and equipment costs is approximately 10 percent of the practice’s collections.

Other Business Expenses

Other expenses (e.g. advertising, bank charges, continuing education, dues and subscriptions, insurance costs, office supplies and postage, professional fees, telephone, uniforms, and laundry) should top out at about 11 percent of the practice’s collections.

Discretionary Costs

Discretionary costs (e.g. automobile costs, contributions, gifts, meals, entertainment, travel) should not exceed 2 percent of your collections.

Owner’s Compensation

The budget for owner’s compensation (your wages, your family’s wages, your associate’s compensation, and your portion of your retirement plan contribution) should be 35%–40% of your collections.

There are other considerations in controlling your practice’s overhead, not the least of which is setting and rebalancing your fees, which should be done on an annual basis at a minimum. It is also crucial to have a handle on the ratio of daily hygiene production to doctor production to ensure that your dental practice will maintain profitability while also generating sufficient income for you.

The Takeaway

Starting a new dental practice or acquiring an existing one can be an exciting and lucrative venture, provided that you control your overhead. By working with an experienced attorney and​ retaining an accountant, you can learn how to manage your expenses and achieve your objectives in the dental space.

The post Reining in Dental Practice Overhead appeared first on The LaMaster Law Firm, PLLC..

Practice Transitioning Considerations

While many dentists paused transitioning plans at the outset of the COVID-19 pandemic, some are currently reconsidering their options. A few key reasons to do so include:

Risk and Liability

Dental professionals, like any business owner, need to reduce their risk of liability if something happens to them. It is crucial to ensure their practices, family, and staff will be protected. In short, considering a practice transition or establishing a succession plan goes hand-in-hand with a comprehensive estate planning strategy.

While many older dentists may not be ready to retire, it is crucial to have a plan in place and mitigate the risk of liability if a staff member or patient gets sick. In this situation, having an associate buy-in can allow them to continue operating their practices while offloading some of the liability risks. Another option is to consider partnering with a dental services organization to manage the practice.

Taxes and Interest Rates

Given that trillions of dollars have been pumped into the economy via the relief packages enacted by Congress, changes to the tax code are inevitable. While these changes remain to be seen, the White House is reportedly considering hiking the corporate tax rate from 21 percent (which was lowered from 27 percent in 2017 by the Tax Cut and Jobs Act) to 28 percent.

In addition, an increase in the capital gains tax may be in offing, which is a key concern for dental professionals who are considering selling their practices. Similarly, interest rates remain at historic lows, however monetary policy in the new normal is uncertain at best. At some point, a hike in interest rates may be necessary to reduce the risk of inflation, which could impact financing options for buyers.

COVID-19 Concerns

The pandemic has left its mark on all of us, and dental professionals face unique concerns. Many obtained loans through the Paycheck Protection Program to keep their practices open, made operational changes to their practices and ordered additional personal protection equipment (PPE) even as their service numbers declined. While patients have returned and numbers are higher in some cases due to the backlog, the future is uncertain for sellers and buyers alike.

Why This Matters

Whether you are considering selling your dental practice or looking to grow an existing one, navigating the new normal requires careful planning. By consulting with an experienced attorney, you can consider all your practice transition options.

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Whether you are a newly minted dentist or looking to expand an existing practice, it is wise to consult with an attorney who can help you achieve your objectives in the dental space. In the meantime, let’s take a look at how the practice of dentistry continues to evolve.

Patient-Centered Dental Care

Today, dentistry has become more patient-focused as advances in technology allow dentists to make more accurate diagnoses and provide quicker, more efficient services, such as same-day crowns, implant-supported dentures, and tooth alignment. Moreover, improvements in technology along with greater knowledge of oral health allow dentists to provide preventative rather than solely providing restorative care.

Advanced Diagnostic Tools

There are many tools for preventative care. For example, dentists can now detect cavities with lasers that are able to identify a weakness or a cavity in the tooth. This type of technology allows dentists to monitor teeth with each visit and take action early on.

Two recent innovations in dentistry are computer-assisted design (CAD) and computer-assisted manufacture (CAM) technologies. With these technologies, a crown can be created and applied in one day, rather than sending it to a dental laboratory. Another exciting development is 3D digital imaging, which allows dentists to detect issues with the teeth, tissue, muscle, bone, and nerves.

This technology also allows dentists to make more accurate diagnoses, which can save patients time and money in the long run. In addition, digital dental x-rays enable dentists to detect cavities and other abnormalities, such as cysts, abscesses, and tumors. Digital imaging is also leading to improvements in treatments such as root canal, oral surgery, and dental implants.

A Better Dental Environment

Along with advances in technology and improved diagnostic care, dental professionals are paying more attention to creating satisfying patient experiences. Given that many patients still have fears about seeing a dentist, it is crucial to create a welcoming environment that emphasizes comfort and care.

Why This Matters

The unprecedented challenges facing the dental profession make it imperative to utilize all the resources at your disposal to deliver quality care. Currently, patient volumes have yet to return to pre-pandemic levels, so dentists will need to be nimble and explore growth opportunities whether by forming associations or relying on a dental services organization to reduce administrative overhead. By working with an experienced attorney, you will be able to grow your dental practice and continue providing quality care to your patients.

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