Dental CFO Services

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CFO for Dental Groups

Emerging Dental Group CFO Services

Vigor Financial: Dental Group CFO Services

Running your own dental group, whether you have a partner or are operating on your own, is a challenge. In addition to providing exemplary dental services to your patients, you also must manage all the details of a small business. This includes taxes, bookkeeping, accounting, and more. Many dental groups find this overwhelming and cumbersome.

Hiring a dental chief financial officer (CFO) can help you better manage and run your dental practice. With a wide range of service options and experience, the right CFO can streamline your practice’s operations while reducing the need for you to personally oversee every aspect of your financial operations. This allows you to focus on the things that truly matter in your small business, such as patient care, training, and growth.

Although dental practices are all unique, each one can significantly benefit from the support of a CFO. Our team at Vigor Financial is passionate about providing CFO services to small businesses in the dental industry.

CFO Services for Dental Groups

At Vigor Financial, we are committed to helping dental businesses reach their full potential. In many scenarios, dental groups can provide high-quality dental services but lack the business training to properly run a business. Knowing and understanding the minutiae of the business and financial worlds is a full-time job, and it is one that many dental professionals simply do not have time for. Our goal is to provide CFO services to dental groups that allow them to operate their businesses successfully without compromising on the quality of their services.

When you work with us, we will help you focus on optimizing the cash flow and valuation of your company. Whether you are keeping your business for the foreseeable future or are hoping to sell, increased value only helps. For all the hard work and dedication that you have put into your business, you should receive the maximum possible offer if you choose to sell.

Whatever your goals may be, our team at Vigor Financial is dedicated to helping you achieve them through comprehensive CFO services.

What Does a CFO Do for Your Dental Group?

Although many companies have CFOs, the day-to-day tasks are a mystery to many people. If you run a dental group, it is important for you to understand how a CFO can benefit your company.

A CFO oversees all financial aspects of a business, including everything from payroll to profits. The CFO’s role is to offer insight into how a business can operate more cost-effectively, maximize profits, and streamline processes.

Although many business owners have these concepts in mind, it is difficult to focus on them when you are also providing services for your patients and running other aspects of your business. CFOs are highly trained in finance and business, giving them the tools to properly run a company’s financial aspects.

Why Hire Vigor Financial?

Recruiting, training, and compensating a CFO on your own can be a lengthy and costly experience, especially for scaling dental groups. Unfortunately, this leads many companies to forgo hiring a CFO altogether rather than looking for alternatives. When you hire a CFO from Vigor Financial, you get the benefits of a fully trained dental CFO without the long hiring and onboarding processes.

Our team works exclusively with dental companies to provide reliable financial services to this industry. Although there are many financial companies to choose from, Vigor Financial is one of the only ones with experience in the dental industry. We understand the unique challenges that accompany dentistry as well as the common goals for dental businesses.

We offer a wide range of CFO services that can benefit your company and help you meet your goals. When you work with us, you minimize the overhead and cost of onboarding a new CFO, and you can start strong with someone who already knows the business.

Dental CFO Services

Our team offers a wide range of CFO services to businesses in the dental industry. This leads to a more personalized experience and more effective results. This also makes your CFO services scalable, allowing you to grow or change as much or as little as you would like.

Tax Strategies and Planning

Taxes are a significant source of confusion and frustration for many businesses in all industries. Business taxes are different from personal ones and involve complicated rules that can be difficult to understand. Unfortunately, there is little room for error in this area, and a small mistake can jeopardize your business.

A CFO, in partnership with your CPA, can implement strategies that maximize your tax benefits while minimizing what you owe. Simultaneously, they can track all your relevant tax documents to make sure that you are prepared to file your taxes properly and promptly.

Trend Forecasting

All industries experience changes and trends, including the dental industry. Your CFO can monitor financial trends to better prepare your business for any changes ahead. Keeping your competitors in mind, as well as your budget, allows you to make informed decisions about your business, future, and goals.

Contract Management

Your dental company relies on many different employees, vendors, and consultants to run properly. Because you are providing a medical service, you may have contracts with insurance providers or other companies in the healthcare industry. A CFO can oversee all these contracts and make sure that the financial terms are being met. This is the key to ensuring that your business continues to run smoothly.

Allowing someone else to oversee your contracts will free up a significant amount of time for you to focus on patient care, front office policies, and other areas that are important to your operations.

Budgeting

Although many people believe that budgeting is about tracking how much you spend it is much more than that. A budget tracks profits and margins while setting guidelines to meet goals. By overseeing your budget, your CFO can help you grow in a sustainable way and provide information so that you may make empowered choices surrounding your dental business.

Key Performance Indicators

KPIs, or key performance indicators, are benchmarks by which business owners can judge their successes. While gross profits are certainly one indication of a company’s success, they do not represent the full health of your operations. Business owners need several ways to judge how their business is operating and anticipate future issues to correct them in advance. KPIs are especially beneficial when managing multiple locations, as they give concrete evidence of what is working and what is not quickly across many locations.

A CFO can create and measure KPIs based on your unique business model and objectives. With this personalized approach, you can get a more comprehensive understanding of how your company is working and whether your business efforts are successful.

Fraud Monitoring

Unfortunately, businesses of any size can be victims of fraudulent activity. Healthcare fraud is a problem for many dental businesses. Embezzlement can also be a significant issue.

Having a CFO who is closely monitoring your finances can help prevent you from becoming a victim of white-collar crime. If there is illegal activity being conducted by your staff or vendors, a CFO can work to identify it and stop further damage. Although dental groups hope that these kinds of issues will not happen in their practice, it is important to be prepared if they do.

Selling Your Business

If you are looking to retire or sell your portion of your dental partnership for any reason, a CFO can help make sure that the process runs smoothly and maximize the value of your business. Changing ownership of a business is a complicated undertaking, and it is crucial that you have all your financial documents ready when you begin the sale. A CFO is instrumental in collecting and presenting this information as you seek and install new owners.

Vigor Financial Provides Solutions for Dentists

Dental Groups are unique, even within dentistry. Your company operates differently than other dental businesses, such as startups or private equity backed dental service organization (DSO’s). As such, you need an approach that fits your situation. Business needs cannot be properly met with a standardized approach.

Our team at Vigor Financial understands this, and we take the time to get to know you and your company intimately. By doing this, we yield results that are more specific to each of our clients and ultimately more effective for what each business is trying to accomplish.

Having a CFO is a significant asset to your company, creating cohesion throughout your finances and making sure that your business can meet its objectives. Although you may have individuals doing bookkeeping and other basic accounting tasks, it is important to have someone who can oversee these aspects of your business and make changes when needed. If you are doing this yourself, while simultaneously serving patients and running other parts of your company, a CFO can help reduce your workload and allow you to focus more on your patient care or even spend more time managing the clinical aspects of the business.

Contact Vigor Financial

Our team at Vigor Financial is here to help your dental business with all its financial needs. If you are looking for a CFO, or need bookkeeping and accounting help, we have a team that is ready to serve you. With our scalable, diverse set of services, we are confident that working with us can benefit your business.

For more information, contact Vigor Financial.