Dentaltown August 2015 - (Page 62)

practice solutions Practice Solutions explores how specific products and services can be of use clinically or in practice management. A Fresh Approach to Retirement Funding by Paul Homoly, Kenneth H. Mathys, and Rob Ziliak Paul Homoly, CSP, is president of Homoly Communications Institute, a resource for developing practicebuilding skills and leadership for dentists. He provides seminars, workshops, and consultations on the topics of the new-patient experience, dental practice development and management, and communication with patients. Visit Paulhomoly.com or call (800) 294-9370 for more information. Kenneth H. Mathys, CPA, is founder and CEO of Dental Practice Advisors, LLC (DPA). The company supports dentists who express the need for quality, accessible practicemanagement support and for a much deeper professional relationship with their advisers. DPA provides a wide array of services, including practice management, business planning, leadership, human resources, transition support and financial accounting. Visit Dentalpracticeadvisors.com or call (920) 593-7250 for more information. Rob Ziliak, MPAS, CFP, is a wealth advisor and office director at Buckingham, a comprehensive wealthmanagement firm with a niche practice area that focuses on financial solutions for dentists and their families. Ziliak also participates as an advisor in the Dental Practice Area of the BAM ALLIANCE, a community of more than 140 independent firms across the United States. To learn more about the BAM ALLIANCE and to find an advisor near you, visit Thebamalliance.com or call (888) 470-3064. 62 Dentists need a process that makes retirement savings a part of their everyday practice experiences. Too often the pressure and complexity of delivering clinical care diverts the energy and attention needed to implement retirement strategies. Consequently, many dentists face retirement challenges that are unsolvable without drastic, unwelcome changes to their lifestyles. There are hundreds of retirement articles out there; however, very few of them take into account the unique financial circumstances that dentists are faced with at the time of retirement. Fortunately, there is a new way for dentists to fund retirement savings that also fits into their clinical culture, a way that is often overlooked by mainstream finance experts whose target audience often excludes clinicians. By offering interest-bearing patient financing administered through a third party, dentists can earmark the principal and interest payments received from patients to a segregated retirement savings account. This strategy allows dentists to avoid taxation on principal and interest payments and allows those payments to grow in a tax-deferred environment. By offering a modest number of patients these financing solutions, dentists can: * Fill empty chair times in the schedule * Treat patients who normally would not have accepted care without financing solutions * Enjoy referrals from these grateful patients * Secure their retirement savings goals. AUGUST 2015 // dentaltown.com Dentists' mindsets Although many dentists have modest business skills, their mindsets are more often aligned with production, collection, case acceptance, and scheduling. More specifically, when patients do not accept treatment recommendations, time and money are lost in the process, resulting in the dentists' suffering. To make treatment acceptance easier, dentists can offer patients financing options supported by financial institutions. This provides the opportunity to link retirement funding into dentists' mindsets. Dentists can make patient-financing solutions available through a company that shares the financing interest paid by the patient. The process: 1. Patients are offered financing solutions. These solutions include a choice in which they make modest down payments for their dental care. 2. Dentists complete patients' care and patients make interest-bearing monthly payments to the finance company. The finance company earns a small percentage of these payments and sends the remaining payment balance, with interest, to the dentists. 3. Dentists take these interest-bearing payments earned from patients and deposit them into a segregated account earmarked for retirement savings. Once deposited into a retirement savings account, the interest-bearing payments http://www.Paulhomoly.com http://www.Dentalpracticeadvisors.com http://www.Thebamalliance.com http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown August 2015

On Dentaltown.com
HOWARD SPEAKS: Do You Need to Retire Your Views on Retirement?
PROFESSIONAL COURTESY: Product Perfection is Not Guaranteed
Continuing Education Update
The Chasolen Effect
Poll
5 Strategies for Maximizing New-Patient Referrals
Pediatric Dentistry, Parents, and Spoiled Kids
Finding the Hidden Treasure: Prevention = Treatment + Motivation + Compliance
The Three Dimensions of Endodontic CBCT: Treatment Planning, Patient Understanding and Referral Relationships
Implant Drivers and Driver Tips for Single-Torque Wrenches
Are the Top 1 Percent Safe?
Debt-Repayment Basics for Dentists
A Creative Approach to Retirement Funding
Diode Use in Orthodontic-Related Procedures
Thin Implants
Stick With It: A Systematic Approach for Bonding CAD/CAM Restorations
Product Profile: Uncomplicate Business
Establishing an Accounts Receivable System
Yoga for Dentists
Practice Solutions: Ivoclar Vivadent
Ad Index
Why Dentists Need to Be Mobile-Ready
Rehabilitation Case with CAD/CAM Design and Excellent Results
Industry News
Product Profi le: LocalMed
Dentally Incorrect

Dentaltown August 2015