Dentist

BUSINESS PLAN

The goal of this business is to provide high quality general dentistry with a moderate to high price using the highest technology possible. Prices will be justified by the advanced technology used and the lifestyle conveniences that the dental practice will offer. The dental practice will be positioned as a place one can get high quality dental work in an environment of convenience and technology.

*    EXECUTIVE SUMMARY

*    MARKETING PLAN

*    OPERATIONAL & ORGANIZATIONAL PLAN

*    FINANCIAL POLICY

*    FINANCIAL PLAN

*    FINANCIAL STATEM ENTS

*    POSSIBLE PITFALLS

*    POSITIVE POINTS

*    APPENDIX

EXECUTIVE SUMMARY

I  am preparing this business plan to discuss the dental practice that I am planning to purchase upon my graduation from dental school. Upon graduating, I will do an associateship with the potential for buyout, in a practice in Nebraska. This will allow me to spend one year determining if Nebraska is where I want to live long-term and will familiarize me with the practice that I could possibly buy. After the year is over, if I am pleased with what the practice has to offer, I will buy it. If I am not satisfied with its performance, I will have spent time researching other practices that are or will be going up for sale. After approximately a year of my building up the current client base, my father, who is also a dentist, is planning to move to Nebraska to work with me as an associate. He will sell his current home and practice and work for me until he decides to retire. This arrangement works in both my father's and my favor. This allows me to work with a dentist who has over 25 years of experience in the practice and business of dentistry. This gives my father an opportunity to make a comparable living to what he is currently making without the responsibilities of an entrepreneur. As he nears retirement (he is currently 52 years old), he will reduce his hours and patients.

In evaluating a location for a dental practice we are looking for an area of growth and culture, namely an affluent, western suburb of Omaha, Nebraska. We have chosen this general area for various reasons. The main reason being that we love all that this area has to offer in raising a family. Further we feel strongly about living in a location that you would also desire to spend your retirement in. The suburbs of Omaha are growing rapidly and do not have enough dentists to meet the needs of the people. I plan to buy a practice in a highly traveled, suburban area of Omaha that has the patient and facility capacity for two active dentists. In 1995, almost 20 percent of all private dental practices were two-dentist practices, so this should not be too difficult to find ("Key Dental Facts," p. 17). Working with the retiring dentist will allow me to learn his practice management style and to foster a relationship with the client base. This is very important, as with many businesses, the client list and work force is the most valuable asset of a dental practice. Also this affords me the opportunity to understand the management philosophy of the past dentist, so I will be able to make gradual changes that do not cause too much dissension from the staff. If a dental practice with capacity for two dentists cannot be found, I will buy a single practice office and expand it to suit two dentists. I will use savings accumulated during my year as an associate to pay for the down payment of the business loan and finance the business through a bank, the Small Business Administration, or through a broker.

My father should not have great difficulty selling his practice, as his is the largest practice in the area. Also, there are dental brokers that buy practices to sell them at a higher price. In the worst-case scenario, my father could sell his practice to one of these brokers.

Company Description Purpose of the Service

My goal is to provide high quality general dentistry with a moderate to high price using the highest technology possible. My prices will be justified by the advanced technology used and the lifestyle conveniences that the dental practice will offer. The dental practice will be positioned as a place one can get high quality dental work in an environment of convenience and tecluiology. Due to the increase in two-income families, many service- oriented professions are leaning toward differentiating themselves on the basis of convenience. This is what I intend to do when I have completely taken over this business from its previous owner and have hired an associate, namely my father. For instance, we plan to have two shifts, an early morning shift and an evening shift in which the practice will be fully functional from 7 A.M. to 7 P.M. or later on various days of the week. We also plan to work rotating weekends to offer Saturday service twice a month. We feel that the main beneficiaries to these services are professional, high-income individuals that do not feel that they can take time out from work to go to the dentist. We are also considering hiring part-time help to do filing and various other work during the day and to act as a sitter so that parents can leave their kids while they are receiving dental

Related Sendees and Spin-offs

Possible related services include:

    Tooth Whitening

    Smoking Abstainment Treatments

    Practice Management Seminars

    Dental School Instruction

    Tempromanibular Joint Disorder Treatment

    Implant sendees

    Free screenings for children in severely/profoundly retarded care centers and schools

    Having a yearly "Sealant Day" and "Dental Awareness Day" at local grade schools

    Nursing home screenings

Stage of Development

Stanley M. Kramer, DDS, LLC is still in the idea stage as I will not have my dental license until August 2001 and my father has not actively looked for a purchaser for his practice. Between now and when I graduate, I plan to accept a position with a retiring dentist with a contract giving me first option to buy the practice.

Service Limitations

A restrictive covenant will be included in my contract with the former dentist. This non-competitive clause will ensure that the dentist does not sell me the practice and then set up a practice next door. It also ensures that I do not work with the dentist and then set up a practice down the street using the patient base I have seen while working with him. Further, we will not participate in any HMOs or Managed Care Insurance, as it is my belief that these cost dentists more than it makes them and reduces their treatment alternatives (see Appendix).

Government Approvals

In June 2001, after passing the Central Regional Dental Test required by the American Dental Association, I will receive a license to practice dentistry in the central region of the United States, which includes Nebraska. My father has already applied for and received his Nebraska license. The practice will apply for any applicable city, county, or township licenses that apply, a Drug Enforcement Agency permit to prescribe controlled substances, and any applicable licenses for such items as administration of general anesthesia or conscious sedation. Compliance with the Occupational Safety and Health Association (OSHA) standards set by the previous owner must be maintained.

Sendee Liability

I  will purchase malpractice insurance to protect myself against any malpractice suits raised. Even the best, most conscientious dentist can be sued; therefore, malpractice insurance is an essential part of dentistry. The type of malpractice or professional liability insurance I will buy is an occurrence policy. If the policy would expire before a claim arises, the insurance company will still defend the dentist and pay any settlement or court-awarded judgement that occurred while the policy was in force that does not exceed the limits of the policy. Disability insurance provides continuing income in the event that an injury or illness prevents me from practicing. Adequate amounts of disability income and medical expense insurance will be maintained to cover the costs of treatment and ongoing family expenses until re-entry into active practice is possible. The insurer will require proof that you are in good health, as no company will cover potentially disabling conditions present prior to the date coverage is issued. It is essential that I purchase as much non-term type disability insurance as possible while I am young and healthy-waiting until I am older could cause me to be uninsurable or cause my premiums to be astronomical. I will also carry business liability and property insurance and any other insurance we deem necessary after receiving counsel from my lawyer and insurance agent. Health insurance and workers' compensation will be provided for our employees and myself as part of their benefit package. We feel that this is mandatory to ensure that they do not leave the practice for one that does offer these benefits.

MARKETING PLAN

Current Market Size & Growth Potential

The dental profession is one with a very low failure rate and a high propensity for profit. These were two areas

I  examined before selecting a profession. According to the American Dental Association (ADA), dental offices are the third highest-ranking category of start-up business most likely to survive. The average income of a dentist is in the highest 8 percent of U.S. family income. As the growing population becomes better educated and more wealthy, people demand better dental care ("Starting Your Dental Practice," p. 4). Annual spending for dental services has risen from $13.3 to $45.8 billion, an increase of 244.4 percent, from 1980 to 1995 ("Key Dental Facts," p. 8). The advancements in cosmetic dentistry provide new venues of service for the general dentist to offer. Also, with the increase in non-capitation dental insurance, many people who could not previously afford dental work are now part of the patient pool. Of the total population over the age of 2, 40.5 percent are covered by private dental insurance. Sixty percent of those with dental insurance have an annual income of $35,000 or more and 51.4 percent have an education level of 13 or more years. Also, 45.4 percent of all American children ages 5-17 are covered by dental insurance ("Key Dental Facts," p. 9).

The average dentist to patient ratio is 1 to 1,600-1,700 ("Starting Your Dental Practice," 9). Nebraska as a state has a ratio of 1 to 2050 and an expected population growth of 11 percent by the year 2001. Further, 21 percent of the general dentists in Nebraska are over 55 years old and many are looking to sell their practices and retire. Nebraska is a very educated state with24.9 percent of its residents having a college degree and over 75 percent of its residents working in white-collar positions. The average household income in Nebraska was $34,938 in 1996 and is projected to increase by 10.8 percent by the year 2001 to $41,328 (ADA County Reports).

Various demographic profiles in Nebraska:

 

Nebraska

Doughs V ashing t< -n County County

Cass

County

SauiuUrs

Cnunty

Sarpv

County

Imputation in 19%

3.833.144

459.920

499.680

1&.021

493.656

310.568

1990 to 1996 fctpulation Growth Rate

16.4

17.5

6.9

39.9

12.6

17:

ftxjjeeted FVipulation by 2001 1996 to 2001 FVojeded Imputation

4.251.171

513.189

522.617

22.141

535.764

345.977

Growth Rate

10.9

11.6

4.6

22.8

S.5

11.4

Median Household Income 1996

28X87

42.033

28.409

39.450

43.330

33.045

Average Household Income 1996 rr Change in Number of Active

34.938

53.177

38.343

45,372

50.797

38409

Dentists in area

3.9

1.6

-2.1

37.5

-2.8

37

Total NumherofGener.il Dentists

1.869

251

322

10

256

105

General Dentists Under 35

224

33

36

2

29

17

General Dentists 35 to 44

644

115

HJK

2

85

41

General Dentists 45 to 54

611

69

85

4

83

29

General Dentists 55 to 64

267

21

60

 

36

13

General Dentists over 65

123

13

33

0

23

5

Patients per Dentist ratio 1996 Number orejentisu Hull will he in

2051

1832

1552

1802

1928

2958

retiring age within next 10 years ■ v of dentists that will he in retiring

1001

103

178

6

142

47

age within next 10 years

54

41

55

60

55

45

 

 

Nebraska

Douglas

Washington

 

Cass

Saunders

Sarpy

 

 

County

County

County

County

County

Population in 1996

3,833,144

459,920

499,680

18,021

493,656

310,568

1990 to 1996 Population Growth Rate

16.4

17.5

6.9

39.9

12.6

17.2

Projected Population by 2001

4,251,171

513,189

522,617

22,141

535,764

345,977

1996 to 2001 Projected Population

 

 

 

 

 

 

Growth Rate

10.9

11.6

4.6

22.8

8.5

11.4

Median Household Income 1996

28,087

42,033

28,409

39,450

43,330

33,045

Average Household Income 1996

34,938

53,177

38,343

45,372

50,797

38,409

% Change in Number of Active

 

 

 

 

 

 

Dentists in area

3.9

1.6

-2.1

37.5

-2.8

37

Total Number of General Dentists

1,869

251

322

10

256

105

General Dentists Under 35

224

33

36

2

29

17

General Dentists 35 to 44

644

115

108

2

85

41

General Dentists 45 to 54

611

69

85

4

83

29

General Dentists 55 to 64

267

21

60

2

36

13

General Dentists over 65

123

13

33

0

23

5

Patients per Dentist ratio 1996

2051

1832

1552

1802

1928

2958

Number of dentists that will be in

 

 

 

 

 

 

retiring age within next 10 years

1001

103

178

6

142

47

 


Ïîäïèñü: Douglas
Washington
County
Ïîäïèñü: NebraskaCass Saunders Sarpy County County County County


41

 

55

 

60

 

55

 

45

 
 



Customer Profile

    Middle to high income

    College educated

    White collar

    Married with children

    All ages

    Two-income families

Target Market

    Current patients of the practice we purchase (2,500 to 3,000 patients)

    Professionals that need the convenience factors we will offer

    Stay-at-home mothers that need a place to keep their children while they receive dental work

    All other dental patients who will pay a premium for convenience

Customer Benefits

Various customer benefits include:

    Two highly skilled dentists to be treated by, one with over 25 years of experience and the other with the boundless energy and enthusiasm of a recent graduate

    Extended hours on various nights of the week

    Saturday hours two times a month

    Childcare while receiving dental work

    Use of advanced technology in treatment and patient education

    Discounts for referrals

Market Penetration

Current patients of the practice purchased will receive letters of notification of the change in practice ownership and management. I will give my background and experience information and tell the patient that I hope to maintain their business. I will set up a "Meet the Doctor" picnic, where all patients will be invited. We will also offer free family consultations to discuss any concerns the patient might have. We will also advertise our benefits in the local papers and telephone books and send out direct-mail information advertising our practice. Current patients will be given referral cards that give both the current patient and patient referred a discount for services after the new patient has received a cleaning and consultation. Advertisements will be taken out in the local paper promoting discounts on whitening procedures. Once the patient comes in for whitening, I will sit down with the patient and discuss other ways to improve the aesthetics of their teeth. If they like the service that they are given, they may become patients or at least give good word-of-mouth advertisement. Other incentives will be given to attract new patients and maintain current ones.

Internal Marketing

The goal of Internal Marketing is to make current patients continue their patronage and to encourage them to refer our services. This can be done by first and foremost treating them with respect. This office will also give each patient the highest quality dental treatment possible, while offering competitive prices. Treatment is to be presented to patients by the doctor only. Treatment will be presented by encouraging the patient to ask questions and asking open-ended questions to prompt discussion. Visual aids will be used when necessary and intraoral pictures will also be utilized. A benefit for the patient will be given to help them see the need for treatment (i.e. "So that tooth doesn't fracture further and cause you more expense and pain, I recommend we start a crown on that tooth as soon as possible.").

To stimulate referrals from existing patients at the end of the dental appointment we stress to them their importance in our dental office and request that they refer family and friends to our office. In order to maintain a strong patient base and retain active patients, a patient should have either a restorative appointment and recall appointment or be in the recall system to call on a specific month for a specific procedure. Various other ways to promote our office to already active clients and induce them to refer our practice to others include:

    Be on time and if you cannot, personally apologize to the patient for any inconveniences this has caused him or her

    Greet patients by name (both dentist and staff)

    Install a music system

    Have multiple telephone lines

    Call patients at home after significant treatment to ensure patient is doing well

    Install a "good-bye" mirror so patients can check their appearance before leaving the office

    Offer coffee or other beverages

    Keep reading material current

    Provide referral cards which offers both the referring current patient and the new patient a discount of certain services

    Have personal information written on a notecard attached to chart to give dentist conversational topics

    Send a special note for occasions such as weddings, graduations, birthdays, etc.

