How to Adapt to Changing Trends in Dental Practice Accounting

Thu, Dec 19, 2013
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closedSometimes it’s hard to believe that well-known, American brands are no longer here – or on the way out. Companies and products that include Blackberry, American Airlines (stay tuned), Talbots, and Woolworths are just a few examples. Jon Baron, president of the highly respected tax and accounting giant Thompson Reuters, says “the trouble stems from a reluctance to migrate away from a business model that worked well in the past, or from a desire to protect customers from the confusion that a change might cause.”

People don’t adapt to change well. Unfortunately, in this digital age, change is constant, and keeping up with the advantages of technology can be a challenge and a blessing. For example, Jon Baron’s company developed a secure and safe way to put Quickbooks on a “clouded” server so a CPA and client can work and share in real time. Here at Four Quadrants Advisory, we take advantage of that innovation for our dental accounting.

The benefit to the dentist is seeing errors or dental practice accounting trends quickly and clearly. Dental offices, like big business, must always evolve and embrace technology as they go. Companies like Curve Dental that are putting dental software on the cloud, and Ads Next, advancing dental websites and healthcare marketing, are just two examples. As Baron says:

I know change can be a difficult thing, whether it's a new tax law, the transition to the cloud, or just a new user interface. But one thing I like about the software business for our profession is that change rarely happens for its own sake. Major changes stem from real innovation, and from new ideas about how to be more productive, more flexible, and more efficient. And in this business, those new ideas can go from concept to implementation very quickly.
All that change can be unnerving to some. But it also gives us a unique opportunity to see and shape the future, to make every day more productive, more efficient, and more profitable than the last. And if that's not a good reason to get up and come to work every morning, I don't know what is.

In this age of the Internet and the global economy, understanding how technology can help a business while still protecting individuals’ privacy is paramount. Thompson Reuters leads the industry with secure, HIPPA compliant “clouding” technology that enables advisors and dentists to share, communicate, and plan for change – in real time.  They will continue to evolve and take on new technologies with the risk that it doesn’t always work out perfectly.

Whether you are contemplating CAD/CAM, digital technologies, cloud computing, or the vast universe of complex internet marketing, push your business to the edge – not over the cliff – and don’t be afraid to evolve and change. Your legacy depends on it.

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Topics: dental financial planning, dental software, dental accounting, Financial Planning