From Crisis to Stability:
How Edwards & Associates Revitalized Whitley Family Dental
Introduction
Having the right support is the difference between thriving and surviving. Whitley Family Dental faced a daunting crossroads when financial chaos threatened its very existence. With outdated systems and complex insurance challenges, the practice was weeks away from shutting its doors. Enter Edwards & Associates, a team of dedicated dental CPAs with an unmatched understanding of the dental industry. Their strategic intervention stabilized the practice’s financial health and reinvigorated its operational efficiency.
The Challenge
It all started when Tamara Whitley joined her husband Bill’s practice while waiting out a noncompete. Her concerns began after she did some digging and realized they were upside down in 52 PPO fee schedules and far below the breakeven cost to do business. Tamara rolled up her sleeves and got to work developing a strategy to address their insurance issues. Along the way, she got a gut feeling about their long-time CPA. She already felt their support and advisory were lacking. The final straw was when they declined to help the practice apply for crucial COVID-era financial relief through the employee retention tax credit. Tamara was at a critical juncture – the practice was weeks away from shutting their doors if they didn’t transform, and fast.
“I was listening to Art Wiederman’s podcast and Bob Gray’s Henry Schein webinar, and they mentioned that they were both founders of an organization called the Academy of Dental CPAs (ADCPA). Both said if your CPA can’t tell you where tooth #8 is, you need a new CPA. I looked at the ADCPA site, found and interviewed Edwards & Associates. Turns out, they knew where tooth #8 was and had a stellar reputation—and so our transformation journey began.”
The Solution
From day one, Edwards & Associates was a different kind of CPA. In their 90-minute introduction call, the team identified glaring financial complexities and operational inefficiencies and immediately escalated all of it to Lynn Ledbetter, Edwards & Associates’ stalwart executive director. With Lynn’s strategic guidance, every aspect of the practice was revitalized, from modernizing antiquated claims procedures to streamlining insurance processes. This partnership was crucial in bringing Whitley Family Dental back to a position of profitability and stability.
Edwards & Associates continues to play a critical role in the practice’s financial operations. They provide strategic advice, tax planning, QuickBooks support, and quarterly reconciliations, giving Tamara peace of mind and valuable time to focus on other aspects of the business. “They consistently offer unique—and informed—perspectives to help me make the right decisions. I may not be educated in a particular area, but that is why I rely on experts. I truly feel that Lynn and the team are my partners; they know what is going on in my practice and personal life and go above and beyond to ensure I succeed.”
The Results
Collaborating with Edwards & Associates has been nothing short of transformative for Whitley Family Dental. Tamara credits the firm with saving her practice from collapse, stating, “Our Titanic is still sailing because I avoided the iceberg. Our office is now what the Titanic was SUPPOSED to be thanks to Lynn and E&A.”Edwards & Associates has allowed her to continue running a successful practice with the confidence that her financials are in expert hands. Tamara now passionately recommends Edwards & Associates to dental professionals nationwide.
Testimonial
“Edwards & Associates are not just CPAs—they’re lifesavers. When my practice was on the brink of closure, their deep understanding of the dental industry and tailored strategies turned everything around to avoid the iceberg. They brought clarity and efficiency to our operations, ensuring our survival and success. If you’re in the dental field and need a CPA who truly understands your business, they’re the ones to trust.”
Tamara Whitley, Owner
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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.