    Decorate office internally and externally for holidays

    Have toys for children to play with

    Give patients magnets, toothbrushes, etc. with dental practice name and logo

    Give a picnic, barbecue, or other outdoor event during the summer for your patients

External Marketing

External Marketing deals with promoting the dental practice to potential patients. This can take the form of referrals, free publicity, or advertising. Examples of each of these are:

    Yellow page listing

    Send a welcome letter to new residents in community

    Run newspaper advertisements

    Become involved with local Chamber of Commerce

    Hold an open house event to show off new office, meet new staff, or celebrate the practice's anniversary

    Participate in career days for area students

    Get acquainted with community leaders

    Join civic, religious, and community organizations

    Patronize your patients' businesses

    Offer to write a monthly column on dental health issues or a Question/Answer column

Industry Trends

For a detailed summary of industry trends, refer to the industry analysis included in the Appendix.

    Decrease in dentists participating in managed care organizations

    Increase in consolidation or networking of practices

    Retirement of baby boomer dentists causing a future shortage in dentists

    Increase in gross profits for dental practices

    Globalization of the dental industry

    Advancements in technology and invention of products that aid in treatment

OPERATIONAL & ORGANIZATIONAL PLAN

Philosophy of the Dental Practice

The philosophy of my dental practice will be to provide high quality general dentistry in a comfortable setting, with a moderate to high price using the highest technology possible. Prices will be justified by the advanced technology used and the lifestyle conveniences that the dental practice will offer. With use of an interactive, multi-media educational system, I will present my patients with multiple treatment alternatives and let them choose the alternative that best suits their lifestyle and budget. I will emphasize preventative dentistry and continually suggest cosmetic procedures. Any dental work that is too complex to be treated at my practice will be referred out to a specialist. I will foster a relationship with various specialists in the area, so they will refer patients in need of general dentistry to me as well. Further, I will not participate in any capitation insurance, as it is my feeling that these plans cost dentists more than it makes them.

The dental practice will be positioned as a place to get high quality dental work in an environment of convenience and technology. Due to the increase in two-income families, many service-oriented professions are leaning toward differentiating themselves on the basis of convenience. This is what I intend to do. For instance, I plan to have flexible, "people" hours on various days of the week so that not all patients have to leave work to have their dental work done. I also plan to work rotating weekends to offer Saturday service twice a month. I feel that the main beneficiaries to these services are professional, high-income individuals that do not feel that they can take time out from work to go to the dentist. We are also considering hiring part-time help to do filing and various other work during the day and to act as a sitter so that parents can leave their kids while they are receiving dental care.

The office will be run as a team, with each employee playing an integral part in the success or failure of the business. Employees will be given whatever tools and training is deemed necessary to carry out their assignments. An emphasis on process improvement will be instilled in each of the "teammates" by offering bonuses or special privileges. Teammates will be rewarded both monetarily and non-monetarily for jobs well done. Effective communication will be stressed in the office. This will cut down on misunderstandings and miscommunications among patients, employees, and doctor. Weekly meetings will be held to discuss the weekly agenda, and to give a report of last week's happenings. Teammates will be given the opportunity to add input at these meetings in the form of suggestions, comments, and complaints. Teammates will have defined tasks, but are to be open to doing whatever requests outside of their set guidelines need to be done to bring success to the practice. Finally, I plan to offer many perks to my employees to keep them satisfied and willing to give the practice 100 percent.

Job Description- Dentist

1.               The Dentist is responsible for all procedures that are covered by his license and not those of the hygienist and assistant.

2.The Dentist is responsible for all human resource aspects of the practice.

3.               The Dentist is responsible for the management aspects of the practice.

4.               The Dentist will form a relationship with both the clients and staff.

5.               All major purchases or decisions must receive final authorization from the doctor.

6.               The Dentist will sign all checks.

7.               The Dentist will be punctual to all appointments. Should the case arise where he cannot see the patient on time, he will personally apologize to the patient for any inconvenience.

8.               The Dentist will call all patients receiving significant treatment the night of the appointment to ensure that the patient is doing well.

9.               The Dentist will join civic and religious organizations to be of benefit to the community.

10.       The   Dentist will actively, yet with taste, market the practice.

11 .The Dentist will treat employees and patients in a fair and unbiased manner.

12.       The   Dentist will provide high quality dental work with an emphasis on technology and education for himself, his staff, and his customers.

13.       The   Dentist will work to make the practice an enjoyable environment in which to work

Job Description- Assistant

1.               Study and become familiar with Office Philosophy and agreements in the office.

2.               Be observant, and considerate, friendly and generally in good humor. Make patients feel at ease and welcome as a guest in your facility.

3.               Upon arriving in the morning, get prepared for the day prior to the morning meeting.

4.               Set up trays

5.               Check treatment room drawers, stock as needed.

6.               Go through charts and review the treatment patients are scheduled for today and treatment pending. At this time always check what type of anesthesia each patient will need. Be prepared to discuss charts at morning meeting.

7.               Greet patient in reception room and escort to proper treatment room.

8.               Seat patients, desensitize areas of treatment, take necessary study models, prepare Rx blanks, select shades for composites and PFMs, take impressions for temps, mark and adjust temps, remove cement from temps, orthodontic bands and crown and bridges; place matrix bands, and perform other procedures to prepare patient for doctor as instructed by the doctor.

9.               Be with the doctor to assist with all treatment.

10.       Give  patients POST treatment instructions as needed (orally and/or written).

11 .Complement the dentistry procedures performed by the doctor. Show the patients their case before and after the insertion in the mouth.

12.             Dismiss patient and escort them to the front desk with chart. If the business office is busy ask the patient to have a seat in the reception room. The business coordinator will be with them ASAP

13.                        Compliment    the behavior of a child to the child and the parent. This helps to child be more confident.

14.Spray and clean room after each patient; change headrest cover, light handles, etc. Follow all

sterilization procedures as mandated by OSHA.

15.             Prepare all instruments and handpieces for sterilization by autoclave or cold sterilization.

16.             Close all treatment rooms at the end of the day. Make sure all equipment is shut off

17.       Have a general knowledge of the business office and be familiar with business office verbal skills.

18.        Know       how to schedule appointments.

19.        Do    a bi-weekly inventory and order necessary items.

20.             Prepare and participate in weekly staff meeting.

21 .Study and become familiar with all OSHA requirements. Take all precautions as trained and have a completed HBV vaccination series. Wear protective equipment as required.

Duties to Perform As Needed

    Take, develop, and mount x-rays

    Record any x-rays taken in chart, type name and date on label

    Prepare Rx blanks of Meds

    Take diagnostic cast and pour in proper stone

    Trim models and label

    Keep lab cases labeled and organized

    Clean cement from newly cemented PFM, FGC, temps, etc.

    Place matrix bands and wedges

    Make vacuforms

    Make customtrays

    Make temp crown

    Remove and place orthodontic elastics

    Calm apprehensive patients

    Keep current with up-to-date dentistry

    Check supplies and keep inventory cun'ent

    Help business office when time permits

    Empty the trash

    Stock drawers

    Run cleaner through the vacuum system each night.

    Lubricate drills

    All other reasonable requests by the doctor Daily Duties

1.Check level of water in autoclave and add, if needed

2.Run autoclave during day as needed

3.Oil and autoclave handpieces after each patient

4.Oil prophy handpieces daily

5.Check trash at the end of the day and empty if needed

6.General operatory cleaning

7.Take intraoral pictures as needed

8.Prepare charts for morning meeting

9.Check developer reservoir tanks and refill

10.             Prepare trays for procedures and assist doctor

Weekly Duties

1.Change solutions in ultrasonic cleaner

2.Autoclave lab burs

3.Clean autoclave per manufacturer's instructions for weekly maintenance

4.Restock all drawers and check inventory

Job Description- Dental Hygienist

1.Study and become familiar with Office Philosophy and Agreements in the office.

2.Organize yourself physically, mentally, and emotionally, always dress in a professional manner, leave your private and family concerns at home, and make a mental check of your day.

3.Be observant, considerate, friendly, and generally in good humor. Make patients feel at ease and

welcome as a guest in your facility.

4.Upon arriving in the morning, get prepared for the day prior to the morning meeting.

5.               Go through charts, review the treatment patients are scheduled for today and treatment pending. At this time always check what type of anesthesia each patient will need. Be prepared to discuss charts at morning meeting.

6.Greet patient in reception room and escort to proper treatment room.

7.Use correct verbal skills.

8.               Dismiss patient; escort to front desk with chart. If business coordinator is busy ask patient to have a seat in reception room. Business coordinator will be with ASAP.

9.               Spray and clean room after each patient, change headrest cover, light handles, etc. Follow all sterilization procedures as mandated by OSHA.

10.              Prepare all your instruments and handpieces for sterilization by autoclave or cold sterilization.

11 .Close your treatment room at the end of the day, making sure all equipment is shut off.

12.          Have       a general knowledge of the business office and be familiar with business office procedures.

13.          Know       how to schedule an appointment on the computer.

14.              Prepare and participate in weekly staff meetings.

15.             Take      all OSHA precautions as trained, have a completed HBV vaccination series. Wear protective equipment as required.

16.          The  dental hygienist may not perform any of the clinical duties without the dentist in the facility.

17.          Help to maintain and keep the recall system current.

Clinical Duties

1.Polish restoration.

2.Perform root planing and soft tipsier curettage.

3.Apply topical anesthetics and topical medicaments.

4.Record existing conditions through the use of radiographs.

5.               Perform intraoral dental laboratory tests, including but not limited to, oral cytology smears, pulp vitality test, and caries tests.

6.Apply pit and fissure sealant to teeth, as prescribed by the dentist.

7.Do intraoral irrigation and sulcular irrigation.

8.Remove overhanging margins without the use of rotary instruments.

9.Oral prophylaxis with slow speed handpiece.

10.          Give topical fluoride application.

11             .Complete all other reasonable requests from doctor.

Job Description- Receptionist/Office Manager

1.               Organize yourself physically, mentally, and emotionally; always dress in a professional manner; leave your private and family concerns at home, and make a mental check of your day.

2.Study and become familiar with office philosophy and agreements in the office.

3.               Be observant, considerate, friendly, and generally in good humor. Make patients feel at ease and welcome as guest in our facility.

Appointment Scheduling

1.Set appointment hours in accordance with appointment scheduling guidelines and daily goals.

2.See that the dental hygiene schedule is completely filled.

3.Follow up on all broken appointments.

4.Keep a short call list.

5.Fill broken and canceled appointments.

6.                Confirm patient's appointments at least 2 days prior to appointment date.

7.                Copy the daily schedule and post it in each treatment room.

8.                Greet all patients courteously when arriving and make sure the charts are in the proper place.

9.                Promptly indicate to the staff when the next patient has arrived.

10.See that the phone is answered before the third ring at all times.

11             .See that the desk is covered at all times.

12.Complete all other reasonable requests from doctor.

Financial Control

1.                Check records each day to approach any patients who owe a balance.

2.                Take responsibility for requesting and collecting money "over the counter" daily.

3.See that each record is posted and filed as it comes through. Be responsible for the accuracy of the day sheet and records.

4.                Print and submit insurance for patients when appropriate.

5.                Make financial arrangements with patients in accordance with the financial policy

6.                Follow up on all insurance not paid within 6 weeks. Maintain the insurance system.

7.                Send monthly statements.

8.Follow up on past due accounts; set arrangements for past due balances. Make collection calls and send accounts to collections with doctor's approval.

9.See that each payment received in the mail is posted to the accounts receivable system. Be responsible for the accuracy of the accounts receivable system.

10.See that the bank deposit slip matches the daysheet total.

11             .Make definite financial arrangements with all new patients and patients requiring extensive treatment in accordance with the financial policy of the office.

12.         Work        the delinquent payment record.

13.         Be    in charge of all correspondence regarding collections, insurance, etc.

14.                   Determine  approximate patient portion of insurance procedures.

15.                   Notify  patients of overpayments and send refunds.

Marketing

1.                Keep the new patient book current

2.                Prepare new patient letters for Dr. Kramer

3.                Tank referral sources, letters, etc.

Office Procedures

1.                Be responsible for the preventive maintenance system (recall system).

2.                Be responsible for preventive maintenance follow-up.

3.                Organize and maintain file systems for quick retrieval of information.

4.                See that all backlog paperwork is completed before closing the office on Friday.

5.                Maintain the supply system and inventory for business office items.

6.                Keep Dr. Kramer informed and current on all aspects of the office, patient status, recommendations, etc.

7.                Be responsible for own desk appearance.

8.                Put together new patients' records and charts. Coordinate patient flow.

9.                As changes occur in schedule, change schedules in the treatment rooms.

10.         Check      and straighten the reception area.

Job Description- Janitorial Staff

The janitorial staff is an outside agency that comes in one day per week and cleans the office. They are responsible for:

    Vacuuming the entire office

    Mopping floors

    Cleaning the bathroom (sink and toilet)

    Washing exterior and interior windows, mirrors, etc.

    Emptying trash

    Dusting shelves and countertops

    Cleaning out operatory sinks and lab sinks

All other maintenance of the dental equipment is the responsibility of the office staff.

Infrastructure Members

Accountant: to prepare tax returns and advise on various practice financial decisions. $50 to $100/hour.

Lawyer: to help with start up legalities and incorporation, to act as representation in case of litigation and to advise on various business decisions. $75 to $150/hour depending on experience with dental practices.

Insurance Agent: for malpractice and liability insurance. Commissions only.

FINANCIAL POLICY

Third-Party Insurance Policies

This office does not and never will participate in capitation and/or reduced fee-for-service programs. Any phone calls, mail, or solicitors for such plans are to be turned away. Patients who have non-capitation insurance will be required to have an insurance card and the insurance company must be called and verified before they are considered for assignment of benefits. Once a patient has been verified, the following information needs to be retrieved from the insurance company: address to mail claims to; deductibles, if any, and what they apply to; excluded treatments (i.e. crowns are not covered); if the payments are usual and customary or fee schedule; and if prophys are limited per year. All this information can be provided to the patients as needed.

Assignment of benefits will be taken again, only if verification has been approved. Otherwise, the patient is considered "cash paying" until verification can be established.

Patients who receive treatment with insurance will be told up front (before treatment begins) as to their estimated portion of the bill. That portion is due on the date of service; no exceptions are to be given. Patients need to be aware that the amount they are paying is an estimated portion based on what their insurance has told us, and if insurance does not pay or pays less, they are responsible for the balance. We gladly process insurance forms for patients. Insurance claims are to be submitted each day as the charges are posted. Narratives and X- rays need to be mailed with larger claims and all crown and bridge cases. Periodontal charting should be sent with all periodontal cases.

Claims are to be filed in duplicate. One copy goes to the insurance company and one is filed by month and in ABC order. As claims are paid, the EOB (explanation of benefits) is to be attached to our copy and filed in a separate file under "paid claims" for that month. Claims not paid within 5 weeks must be called on and proper steps taken to expedite payment. Also, Visa and Mastercard will be accepted. For treatment plans of considerable amounts, we will help the patient file for financing through a bank.

