DE's Business Lab: Timing is everything

Jan. 19, 2022
Collections are more challenging than they were 30 years ago, and your timing for checking those collections can have a real impact on your financials. Find out if your timing is right.

Timing truly is everything. David Harris, CEO of Prosperident, started helping dentists avoid embezzlement in 1989, when there were basically two ways to receive payment: check and cash. That's certainly changed, and when a payment comes into your office can affect how you view each day's income statements.

Here we talk about the nuances of the myriad of payment options for dental practices and how those options can affect your financial statements. I realize that a "best practice" is to check these statements at the end of each day—but even though this should take only 10 to 15 minutes, that time may still be too much for a busy dentist. David assures me this responsibility can be given to a trusted person outside of the practice, and he reminds us about the helpful financial spreadsheet that Prosperident offers.

Watch our latest discussion to learn how you should be timing financial business in your practice. Visit Prosperident for more information.

More DE's Business Lab videos

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To watch more informative videos on today's topics with industry experts, visit dentaleconomics.com/videos or dentistryiq.com/videos.