From Vision to Victory:
Dr. Lin’s Journey to Solo Practice Success
Introduction
Like many healthcare professionals, pediatrician Dr. William T. Lin had a dream of operating his own practice. With the support of Edwards & Associates (E&A), Dr. Lin turned that dream into a reality and found a strategic partner that allowed him to focus on patient care without the hassle of business management. Although E&A is renowned for their work with dental practices, their broad healthcare expertise has enabled them to provide strategic management support to various healthcare professionals, including Dr. Lin.
The Challenge
Venturing out as a solo practitioner is a daunting step for any medical professional, including Dr. Lin. Transitioning from a group practice, he faced significant uncertainties about managing the business side of his new endeavor. Although an experienced pediatrician, he felt he lacked the business acumen necessary for his practice’s growth and stability. “Most doctors don’t have the best business sense, but we want our practices to thrive,” Dr. Lin shares. “I interviewed several accountants at the time. My dad was a professor of accounting at USC for 42 years, and his advice was to get a good accountant, too. He said it would make or break me, and he was right. You come out of med school wanting to practice medicine, and you don’t really think about the business side of it. I knew I wanted to keep it simple, care for patients, and thrive personally and professionally.”
The Solution
From day one, E&A dove into the heavy lifting for Dr. Lin’s practice, from incorporation and tax preparation to financial management and retirement planning. Their proactive and detailed approach didn’t just tick compliance boxes; it paved the way for growth. When Dr. Lin decided to move his practice to a growing suburban area craving pediatric care, E&A was there to help, suggesting a strategic first-floor office that boosted visibility and kept patients coming back. This clever move cranked up the practice’s exposure and foot traffic.
“E&A always goes the extra mile,” says Dr. Lin. They took charge of his 401k and explored succession strategies, giving him the ultimate peace of mind for his post-career plans. When the pandemic threw a curveball, E&A adapted on the fly, guiding Dr. Lin through the small business loan maze to keep things running smoothly.
Fast forward to today, and E&A is still the rock-solid partner Dr. Lin relies on, continuously evolving their services to match his ever-changing needs and keeping his practice cruising toward success.
The Results
Dr. Lin’s partnership with Edwards & Associates led to a thriving solo practice, allowing him to focus on treating sick children without the stress of worrying about things like bookkeeping and tax planning. Trusting E&A’s recommendations proved successful, as their attention to detail, responsiveness, and advocacy secured his practice’s long-term success.
- Less Stress: E&A’s financial and business management allowed Dr. Lin to focus on patient care.
- More Security: Comprehensive retirement planning and proactive financial strategies secured Dr. Lin’s future.
- Solid Growth: Strategic relocation and practice management advice led to increased patient referrals and practice stability.
Edwards & Associates proved to be an invaluable partner for Dr. Lin, guiding him through crucial transitions and ensuring the sustainable success of his solo practice. Their expert advice, strategic planning, and unwavering support have allowed Dr. Lin to achieve his professional dreams without the stress of business burnout. “Businesses come and go. There’s a reason why Edwards & Associates has been in business for as long as they have. E&A stands as a testament to the power of expert guidance on the business side of medicine.”
Testimonial
“For more than 20 years, Edwards and Associates has been an amazing partner, always providing reliable, top-quality services. The whole E&A team are true professionals, and they’ve really put my mind at ease when it comes to the business. Thanks to them, I can focus on my practice and patients without stress. Their dedication to quality and reliability makes them a fantastic resource for solo practitioners like me.”
Dr. William T. Lin’
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Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
When Should I Start Thinking About Implementing a 401k Plan?
As soon as possible! The founder of our firm, Mr. Robert Edwards gets these questions all the time and he always answers them the same way: “I’m always encouraging our clients to save for retirement even when they starting their dental practice. Remember, if you do not put money away, you are more likely to spend it! You only stand to benefit by funding a retirement plan in the early years of your practice because you don’t have any other eligible employees.”
Are Dental Services Subject to Sales Tax?
It is important to remember that dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allows you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
- You must file Monthly if you collect $500 or more tax in a month.
- You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
- If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
Are Dental Practice Management Consultants Worth the Investment?
If you own a dental practice, you know that it’s a job that requires you to juggle many responsibilities. The reality is that not everybody is cut out to juggle everything required to run a dental practice, while also being a good dentist. And even if you are one of the few dentists that can “do it all”, how do you give it the time it deserves while also seeing patients and perfecting your craft?
Unless you’re prepared to hire an in-house team to run your business, you’ll have to look elsewhere for guidance and support. A great place to start is with a dental practice management consultant. A dental consultant helps dentists improve their practice by providing advice, training, and expertise.
This includes, but is not limited to:
- Coaching Your Team
- Building Patient Relationships
- Identifying Behavioral Styles
- Team Building
- Partnerships that Thrive
- Implementing Incentive Programs
- Equipment purchases
- Finances and billing
- Maintaining an Effective Hygiene Program
- Scheduling to Goal
Dental Practice Consultants are most useful when you are starting up a new practice, looking to expand your dental empire, or going through other transitional periods such as adopting new management software, onboarding new staff members, or selling your dental practice. Dental practice consultants can also be used to help you improve your practice efficiency and evaluate weak points. At Robert Edwards & Associates PC, we are lucky to have renowned dental practice consultant Dr. Sharon Tiger, who has decades of experience in helping dental practices make the best decisions to ensure success.