Our client, a seasoned dental practice owner with four successful locations, sought to accelerate his expansion. While confident in the profitability of his existing practices, he was wary of the complexities that come with rapid growth. He feared that expanding too quickly might overwhelm his management capabilities, potentially leading to overlooked issues. Additionally, he was concerned about acquiring a practice that might look profitable on paper but fail to perform in reality. Compounding this was the fact that most accountants lacked the specialized knowledge needed to offer the nuanced advice essential in the dental industry.
Recognizing the client’s ambitions and concerns, we introduced a robust reporting system and customized dashboards designed to provide real-time insights into each practice’s performance. These tools were key in identifying potential problem areas and ensuring that both office managers and the client received timely alerts and detailed reports. We took over the full spectrum of his accounting functions, streamlining everything from payables and supplier management to accounts receivable reconciliation, payroll, and bookkeeping.
Our system was further enhanced with key performance indicators (KPIs) tailored to the client’s specific goals. During the acquisition phase, we analyzed their hygiene program, and overhead costs like dental supplies and considered the productivity of associates. This allowed us to identify opportunities, keep services in-house, and evaluate the current admin staff for strengths and effectiveness. We applied our 14 years of dental industry experience to guide him through the appraisal process, helping him make confident, informed decisions.
The integration of our accounting systems and consistent reporting instilled confidence in the client, reassuring him that his existing operations were efficient and identifying areas needing improvement. Our advisory support during acquisitions ensured that he only pursued practices that were a strategic fit, significantly reducing risk. Over 18 months, we helped the client successfully acquire five additional practices. We managed the challenging 90-day accounts receivable reconciliation period post-acquisition, recovering substantial funds and tripling his monthly cash flow. Today, we continue to work closely with the client, providing ongoing support as he explores further opportunities for growth and development.
