Practice Management

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What is the best entity to have as a business?	S corporation
What is a normal overhead?	64% (60-70%)
Employee Overhead is?	25-30%
What is your report card after graduation?	Personal Financial Statement
PNL stands for?	Profit and Loss
When should you fire an employee?	At the beginning of the day
Number one reason that dentists quit dentistry?	Employee Problems
What is a good asking salary if you are working as an associate?	30-35% of production
Who handles finance discussions?	Designated employee, not the dentist
What makes up a balance sheet?	Assets and Liabilities
What is the cost of an operatory?	30 Thousand $
Who is responsible for the payment of closing costs?	Owner
Where should you have your treatment plan discussion?	Consultation Room
What determines your taxes?	Profit and Loss sheets
What should you do first when building and remodeling?	Meet with dental supply company first
Who is the most important member of a building and remodeling transition?	Architect
What is important for attracting new employees?	A well written ad in the local paper
How much should you raise your fees every year to adjust for inflation?	5%
T/F All employees must receive medical insurance if one receives insurance.	True
T/F Full and Part-time employees are not required to receive the same benefits	True
T/F It is illegal to dismiss a patient mid-treatment, for any reason	True
T/F Don't hire anyone you cannot fire	True (Family Members)
T/F You should institute a financial and productivity review with each employee annually	True

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