Financial Arrangements

    A 5 percent discount is given to patients whose treatment plan is over $250 and pay cash up front.

    If a patient needs to come back 5 times to complete a $1,000 treatment plan, then payments would be $200 each visit.

    Treatment plans under $250 are expected on the day of service.

    Any other arrangements must be made directly through Dr. Kramer.

Appointment Philosophy and Procedures

The appointment book is the map of our day and is to be used in a specific manner. All procedures have been timed and a schedule of times is attached to the schedule book. Only in instances that Dr. Kramer or the hygienist request additional time are these guidelines to be changed.

1.Always try and fill the schedule to capacity and keep a short call list.

2.The schedule is also to be filled to our daily production goals.

3.Patients that cancel less than 24 hours in advance or no-show are to be warned the first time and charged a $25 fee the second time.

FINANCIAL PLAN

The practice will be set up as a Limited Liability Company (LLC). This will be done to receive the limited liability of a corporation with the option of selecting taxation as either a partnership or as a corporation. Upon counsel with my lawyer and accountant, I will decide which setup offers me the best result in regards to taxes.

I am looking at a practice worth approximately $250,000. One shortcut method to determine the selling price of a practice is to take the average of the last three years gross sales and divide it by two. To purchase the practice I will take out a $300,000 ten-year loan at a negotiable rate (I used 15 percent in my financials) that gives me the opportunity of renewal every three years and has no penalty for early repayment. I am estimating that $250,000 will go for the practice, $30,000 will be used for any start-up costs (such as updates to building or equipment), and the remaining $20,000 will be used to maintain positive cash flows at start-up and to be used in case of any unforeseen problems. I don't foresee any problems attaining a loan, as there are many brokerage companies that will fully finance your dental practice with no down payment if you can prove that there will be no significant decline in gross sales resulting from the purchase of the practice. Another financing possibility is that the current owner of the practice could seller-finance some or the entire sales price. This would allow 100 percent financing without titled collateral, but would preclude a higher than market rate. Similarly, a dental broker could finance the project with the same general benefits and drawbacks of the seller- finance option. Also, we could approach a bank for the loan, which will generally ask for a 20 percent down payment, titled collateral, and an aggressive amortization rate, but a lower interest rate than the other options.

In doing my financial statements, I have had to make many assumptions and use many numbers, averages, and percentages given by the American Dental Association (ADA). Some of the numbers seem either too high or too low, but I used them to maintain consistency. For instance, in the first five years of business, marketing and legal/professional costs will probably be higher than the national average. I think that insurance will be much higher than the amount attained by using the percentage given by the ADA. Also, the average patient charge per patient includes dentists who do all of their own hygiene work, dentists who accept capitation insurance, and dentists who do public health dentistry only. Therefore, the $183.56 national average as stated by the ADA seems very low.

The number of total employees the practice will have upon my purchase is dependent on the structure prior to my buyout. My first year in practice, I will need one full-time assistant and one full-time bookkeeper/receptionist. Until I feel I have a sufficient client base, I will do much of my hygiene work. One hygienist will work one or two days a week dependent upon need and on a percent of work completed basis. This will give the hygienist greater incentive to see more patients and to insure the recall system works efficiently. Building the patient base to have enough patients to allow for two dentists will take about a year and a half. Optimal full-time employment upon my father joining the practice is two full-time assistants, one

full-time bookkeeper/receptionist, and one hygienist with the same conditions. After the larger client base has been established, which will probably take about a year of working with my father, another hygienist will be added so that there will be a hygienist in the office four days a week and my father and I will not need to see any hygiene patients which will make our per patient charge increase. If need arises, one part-time office helper will be employed.

As we will be living in the central region of the United States, I have used the wage rates quoted in the Journal of the American Dental Association for dental employees in that region. Median hourly salary for a receptionist/bookkeeper is $11.65/hour. The average hourly wage for an experienced chairside assistant is $11.00. Finally, a hygienist in the central area will make around $200 a day. This sounds like a lot, but hygienists often rotate between practices as to support a broader client base.

My father and I will discuss a contract whereby he receives a certain percentage of his gross production, probably 40 percent the first year. With working the same hours per week that he currently does and seeing fewer patients, he will make a comparable salary to what he pays himself in Lincoln. Lincoln is a farming and industrial community that does not see the benefits of the highly profitable aesthetic dentistry. Although my father has the largest practice in the area, he does not make as much money as comparable practices in more educated areas due to the demand for restorative dentistry only. Working for Stanley allows his father,

Jeremiah, to make as much money as he wants, while only working the amount of hours that suits his lifestyle. Also, he will not have the risk or responsibility associated with running a business, but will have significant input, as he has so many years of practice experience. The money he will make by selling his practice can be invested to use in his retirement.

We will establish written bylaws that address issues such as how the relationship between my father and I will be handled. As my parents will probably help with a small portion of the down payment on the loan, both my mother and father will receive a percentage of profits based on their contribution. The other portion of ownership will be divided between my wife and myself. We will have guidelines on buying back and selling ownership shares. This is to ensure the business does not suffer from problems within the family.

My family is a very close one that is intent on building our futures together. We have held many discussions concerning the control and management of the practice and are in agreement to this point. Before my father actually decides to move and sell his practice, we will sit down and write up an agreement about practice management. We will have a lawyer that is familiar with dental practices and family businesses look it over and add suggestions. Me and my wife will have the final say in matters pertaining to the practice, as we will have a greater share of ownership. As I have not had as much experience managing a practice, my parents' input will be greatly appreciated and sought. A policy of mutual respect between the four of us and documented policies will make our working relationship as positive as our personal one.

My first year after buying the practice, I will be able to see about seven patients per day and will work five days a week. The average cost per patient visit is $183.56 for a normal solo practice. Using these numbers, I should have an average monthly gross income of $25,000 and first-year gross income of approximately $275,000 based on having four weeks' vacation. My client base should be somewhere around 2,000 to 2,500 (a small drop from initial patient base) active patients, and I expect to exceed the average growth rate of 32 new patients per month for new dentists. I should have patient capacity for my father within two years. My financial statements assume that Dr. Jeremiah Kramer will join the practice after two years. I have also included income statements that show the practice's standings if my father and my dream of working together does not become a reality. Note: the practice still garners a reasonable profit, but not nearly as significant as the one earned with both dentists practicing. An exit strategy has not yet been planned, as this business will be the main source of income for my father for many years. When my father decides to retire, I will either hire another associate or rent out his facility to another doctor or specialist.

Price List

Customers will be charged the going industry price for the geographic area of practice plus a premium for the

convenience-based value-added sendees. An example of a price list for services from the May 1996 issue of Dental Economics for the central region is as follows. We will use prices similar to these plus a premium for some treatments.

Initial oral exam, jdull—excluding

 

Inlay, porcelain. 1 surface

S.U4

radiographs

S27

 

 

Comprehensive oral exam, adult

38

Full-casl. high-noble inelal crown

511

Emergency oral exam

31

ftmvlain lustxl to high-noble

 

 

 

metal crown

514

Panoramic 111 in

48

IV'tcelain fused to noble nvtal crown

491

lntraor.il X-rays, complete series—

 

Prefabricated stainless-steel crown.

 

including BWX

59

permanent

129

BWX—four films

28

Cast post and core, in addition

 

 

 

to crown

159

Intraor.il. periapical. first film

11

Crown buildup, including an)' pins

110

lntraor.il. periapical, each

 

 

 

additional film

9

Replacement crown

45

Prophylaxis, adult

 

Labial veneer-laminate

232

Limited oral exam, problem-focused

25

Labial veneer (porcelain

 

 

 

laminate i—lab

415

Initial oral exam. child

24

Complete tipper denture

694

Prophylaxis, child

30

Complete lower dentil re

696

lluoride. child-excluding prophylaxis

17

Upper denture reline, chairside

146

IVriodic oral exam, child

19

Lower denture reline, chairside

I4S

Pit and fissure sealant, per tcc»h

23

Extraction, single tooth

61

 

Initial oral exam, adult-excluding radiographs

$27

Inlay, porcelain, 1 surface

$344

Comprehensive oral exam, adult

38

Full-cast, high-noble metal crown

511

Emergency oral exam

31

Porcelain fused to high-noble metal crown

514

Panoramic film

48

Porcelain fused to noble metal crown

491

Intraoral X-rays, complete series- including BWX

59

Prefabricated stainless-steel crown, permanent

129

BWX-four films

28

Cast post and core, in addition to crown

159

Intraoral, periapical, first film

11

Crown buildup, including any pins

110

Intraoral, periapical, each additional film

9

Replacement crown

45

Prophylaxis, adult

44

Labial veneer-laminate

232

Limited oral exam, problem-focused

25

Labial veneer (porcelain laminate)-lab

415

Initial oral exam, child

24

Complete upper denture

694

Prophylaxis, child

30

Complete lower denture

696

Fluoride, child-excluding prophylaxis

17

Upper denture reline, chairside

146

Periodic oral exam, child

19

Lower denture reline, chairside

148

Pit and fissure sealant, per tooth

23

Extraction, single tooth

61

 

Periodic oral ex am. adult 20

tine root canal, exclusive of

 

 

restoration

283

BWX—two films 19

Two root canals, exclusive of

 

 

restoration

345

Amalgam restoration, 1 surface.

Three root canal*, exclusive

 

permanent 55

of restoration

438

Amalgam restoration. 2 surfaces.

Periodontal sailing with

 

permanent 72

gingival inflammation

80

Amalgam restoration. 3 surfaces.

Gingival curettage, per quadrant

119

permanent 89

 

 

Composite resin restoration. 1 surf ace.

Periodontal root planing.

 

anterior 65

per quadrant

111

Composite resin restoration. 1

 

 

surface, posterior 75

Tecth-whitening. ferarch

161

Inlay, metallic. 1 surftce 323

Infcction-conlrol fee

18

 


 


Periodic oral exam, adult BWX-two films

Amalgam restoration, 1 surface, permanent Amalgam restoration, 2 surfaces, permanent Amalgam restoration, 3 surfaces, permanent

20 One root canal, exclusive of restoration      283

19  Two root canals, exclusive of restoration    345

55 Three root canals, exclusive of restoration 438

72 Periodontal scaling with gingival inflammation 80

89 Gingival curettage, per quadrant 119


Composite resin restoration,    1    surface, anterior          65  Periodontal root planing, per    quadrant

Ïîäïèñü: 111
161
18
Composite resin restoration,    1    surface, posterior      75    Teeth-whitening, per arch

Inlay, metallic, 1 surface           323    Infection-control fee

FINANCIAL STATEMENTS

    Percentages given by "Building a Financial Foundation for your Practice," an article from ADA Dental Practice Library.

    Sales estimate based on a 48-week year with benefits paid for 52 weeks.

    Years 3-5 are shown both including and excluding Dr. Jeremiah Kramer, DDS.

This page left intentionally blank to accommodate tabular matter following.

Income Statement-Year 1, June 2002-May 2003

INCOME:

Dr. Stanley Kramer Hvuienisi Gross Sales Cash Receipts (‘XKr) Accounts Receivable > 10*) Cost of Goods Sold Lab Fees i'W IX’tiUl Supplies i '/<-) GROSS INCOME:

Jun

22.917

6.720

29,637

26.673

2.961

-2.667

-1.778

25.1*1

Jul

22.917

6.720

29,637

26.673

2.961

-2.667 -1.778 25.1*1

Vug Sep

22.917 22,917 6.720 6.720 29.637 29.637 26,673 26.673 2.961 2.964

-2.667 -2.667 -1.778 -1.778 25.1*1 25.1*1

Ocl 22,917 6.720 29.637 t 26,673 2.964

-2.667

-1.778

25.1*1

Nov

22.917

6.720

29.637

26.673

2.961

-2.667

-1.778

25.1*1

 

 

 

EXPENSES:

Advert ising (3%)

Insurance 13%)

Interest Expense (F)

1 A'g.il & FVofessional Services (Ft (JtTicc Supplies iffi \

Mortgage t’F)

Taxes & Licenses (10% of salary) Utilities (2*1

889

889

3.750

833

1.778

2J00

417

593

889

889

3.750

833

1.778

2.500

417

593

889 889 889 889 3.750 3.750 833 833 1.778 1.778 2.5CO 2.500 417 417 593 593

889

889

3.750

833

1.778

2.500

417

593

889

889

3.750

833

1.778

2.5a)

417

593

 

 

 

Waps

Professional (F) llygienist 1.25 of production) Salaried & Beit'Ills (21 **)

4.167

1.680

4.813

4.167

1.680

4.813

4.167 4.167 1.680 1.680 4.813 4.813

4.167

1.680

4.813

4.167

1.680

4.813

 

 

 

Oilier Expenses (I--) TOTAL EXPENSES: NET PROFIT (LOSS):

417 22.72? 2.4frft

417

22.725

2,4(.(.

417 417

22.725 22.725 2.4frfc 2.4(.r.

417 ; 22.725 2,4f.i.

417

22.725

2.4<.f.

