Dentists
Brighten your practice’s financial future — craft a plan that ensures lasting success.
Running a successful dental practice goes beyond just managing patient appointments and treatments. It’s about having a strategic vision and making daily decisions that guide you toward your goals. From adapting to new technologies to navigating financial planning, there’s a lot more to consider to ensure your practice thrives.
At MNP, we understand the multifaceted nature of running a dental practice. Whether you’re new to the field, starting your own practice, or planning for retirement, we offer the support you need to make informed decisions. Our approach is to work closely with you, providing tailored advice and insights to help you navigate every step of your journey and achieve lasting success.
-
Take advantage of the CDSPI-MNP agreement
Access preferred pricing on accounting, tax, and consulting solutions.
Challenge
Growing your practice
Expanding your practice is both thrilling and demanding. Balancing the drive for growth with smooth daily operations is crucial for achieving sustainable success without compromising patient care.
Navigating tax complexities
The labyrinth of tax regulations can feel like a never-ending puzzle. Managing these complexities while running your practice can be stressful, leaving you concerned about compliance and missed opportunities.
Managing finances and cash flow
Keeping your practice’s finances in check is vital for its success. Juggling expenses, investments, and unexpected costs while ensuring a healthy cash flow can be a constant challenge.
Adopting new technology
The constant evolution of technology in health care presents a challenge, requiring a keen understanding to navigate this changing landscape and keep your practice relevant with the latest innovations
Planning for retirement and succession
You’ve built a successful operation and now it’s time for what’s next. Ensuring a smooth transition requires meticulous planning to preserve your legacy and financial future.
Solution
Performance improvement
We offer tailored strategies to enhance your practice’s performance and profitability. Our approach includes streamlining operations, improving patient satisfaction, and providing guidance on managing growth effectively.
Tax solutions and advisory
Our tax team simplifies the complexities of tax regulations and helps you manage tax liabilities. We work with you to ensure your tax strategy aligns with your practice’s needs and goals so you can focus on patient care without tax worries.
Cloud accounting and bookkeeping
With ease, MNP’s cloud-based accounting solution, you gain real-time financial management, improving accuracy and efficiency. This allows you to spend less time on paperwork and more on what you do best — caring for your patients.
Digital advisory
Stay ahead with our digital advisory services, which include integrating new technologies into your practice and cyber security and IT services. We provide support for adopting innovative solutions, ensuring that technology enhances your operations and patient care.
Family office services
Through our comprehensive family office services, you can confidently plan for the future of your practice and family. We help you create a robust plan and financial roadmap that addresses your goals and ensures a smooth transition for your practice.
Corporate Finance
Whether you’re looking to sell your practice, or you’re thinking about acquiring or merging to expand your operations, we ensure you receive maximum value through your transaction, while providing support every step of the way.
Frequently asked questions
Key financial reports include the income statement, balance sheet, cash flow statement, and accounts receivable aging report. These reports provide insights into your practice’s profitability, financial health, cash flow, and outstanding payments.
To improve cash flow, consider implementing efficient billing processes, offering multiple payment options for patients, negotiating better terms with suppliers, optimizing payroll to match production, and regularly reviewing expenses to identify areas for cost reduction. Additionally, setting up a cash reserve can help manage unexpected expenses.
Consider the cost of new equipment, additional staff salaries, increased operational expenses, and potential revenue from expansion. It's essential to create a detailed financial projection and ensure you have adequate funding through savings, or loans.
We provide assistance with business planning and capital advisory, whether you're launching a startup or greenfield clinic, or expanding through the acquisition of an existing clinic. Our tailored guidance ensures you're well-prepared to achieve your growth objectives.
Start by setting retirement goals, determining the amount needed to achieve them, and how to accumulate wealth most efficiently. Adhere to this plan, invest wisely, and periodically review your retirement plan with your advisor. Also, consider the value of your practice and how it fits into your overall retirement strategy.
Setting realistic timelines that align with typical transition periods after a sale are important considerations as these may impact the timing of a sale and how many years you need to work before final retirement.
Discuss with your business advisor the various options of buyers and succession plans, such as associates or external buyers/consolidators. Develop a transition plan that includes training, transferring responsibilities, and gradually reducing your involvement.
Our Corporate Finance mergers and acquisitions advisors can help sell your clinic to an external buyer and structure your succession plan to maximize value, deal terms, tax structure, and cultural alignment/fit, all while ensuring your patients continue to receive high-quality service.
It’s never too early to start having these types of discussions to allow for proper planning and timelines.
Testimonials
Dr. Archie Tang DDS
Concept Dentistry
I've been a client of MNP for over ten years and couldn't be happier with the service. Their tailored approach has consistently met my unique needs, and their ability to navigate complex situations has been invaluable. Most recently, they guided me through a seamless practice transition. The team is knowledgeable, responsive, and truly cares about their clients. I highly recommend MNP to anyone seeking reliable and personalized support.
Dr. Kellen Smith
Welcome Smile Dental
Ever since becoming a client in 2010, the team at MNP have been instrumental in the success and growth of my dental practice. Their one-on-one approach has consistently made me feel safe knowing my business and personal finances are in exceptionally capable hands. I am confident I could never find another team who would even compare to the quality of service I receive from MNP.
Contact our Professionals Team
Calvin Carpenter CPA, CA
Insights
-
Performance
November 28, 2024
How will the CRA’s significant GST/HST update impact your dental and orthodontic practice?
How will the recent GST/HST update impact your dental practice? Understand the new requirements for claiming ITCs and opportunities for GST/HST refund claims.
-
Confidence
Transform your dental practice with key performance indicators
Key Performance Indicators (KPIs) are essential metrics that provide insights into the overall health and performance of your dental practice.
-
Performance
November 14, 2024
Unlock hidden growth: How KPI’s can elevate your dental practice’s success
Learn how KPIs helped a dentist identify inefficiencies and boost profitability by focusing on key metrics like patient retention and administrative efficiency.
