Practice Management | Financing

SBA Expands EIDL Program to Boost Loans

The SBA recently enhanced its EIDL program, including increasing the loan limit to $2,000,000. Find out if your practice could benefit from a long-term, fixed-rate loan. But don’t delay—the program ends December 31, 2021!

Practice Management | General/Other

How Will The Proposed Medicare Dental Benefit Affect Your Practice?

Congress wants to add a dental benefit to Medicare Part B. Depending on your specialty, this legislation could have a major impact on your practice! Read more to find out why you should contact your congressional representative today.

Practice Management | Profitability

How To Offset Rising Wage Costs

The Great Resignation of 2021 has created a staff crunch making it harder to attract and retain top employees. If your practice is feeling the effects of necessary wage increases, use these 12 strategies to offset your higher labor costs.

Tax | Pending Legislation/Tax Updates

Update On Pending Infrastructure Spending Bills

Two massive infrastructure bills totaling $4.7 trillion are being discussed by Congress. Find out how doctors will be affected by these bills.

Practice Management | Budget, Fees, Overhead

7 Steps To Create Actionable Practice Financial Statements To Improve Profitability

Does your practice financial statement give you an actionable overview of your practice financials in 2 minutes or less? If not, follow these strategies to turn your financial statements into a powerful profit-boosting tool.

Transitions | Buying/Selling and Mergers

Two Overlooked Strategies To Increase Your Practice’s EBITDA Value

There are several errors typical in most DSO calculations of your practice’s EBITDA. Don’t fall prey to misleading valuations! Learn how to properly calculate your EBITDA so you can make the most informed decision when selling your practice.

Personal Finances | Debt Management

Mortgage Modification: A Cost-Effective Option To Take Advantage Of Lower Rates

With mortgage interest rates at historical lows, use this little-known technique to cut your costs for a financial “slam dunk.”

Retirement Plans | General/Other

How To Get The Best Results From Your Retirement Plan

Our recent member survey revealed what doctors are—and aren’t—doing to maximize their retirement funding. See how your retirement saving strategy compares.

Personal Finances | Debt Management

Four Steps To Take For Student Loan Debt Savings (Online-Only Article)

The freeze on student loan debt has been extended one final time, but don’t let the moratorium fool you into thinking you should let your “foot off the gas” on your repayment planning. Use these strategies to ensure you’re set up for success when the freeze finally thaws.

Practice Management | Personnel

How To Protect Your Practice When An Employee Leaves

With resignations at an all-time high, it’s more important than ever to be prepared when a team member’s employment is terminated. Follow these steps to ensure your practice is protected.

Investments | Real Estate

Real Estate Options To Protect Against Inflation

The Consumer Price Index just reported the biggest annual increase since 2008. Consider these 5 real estate investment options to hedge against rising inflation.

Tax | Practice/Corporation

Can Your Practice Qualify For The R&D Tax Credit?

The benefits of claiming the R&D Tax Credit can be great, but there are complexities and risks to consider. Find out if your practice qualifies to receive this tax benefit.

Tax | Practice/Corporation

Are You Missing Out On The Employee Retention Credit?

If you think you don’t qualify for the Employee Retention Credit, think again! We share the most common misconceptions surrounding this tax credit and explain why your practice most likely meets the requirements.

Personal Finances | Budgeting, Spending, Saving

4 Ways To Save On Your Family’s Medical Costs (Part Two)

Previously, we shared how to save on hospital bills by shopping around for the best prices, plus how to avoid surprise out-of-network costs. Now, we help you save on prescription drugs and provide tips to reduce your medical bills.

Transitions | General/Other

Are You Better Off Purchasing A Practice Or Remaining An Associate? (Online-Only Article)

Can you pay off your student loans faster by owning a practice? In most cases, the answer is “yes”—read more to find out why.

Practice Management | Financing

PPP Loan Forgiveness Deadline Approaching

If you received a PPP loan, your deadline to apply for forgiveness might be approaching soon. Your deadline is dependent on the covered period you selected, so act now to ensure you file your application on time!

Practice Management | General/Other

10 Steps To Comply With New OSHA COVID-19 Rules

On June 10, 2021 OSHA issued an Emergency Temporary Standard (ETS) outlining stricter health and safety rules for healthcare employers. Find out what changes your practice should implement to comply with these new rules.