 

 

 

INCOME:

 

 

Jun

Jul

Aug

Sep

Oct

Nov

Dr. Stanley Kramer

 

 

22,917

22,917

22,917

22,917

22,917

22,917

Hygienist

 

 

6,720

6,720

6,720

6,720

6,720

6,720

Gross Sales

 

 

29,637

29,637

29,637

29,637

29,637

29,637

Cash Receipts (90%)

 

 

26,673

26,673

26,673

26,673

26,673

26,673

Accounts Receivable (10%)

2,964

2,964

2,964

2,964

2,964

2,964

Cost of Goods Sold

 

 

 

 

 

 

 

 

Lab Fees (9%)

 

 

-2,667

-2,667

-2,667

-2,667

-2,667

-2,667

Dental Supplies (6%)

 

-1,778

-1,778

-1,778

-1,778

-1,778

-1,778

GROSS INCOME:

 

 

25,191

25,191

25,191

25,191

25,191

25,191

EXPENSES:

 

 

 

 

 

 

 

 

Advertising (3%)

 

 

889

889

889

889

889

889

Insurance (3%)

 

 

889

889

889

889

889

889

Interest Expense (F)

 

 

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

 

 

1,778

1,778

1,778

1,778

1,778

1,778


 


 

INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

417

417

417

417

417

417

Utilities (2%)

593

593

593

593

593

593

Wages

 

 

 

 

 

 

Professional (F)

4,167

4,167

4,167

4,167

4,167

4,167

Hygienist (.25 of production)

1,680

1,680

1,680

1,680

1,680

1,680

Salaried & Benefits (21%)

4,813

4,813

4,813

4,813

4,813

4,813

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

22, 725

22,725

22,725

22,725

22,725

22,72f

NET PROFIT (LOSS):

2,466

2,466

2,466

2,466

2,466

2,466

Stanley at 7 patients a day at ana'vrapi ol$lX3.5fi/patienl 1 Ilygienisl at 7 patients g day for 2 days a week averaging S12lVpaUent                                           SS0.640

I Assistant 40 hours/week at SI 1 .00/hour fcw 52 weeks 22.880

1 Reoeplionist/hx>kkeeper 40 hours/week at S J 1.65/liour al 52 weeks           24.2.'2

Weekly wage of Vssistant anti Rcceptk mist bi-furt benefits               47.112


 

Stanley at 7 patients a day at an average of $183.56/patient

1 Hygienist at 7 patients a day for 2 days a week averaging $ 120/patient                                                           $80,640

1 Assistant 40 hours/week at $11.00/hour for 52 weeks       22,880

1                                                                                                                                                       Receptionist/bookkeeper 40 hours/week at $11.65/hour at 52 weeks     24,232

Weekly wage of Assistant and Receptionist before benefits                                                                   47,112

l>cc

Jan

Ich

Mar

\pr

May

Total

 

22.917

22.917

22.917

22,917

22.917

22.917

275X10

 

6.730

6.730

6.7X1

6.730

6.730

6.730

80.640

 

29.637

29.637

29.637

29.637

29.637

29.637

355.640

 

26.673

26.673

26.673

26.673

26.673

26.673

320J076

 

2.964

2.964

2.964

2.964

2.964

2.964

35.564

 

-2.667

-2.667

-2.G57

-2.667

-2.667

-2.667

-32X08

 

-1.778

-1.778

-1.778

-1.778

-I.77S

-1.778

-21.338

 

25.191

25.191

25.191

25.191

25.191

25.191

■UI2.294

 

889

889

889

889

889

889

10.669

 

889

889

889

889

889

889

10.669

 

3.750

3.750

3.750

3.750

3.750

3.750

45X00

 

833

833

833

833

833

833

10.000

 

1.778

1.778

1,778

1.778

1.778

1.778

21J38

 

2.500

2.500

2,500

2,500

2.500

2.5CO

30.000

 

417

417

417

417

417

417

5XOO

 

593

593

593

593

593

593

7.113

 

4.167

4,167

4.167

4.167

4.167

4.167

50.000

 

1.680

1.680

1,680

1.680

1.680

1.680

33.160

 

4,813

4.81 J

4.813

4,813

4,813

4.813

57.750

 

417

417

417

417

417

417

5X00

 

22.725

22 725

22.725

22

>> 

22.725

272.71*)

 

2.466

2.466

2.4M>

2.466

2466

2.466

2V5*4

 

Dec

Jan

Feb

Mar

Apr

May

Total

22,917

22,917 22,917

22,917

22,917 22,917

275,000

6,720

6,720 6,720

6,720

6,720

6,720

80,640

29,637

29,637 29,637

29,637

29,637 29,637

355,640

26,673

26,673 26,673

26,673

26,673

i 26,673

320,076

2,964

2,964 2,964

2,964

2,964

2,964

35,564

-2,667

-2,667 -

2,667

-2,667

-2,667

-2,667

-32,008

-1,778

-1,778 -

1,778

-1,778

-1,778

-1,778

-21,338

25,191

25,191 25,191

25,191

25,191

25,191

302,294

 


 

 

 

 

 

 

 

 

 

 

 

 

 



Statement of Cash Flows-Year 1, June 2002-May 2003


 


 

Jun

Jul

\os

Sep

Oct

N..»

Cash Inflows

 

 

 

 

 

 

lie2i11ningCas.l1 Balance

2M0D

19.503

19.006

18.508

18.010

17.513

Loan lor Start-up costs

30.000

 

 

 

 

 

Cash Receipts

26.673

26.673

26.673

26.673

26.673

26.673

Total Cash Inti- >ws

76.673

46.176

45.6'S

45.181

44j683

44.186

Cash IHs hurst incut-.

 

 

 

 

 

 

Start-up oists

30.000

 

 

 

 

 

l.ah I-ees(9%)

2.667

2.667

2.667

2.667

2.667

2.667

IV11l.il Supplies 1 t<cr 1

1.778

1.778

1.778

1.778

1,778

1,778

Advertising t39fe)

889

889

889

889

889

889

Insurance <3'*)

889

889

889

889

889

889

Interest I Expense (F)

3,750

3.750

3.750

3.750

3,750

3,750

Legal & Professional Services! 1-1

833

833

833

833

833

833

OITice Supplies (6‘r i

1.778

1.778

1.778

1,778

1,778

1.778

Mortgage (F)

2.500

2,500

2.500

2.500

2.500

2.5«i

Taxes & I. ictuses < I0°r of salary i

417

417

417

417

417

417

Utilities ( 2rr i

593

593

593

593

593

593

Wages

 

 

 

 

 

 

Professional < F)

4.167

4.167

4.167

4.167

4.167

4.167

llygienist

1.680

1,680

1.680

1.680

1,680

1,680

Salaried &. Benefits

4.813

4.813

4.813

4.813

4.813

4.813

Other Expenses iFi

417

417

417

417

417

417

Total Disbursements

57.170

27.m

27.170

27.170

27.1 'o

27.170

Remaining < ash at Month 1- ml

19.5(13

19.005

18,508

18.010

17.' 13

17.015

 

 

 

Jun

Jul

 

Aug

Ïîäïèñü: OctÏîäïèñü: Nov


Cash Inflows

Beginning Cash Balance Loan for Start-up costs Cash Receipts Total Cash Inflows Cash Disbursements Start-up costs Lab Fees (9%)

Dental Supplies (6%) Advertising (3%) Insurance (3%)

20.0                      19,503 19,005 18,508 18,010    17,513

30.000

26.673              26,673 26,673 26,673 26,673    26,673

76.673         46,176 45,678 45,181     44,683  44,186

30,000

2,667

2,667

2,667

2,667

2,667

2,667

1,778

1,778

1,778

1,778

1,778

1,778

889

889

889

889

889

889

889

889

889

889

889

889

 


 

Jun

Jul

Aug

Sep

Oct

Nov

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

1,778

1,778

1,778

1,778

1,778

1,778

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

417

417

417

417

417

417

Utilities (2%)

593

593

593

593

593

593

Wages

Professional (F)

4,167

4,167

4,167

4,167

4,167

4,167

Hygienist

1,680

1,680

1,680

1,680

1,680

1,680

Salaried & Benefits

4,813

4,813

4,813

4,813

4,813

4,813

Other Expenses (F)

417

417

417

417

417

417

Total Disbursements

57,170

27,170

27,170

27,170

27,170

27,170

Remaining Cash at Month End

19,503

19,005

18,508

18,010

17,513

17,015

 

I Hi

.Ian

IVh

Mar

\pr

Ma>

17.015

16.518

16.020

15.523

15.025

14.52S

26.675

26.67.?

26.673

26.673

26.673

26.673

43.WSS

43.191

42.693

42.1%

4I.69X

41.2*11

 

2.667

1.778

2.667

1.778

2.667 2.667 1.778 1.778

2.667

1.778

2,667

1.778

 

889

889

889 889

889

889

 

889

889

889 889

889

889

 

3.750

3.750

3.750 3.750

3.750

3.750

 

833

833

833 833

833

833

 

1.778

1.778

1.778 1.778

1.778

1.778

 

2-5CO

2.500

2.500 2.500

2.500

2.500

 

417

417

417 417

417

417

 

593

593

593 593

593

593

 

4.167

4.167

4.167 4.167

4.167

4.167

 

1.680

1.680

1.680 1.680

1.6811

1.680

 

4.813

4.813

4.813 4.813

4.813

4.813

 

417

417

417 417

417

417

 

27.17(1

27.170

27.17(1 27.17(1

27.170

27.170

 

16-MS

16.(12(1

15523 15.025

I452X

I4.ii.!(l

 

Dec

Jan

Feb

Mar

Apr

May

17,015

16,518 16,020

15,523

15,025

14,528

26,673

26,673 26,673

26,673

26,673

26,673

43,688

43,191 42,693

42,196

41,698

41,201

2,667

2,667

2,667

2,667

2,667

2,667

1,778

1,778

1,778

1,778

1,778

1,778

889

889

889

889

889

889

889

889

889

889

889

889

3,750

3,750

3,750

3,750

3,750

3,750

833

833

833

833

833

833

1,778

1,778

1,778

1,778

1,778

1,778

2,500

2,500

2,500

2,500

2,500

2,500

417

417

417

417

417

417

593

593

593

593

593

593

4,167

4,167

4,167

4,167

4,167

4,167

 


Dec Jan  Feb  Mar

Ïîäïèñü: Apr May
1,680 1,680 4,813	4,813
417	417
1,680        1,680    1,680      1,680

4,813        4,813    4,813      4,813

417  417   417   417

27,170 27,170 27,170 27,170 27,170 27,170 16,518 16,020 15,523 15,025 14,528 14,030

Balance Sheet- Year 1-5

•Y*cts:

Year I

Year 2

Year 3

Year 4

Y ear 5

Cash

14.030

27.228

53494

39.471

55.598

Accounts Receivable

35.564

4H.872

75.908

79432

91.902

ltuildinu' and 1-k.juipinoul

250.000

250.000

250.000

250.000

250.000

Total \svctN

>v.5'i4

526. Hill

37*402

3*8.»«3

397.500

 

I labilities and Owners Equity:

Note Payable

270.000

240.000

210.000

180.000

150.000

Owners Equity

29.594

56,505

102.174

65409

108.029

Retained l .iniin.s

0

29,594

56.505

102.174

65409

 

0

0

10.723

21.321

74J062

Total l iabilities

299.5‘U

326.11111

379.411:

368.«(I3

397.500

DifTetcnce

0

0

0

0

0

 


 


Year 1 Assets:

Cash

Accounts Receivable Building and Equipment Total Assets

Liabilities and Owners Equity:

Note Payable Owners Equity Retained Earnings

Total Liabilities

Difference

This page left intentionally blank

Year 2       Year 3    Year 4   Year 5

14,030        27,228         53,494 39,471    55,598

35,564        48,872         75,908 79,432    91,902

250.0  250,000       250,000 250,000  250,000

299.594        326,100 379,402  368,903 397,500

270.0  240,000       210,000 180,000  150,000

29.594                 56,505     102,174   65,409    108,029

0                   29,594         56,505   102,174  65,409

0                 0        10,723         21,321 74,062

299.594           326,100 379,402 368,903 397,500

0                 0        0         0        0

to accommodate tabular matter following.


Income Statement-Year 2, June 2003-May 2004

INCOME: lun Dr. Stanley Kramer 29,370 Hygienist 6,730 Gross Sales 36.090 Cash Receipts 190^) 32.481 Accounts Receivable (10‘S) 3,609

Jal

29.370

6.730

36J390

32.481

3,609

A OS Sip Oct

29.370 29.370 29J70 6.730 6.730 6.730 36J090 36.000 36.C90 32.481 32.481 32.481 3.609 3,609 3,609

Nov

29-170

6,730

36.090

32.481

3.609

 

 

 

Cost»4' C hj< ids s. 4d

l.ahFees<9») (3.2181 Dental Supplies (6%) (2.165) CROSS INCOME: 30.676

11.248.

(2.165)

30.676

(3.248) (3.248) (3.2481 12.165) (2.165) (2,165) 30.676 30.676 30j676

(3.248i 12.165) 30.676

 

 

 

EXPENSES:

Advertising (3<*>) 1.083 Insnraace (3%) 1j083 Interest Expense (F) 3.750 Ijegal & Piofessional Services (F) 833 Office Supplies (6% I 2.165 Mortgage (F) 2.500 Taxes Sc L icenscs (10‘S- of salary ) 500 Utilities ^“St) 722

1J083

1J083

3.750

833

2.165

2.500

500

722

1083 1.083 1083 1X183 3.750 3.750 833 833 2.165 2.165 2.5CO 2.500 500 500 722 722

1083 1083 i 3.750 833 2.165 i 2.500 500 722

1083

1083

3,750

833

2.165

2.5(0

500

722

 

 

 

Wases

Professional (F) 5.COO I lygienist 126 of production ) 1.747 Salaried & Benefits (21%) 6.168 Other Expenses (F) 417 TOTAL EXPENSES: 25.'*.?

5X00

1.747

6.168

417

25.967

5000 5000 5.COO 1.747 1.747 1.747 6.168 6.168 6.168 417 417 417 25.967 25.967 25.967

5000

1,747

6.168

417

25.967

 

 

 

NET PROFIT (I.OSS): 4.709

4.709

4.709 4.709

4.709

4.709

 

 

 

INCOME:

 

Jun

Jul

Aug

Sep

Oct

Nov

Dr. Stanley Kramer

 

29,370

29,370

29,370

29,370

29,370

29,370

Hygienist

 

6,720

6,720

6,720

6,720

6,720

6,720

Gross Sales

 

36,090

36,090

36,090

36,090

36,090

36,090

Cash Receipts (90%)

 

32,481

32,481

32,481

32,481

32,481

32,481

Accounts Receivable (10%)

3,609

3,609

3,609

3,609

3,609

3,609

Cost of Goods Sold

 

 

 

 

 

 

 

Lab Fees (9%)

 

(3,248)

(3,248)

(3,248)

(3,248)

(3,248)

(3,248)

Dental Supplies (6%)

 

(2,165)

(2,165)

(2,165)

(2,165)

(2,165)

(2,165)

GROSS INCOME:

 

30,676

30,676

30,676

30,676

30,676

30,676

EXPENSES:

 

 

 

 

 

 

 

Advertising (3%)

 

1,083

1,083

1,083

1,083

1,083

1,083

Insurance (3%)

 

1,083

1,083

1,083

1,083

1,083

1,083

Interest Expense (F)

 

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

 

2,165

2,165

2,165

2,165

2,165

2,165

Mortgage (F)

 

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

500

500

500

500

500

500

Utilities (2%)

 

722

722

722

722

722

722

Wages

 

 

 

 

 

 

 

Professional (F)

 

5,000

5,000

5,000

5,000

5,000

5,000

Hygienist (.26 of production)

1,747

1,747

1,747

1,747

1,747

1,747

Salaried & Benefits (21 %)

 

6,168

6,168

6,168

6,168

6,168

6,168

Other Expenses (F)

 

417

417

417

417

417

417

TOTAL EXPENSES:

 

25,967

25,967

25,967

25,967

25,967

25,967

NET PROFIT (LOSS):

 

4,709

4,709

4,709

4,709

4,709

4,709

 


