Willeford Group Nov. Enhanced Dental Production Index

DENTAL PRODUCTION INDEX 2007, 2009, 2010, 2011

How does your practice compare?    Our Dental Production Index tracks practice trends Per Doctor for the   same set of practices over three years so the results are comparable. (These   are all stable, predominantly fee-for-service practices with more than 5   years in practice.) Now you’ll have the most reliable dental index in the   profession!

A few comments:    Note that we have added data for 2007. Also, we have added an   additional chart to show the Year-To-Date Cumulative average charges. 2011   production for November is greater than the other three years! The cumulative   figure has pulled ahead of 2009 and 2010.

So, what if   your numbers fall outside these averages? How does this info affect you and   your income – and quality of life? The up or down trend is more important   than the actual dollars. If you are following the same trends, then that may   give you some comfort. Continue to do what seems to be working. If not,   consider what may need fixing—and perhaps give us a call for some ideas.

Rickw@TheWillefordGroup.com    KateW@TheWillefordGroup.com

 

Posted in Uncategorized | Leave a comment

New 2012 Retirement Plan Limits

Here are the new limits as adjusted by the IRS for inflation:

 

Retirement
Plan Limits

2007-2012

 

Limitation Type

2012

2011 – 2009

2008

2007

 Maximum Annual Compensation

 $250,000

$245,000

 $230,000 $225,000
Elective Deferral Limit

17,000

16,500

15,500

15,500

SIMPLE Elective Deferral Limit

11,500

11,500

10,500

10,500

HCE Compensation Threshold

115,000

110,000

105,000

100,000

Catch-up Contribution

5,500

5,500

5,000

5,000

SIMPLE Catch-up Contribution

2,500

2,500

2,500

2,500

DB Benefit Limit

200,000

195,000

185,000

180,000

DC Annual Contribution Limit

50,000

49,000

46,000

45,0 00

 Key Employee (Officer) Threshold

165,000

160,000

150,000

145,000

IRA Contribution Limit

5,000

5,000

5,000

4,000

IRA Catch-Up Contributions

1,000

1,000

1,000

1,000

 Social Security Taxable Wage Base

110,100

106,800

102,000

97,500

Posted in Uncategorized | Leave a comment

Willeford August, 2011 Dental Production Index

Here is our proprietary DPI for August, 2011. Rather than being a “survey” (which is at the mercy of whoever replies each month), this DPI tracks the SAME 40 practices for the past 3+ years. So we are comparing apples with apples each month. They are fairly stable practices, so that the state of the economy and the calendar are the biggest factors.
One point re August is that there were 5 Mondays, while July had the 4th holiday to contend with.
Also note that these are primarily FFS practices in the Atlanta area. Your mileage may vary….
The Production on the left axis is in thousands and is Per Full Time Equivalent dentist.

11-08 DPI Graph

Willeford August, 2011 DPI Graph

Posted in Uncategorized | Leave a comment

Beware Of Subleases With Specialists!

Dr. Charles Blair has been following a case in Texas where the Feds have charged an Oral Surgeon and 4 Peds with violating the Stark law re Kickbacks just based on their rental agreement! The Peds charged the Surgeon 15% of collections as “rent” to come into their offices. If you participate in Medicare, Medicaid or any other government program, you can only charge a fixed, fair market rental value. Another work around is for the Host doctor to charge the patient directly, and then pay the Oral Surgeon (or other specialist) a percentage, as an associate. (Of course that opens the door to employent law issues.)

It looks like the Feds are really focusing on other major issues with the Surgeon, and the 4 Peds are being dismissed from the case. They really dodged a bullet!! So, you may want to review any “rent” agreements between professionals ASAP!

Posted in Uncategorized | Leave a comment

New GA HOPE scholarship law signed!

Will one of your children be going to a Georgia college? If so, there is new reason for them to keep a GPA over 3.7!

Governor Nathan Deal signed Hope scholarship changes into law on March 15

The new program will give scholarships equal to 90 percent of current tuition levels to those students who achieve a 3.0 GPA in high school and keep that GPA throughout college. Those students who enter college with a 3.7 GPA and a 1200 SAT score will receive 100 percent of tuition through the Zell Miller Scholarship program as long as they maintain a 3.3 GPA in college. Mandatory fees and books will not be covered for any student.