Personal Finances | General/Other

Top 35 Financial Lessons Learned Over 35 Years

The McGill Advisory is celebrating our 35th anniversary! To commemorate our many years of providing personal and practice financial tips to dentists and dental specialists, editor John McGill has curated the best financial pearls of wisdom to help you reach your goals.

Practice Management | General/Other

How Long Does It Take To Hack Your Password?

Would a hacker be able to crack your password in 5 seconds or 5 years? Find out what increases a password’s security and protect your practice—and your data—from prying eyes.

Investments | Investment Strategy

Investment Options To Hedge Against Higher Inflation

Rising inflation is on every investor’s mind. Consider these alternative investments and find out our best advice for navigating this uncertain inflationary environment.

Practice Management | Personnel

How To Reduce Turnover And Retain Your Best Employees

Employee resignations are at an all-time high. Follow these suggestions to retain your top performing team members and avoid the stress of employee churn.

Practice Management | General/Other

Provider Relief Fund Spending And Reporting Deadlines Extended

The Department of Health and Human Services (HHS) extended the PRF reporting and spending deadlines…again. If you received $10,000 or more, make sure you take advantage of this extension by reading which new deadline applies to you.

Personal Finances | General/Other

House-Rich? Here’s How To Take Maximum Advantage

Home values have skyrocketed over the past year, while mortgage rates remain shockingly low. Read on to discover how you can get the most out of the large amount of home equity you’re likely sitting on.

Personal Finances | Budgeting, Spending, Saving

4 Ways To Save On Your Family’s Medical Costs (Part One)

With medical costs rising at ever-faster rates, it’s critically important to find ways to save, while still receiving the best care. In this article, we uncover 2 ways to help to lock down savings on hospital procedures and elude billing surprises.

Transitions | General/Other

Can You Get Practice Purchase Financing Despite Your Student Loan Debt? (Online-Only Article)

The answer might surprise most young doctors. Find out what banks are really looking for and why your student debt is not their first concern.

Practice Management | Personnel

How To Combat The Current Labor Shortage

Despite the record number of current job openings, unemployment remains high. If your practice is feeling this labor crunch, read on to learn how you can reduce your personnel needs while using creative tactics to find and attract new hires.

Transitions | Practice Values

What’s Your Practice’s EBITDA Value?

If approached by a potential buyer (especially a DSO) are you prepared and knowledgeable of your practice’s FMV? Find out your practice’s true EBITDA value and position yourself for a successful transition.

Tax | Audits

10 Steps To Protect Against The Coming IRS Audit Avalanche

President Biden proposed an IRS funding increase of $80 billion over the next 10 years, increasing audits and enforcement efforts, especially targeting wealthy individuals and corporations. Use these strategies to stay out of the IRS’ crosshairs.

Tax | General/Other

Time For Some Tax-Deductible Fun!

Ready to get out and travel again? Double your fun by taking advantage of these tips for deducting your travel, meals, and entertainment.

Personal Finances | Credit

Get Paid To Travel With These Rewards Cards

Due to the mass vaccination efforts in the U.S., Americans are now more comfortable vacationing. As a result, banks are rolling out huge deals for their travel rewards cards. Compare our top picks for the perks most appealing to you.

Transitions | Buying/Selling and Mergers

Avoid These Costly Legal Traps When Selling Your Practice

If you’ve been approached by a DSO, don’t let a high-priced offer blind you from examining the fine print. Beware of these 5 common legal traps that could cost you hundreds of thousands of dollars.

Transitions | Associateships

How To Start Your New Associate Off On The Right Track

Are you planning to hire an associate? If so, set your new associate (and your practice) up for success by preparing an onboarding plan now to train them, establish goals, and assess their progress over time.

Transitions | General/Other

What Type Of Orthodontic Practice Is Right For You? (Online-Only Article)

Graduating orthodontists have options when deciding what type of practice best suits their personality and career goals. Read on to learn the pros and cons of each.

Transitions | General/Other

5 Non-Financial Secrets To A Successful Retirement

Preparing for retirement requires more than just financial security. Before you pull the trigger, make sure you can answer these 5 critical questions that have nothing to do with money, but everything to do with embracing retirement.

Marketing | Internet/Website

Upgrade Your Website For Google’s Page Experience Metric

Google is in the process of changing their SEO standards. Learn the core web vitals needed to ensure your website doesn’t fall down in Google’s new search rankings.

