As an orthodontist running a private practice, there are several specific accounting considerations you should keep in mind.

• Operational Costs: You need a full understanding of your regular expenses, including staffing costs, office rent, utilities, and equipment maintenance among others. Proper bookkeeping will ensure these are tracked accurately.
• Treatment Pricing: You should be able to accurately account for the costs related to each patient's treatment, factoring in your time, materials used, and overhead costs, to help determine suitable pricing.
• Insurance and Patient Billing: Orthodontic practices often bill insurance companies on behalf of their patients. You'll need a robust system to accurately track these transactions and ensure correct payment.
• Tax Planning: As with any business, it's essential to keep accurate records for all income and expenses. This will not only help you understand your business's financial health but also ensure that you're prepared for tax time.

Consider hiring a professional bookkeeper with experience in healthcare practices to handle these matters, so you can focus on providing your patients with the best orthodontic care.

Bench Accounting has a wealth of experience in providing specific bookkeeping solutions for the orthodontics industry. We understand the unique financial intricacies of your industry — from managing recurring billing for patient orthodontic plans, tracking dental supply costs, to the financial aspects of running a medical office. Our team of experienced bookkeepers will take the time to learn about your practice, so we can tailor our services to your specific needs, thereby helping you increase financial productivity and business growth.

Managing and recording patient payments, insurance payments, and reimbursements in your orthodontics practice can be a complex task. Here are some effective methods:

1. Implement an Efficient Bookkeeping System: An effective bookkeeping system, either manual or digital, is crucial for recording and tracking payments. A digital system or software is highly recommended for efficiency and accuracy.
2. Understand the Basics of Medical Billing: Being familiar with the terms and procedures used in medical billing can help streamline your recording process. This includes knowledge on coding procedures, claim processes, insurance terms, etc.
3. Establish Clear Payment Policies: Clear payment policies ensure you and your patients know when payments are expected. This includes upfront payments, payment plants, late fees, etc.
4. Hire a Professional: Hiring a professional bookkeeper with experience in the healthcare field can save you time and prevent costly mistakes. They can handle all aspects of managing and recording your practice's finances.

At Bench Accounting, we offer professional bookkeeping services tailored to the needs of orthodontics practices. We can help you manage and record patient payments, insurance payments, and reimbursements effectively and efficiently. Contact us today to learn more!

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.