Posted in Uncategorized | Leave a comment

Rick to be at NC Young Dentist Conf. 2/4/11 at UNC

This is for the North Carolina Dental Society Committee on the New Dentist. However, I am told a lot of “old timers” are there too, since some of them may have missed the basics… A few folks are bringing their CPAs too.

I will be presenting “Associate or Own Your Own” in the morning session. This will explore pros and cons of ownership as well as what to look for in an associate opportunity.

The afternoon session will be “Unlock the Secrets In Your Numbers”. This will involve finances, investing and advanced tax planning strategies.

More details at www.ncdental.org . Click on the link that says “1st annual CND Seminar” on the right hand side of the page.

Posted in Uncategorized | Leave a comment

FaceBook Critical Alert re Tagged Photos

Everyone is at risk for getting their faced “tagged” in a photo – and you can’t stop it! You may not want that old fraternity party – or other – picture floating around the web with your face tagged!! Here are some precautions/options below that you should take immediately.
AND it is about to get worse: FB is about to release facial recognition software that will automatically try to tag you!  Stupidly, FB is forcing you to take the initiative to Opt Out vs. the preferable case of requiring you to Opt IN! Privacy and Security folks are furious. We do not know when you will even have the Opt Out option, so stay alert. We will advise you as soon as we know the details.
Do not treat this lightly!
 
Here are your currently available options: (I would do all three.)
 
1. Customize your privacy settings so that “Photos and videos I’m tagged in” is set to “Only Me”:
    On your main FB page, click on  the Account tab and select Privacy Settings.
    At lower left click on blue link that says Customize Settings.
     Under “Things others share” – “Photos and videos I’m tagged in”, select Edit Setting.
     Under Who can see photos…”, select “Only Me”.
 
2. Set your Notifications so that you always know when someone tags you in a photo:
    On your main FB page, click on  the Account tab and select Account Settings.   
    Click on the Notifications tab on the Account Settings page.
    Go to Photos on the Notifications page and change your settings.
 
3. IF you are able to catch an offending photo, then click Remove Tag when viewing the photo.
 
Posted in Uncategorized | Leave a comment

Clearing Up Confusion re New 2% Payroll Tax Reduction

The new 2010 Tax Reduction Act reduces every EmployEE’s payroll tax by 2% for all of 2011 only. This means a savings up to $2,136 for employees making at least the FICA wage base of $106,800. A few points to note:

  • The 2% reduction does NOT apply to the EmployER’s matching payroll taxes.
  • This reduction applies to the doctor’s paycheck too, since not limited by amount of wages.
  • Also applies to self employment tax for sole proprietors and LLCs.

Be sure to send your Uncle Sam a thank you card after the Holidays!





Posted in Uncategorized | Leave a comment

Great Depreciation Gift in New Tax Act!

The 2010 Tax Relief Act just passed did much more than just extend the Bush Tax Cuts. In addition to the headlines on the evening news (Does anybody watch that any more?!?), there are some fantastic changes to depreciation. Folks were excited when , just a month ago, the Section 179 election to write off equipment and many leasehold improvements was raised to $500,000 for 2010 and 2011. Well, the new law raises the ante even higher: For new property placed in service between 9/8/10 and 12/31/11 you can write off 100% with no limit and 50% for 2012. Section 179 is available for new or used property up to $500,000 as before, but for 2012 and beyond the limit is permanently set at $125,000. (It was set to drop to the old $25,000 limit in 2012!) 
It’s not too late for some extra Christmas shopping!

Posted in Uncategorized | 2 Comments

Pew Report: Only 6% of Americans Use Twitter

Now this figure makes more sense than focusing on reports of “tens of millions of users”. Young adults (age 18-29) and minorities are the primary users. So don’t feel left out if you don’t tweet and don’t “get it”. Full report is at http://budurl.com/PewReport.

Posted in Uncategorized | Leave a comment