IHt

29370

6.730

36.OTO

32.481

3.609

Jim Kch

29.370 29.37C 6,730 6.730 36.090 36.09C 32.481 32.481 3.609 3.609

Mar

1 29.370 6.730 • 36.090 32.481 3.609

Apr

29J70

6.730

36.090

32.481

3.609

Ma> Total

29.370 352.435 6.730 80.640 36.090 433X175 32.481 389.768 3.609 43.308

 

(3.248)

(2.165)

30.676

13.2481 13.248 12.165) (2.165 30.676 30.67*

I (3.248) 1 (2.1651 30.676

(3.248)

(2.1651

30.676

(3.248) (38.977) (2.165) (25.9851 30.676 36S.II4

 

ix«3

1X183

3,750

833

2.165

: so

500

722

1J083 lj083 1.083 1.083 3.750 3.750 833 833 2,165 2.165 2.500 2.500 500 50tt 722 722

1XJ83

1X183

3.750

833

2.165

2.500

500

722

1X183

1X183

3.750

833

2.165

2.500

500

722

1X183 12.992 1X183 12.992 3.750 45.000 833 10.000 2.165 25.985 2500 30.000 500 6X00 722 8.662

 

5JOCO

1.747

6.168

417

25.967

5X00 5.000 1.747 1.747 6.168 6.168 417 417 25.967 25.%7

5X00

1.747

6.168

417

25.967

5X00

1.747

6.168

417

25.967

5X00 60.000 1.747 30.966 6.168 74.011 417 5X00 25.967 311.608

 

4.71 it

4.709 4.709

4.709

4.7li‘<

4.709 56.5(1:

 

 

Dec

Jan

Feb

Mar

Apr

May

Total

29,370

29,370

29,370

29,370

29,370

29,370

352,435

6,720

6,720

6,720

6,720

6,720

6,720

80,640

36,090

36,090

36,090

36,090

36,090

36,090

433,075

32,481

32,481

32,481

32,481

32,481

32,481

389,768

3,609

3,609

3,609

3,609

3,609

3,609

43,308

(3,248)

(3,248)

(3,248)

(3,248)

(3,248)

(3,248)

(38,977)

(2,165)

(2,165)

(2,165)

(2,165)

(2,165)

(2,165)

(25,985)

30,676

30,676

30,676

30,676

30,676

30,676

368,114

1,083

1,083

1,083

1,083

1,083

1,083

12,992

1,083

1,083

1,083

1,083

1,083

1,083

12,992

3,750

3,750

3,750

3,750

3,750

3,750

45,000

833

833

833

833

833

833

10,000

2,165

2,165

2,165

2,165

2,165

2,165

25,985

2,500

2,500

2,500

2,500

2,500

2,500

30,000

500

500

500

500

500

500

6,000

722

722

722

722

722

722

8,662

5,000

5,000

5,000

5,000

5,000

5,000

60,000

1,747

1,747

1,747

1,747

1,747

1,747

20,966

6,168

6,168

6,168

6,168

6,168

6,168

74,011

417

417

417

417

417

417

5,000

25,967

25,967

25,967

25,967

25,967

25,967

311,608

4,709

4,709

4,709

4,709

4,709

4,709

56,505

 


Ïîäïèñü: Nov
19,530
32,481
52,010
3,248
2.165
1.083
1.83	 3,750 833
2.165	 2,500 500 722
5,000
1,747
6,168
417
31,381
20,629
Statement of Cash Flows-Year 2, June 2003-May 2004

Jun

Cash Inflows

Beginning Cash Balance 14.030 Cash Receipts 32.481 Total Cash I nil* 4fo 11

Jul

15.130

32.481

47.611

\u»

16.230 32.481 48.711

Sep Oct

17330 18.430 32.481 32.481 49.811 50.910

No«

19.530

32481

52.010

 

 

Cash Disbursements

l.ab Fees <9%) 3.218 IX?nt.il Supplies i fW) 2.165 Advertising (3'it’l Ij083 Insurance (3St) 1jCi83 Interest Expense (F) 3.750 l_egsl & Professional Serv ices (Fl 833 Office Supplies(6%) 2.165 Mortgage CF) 2.500 Taxes & Licenses (10?i- of salary* 500 Utilities (2M 722

3.218

2.165        1X183 1J083 3.750

833

2.165        2.500 500 722

3.248

2.165        1J083 1j083 3.750

833

2.165        2.500 500 722

3.218 3.218

2.165      2,165 1.083 1,083 1X>83 1.083 3.750 3,750

833 833

2.165      2.165 2.500 2.500

500 500 722 722

3.218

2.165        1X«3 1XJ83 3.750

833

2.165        2.5CO 500 722

 

 

Wattes

Professional <F) 5X00 llygienist 1.747 Salaried & Benefits 6.168 Other Expenses tF) 417

5jco:i

1.747

6.168

417

5X00

1.747

6.168

417

5X00 5X00 1.747 1.747 6,168 6.168 417 417

5X00

1.747

6.168

417

 

 

Total Disbursements 31 .<81

31J8I

3l.«81

3I.?8] 31381

31.581

 

 

Ut’inainm" Cash at Month IjkI 15.130

lb_23tl

17.330

18430 19530

20.629

 

 

 

 

Jun

Jul

Aug

Sep

Oct

Cash Inflows

 

 

 

 

 

 

Beginning Cash Balance

 

14,030 15,130

16,230

17,330

18,430

Cash Receipts

 

32,481 32,481

32,481

32,481

32,481

Total Cash Inflows

 

46,511 47,611

48,711

49,811

50,910

Cash Disbursements

 

 

 

 

 

 

Lab Fees (9%)

 

3,248

3,248

3,248

3,248

3,248

Dental Supplies (6%)

 

2,165

2,165

2,165

2,165

2,165

Advertising (3%)

 

1,083

1,083

1,083

1,083

1,083

Insurance (3%)

 

1,083

1,083

1,083

1,083

1,083

Interest Expense (F)

 

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

Office Supplies (6%)

 

2,165

2,165

2,165

2,165

2,165

Mortgage (F)

 

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

500

500

500

500

500

Utilities (2%)

 

722

722

722

722

722

Wages

 

 

 

 

 

 

Professional (F)

 

5,000

5,000

5,000

5,000

5,000

Hygienist

 

1,747

1,747

1,747

1,747

1,747

Salaried & Benefits

 

6,168

6,168

6,168

6,168

6,168

Other Expenses (F)

 

417

417

417

417

417

Total Disbursements

 

31,381 31,381

31,381

31,381

31,381

Remaining Cash at Month End

15,130 16,230

17,330

18,430

19,530

 


IKi

Jan Feb Mar

Apr

Mi;

 

30.62*3

21.729 22.829 23.929

25.029

26.129

 

32.481

32.481 32.481 32.481

32.481

32.481

 

53.110

54.210 55.310 56.410

57509

58.609

 

3.248

3.248 3.248 3.248

3.248

3.248

 

2.165

2.165 2.165 2.165

2.165

2.165

 

1XW3

1X«3 1X183 1X)83

IX>83

IX«3

 

1.(183

1X*3 1X383 1X383

1,083

1X383

 

3.750

3.750 3.750 3.750

3.750

3.750

 

833

833 833 833

833

833

 

2.165

2.165 2.165 2,165

2,165

2,165

 

2.500

2.500 2J500 2.500

2.500

2.SCO

 

500

500 500 500

500

500

 

722

722 722 722

722

7”)/>

 

5XC0

5X£0 5X300 5X300

5X00

5X300

 

1.747

1.747 1.747 1.747

1.747

1.747

 

6.168

6.168 6.168 6.168

6.168

6.168

 

417

417 417 417

417

417

 

31.381

31381 31.381 31.'81

31381

31381

 

21.72**

22.829 23.929 25.029

26.129

27.228

 

Dec

Jan Feb

Mar

Apr

May

20,629

21,729 22,829

23,929

25,029

26,129

32,481

32,481 32,481

32,481

32,481

32,481

53,110

54,210 55,310

56,410

57,509

58,609

3,248

3,248 3,248

3,248

3,248

3,248

2,165

2,165 2,165

2,165

2,165

2,165

1,083

1,083 1,083

1,083

1,083

1,083

1,083

1,083 1,083

1,083

1,083

1,083

3,750

3,750 3,750

3,750

3,750

3,750

833

833 833

833

833

833

2,165

2,165 2,165

2,165

2,165

2,165

2,500

2,500 2,500

2,500

2,500

2,500

500

500 500

500

500

500

722

722 722

722

722

722

5,000

5,000 5,000

5,000

5,000

5,000

1,747

1,747 1,747

1,747

1,747

1,747

6,168

6,168 6,168

6,168

6,168

6,168

417

417 417

417

417

417

31,381

31,381 31,381

31,381

31,381

31,381

21,729

22,829 23,929

25,029

26,129

27,228

 


Income Statement-Year 3 with Dr. Jeremiah Kramer, DDS June 2004-May 2005

INCOME:

.lun

Jul

tug

Ssp

<X1

Nov

Dr. Stanley Kminer

33.041

33,041

33,041

33.041

33.041

33,041

Dr. Jeremiah Kramer

23,496

23.496

23.496

23.496

23.496

23.496

Hygienist

6.733

6.720

6.720

6.720

6.720

6.720

Gross Sales

63.257

63.257

63.257

63.257

63.257

63.257

Cash Receipts (90S)

56,931

56.931

56,931

56.931

56.931

56.931

Accounts Receivable i l(K>)

6326

6526

6526

6526

6526

6526

Cost * 4 * " mK S< 4d

 

 

 

 

 

 

I .ah Fees. (9%)

(5.693)

(5.693)

(5.693)

15.693)

«5.693)

(5.693)

I Vni.il Supplies (6ff)

13.795)

(3.795)

(3.795)

(3.795)

(3.795)

(3.795)

(.R( *>S INCOME:

53.768

53.7*8

55768

53.7*8

53.7*8

53.768

EXPENSES: Advertising iJ'ti

1.898

1.898

1.8‘»

1J8S8.

1.8‘W

1.898

Insurance (3%)

1.898

1.898

1.898

1.396

1.898

1.898

Interest Expense tF)

3.750

3.750

3.750

3.750

3.750

3.750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies i 6fv i

3.795

3.795

3.795

3.795

3.795

3.795

Mortgage (Ft

2 500

2500

2500

2500

2500

2500

Taxes ft Licenses 11Oft of salary i

750

750

750

750

750

750

Utilities (29fc)

1.265

1265

1265

1265

1265

1.265

W uacs

 

 

 

 

 

 

Dr. St.uiley Kramer(F)

7500

7500

7500

7500

7500

7500

Dr. Jeremi.ih Kramer < .45 of production) 11 .895

11,895

11.895

11.895

11.895

11,895

1 lygienist i .27 of production i

1.814

1.814

1.814

1.814

1.814

1.814

Salaried &. Benefits (21%)

6.939

6.939

6.939

6.939

6.939

6.939

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSI^:

45254

45254

45.254

45.254

45.254

45.254

NET PROFIT (LOSS):

8514

8514

8514

8.514

8514

8.514

 

INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Dr. Stanley Kramer

33,041

33,041

33,041

33,041

33,041

33,041

Dr. Jeremiah Kramer

23,496

23,496

23,496

23,496

23,496

23,496

Hygienist

6,720

6,720

6,720

6,720

6,720

6,720

Gross Sales

63,257

63,257

63,257

63,257

63,257

63,257

Cash Receipts (90%)

56,931

56,931

56,931

56,931

56,931

56,931

Accounts Receivable (10%)

6,326

6,326

6,326

6,326

6,326

6,326

Cost of Goods Sold

 

 

 

 

 

 

Lab Fees (9%)

(5,693)

(5,693)

(5,693)

(5,693)

(5,693)

(5,693)

Dental Supplies (6%)

(3,795)

(3,795)

(3,795)

(3,795)

(3,795)

(3,795)

GROSS INCOME:

53,768

53,768

53,768

53,768

53,768

53,768

EXPENSES:

 

 

 

 

 

 

Advertising (3%)

1,898

1,898

1,898

1,898

1,898

1,898

Insurance (3%)

1,898

1,898

1,898

1,898

1,898

1,898

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

3,795

3,795

3,795

3,795

3,795

3,795

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

750

750

750

750

750

750

Utilities (2%)

1,265

1,265

1,265

1,265

1,265

1,265

Wages

 

 

 

 

 

 

Dr. Stanley Kramer (F)

7,500

7,500

7,500

7,500

7,500

7,500

Dr. Jeremiah Kramer (.45 of production)

11,895

11,895

11,895

1,895

11,895

11,895

Hygienist (.27 of production)

1,814

1,814

1,814

1,814

1,814

1,814

Salaried & Benefits (21%)

6,939

6,939

6,939

6,939

6,939

6,939

 

INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

45,254

45,254

45,254

45,254

45,254

45,254

NET PROFIT (LOSS):

Stanley at 9 patients a day at an average < if SI 83 56’per patient Jeremiah ai ti patients j day. 4 days a week for 48 weeks at S18356/patient

1              Uvgienist at 7 patients a day for 2 days a week averaging SI2Q/putiem

2assistants 40 li>urs a week at SI 1 ULVhour lor 52 weeks

1 receptionist/bookkeeper40 hours a week at SI 1.65'hourdt 52 weeks Meekly wasc ot assistant and riveptinnist before benefits

8,514

<‘H,.4^"

281.948

80.640

45.760

24.232

8,514

8,514

8,514

8,514

8,514

 

Stanley at 9 patients a day at an average of $183.56/per patient                                                                      396,490

Jeremiah at 8 patients a day, 4 days a week for 48 weeks at $183.56/patient                                                       281,948

1                                                                                                                                                              Hygienist at 7 patients a day for 2 days a week averaging $ 120/patient  80,640

2                                                                                                                                                              assistants 40 hours a week at Si 1.00/hour for 52 weeks                       45,760

1 receptionist/ bookkeeper 40 hours a week at $11.65/hour at 52 weeks                                                                                 24,232

Weekly wage of assistant and receptionist before benefits 69,992

Ihx

Jan

Fell

Mar

Apr

May

Total

 

33.041

33.011

33.041

33.041

33.011

33.011

396.490

 

23.496

23.496

23.496

23.496

23.496

23.496

281.948

 

6.7X1

6.7X1

6.7Xi

6.7X1

6.7X1

6.720

83.640

 

63.257

63.257

63.257

63.257

63257

63257

759078

 

56.931

56.931

56.931

56.931

56.931

56.931

683.170

 

6.326

6.326

6326

6.326

6326

6.326

75.908

 

(5.693)

(5.693)

(5.693)

i (5.6931

(5,693)

15.6931

(68317)

 

(3.795)

(3.795)

(3.7951

I (3.795)

(3,795)

(3.795)

(45545)

 

