Practice Management

Dental Dashboards – Hype or Help?

By admin-tmfd on 15 November 17 Practice Management

As a dental professional or practice owner, you have likely been contacted by your dental practice management software provider about the development or implementation of a dashboard. Does this leave you asking, “Exactly what data does the dashboard collect and how can this information improve my practice?” A dental dashboard extracts data directly from the software around […]

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Selling a Dental Practice: PART 2

By admin-tmfd on 6 May 17 Practice Management

Closing the Deal! This is the second of a two-part series focused on preparing a dental practice for sale. From beginning to end, good planning and thorough preparation will lead the way to a successful sale and smooth transition. We know from talking to other dentists preparing to sell, they want to protect the integrity […]

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Selling a Dental Practice: PART 1

By admin-tmfd on 1 February 17 Practice Management

You might be ready for retirement and a long anticipated journey of new pursuits, or in mid-career and looking to sell one of your multiple practices. Either way, the sale of a practice represents the zenith of years of effort, skill and patient relationships. This is the first of a two-part series focused on preparing […]

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Daily Planning Meeting… Wasted Time or Wasted Opportunity?

By admin-tmfd on 16 June 16 Practice Management

All professional sports teams want to win on game day. Benjamin Franklin once said, “By failing to prepare, you prepare to fail.”  Winning doesn’t happen by chance, so teams who have a desire to win must prepare extensively. Before they take to the field, a final meeting takes place in the locker room to clarify […]

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Hygienist – Employee or Self-Employed?

By admin-tmfd on 28 February 16 Practice Management

To determine whether a hygienist is an employee or self-employed, the CRA has established criteria to analyze the factual working relationship between an employer and an employee. Over time, the courts have established four criteria to use during this process: CONTROL – This criterion looks at the right of the payer to exercise control over […]

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Dr. Joycey Prepares to Sell Her Practice

By admin-tmfd on 2 February 16 Practice Management

 Chris Molloy, CFP, is Senior VP, Advisory Services at TMFD Financial. Chris has over 20 year‘s of experience at TMFD Financial as a Financial Advisor working in the Ontario area. Chris specializes in tax, estate and investment planning for the dental profession. For a complimentary initial consultation with our team, we can be reached […]

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Your Guide to a Safe Dental Office Lease Renewal

By admin-tmfd on 29 January 16 Practice Management

Does your dental office lease expire in the next 24 months or less? If so, it’s time to start planning your renewal negotiation with your landlord! Achieving a good lease with fair and affordable financial terms requires extensive research, preparation, and a strong negotiation strategy. Follow our lease renewal guide to ensure you secure the […]

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Dr. Oman Reduces His Overhead Expenses – The Power of 1%

By admin-tmfd on 28 January 16 Practice Management

Small changes can make a big difference. Even a 1% change in behaviour can make significant difference over time. Consider, for example, the impact of improving the efficiency of one’s dental practice. Small improvements in revenue or expenses will increase the bottom line and lead to a big advantage. We call it The Power of […]

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How Does Your Practice Compare With Your Peers?

By admin-tmfd on 26 November 15 Practice Management

TMFD Financial Benchmarking Database As we charge ahead into fall and get ready to close out the year, we are often asked the question, “How does my practice compare to that of my peers?” This question is often hard to answer as the data is not readily available and practice numbers are rarely shared within the […]

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Top Ten Tips for Inventory Control in Dental Offices

By admin-tmfd on 24 July 15 Practice Management

Accurate inventory control is essential to managing and controlling your overhead expenses. You need to have a control system that is maintained and updated at all times. The budget for clinical consumable supplies (excluding lab) should not exceed 5% of gross production per month. As productivity increases, the budget should adjust accordingly. A clinical staff […]

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