Art of Dental Finance and Management

Today, Art visits with two people who have been very instrumental in helping dentists across the country through the COVID-19 Pandemic: • Megan Mortimer, Congressional Lobbyist for the American Dental Association • Allen Schiff, President of the Academy of Dental CPAs Megan provides an update on how Congress is attempting to add funds to the PPP: • A timeline • What the ADA is doing to advocate for dentists in Washington D.C • Valuable resources dentists can access through the ADA Art, Megan and Allen also discuss: • Updates to the SBA regulations • Strategies dentists need to consider once they receive the money • How the money should be spent • How to account for the funds • How the government forgiveness works This is a very informative, insightful, and timely episode to help dentists navigate these challenging times. Megan Mortimer Congressional Lobbyist - American Dental Association [email protected] Allen Schiff, CPA, CFE President Schiff and Associates, LLC [email protected]

Many dentists have applied for the Economic Injury Disaster Loan (EIDL) and Payroll Protection Program (PPP) loan programs, which offer government assistance for small businesses. There has been some clarification on the amounts available under the EIDL program. But more importantly, there is an important decision to make regarding the PPP load as banks and financial institutions begin to approve dentists’ applications. Art discusses the various options for dentists: • Take the loan now • Reapply later, or • Not take the loan at all He will also discuss another important action item: sending a letter from the President and Executive Director of the American Dental Association to congressional leaders asking for Congress to allow dentists to choose the date they accept loan proceeds. As this ever-changing program evolves, Art provides insight and resources for dentists during these challenging times. This podcast provides the most up to date information through April 12, 2020. Art Wiederman, CPA HMWC CPAs & Business Advisors [email protected] 714.505.9000

As the COVID-19 pandemic continues to unfold, Art is dedicating his episodes to updating his audience on the status of the two loan programs dentists are applying for: • Economic Injury Disaster Loan (EIDL) • Payroll Protection Program (PPP) The PPP program was rolled out on Friday, April 3 and has created much confusion for dentists and banks. Art discusses the available loan programs and the most recent information as of April 5, as well as what dentists should do to maintain their finances during these very challenging times. Art Wiederman, CPA HMWC CPAs and Business Advisors 714.505.9000 [email protected]

It is so important for dentists during these challenging times, when most dental offices are closed, to make a 30, 60 and 90-day financial plan for themselves, as well as their practices. In today’s episode, Art explains why dentists need to know how much money he or she needs to get through this time period. If they don’t take this initial step, it will be extremely difficult, if not impossible, to develop a plan to obtain or segregate the funds. Art outlines: • How to make a plan • What resources a dentist has to gather • The two loan programs (EIDL and PPP) available through the SBA and SBA Preferred Lenders • Some of the provisions of the CARES Act With a well-developed plan, there is a way for dentists to survive these challenging times and come out on the other side, ready to get back to work.

Dentists can benefit greatly by utilizing technology tools to automate practice functions. Use of technology and automation allows dental practices to operate efficiently and can lead to increased profitability. In this episode of The Art of Dental Finance and Management podcast, Art visits with Daniel Larsen, principal product manager from Henry Schein One. Art and Daniel discuss the five things in your practice that should be automated, but likely are not: 1. Appointment scheduling 2. Routing slips 3. Payment processing 4. Patient forms 5. Imaging Have a question about your dental practice? Reach out to Art [email protected] or 657.279.3243. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist. If you haven’t yet completed our R&D Tax Credit Questionnaire to see if you might be eligible to receive R&D tax credits, we encourage you to do so. Our September 16 episode includes valuable information to help dentists understand how innovative activities they’re doing in their practice might qualify them for an R&D Tax Credit. Sponsor Details: This episode is sponsored by Dentrix Ascend. Dentrix Ascend moves practice management to cloud, meaning dental teams can access their practice data at any time, from any location, on any device. It simplifies the management of group practices, providing a central database and business reporting for the group while allowing individual sites the flexibility they need. Daniel Larsen Principal Product Manager Henry Schein One www.henryscheinone.com [email protected] 801.833.3744