Practice Management | Billing/Collections

ADA Approves New COVID-19 Related Codes

The Code Maintenance Committee met and approved new pandemic-related CDT procedure codes effective immediately. If your practice is vaccinating patients, make sure your team is properly submitting these new codes to payers.

Personal Finances | Estate Planning

Act Now To Protect Your Wealth From Higher Estate Taxes

Unprecedented government spending programs have made tax hikes on estate and gift taxes inevitable. Use these 10 strategies to shield your wealth now, before it’s too late.

Investments | Investment Strategy

Stock Market Hits All-Time High – What To Do Now (Online-Only Article)

Despite the economy still recovering from the pandemic, and record federal spending and budget deficits, the stock market has been reaching all-time highs. Concerned about hanging onto your gains? Here are some steps you can take to protect your portfolio.

Tax | Practice/Corporation

Take Advantage of Vaccine-Related Tax Credits

Under the American Rescue Plan, most dental practices are eligible for refundable payroll tax credits to reimburse paid sick and family leave due to COVID-19, including recovering from vaccinations. Does your practice qualify?

Practice Management | Financing

SBA Offering Additional COVID-19 Relief Funds

Is your practice eligible for additional tax-free funds? The SBA has opened applications for Targeted EIDL Advances and Larger EIDL loans. Find out if you qualify!

Marketing | Marketing Strategies

Members’ Survey Reveals How To Increase Your Practice Busyness

Our recent member survey reveals what practice recovery strategies doctors are using to increase their practice busyness, many without increasing their overhead. How does your practice compare?

Marketing | Marketing Strategies

New Marketing Strategies To Boost Your Practice

While the pandemic has led to increased dental needs, some patients are still hesitant to return to your practice. Use these strategies to help ease their concerns.

Tax | General/Other

5 Important Changes In The New Economic Stimulus Law

The $1.9 trillion American Rescue Plan was signed into law on March 11, 2021. However, the Senate required some changes before giving it the stamp of approval. Here are the 5 changes that will impact doctors the most.

Transitions | Buying/Selling and Mergers

Is Selling To A DSO Right For You?

Have you been approached by a DSO? If so, consider these 8 pros and cons before you pull the trigger on this crucially important financial decision.

Personal Finances | Debt Management

Your Best Student Loan Strategy Under The New Law

The American Rescue Plan has changed the rules for most, but not all, student loans. Find out if your loan qualifies, and if it does, what you should and shouldn’t be doing at this time.

Practice Management | Financing

Congress Extends PPP2 Loan Deadline To May 31

The deadline for PPP2 loan applications has been extended again. If you qualify, don’t miss out on your second chance!

Tax | Audits

Tax Traps To Avoid

Audit rates are expected to rise in the near future to help fund relief spending. Revenue agents will be targeting tax shelters utilized by high-income earners. Find out how to stay out of the IRS’ crosshairs.

Personal Finances | Budgeting, Spending, Saving

6 Strategies To Save At The Gas Pump (Online-Only Article)

Gas prices have jumped almost 30% so far this year and are headed higher. Learn how you can save hundreds of dollars to help ease the pain.

Transitions | General/Other

DSO Growth Accelerating During The Pandemic

Do you think a DSO has your best interest at heart? Not likely. Be sure you understand the evolving trends in corporate dentistry and carefully weigh your transition options to optimize your own financial outcome.

Marketing | Communication

Why Reputation Management Is More Important Than Ever In This COVID-19 Era

If you’re not regularly checking—and responding to—what is said about your practice online, you’re losing potential patients to competing practices that are simply better at managing their brand.

Practice Management | Financing

Act Now To Slash Interest Costs

One doctor enjoyed a whopping $119,731 in interest savings after taking our advice to get the best loan. Be sure you don’t miss out on that kind of cash with your next loan or refinance.

Tax | Pending Legislation/Tax Updates

Highlights Of The New Biden Economic Stimulus Plan

Just a couple of months after a COVID-19 relief package was approved in December 2020, an even bigger stimulus package was making its way through Congress. Here are the 10 key provisions that would most affect you.

Practice Management | Managed Care

Time To Review Your PPO Strategy

Most doctors agree with the adage, “work smarter, not harder,” yet fail to embrace this concept when it comes to managed care. Running a more profitable practice requires you to be smarter about PPO participation; here’s how.

Practice Management | Financing

Don’t Miss The March 31 PPP2 Application Deadline!