53.768

53.768

53.768

53.768

53.768

53.768

64521*

 

1.898

1.898

1.898

1.898

1.898

1.898

22.772

 

1,898

1.898

1.898

1.898

1.898

1.898

22.772

 

3,750

3.750

3.750

3.750

3.750

3.750

45.000

 

833

833

833

833

833

833

10.000

 

3.795

3.795

3.795

3.795

3.795

3.795

45545

 

25CO

25CO

2.500

2500

2500

2.500

30.000

 

750

750

750

750

750

750

9100

 

1.265

1.265

1.265

1.265

1.265

1265

15.182

 

7.5(0

7.5CO

7300

7.500

75CO

7.500

90.000

 

11.895

11.895

11.895

11.895

11.895

11J595

142.736

 

1.814

1.814

1.814

1.814

1.814

1.814

21.773

 

6.939

6.939

6.939

6.939

6,939

6.939

83263

 

417

417

417

417

417

417

5j000

 

45254

45.254

45254

45254

45254

45254

543.043

 

8.514

8.514

8314

8514

8514

8.514

102.174

 

Dec

Jan

 

Feb

Mar

Apr

May

Total

33,041

33,041

33,041

33,041

33,041 33,041

396,490

23,496

23,496

23,496

23,496

23,496 23,496

281,948

6,720

6,720

6,720

6,720

6,720 6,720

80,640

63,257

63,257

63,257

63,257

63,257 63,257

759,078

56,931

56,931

56,931

56,931

56,931 56,931

683,170

6,326

6,326

6,326

6,326

6,326 6,326

75,908

(5,693)

(5,693)

(5,693)

(5,693)

(5,693) (5,693)

(68,317)

(3,795)

(3,795)

(3,795)

(3,795)

(3,795) (3,795)

(45,545)

53,768

53,768

53,768

53,768

53,768 53,768

645,216

1,898

1,898

1,898

1,898

1,898 1,898

22,772

1,898

1,898

1,898

1,898

1,898 1,898

22,772

3,750

3,750

3,750

3,750

3,750 3,750

45,000

833

833

 

833

833

833

833

10,000


 

Dec

Jan

Feb

Mar

Apr

May

Total

3,795

3,795

3,795

3,795

3,795

3,795

45,545

2,500

2,500

2,500

2,500

2,500

2,500

30,000

750

750

750

750

750

750

9,000

1,265

1,265

1,265

1,265

1,265

1,265

15,182

7,500

7,500

7,500

7,500

7,500

7,500

90,000

11,895

11,895

11,895

11,895

11,895

11,895

142,736

1,814

1,814

1,814

1,814

1,814

1,814

21,773

6,939

6,939

6,939

6,939

6,939

6,939

83,263

417

417

417

417

417

417

5,000

45,254

45,254

45,254

45,254

45,254

45,254

543,043

8,514

8,514

8,514

8,514

8,514

8,514

102,174

 

Income Statement-Year 3 without Dr. Jeremiah Kramer, DDS June 2004-May 2005


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

2,386

2,386

2,386

2,386

2,386

2,386

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

500

500

500

500

500

500

Utilities (2%)

795

795

795

795

795

795

Wages

 

 

 

 

 

 

Dr. Stanley Kramer (F)

5,000

5,000

5,000

5,000

5,000

5,000

Hygienist (.27 of production)

1,814

1,814

1,814

1,814

1,814

1,814

Salaried & Benefits (21%)

6,939

6,939

6,939

6,939

6,939

6,939

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

27,319

27,319

27,319

27,319

27,319

27,319

NET PROFIT (LOSS):

6,477

6,477

6,477

6,477

6,477

6,477

Stank? al i patients a day at an average of SI83-56/palHm 1 1 Ivgicnist al 7 patients a day fur 2 days a week averaging SI‘Wpalient 1 assistant 40 hours a week at SI I.OIVhourfor 52 weeks 1 receptionist/ bookkeeper 40 houc. a week al S11 .SS/hour al 52 weeks Weekly wage "f assistant and receptionist before benefits

396.4911

83.640

22.880

24.2.32

47.112

 

 

 

 

 

Stanley at 9 patients a day at an average of $183.56/patient                                                                   396,490

1 Hygienist at 7 patients a day for 2 days a week averaging $120/patient                                                                              80,640

1 assistant 40 hours a week at $11.00/hour for 52 weeks     22,880

1                                                                                                                                                        receptionist/ bookkeeper 40 hours a week at $11.65/hour at 52 weeks  24,232

Ïîäïèñü: May	Total
33,041	33,041	33,041	33,041	33,041	33,041	396,490
6,720	6,720	6,720	6,720	6,720	6,720	80,640
39,761	39,761	39,761	39,761	39,761	39,761	477,130
35,785	35,785	35,785	35,785	35,785	35,785	429,417
3,976	3,976	3,976	3,976	3,976	3,976	47,713
Weekly wage of assistant and receptionist before benefits 47,112

Dee

.lan

leh

Mar

Apr

May

Total

33.041

33.041

33.041

33.041

33.041

33.041

396490

6.720

6,720

6,733

6.720

6.730

6.720

80.640

39.761

39.761

39.761

39.761

39.761

39.761

477.130

35.785

35.785

35.785

35.785

35.785

35.785

429.417

3.976

3.976

3.976

3.976

3.976

3.976

47.713

15.5781

I3.578t

t.5,57Xi

(3.578)

(3.5781

(3-578)

(42.942)

(2.3861

(2.386)

(.2.386)

(2,386)

(2.386)

(2.386)

(28.628)

33.797

33.797

33.797

33.797

33.797

33.797

4'15. >61

1.193

1.193

1.193

1.193

1.193

1.193

14.314

1.193

1.193

1,193

1,193

1.193

1.193

14.314

3.750

3.750

3.750

3.750

3.750

3.750

45.D33

833

833

833

833

83.3

833

10X03

2.386

2.386

2.386

2.386

2.386

2.386

28.628

2.500

2-5CO

2.500

2.503

2.500

2.503

30.000

500

500

500

500

500

500

6X00

795

795

795

795

795

795

9.543

5.000

5,000

5,000

5,COO

5X100

5X00

60.000

1.814

1.814

1.814

1,814

1.814

1.814

21.773

6.939

6.939

6,939

6,939

6.939

6.939

83263

417

417

417

417

417

417

5X00

27JI9

27J19

27.319

27.319

27.319

27J19

.327.834

6.477

6.477

6,477

6.477

6.477

6.477

77.727

Dec

Jan

 

Feb

Mar

Apr

]


 


 

Dec Jan

Feb

Mar

Apr

May

Total

(3,578) (3,578)

(3,578)

(3,578)

(3,578) (3,578)

(42,942)

(2,386) (2,386)

(2,386)

(2,386)

(2,386) (2,386)

(28,628)

33,797 33,797

33,797

33,797

33,797 33,797

405,561

1,193 1,193

1,193

1,193

1,193

1,193

14,314

1,193 1,193

1,193

1,193

1,193

1,193

14,314

3,750 3,750

3,750

3,750

3,750

3,750

45,000

833 833

833

833

833

833

10,000

2,386 2,386

2,386

2,386

2,386

2,386

28,628

2,500 2,500

2,500

2,500

2,500

2,500

30,000

500 500

500

500

500

500

6,000

795 795

795

795

795

795

9,543

5,000 5,000

5,000

5,000

5,000

5,000

60,000

1,814 1,814

1,814

1,814

1,814

1,814

21,773

6,939 6,939

6,939

6,939

6,939

6,939

83,263

417 417

417

417

417

417

5,000

27,319 27,319

27,319

27,319

27,319 27,319

327,834

6,477 6,477

6,477

6,477

6,477

6,477

77,727

Statement of Cash Flows-Year 3, June 2004-May 2005

t ash Inflows

Beginning Cash Balanc*.- Cash Receipts TnlJ ( ash Inflow*

Jun

27.228

56.931

84.159

Jul

29.417 56,9 3 l

K6J48

A UR

31.606

56.931

88537

Sep Oct

33.795 35.984 56.931 56.931 911.726 92.915

No*

38.173

56.931

95.103

Cash Disbursements

l.ah f ees (9ft) 5.693 t tenlal Supplies (6ft) .3.795 Advertising (3ft-) 1.898 Insurance t.3ft) 1.898 Interest Kxpense (F) 3.750 Ijegal & Professional Services (F) 833 OfTia! Supplies (6ft) 3,795 Mortgage (F) 2.500 Taxes &. I. iccnws (10ft of salary) 750 Utilities (2ft) 1.265

5.693

3.795

1.898

1.898  3.750

833

3.795  2,500

750

1.265

5.693

3.795

1.898

1.898        3.750

833

3.795        2.500 750 1,265

5.693 5.693

3.795      3.795

1.898      1.898

1.898      1.898 3.750 3.750

833 833

3.795      3.795 2.500 2500 750 750 1.265 1.265

5.693

3.795

1.898

1.898        3.750

833

3.795        2500 750 1.265

Wases

Dr. Stanley Kramer(F) Dr. Jeremiah Kramer llygienist

Salaried 4t Uenellts Other Expenses I Ft

7.300

11.895

1.8U

6,939

417

7.5GO

11.895

1.814

6.939

417

7.500

11.895

1.814

6.939

417

7500 75CC 11.895 11.895 1.814 1.814 6.939 6.939 417 417

7500

11.895

1.814

6.939

417

Total I )ishursi imnts

54.742

54.742

54.742

54.742 54.742

54.742

Remainin',: (.ash at Month I nd 29.41'

3IA06

33.795

35.984 38.173

40J61

 

 

 

Jun

Jul

Aug Sep

Cash Inflows

 

 

 

 

 

Beginning Cash Balance

 

27,228 29,417

31,606 33,795

Cash Receipts

 

 

56,931 56,931

56,931 56,931

Total Cash Inflows

 

84,159 86,348

88,537 90,726

Cash Disbursements

 

 

 

 

Lab Fees (9%)

 

 

5,693

5,693

5,693 5,693

Dental Supplies (6%)

 

3,795

3,795

3,795 3,795

5,693

3,795


Ïîäïèñü: 5,693
3,795


 

Jun

Jul

Aug

Sep

Oct

Nov

Advertising (3%)

1,898

1,898

1,898

1,898

1,898

1,898

Insurance (3%)

1,898

1,898

1,898

1,898

1,898

1,898

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

3,795

3,795

3,795

3,795

3,795

3,795

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

750

750

750

750

750

750

Utilities (2%)

1,265

1,265

1,265

1,265

1,265

1,265

Wages

Dr. Stanley Kramer (F)

7,500

7,500

7,500

7,500

7,500

7,500

Dr. Jeremiah Kramer

11,895

11,895

11,895

11,895

11,895

11,895

Hygienist

1,814

1,814

1,814

1,814

1,814

1,814

Salaried & Benefits

6,939

6,939

6,939

6,939

6,939

6,939

Other Expenses (F)

417

417

417

417

417

417

Total Disbursements

54,742

54,742

54,742

54,742

54,742

54,742

Remaining Cash at Month End

29,417

31,606

33,795

35,984

38,173

40,361

 

Dec

Jan Feb Mar

Apr

May

 

40.361

42.550 44.739 46.928

49.117

5IJ06

 

56.931

56,931 56,931 56.931

56.931

56.931

 

97.292

WJ.'Sl 1(11.670 103.859

106.048

108.236

 

5.693

5.693 5.693 5.693

5.693

5.693

 

3.795

3.795 3.795 3.795

3,795

3,795

 

1.898

1.898 1.898 1.898

1.898

1.898

 

1.898

1.898 1.898 1.898

1.898

1.898

 

3.750

3.750 3.750 3.750

3.750

3.750

 

833

833 833 833

833

833

 

3.795

3.795 3.795 3.795

3.795

3.795

 

2.500

2,500 2.500 2.500

2.5CO

2.500

 

750

750 750 750

750

750

 

1.265

1.265 1.265 1.265

1,265

1.265

 

7.500

7.500 7.500 7.500

7.500

7.500

 

11.895

11.895 11.895 11.895

11.895

11.895

 

1.814

1.814 1.814 1.814

1.814

1.814

 

6.939

6.939 6.939 6.939

6,939

6.939

 

417

417 417 417

417

417

 

54.742

54.742 54.742 54.742

54.742

54.742

 

42.550

44,739 46.928 49.117

51.306

53494

 

Dec

Jan Feb

Mar

Apr

May

40,361

42,550 44,739

46,928

49,117

51,306

56,931

56,931 56,931

56,931

56,931

56,931

97,292

99,481 101,670

103,859 106,048

108,236

5,693

5,693 5,693

5,693

5,693

5,693

3,795

3,795 3,795

3,795

3,795

3,795

1,898

1,898 1,898

1,898

1,898

1,898

1,898

1,898 1,898

1,898

1,898

1,898

3,750

3,750 3,750

3,750

3,750

3,750

833

833 833

833

833

833

3,795

3,795 3,795

3,795

3,795

3,795

 


Dec

Jan

Feb

Mar

Apr

May

2,500

2,500

2,500

2,500

2,500

2,500

750

750

750

750

750

750

1,265

1,265

1,265

1,265

1,265

1,265

7,500

7,500

7,500

7,500

7,500

7,500

11,895

11,895

11,895

11,895

11,895

11,895

1,814

1,814

1,814

1,814

1,814

1,814

6,939

6,939

6,939

6,939

6,939

6,939

417

417

417

417

417

417

54,742

54,742

54,742

54,742

54,742

54,742

42,550

44,739

46,928

49,117

51,306

53,494

 

Ïîäïèñü: INCOME:
Dr. Stanley Kramer Dr. Jeremiah Kramer Hyglenlst Gross Sales Cash Receipts ( 90%)
Accounts Receivable i 10‘S)
Cost *ri( kmds Sold Lab Fees (9*-)
I X'iilal Supplies (6e,i)
<.UOV» INCOME:
EXPENSES:
Advertising ifli Insurance (3%)
Interest Expense (F'l
Legal & Professional Sen'ices (Fi
Office Supplies <6*$)
Mortgage (F)
Taxes & Licenses (lO^r of salary i Utilities (2%)
Wages
I>r Stanley Kramer (F)
Dr. Jeremiah Kramer (.5 of product llygienist i .28 of production) Salaried & Benefits (21%)
Oilier Expenses t F)
TOT\l EXPENSES:
NET PROFIT tl.< JSS.i:
Income Statement-Year 4 with Dr. Jeremiah Kramer, DDS June 2005-May 2006

Inn

.lul

\u»

Svp

<Xt

No\

33.041

33.(341

33.(341

33.041

33.041

33.041

2M-?3

26.433

26.433

26.433

26.433

26.433

6.730

6.730

6.730

6.730

6.730

6.730

66.194

66.194

66,194

66.194

66.194

66.194

59.574

59.574

59.574

59.574

59.574

59374

6.619

6.619

6,619

6,619

6.619

6,619

(5.957)

