Prosperident Pulse #107 June 2021

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Prosperident Pulse #107 June 2021

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June 2021

Did you know that Prosperident puts on a free webinar every month?
The theme for our Spring webinars is How to Outsmart Embezzlers.
Our next webinar takes place on June 24 at 8:00 pm Eastern / 5:00 Pacific, titled Slam the Door Shut on Embezzlers.
Free registration is available HERE, and PACE CE is offered.
We'd love to speak at your event!
We are excited to be back to live speaking.
We have great titles like "How to Outsmart the Thief in Your Practice."
If you would like to book a speaker for your event, please give us a call or use THIS LINK.
Here are some of the places you can see us soon:
May 27
Canadian Association of Orthodontists
Jun 11 Atlantic Virtual Dental Conference Halifax NS
Sep 9 Smile Source Exchange Las Vegas NV
Sep 16 Seattle Study Club Austin TX
Sep 25 Canadian Association of Dental Consultants Toronto ON
Oct 19 Compre-hensive Care Club Port Huron MI

Feb 26 Chicago Midwinter Meeting Chicago IL
Mar 8 Dr. Graham Jones Study Club Monroe WA
May 6 Ontario Dental Association Toronto ON
Did you miss a previous newsletter? We archive them HERE.
All of us at Prosperident (including our CEO who is a veteran) wish everyone a happy Memorial Day weekend, and we thank all veterans for their service.

Why Virtual Credit Cards are a Bad Idea
Some insurance companies make payments to practices by creating a virtual credit card with a credit balance and then providing the card number. The practice can then enter the credit card number into their merchant terminal and receive payment.
Many dentists have reported that this arrangement was put in place without their consent and that opting out was not presented to them as an option. Insurance companies favor this arrangement because it is more efficient than issuing checks or arranging ACH payments.
There are several disadvantages to allowing an insurance company to pay you in this way.
Something to Talk About...

I did my first dental embezzlement investigation in 1989.

Dentistry was much simpler then. The practice that I investigated worked on "pegboard" because practice management software was still years from being available. The practice did not accept credit cards - payment was by cash or check, and electronic funds transfers did not exist.

HIPAA was seven years away from becoming law, and OSHA was just beginning to turn its attention to dentistry. PPO was a term that dentists were hearing for the first time, and autoclaves were replacing boiling water for sterilization.

A lot has changed since 1989. Dentistry is safer, more comfortable, and more convenient for patients. The profession's ability to deliver natural-looking restorations and even improve someone's appearance has advanced beyond what most would have dreamed in 1989.

But paralleling these advances were increases in complexity in all the areas that I mentioned. And many dentists, for whom the ownership of a practice was already an unwelcome burden, have become overwhelmed with the duality of generating high-volume, high-quality clinical output while also managing a complex business entity.

From the unique perch from which I observe dentistry, I see some dentists who thrive in this stressful environment and others who become overwhelmed.

What can an overburdened dentist do to make their professional life manageable? Fortunately, there are some good options.

Our webinar series, which began over a year ago, tackles issues that many dentists find vexing, demystifies them, and provides guidance on navigating these areas. You can access all our past webinars HERE.

For those dentists with an intense dislike for being business owners, affiliating with a DSO may provide the ability to be a "pure dentist" and completely offload business responsibilities,in a financially rewarding manner.

Finally, if you want some personalized help with taming the business elements of your practice, we are happy to assist. I am happy to speak with any practice owner who wants to discuss their options for making practice ownership less onerous. If this is a discussion you are interested in, please book a time HERE.

For the past 32 years, we have been on your "team" and invested in your success. If we can help you, please feel free to reach out.

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