Orthotown May 2022 - 65

by Dr. Jason Annan
Dr. Jason Annan has been a private practice
dentist in Mount Pleasant, South Carolina,
for 13 years. He attended the University
of North Carolina School of Dentistry.
A husband and a father of two boys, he
enjoys family vacations, sports, running and
the outdoors. A local history buff, Annan
is the author of a book on the history of
Charleston, South Carolina.
W
hen I started getting heavy boxes fi lled with newly
minted, rolled Sacagawea dollar coins, my assistant
was sure I'd either lost my mind or was in serious
trouble. The answer was " neither " : It was just another way I
was using a credit card and banking the cash-back rewards.
Overhead is a fact of life for dentists and orthodontists; lab
bills, utilities, supplies and repair costs all add up. But many
colleagues and I work at leveraging these overhead costs to earn
hundreds of thousands of credit card points, and then convert
these points into truly valuable assets.
Pick a card-not just any card
Charging on a credit card and promptly paying the balance is basically an interest-free, one-month loan.
Best of all, credit card companies will pay you for doing this! Hear me now: We all should pay off credit
card balances every month. If you have to carry a balance or aren't responsible with fi nances, this game
isn't for you. I'm not talking about buying things you don't need; this is simply charging practice
expenses that you must pay anyway. So how do you start-and, more importantly, how do
you really make some money off your credit cards?
Wise doctors put every possible purchase on a good credit card. (I'll defi ne
" good " in a bit.) I pay utilities, lab bills, supply bills, insurance ... you get the
idea ... on credit cards. The only times I write a check is if the vendor won't
accept a credit card or if there is a fee of more than 2% for using a card. For those
of you whose eyes have already glazed, just get a standard credit card that earns
2% cash back on all purchases-there are several. If you charge $5,000 a month
in practice expenses on this card, it'll earn you $1,200 yearly in cash back. No sweat,
right? But if you want to be more than ho-hum, read on!
We've seen commercials for cards offering " cash back " or " double points " with purchases.
Savvy readers know that not all cards are equal and pick the best cards for their situation.
Some cash-back cards give you a fl at " rebate " with every purchase. The good cards earn about
2%, with some cards offering higher rebates at certain types of stores such as grocery, gas, etc.
Anything less than 2% is likely a missed opportunity.
Some cards offer airline or hotel " miles " with every purchase. These miles are tied to a specifi c
airline or hotel-a United Visa or a Hilton Honors Amex, for example-and can be redeemed only
with that company. Then there are credit cards that offer points that can be used in a number of
ways, including statement credits or (most lucratively) transferred to partner airlines or hotels. These
are the most versatile cards.
orthotown.com \\ MAY 2022 65

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Orthotown May 2022

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