(5.957)

(5.957)

(5.957)

(5.957)

(5.957)

(3.9721

(3.972)

(3.9721

(3.972)

(3.972)

(3.972)

56264

56264

562U

56264

56264

56264

1.986

1.986

1.986

1.986

1.986

1.986

1.986

1.986

1.986

1.986

1.986

1,986

3,750

3.750

3.750

3.750

3.750

3.750

833

833

833

833

833

833

3.972

3.972

3.972

3.972

3.972

3.972

2,500

2,500

2.500

2.500

2.500

2.500

958

958

958

958

958

958

1.324

1.324

1.324

1.324

1.324

1.324

9.5X3

9.583

9.583

9.583

9.583

9.583

14,685

14.6S5

14.685

14.685

14.685

14.685

1.882

1.882

1.882

1.882

1.882

1.882

6.939

6,939

6.939

6.939

6.939

6,939

417

417

417

417

417

417

50.814

50.S14

50,814

503(14

50.814

50.X 14

5.451

5.451

5.451

5.451

5.451

5.451

 

INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Dr. Stanley Kramer

33,041

33,041

33,041

33,041

33,041

33,041

Dr. Jeremiah Kramer

26,433

26,433

26,433

26,433

26,433

26,433

Hygienist

6,720

6,720

6,720

6,720

6,720

6,720

Gross Sales

66,194

66,194

66,194

66,194

66,194

66,194

Cash Receipts (90%)

59,574

59,574

59,574

59,574

59,574

59,574

Accounts Receivable (10%)

6,619

6,619

6,619

6,619

6,619

6,619

Cost of Goods Sold

 

 

 

 

 

 

Lab Fees (9%)

(5,957)

(5,957)

(5,957)

(5,957)

(5,957)

(5,957)

Dental Supplies (6%)

(3,972)

(3,972)

(3,972)

(3,972)

(3,972)

(3,972)

GROSS INCOME:

56,264

56,264

56,264

56,264

56,264

56,264

EXPENSES:

 

 

 

 

 

 

Advertising (3%)

1,986

1,986

1,986

1,986

1,986

1,986


 


 

INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Insurance (3%)

1,986

1,986

1,986

1,986

1,986

1,986

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

3,972

3,972

3,972

3,972

3,972

3,972

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

958

958

958

958

958

958

Utilities (2%)

1,324

1,324

1,324

1,324

1,324

1,324

Wages

 

 

 

 

 

 

Dr. Stanley Kramer (F)

9,583

9,583

9,583

9,583

9,583

9,583

Dr. Jeremiah Kramer (.5 of production)

oo

VO

14,685

14,685

14,685

14,685

14,685

Hygienist (.28 of production)

1,882

1,882

1,882

1,882

1,882

1,882

Salaried & Benefits (21%)

6,939

6,939

6,939

6,939

6,939

6,939

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

50,814

50,814

50,814

50,814

50,814

50,814

NET PROFIT (LOSS):

5,451

5,451

5,451

5,451

5,451

5,451

 

Stanley at 1 patients .1 day at an average <if SI833k'patknl .Wfc.Jtll

Jeremiah at 9 patients a da>. J days a week 1'nr 4X weeks at MX3.5*. patient               317.1*2

1                                                                                                      I lygicnist .U 7 patients a day for 2 Jays a week avenging S12(VpaIient             80.640

2assistants 40 hours a week at SI 1 AWIrnir for 52 weeks 45.760

1 receptionist/' hcokkeeper 40 hours a week at S11.65/hour at 52 weeks    24232

1 reteptionist/ bookkeeper20 konisa week at SI 1.65fltourat 52 weeks          12.116

\' evkty wage of assistant and rcvcptmnist before benefits K2.10.S

Stanley at 9 patients a day at an average of $183.56/patient                                                                    396,490

Jeremiah at 9 patients a day, 4 days a week for 48 weeks at $183.56/patient 317,192

1                                                                                                                                                                                         Hygienist at 7 patients a day for 2 days a week averaging $120/patient      80,640

2                                                                                                                                                                                         assistants 40 hours a week at $11.00/hour for 52 weeks           45,760

1 receptionist/ bookkeeper 40 hours a week at $11.65/hour at 52 weeks                                                                                   24,232

1 receptionist/ bookkeeper 20 hours a week at $11.65/hour at 52 weeks                                                                                   12,116

Weekly wage of assistant and receptionist before benefits 82,108

Dtc

Jan

feb

Mar

Apr

May

T»tal

33.041

33.041

33.041

33.041

33.041

33.041

396490

26.433

26433

26433

26433

26.433

26.433

317.192

6,720

6.730

6.721

6.7X1

6.730

6,730

80.640

66.194

66.194

66.194

66.194

66.194

66.194

794,322

59.574

59.574

59374

59374

59374

59374

714.890

6.619

6.619

6.619

6.619

6.619

6.619

79.432

 

15.957*

15.957)

(5.957)

(5.957)

(5.9571

(5.957)

(71489)

(3,972)

(3,972)

(3.972)

(3,972)

(3.972)

(3,972)

(47.659)

56264

56264

56264

56264

56264

56264

675.174

 

1,986

1.986

1,986

1,986

1.986

1.986

23.830

1.986

1.986

1,986

1,986

1.986

1.986

23.830

3,750

3,750

3,750

3.750

3.750

3.75ft

45JOGO

833

833

833

833

833

833

lOjOQO

3.972

3.972

3.972

3.972

3.972

3.972

47.659

2300

2300

2300

2.500

2300

2300

30.000

958

958

958

958

958

958

1 1 3* • •

1.324

1.324

1.324

1.324

1.324

1.324

1 5.886

 

9.583

9.583

9,583

9383

9383

9383

115/JOO

14.685

I4.6S5

14.685

14.685

14.685

14.685

176.218

1.882

1.882

1.882

1.882

1.882

1.882

22379

6,939

6.939

6,939

6,939

6.939

6,939

83.263

417

417

417

417

417

417

5,1;.,

50.814

50.814

50.814

50.814

50.814

50.814

609.765

5451

5.451

5.451

5.451

5.451

5451

65409

 


Dec

Jan

Feb

Mar

Apr

May

Total

33,041

33,041

33,041

33,041

33,041

33,041

396,490

26,433

26,433

26,433

26,433

26,433

26,433

317,192

6,720

6,720

6,720

6,720

6,720

6,720

80,640

66,194

66,194

66,194

66,194

66,194

66,194

794,322

59,574

59,574

59,574

59,574

59,574

59,574

714,890

6,619

6,619

6,619

6,619

6,619

6,619

79,432

(5,957)

(5,957)

(5,957)

(5,957)

(5,957)

(5,957)

(71,489)

(3,972)

(3,972)

(3,972)

(3,972)

(3,972)

(3,972)

(47,659)

56,264

56,264

56,264

56,264

56,264

56,264

675,174

1,986

1,986

1,986

1,986

1,986

1,986

23,830

1,986

1,986

1,986

1,986

1,986

1,986

23,830

3,750

3,750

3,750

3,750

3,750

3,750

45,000

833

833

833

833

833

833

10,000

3,972

3,972

3,972

3,972

3,972

3,972

47,659

2,500

2,500

2,500

2,500

2,500

2,500

30,000

958

958

958

958

958

958

11,500

1,324

1,324

1,324

1,324

1,324

1,324

15,886

9,583

9,583

9,583

9,583

9,583

9,583

115,000

14,685

14,685

14,685

14,685

14,685

14,685

176,218

1,882

1,882

1,882

1,882

1,882

1,882

22,579

6,939

6,939

6,939

6,939

6,939

6,939

83,263

417

417

417

417

417

417

5,000

50,814

50,814

50,814

50,814

50,814

50,814

609,765

5,451

5,451

5,451

5,451

5,451

5,451

65,409

Income Statement-Year 4 without Dr. Jeremiah Kr;

June 2005-May 2006

 

 

 

 

INCOME:

 

Jan

Jul

Aug Sep

Oct

Not

Dr. Stanley Kramer

36.712

36.712

36.712 36.7 L

2 36.712

36.712

Hygienisl

 

6.720

6.720

6.720 6.72C

1 6.730

6.7X1

Gross Sales

 

43.432

43.432

43.432 43.43.

2 43.432

43.432

Cash Receipts (90%)

39.089

39.089

39J089 39.089 39.089

39.1189

Accounts Receivable (10%)

4.343

4.343

4.343 4.343

i 4.343

4.343

Cost of (JcocK Sold

 

 

 

 

 

Lab Fees (9%)

 

(3.909)

(3,909)

(3.909) (3,909) (3,909)

(3,909)

Dental Supplies ifi'J)

(2,606)

(2.606)

(2.606) (2,606) (2,606)

(2.606)

GROSS INCOME:

JVM 7

34.117

34.917 36.917 36.917

36.917

EXPENSES: Advertising (Vi )

1.303

1.303

1.303 1,303

. 1,303

1.303

Insurance (39fc)

 

1.303

1.303

1.303 1,303

i 1,303

1.303

Interest Expense (F)

3.750

3.750

3.750 3,75t

l 3.750

3,750

Legal & Professional Services (F) 833

833

833 833

833

833

Office Supplies (6'r)

2.606

2.606

2.606 2.60C

. 2.606

2.606

Mortgage (F)

 

2.500

2,500

2.500 2.50C

l 2,500

2.500

Taxes i Licenses i H Kf of sal an

l 500

500

500 500

500

500

Utilities i 2r* i

 

869

869

869 869

869

869

Waites

Dr. Stanley Kramer (F)

5.000

5.000

5.000 5.CCC

l 5JOOO

5.<Xt)

1 lygienist i .28 of production i

1.882

1.882

1.882 1.88:

! 1,882

1.882

Salaried It Benefits (21%)

7.710

7.710

7.710 7.71C

l 7,710

7,710

Otlier Expanses CF)

417

417

417 417

417

417

TOTALEXPE

NSKS:

28.6 72

28.6*2

28.672 28.67

2 28.672

28.672

M 1 PROMT

iLOSSi:

S.246

.V246

4244 .t24t

8.246

8.246

 


INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Dr. Stanley Kramer

36,712

36,712

36,712

36,712

36,712

36,712

Hygienist

6,720

6,720

6,720

6,720

6,720

6,720

Gross Sales

43,432

43,432

43,432

43,432

43,432

43,432

Cash Receipts (90%)

39,089

39,089

39,089

39,089

39,089

39,089

Accounts Receivable (10%)

4,343

4,343

4,343

4,343

4,343

4,343

Cost of Goods Sold

 

 

 

 

 

 

Lab Fees (9%)

(3,909)

(3,909)

(3,909)

(3,909)

(3,909)

(3,909)

Dental Supplies (6%)

(2,606)

(2,606)

(2,606)

(2,606)

(2,606)

(2,606)

GROSS INCOME:

36,917

36,917

36,917

36,917

36,917

36,917

EXPENSES:

 

 

 

 

 

 

Advertising (3%)

1,303

1,303

1,303

1,303

1,303

1,303

Insurance (3%)

1,303

1,303

1,303

1,303

1,303

1,303

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

2,606

2,606

2,606

2,606

2,606

2,606

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

500

500

500

500

500

500

Utilities (2%)

869

869

869

869

869

869

Wages

 

 

 

 

 

 

Dr. Stanley Kramer (F)

5,000

5,000

5,000

5,000

5,000

5,000

Hygienist (.28 of production)

1,882

1,882

1,882

1,882

1,882

1,882

Salaried & Benefits (21%)

7,710

7,710

7,710

7,710

7,710

7,710

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES: 28,672 28,672 28,672 28,672 28,672 28,672

NET PROFIT (LOSS):             8,246 8,246 8,246                                8,246       8,246 8,246


 

Stanley at III patients a day at an average • SIX.?.5fv'palknt 440.544

1 Hygienist at 7 patients a day for 2 days a week avenging SI2(Vjxitienl        80.640

I assistant 40 hours a week at SI I .UO/tvwr for 52 weeks 22JWO

I receptionist/ booUceper 40 hours a week at S11.65/hour at 52 Meeks        24.232

Weekly wage "f assistant and receptionist before benefits 47.112

Stanley at 10 patients a day at an average of $183.56/patient                                                                   440,544

1 Hygienist at 7 patients a day for 2 days a week averaging $ 120/patient                                                           80,640

1  assistant 40 hours a week at $11.00/hour for 52 weeks      22,880

1  receptionist/ bookkeeper 40 hours a week at $11.65/hour at 52 weeks  24,232

Weekly wage of assistant and receptionist before benefits 47,112


[>CC

>6.712

6.733

43.432

39.089

4343

Jan t'cb 36.712 36.712 6,730 6.730 43.432 43.432 39.089 39.089 4.343 4.343

Mar

36.712

6,730

43.432

39.089

4.343

Apr

36.712

6.730

43.432

39.089

4.343

Mat Total 36.712 440.544 6.730 80.640 43.432 521.184 39.089 469J066 4.343 52.118

 

(3.909)

(2.606)

.V>.9|7

(3.9091 (3.909 12.6061 12.606 36.917 36.917

1 (3.909) l (2,606) 36.917

(3.909)

(2.606)

36.9)7

(3.909) (46.907) (2.606) (3I271i 36.917 443.006

 

1.303

1.303     3.750

833

2.606

2.500

500

869

1.303      1.303

1.303      1.303 3.750 3.750

833 833 2.606 2.606 2.500 2.300 500 500 869 869

1.303

1.303        3.750 833

2.606

2.500

500

869

1.303

1.303        3.750

833

2.606

2.500

500

869

1.303     15.636

1.303     1 5.636 3.750 45.000 833 10.000 2.606 31271 2.5(0 30.000 500 60X1 869 10,424

 

5JOOO

1.882

7.710

417

28.672

5000 5J000 1.882 1.882 7,710 7,710 417 417 28.672 28.672

SjOOO

1.882

7.710

417

28.672

5JOOO

1.882

7.710

417

28.672

5.CIO 60.000 1.882 22_S79 7.710 92^14 417 5JT0CI 28.672 344.059

 

8246

8246 8 246

8246

X24f>

8246 98.947

 

Dec

Jan

Feb

Mar

Apr

May

Total

36,712

36,712

36,712

36,712

36,712

36,712

440,544

6,720

6,720

6,720

6,720

6,720

6,720

80,640

43,432

43,432

43,432

43,432

43,432

43,432

521,184

39,089

39,089

39,089

39,089

39,089

39,089

469,066

4,343

4,343

4,343

4,343

4,343

4,343

52,118

(3,909)