Newly issued PPP loan guidelines allow lenders to focus on small businesses like your dental practice. But you must act fast! Apply by 3/31/2021 to be considered for these “second draw” forgivable PPP loans.

Personal Finances | Debt Management

Should You Pay Off Your Mortgage At Retirement? (Online-Only Article)

One of your primary financial goals is likely getting out of debt. Yet, with interest rates near all-time lows, does it make sense to pay off your mortgage before retiring?

Tax | Practice/Corporation

Take Advantage Of The Expanded Employee Retention Credit

Good news! You may be eligible to claim a retroactive tax credit through the expanded ERC—even if you obtained a forgivable PPP loan. Find out if your practice qualifies.

Personal Finances | Estate Planning

Is Your Family Protected?

Planning for your death or disability isn’t a pleasant task. However, failing to do so places undue stress and hardship on your loved ones. Follow these 7 steps to ensure proper planning to help safeguard your family.

Practice Management | General/Other

Are You Ready For The Provider Relief Reporting?

If you’re one of the many healthcare providers who received a PRF distribution, the latest rules require that you report how you utilized those funds. Here are the uses that qualify and where to go to register your reporting account.

Practice Management | General/Other

How To Protect Your Practice From The Cybercrime Explosion

The pandemic has created the perfect environment for cybercriminals to attack weary business owners. Review the basics for keeping your practice and your data safe—and the target off your back.

Personal Finances | Debt Management

Biden Extends Student Loan Relief

President Biden relieved almost 40 million federal borrowers of monthly student loan payments and interest when he extended relief through at least September 30, 2021.

Practice Management | General/Other

How To Share Practice Management Duties In Your Group Practice

Managing a group practice requires collaboration and teamwork from all partners. To ensure the load is equally shared, allocate each of these 8 key areas of management among all partners based on their skillset, interest, knowledge, and experience.

Practice Management | Financing

New SBA Rules Limit Eligibility For PPP2 Loans

Does your practice qualify for another Paycheck Protection Program loan (PPP2)? How do you accurately calculate revenue loss? What accounting method should be utilized? Find out the latest SBA eligibility rules.

Practice Management | Profitability

Measure Your Practice Performance To Increase Profitability

These days more than ever, monitoring your practice's numbers against benchmarks is key to running a more profitable business. How many of these 9 practice management statistics are you tracking in your practice?

Practice Management | General/Other

Be A Part Of The COVID-19 Solution (Online-Only Article)

State legislatures are pushing dentists up the priority list for receiving the COVID-19 vaccine, as the vaccination rollouts lag. Sparking debate, members have reached out with both pros and cons. Editor John McGill shares his perspective.

Practice Management | Financing

Take Advantage Of The New COVID-19 Economic Stimulus Law

Following grueling delays, Congress approved another round of Coronavirus relief with a $900 billion economic stimulus package. Which provisions will be most beneficial for you and your practice? The 16 most significant are outlined here.

Investments | Investment Outlook

Investing For 2021: Market Outlook

The volatile stock market delivered breathtaking returns over the last 9 months of 2020, causing euphoria for some and trepidation for others. Find out our recommendation for investors heading into 2021.

Tax | Practice/Corporation

Accelerate Your Tax Savings From PPP Deductibility

After months of uncertainty and confusion surrounding PPP loan forgiveness, Congress finally acted—passing a second round of Coronavirus stimulus and clarifying deductibility rules for expenses paid with PPP funds.

Personal Finances | Budgeting, Spending, Saving

How To Jumpstart Your Financial Success In 2021

When should you fund your retirement plans, HSA, and IRAs? At the beginning or end of the year? While you get the same tax deduction either way, year-end funding is costing you much more than you realized.

Transitions | Associateships

Prepare For More Stringent Independent Contractor Rules And Save Taxes

Stricter rules and increased employment-related audits are imminent—targeting how practices classify an associate. How can you comply with the new tougher rules, while also increasing tax savings?

Transitions | Partnerships

6 Steps To Avoid A Partnership Failure

50% of business partnerships end in divorce, but yours doesn’t have to be one of them. Proper planning will help you achieve long-term success. Use these 6 helpful steps to ensure your partnership thrives.

Practice Management | Personnel - Compensation

Your 2021 Staff Pay Strategy (Online-Only Article)

As a new year begins, it’s time to educate your staff regarding their 2020 total compensation and potential increases for 2021.