The Professional Advisory consists of a group of seven independent professionals who provide services
to the dental profession, each of who specializes in a different field. They have gathered to keep each
other informed of the latest developments relating to the profession, and to produce this publication
which is designed to provide expert information and advice solely for dentists and their advisors.
Notes from the Editor:
Winning Odds
RALPH CRAWFORD
BA., DMD (Editor)
I was amazed at a recent Vancouver Sun news story
that reported 20 percent of British Columbians say
that winning the lottery is an essential part of their
retirement financial planning. “That can’t be,” I said to
myself, “Surely people aren’t that naive?” And then my
astonishment was raised to an even higher level when I
found that the odds of selecting all six numbers in Lotto
649 are one in 13,983,816. Unbelievable, even when
compared to the one in 700,000 odds of being hit by
lightening!
Assuming the 20 percent of British Columbians refers
to a general population that is no different than the rest
of Canada, we can only hope that whatever the number
of dentists there are depending on the lottery for
retirement, that they see the lunacy of the winning odds
and seek the kind of professional advice as offered in
these pages.
Barry McNulty’s reference to proper asset allocation so
you get the market returns to which you are entitled is
not based on luck but on calculated client risk tolerance,
time horizons, personal circumstances and constraints.
Not for a moment does Ian Toms or Ian Wexler suggest
you flip a coin when Changing Insurance Advisors or
Negotiating a Lease. They outline logical, practical
steps based on their years of experience in pointing
clients successfully in the right direction.
The recent inclusion of Professional Corporation (PC)
into law has many dentists considering change in their
practice mode. Just as winning the lottery is a myth,
David Chong Yen dispels Nine Common Misconceptions
about a PC. And Barry Spiegel doesn’t suggest taking
chances in his Part I of Adding Family Members to Your
PC. He outlines concisely the sound pros and cons of
each possibility so you and your family are all winners.
Graham Tuck also deals with the PC and suggests
you talk to your accountant about forming one. The
recommendation is based on solid evidence that a PC
is certainly a money saving option when dealing with
the taxation complexities of Canada Revenue Agency.
Despite the appalling odds, we can suppose that success
is on everyone’s mind when buying a lottery ticket. Ron
Weintraub doesn’t fool around with luck in developing
The Successful Practice. He outlines the criteria
staff equates with success and - as does each of the
contributors of Professional Advisory - reinforces what
a dental practice, everyday life and planned retirement
is all about. It’s not a game of chance or a lottery ticket
at incredible winning odds. It’s about integrity, honour,
human relations, quality service and the consistent
reliance upon sound professional advice.
2) Clearly defined job descriptions give them needed
parameters to operate efficiently.
3) The owner empowers staff with autonomy to implement
definite formalized policies regarding arrangements and
fee payment, patient dispute mediation, and management
of late arrivals or no-shows.
4) Staff receives coordinated messages to convey to
patients as they exit regarding their future dental care.
The intended message reinforces their understanding
of their next hygiene or dental visit.
5) Staff enjoys effective interpersonal communication
promoting good office relations and presents an image
of quality service and professional management to
patients.
What Do Hygienists and Clinical Assistants Equate
with a Successful Practice?
Hygienists play an important part in the dental
healthcare process. They want to be an integral part
of a progressive team. Therefore, contributing to their
feeling of success is the opportunity to apply their
training in periodontal and perio-preventive fields.
In addition to the services they provide, they look
for opportunities to educate patients to make good
choices and encourage and reinforce acceptance of
the treatment the dentist outlines.
Clinical assistants look for opportunities to perform
tasks in addition to routine assisting for which they
are legally qualified, including intra-oral impressions,
fabrication of temporary crowns outside the mouth,
simple rubber cup prophylaxis, application of rubber
dam, and so forth. They consider themselves successful
when allowed to use all their skills.
DR. RON WEINTRAUB
Looking at a successful practice begs the question,
“From whose viewpoint is the practice successful?” Last
issue, we discussed the doctor’s perspective; today we
look at it from staff perspective.
Staff, immediate and extended, plays an integral part in
our success. The immediate staff includes administrative,
hygiene and clinical departments, and associate dentists.
Extended staff includes referring specialists and dental
laboratories who often act as ambassadors for our office.
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Frequently, reciprocity in referrals of dentists and laboratory
reflects their idea of a successful operation and gives them
confidence to send us patients.
What Does Administrative Staff Equate With A Successful
Practice?
Administrative staff addresses several criteria in order
to feel a part of a thriving entity.
1) Most important for staff and dentists is focusing on
patients’ needs.
Defining a successful practice includes the perceptions
of administrative assistants, hygienists, clinical assistants,
and associate dentists. For a practice to engage them,
it must primarily reflect attention to patients’ needs.
Other criteria they consider are opportunities for
growth, empowerment to implement specified practices
autonomously, use of full range of skills, and effective
communication skills leading to patient and personnel
harmony within a professional atmosphere.
Ron Weintraub is a founding partner with the Bayview Village &
Downtown Dental Associates and brings over thirty-five years of
knowledge and experience in the practice of general dentistry to the
Professional Advisory. Large companies such as Patterson Dental,
Ash Temple Ltd, Henry Schein Arcona, & the former Canadian Dental
Co. have benefited from his insight. As a consultant to Innovative
Practice Solutions, Ron advises dentists on practice enhancement,
practice purchases, sales, location evaluations, associate buy-ins,
and business mergers. Dr. Weintraub can be contacted at (905)
470-6222 Ext. 221 or [email protected].
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Nine Common Misconceptions About
a Professional Corporation
[email protected]
The Successful Practice
from Staff Perspective
What Do Associate Dentists Equate With A Successful
Practice?
Candidates for associate positions seek their perception
of a successful practice where they see a future for
themselves. They look for an established practice with
the following:
1) Sufficient patient base to allow the degree of
busyness that satisfies their time commitment;
2) A clearly defined practice treatment philosophy
encompassing a broadly based range of clinical procedures:
for example, comprehensive diagnostics, restorative
(major and minor), periodontal, some orthodontics,
and opportunity for implant restorative exposure to
maximize their skills;
3) A practice with a happy, harmonious staff; and
4) A principal dentist who will mentor and expose the
associate to the patient base and discuss long range
plans to assume a degree of future ownership.
DAVID CHONG YEN CFP, CA
Myth 1
Fact 2
If I need all the money from my professional corporation
(PC) for personal use, setting up a PC will not save me
any money.
Effective January 1, 2006, non-dentist family members
are allowed to own non-voting shares of a PC. Nondentist family members are parents, spouse/common
law partner and children of the dentist.
Fact 1
If you must take out all of the cash from the PC, you
may save taxes up to 2.28%. Also, if you have a
practice loan, and you are at the top tax bracket i.e.,
have a taxable income in excess of $118,000, you will
save about $62,000 for every $100,000 of practice
loan by setting up a PC.
Myth 2
The dentist must own all of the shares of a PC.
Myth 3
The non-dentist family members must own less than
50% of the PC or the dentist must own more than 50%
of the PC.
Fact 3
Non-dentist family members are only allowed to own
non-voting shares. These non-voting shares may
represent any percentage of the total PC depending