While most practicing dentists plan to eventually retire, many may be unaware of the everyday business practices that can work against their well-thought-out plans. As a practice owner, it’s imperative to pay attention to your agreements and relationships with third-party service providers, whose practices can quickly reduce your bottom line and postpone your retirement.
One of the costliest financial setbacks a practice can face is the exorbitant fees charged by financial service firms. While credit card processing fees are the most prevalent— with approximately 93% of dentists overpaying for credit card processing without knowing it—checking accounts, deposits, payroll, equipment financing or leasing, and practice-related loans are also susceptible to high charges. When it comes to transaction processing, the primary issue is a lack of competitive options. For example, if your practice management system offers limited to no processing options, you’re most likely in a non-competitive relationship.