(3,909)

(3,909)

(3,909)

(3,909)

(3,909)

(46,907)

(2,606)

(2,606)

(2,606)

(2,606)

(2,606)

(2,606)

(31,271)

36,917

36,917

36,917

36,917

36,917

36,917

443,006

1,303

1,303

1,303

1,303

1,303

1,303

15,636

1,303

1,303

1,303

1,303

1,303

1,303

15,636

3,750

3,750

3,750

3,750

3,750

3,750

45,000

833

833

833

833

833

833

10,000

2,606

2,606

2,606

2,606

2,606

2,606

31,271

2,500

2,500

2,500

2,500

2,500

2,500

30,000

500

500

500

500

500

500

6,000

869

869

869

869

869

869

10,424

5,000

5,000

5,000

5,000

5,000

5,000

60,000

1,882

1,882

1,882

1,882

1,882

1,882

22,579

7,710

7,710

7,710

7,710

7,710

7,710

92,514

417

417

417

417

417

417

5,000

28,672

28,672

28,672

28,672

28,672

28,672

344,059

8,246

8,246

8,246

8,246

8,246

8,246

98,947

 


Statement of Cash Flows-Year 4, June 2005-May 2006

Jim

Cash Inflows

Beginning Cash Balance 53.494 Cash Receipts 59.574 Total Cash Inllous 1 IJ.WI

Jnl

52.326

59.574

111.900

\U;i Sep

51.157 49.988 59.574 59374 110.731 1093*3

r*i

48.820 59374 1 <18394

Nov

47.651

59374

1072:=

 

 

 

Cash Disbursements

Lab Fees (9*) 5.957 Dental Supplies (6%) 3.972 Advertising (39) 1.986 Insurance {3%) 1.986 Interest Expense (F) 3,750 Ixrgal & Professional Services (TO 833 Office Suppl ies (6rr) 3.972 Mortgage (F) 2.SU Taxes & Licenses (10% of salary) 958 Utilities,:*, 1.324

5.957

3.972

1.986

1.986    3.750

833

3.972    2300

958

1.324

5.957 5.957

3.972      3.972

1.986      1.986

1.986      1.986 3.750 3.750

833 833

3.972      3.972 2300 2300 958 958 1.324 1.324

5.957

3.972

1.986

1.986        3.750

833

3.972        2300

958

1.324

5.957

3.972

1.986

1.986     3.750

833

3.972     2300

958

1.324

 

 

 

Wages

Dr. Stanley Kramer (F) 9,583 Dr. Jeremiah Kratner 14.685 Hygienisl 1.882 Salaried & Benefits 6.939 Other Expenses (F) 417

9.583

14.685

1.882

6.939

417

9383 9383 14.685 14.685 1.882 1.882 6.939 6.939 417 417

9,583

14.685

1.882

6.939

417

9383

14.685

1.882

6.939

417

 

 

 

Total Disbursements <0,74.1

60.743

60.743 60.743

60.743

60.743

 

 

 

Remaining Cash at Mmith Ind 52 326

51.157

4^,988 48.820

47 a? 1

46.4*3

 

 

 

 

 

Jun

Jul

Aug

Sep

Oct

Nov

Cash Inflows

 

 

 

 

 

 

 

Beginning Cash Balance

 

53,494

52,326

51,157

49,988

48,820

47,651

Cash Receipts

 

59,574

59,574

59,574

59,574

59,574

59,574

Total Cash Inflows

 

113,069

111,900

110,731

109,563

108,394

107,22f

Cash Disbursements

 

 

 

 

 

 

 

Lab Fees (9%)

 

5,957

5,957

5,957

5,957

5,957

5,957

Dental Supplies (6%)

 

3,972

3,972

3,972

3,972

3,972

3,972

Advertising (3%)

 

1,986

1,986

1,986

1,986

1,986

1,986

Insurance (3%)

 

1,986

1,986

1,986

1,986

1,986

1,986

Interest Expense (F)

 

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

 

3,972

3,972

3,972

3,972

3,972

3,972

Mortgage (F)

 

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

958

958

958

958

958

958

Utilities (2%)

 

1,324

1,324

1,324

1,324

1,324

1,324

Wages

 

 

 

 

 

 

 

Dr. Stanley Kramer (F)

 

9,583

9,583

9,583

9,583

9,583

9,583

Dr. Jeremiah Kramer

 

14,685

14,685

14,685

14,685

14,685

14,685

Hygienist

 

1,882

1,882

1,882

1,882

1,882

1,882

Salaried & Benefits

 

6,939

6,939

6,939

6,939

6,939

6,939

Other Expenses (F)

 

417

417

417

417

417

417

Total Disbursements

 

60,743

60,743

60,743

60,743

60,743

60,743

Remaining Cash at Month End

52,326

51,157

49,988

48,820

47,651

46,483

 


Apr

Ïîäïèñü: l>Cl	Jan	Ktb	Mar	Apr	Mat
46.48?	45.314	44.145	42.977	41.80S	40.639
59.574	59.574	59.574	59.574	59.574	59374
l(M>,t)57	1(14.888	103.719	102.551	IOI.3X2	100213
5,957	5.957	5.957	5.957	5.957	5.957
3.972	3,972	3.972	3.972	3.972	3.972
1.986	1.986	1.986	1.986	1.986	1.986
1.986	1.986	1.986	1.986	1.986	1.986
3.750	3,750	3.750	3.750	3.750	3,750
833	833	833	833	833	833
3.972	3,972	3,972	3.972	3.972	3.972
2.500	2,500	2.500	2.500	2.500	2.50'
958	958	958	958	958	958
1324	1.324	1.324	1324	1.324	1324
9.583	9.583	9.583	9.583	9.583	9383
14.685	14.6S5	14.685	14.685	14.685	14.685
1.882	1.882	1.882	1.882	1.882	1.882
6.939	6,939	6.939	6,939	6.939	6.939
417	117	417	417	417	417
60.743	60.743	60.743	60.743	60.74*	<0.743
45.314	44.14?	42.977	41.8*18	40.639	39471
Dec	Jan	Feb	Mar
46,483	45	,314	44,145	42,	977
59,574	59	,574	59,574	59,	574

Ïîäïèñü: May
40,639
59,574
100,213
5,957
3.972
1.986
1.986	 3,750 833
3.972	 2,500 958 1,324 9,583 14,685 1,882 6,939 417 60,743 39,471
41,808 59,574

106,057    104,888     103,719     102,551 101,382

5,957           5,957 5,957 5,957    5,957

3.9723,972 3,972 3,972 3,972

1.9861,986 1,986 1,986 1,986

1.9861,986 1,986 1,986 1,986

3,750           3,750 3,750 3,750    3,750

833   833    833    833    833

3.9723,972 3,972 3,972 3,972

2,500           2,500 2,500 2,500    2,500

958   958    958    958    958

1,324           1,324 1,324 1,324    1,324

9,583           9,583 9,583 9,583    9,583

14,685         14,685         14,685  14,685    14,685

1,882           1,882 1,882 1,882    1,882

6,939           6,939 6,939 6,939    6,939

417   417    417    417    417

60,743      60,743       60,743 60,743  60,743

45,314      44,145       42,977 41,808  40,639


Income Statement-Year 5, June 2006-May 2007

INCOMK:

.lun

lul

\u«

Sip

Oct

Niw

Dr. Stanley Knttner

36,712

36,712

36.712

36.712

36,712

36,712

Dr. Jeremiah Knuner

26433

26.433

26.433

26433

26433

26433

Ilygienist 81

6.72D

6.720

6.720

6.720

6.720

6.720

Ilygienist #2

6.72CJ

6.7X1

6.720

6.720

6.720

6.720

Gross Sales

76.5X5

76.585

76.585

76.585

76385

76385

Cash Receipts (90% i

68.926

68,926

68.926

68.926

68.926

68.926

Accounts Receivable (10%)

7.658

7.658

7.658

7.658

7.658

7.658

Cost <4 t>iikIs Sold

 

 

 

 

 

 

Lab Foss (9%)

(6,893)

(6,895)

(6.893)

(6.8931

(6.893)

(6.893)

I-X.-tit.il Supplies (6%)

(4.595)

14.5951

14.595)

(4.5951

14.5951

i4.5951

<.R( >SS INCOME;

65.097

65.097

65.9*7

65.997

(■5.**>7

65,#97

EXPENSES: Advertising 13% I

2298

2.298

22'JB

2.298

2298

2.298

Insurance (3%)

2298

2.298

2298

2298

2298

2298

Interest Expense (F)

3.750

3.750

3.750

3.750

3.750

3.750

ljegal & Professional Servicest F)

833

833

833

833

833

833

Office Supplies t f>rr I

4.595

4.595

4_5'»

4.595

4.595

4J95

Mortgage (F)

2_500

2.500

2_500

2500

2.500

2.500

Taxes & Licenses > 10% of salary1

1.083

1.083

1.083

1.083

1.083

1.083

Utilities (2%)

1_532

1.532

1.532

1.532

1.532

1.532

 

 

 

 

 

 

 

Dr. Stanley Kramer iF)

10,833

10.833

10.833

10.833

10.833

10.833

Dr. Jeremiah Kratner(.5of production)

14,685

14,685

14.685

14.685

14,685

14.685

HygienLst #1 (.28of production!

1.882

1.882

1.882

1.882

1.882

1.882

Ilygienist #2 (.25 of production)

1.680

1.6S0

1.680

1.680

1.680

1.680

Salaried £. Benefits (21%)

7.710

7.710

7.710

7.710

7.710

7.710

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

564194

56.-W4

56.094

56.094

56.HV4

56,994

NET PROFIT (I.OSS.i:

9.002

9.002

9.1102

9.01)2

9.002

9,11112

 

INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Dr. Stanley Kramer

36,712

36,712

36,712

36,712

36,712

36,712

Dr. Jeremiah Kramer

26,433

26,433

26,433

26,433

26,433

26,433

Hygienist #1

6,720

6,720

6,720

6,720

6,720

6,720

Hygienist #2

6,720

6,720

6,720

6,720

6,720

6,720

Gross Sales

76,585

76,585

76,585

76,585

76,585

76,585

Cash Receipts (90%)

68,926

68,926

68,926

68,926

68,926

68,926

Accounts Receivable (10%)

7,658

7,658

7,658

7,658

7,658

7,658

Cost of Goods Sold

Lab Fees (9%)

(6,893)

(6,893)

(6,893)

(6,893)

(6,893)

(6,893)

Dental Supplies (6%)

(4,595)

(4,595)

(4,595)

(4,595)

(4,595)

(4,595)

GROSS INCOME:

65,097

65,097

65,097

65,097

65,097

65,097

EXPENSES:

Advertising (3%)

2,298

2,298

2,298

2,298

2,298

2,298

Insurance (3%)

2,298

2,298

2,298

2,298

2,298

2,298

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

4,595

4,595

4,595

4,595

4,595

4,595

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

1,083

1,083

1,083

1,083

1,083

1,083

Utilities (2%)

1,532

1,532

1,532

1,532

1,532

1,532

Wages

Dr. Stanley Kramer (F)

10,833

10,833

10,833

10,833

10,833

10,833

Dr. Jeremiah Kramer (.5 of production)

14,685

14,685

14,685

14,685

14,685

14,685

Hygienist#! (.28 of production)

1,882

1,882

1,882

1,882

1,882

1,882

 


INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Hygienist #2 (.25 of production)

1,680

1,680

1,680

1,680

1,680

1,680

Salaried & Benefits (21%)

7,710

7,710

7,710

7,710

7,710

7,710

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

56,094

56,094

56,094

56,094

56,094

56,094

NET PROFIT (LOSS):

9,002

9,002

9,002

9,002

9,002

9,002

 

Manic; at 10 patients a da) at an average <4'SI8.?.5<v'patienl 4411.544

Jeivnnah at 9 patients a day. 4 days a »cik for 4X weeks at SW.ffc: pat lent    317.192

2Hygienist at 7 patients a day for 2 days a week averaging S12CVJxuient    161.280

2as si slants 40 hours a week at S11 .OCVbour for 52 weeks 45.760

I receptionist/ bookkeeper 40 hours a week at S11 .6Vhotir at 52 week-         24.232

I receptionist/ bookkeeper 20 holies a week at S11.6S/kour at 52 weeks       12.116

\\ cekly wage of assistant and receptionist before benefits  X2.10.H

Stanley at 10 patients a day at an average of $183.56/patient                                                                          440,544

Jeremiah at 9 patients a day, 4 days a week for 48 weeks at $183.56/patient 317,192

2                                                                                                                                                                        Hygienist at 7 patients a day for 2 days a week averaging $120/patient     161,280

2                                                                                                                                                                        assistants 40 hours a week at $11.00/hour for 52 weeks                            45,760

1 receptionist/ bookkeeper 40 hours a week at $11.65/hour at 52                                                                     weeks      24,232

1                                                                                                                                       receptionist/ bookkeeper 20 hours a week at $11.65/hour at 52           weeks      12,116

Weekly wage of assistant and receptionist before benefits 82,108

Dec

Jan

1 eh

Mar

\pr

May

 

36.712

36.712

36.712

36.712

36.712

36.712

 

26.4??

26.4?.?

26.4?.?

26.4.?.?

26.4??

264?.?

 

6.73)

6.730

6.73)

6.751

6.73f*

6.73i

 

6.730

6.73*

6.720

6.73<

6.7J*

6.73i

 

76.5XS

76.585

763*5

76,5X5

763X5

763X5

 

68,926

68.92*

68.926

-X.-26

68.926

68.926

 

7.65X

7,658

7,658

7.658

7.658

7.658

 

(6.8951

|6.893>

(6.893)

16,893)

(6.893(

(6.893)

 

(4.595*

(4395)

(4395)

(4.595)

(4395*

14395)

 

65.097

65.097

65.‘>97

65.097

65.097

65.097

 

2.298

2.298

2.298

2.298

2.29X

2.298

 

2.298

2.298

2.29X

2.298

2.298

2.298

 

3.750

3.750

3.750

3.750

3.7S*

3.750

 

833

8.?3

833

833

833

833

 

4.595

4395

4395

4595

43>5

4395

 

2.500

23CO

2,500

2300

23CO

2300

 

 

IJ083

1.083

1.083

140*3

1.083

 

1332

1332

1332

1332

1332

1332

 

I0.X.??

IO.X??

10.8 ??

IOJ833

IOJS33

10.X.?.?

 

14.6X5

14.6X5

14.6X5

14.6X5

14.685

14.6X5

 

1.882

1.882

I.XX2

1.882

1.882

1.882

 

1.680

I.M0

1.680

1.680

I.6MI

1.680

 

7.710

7.710

7,710

7.7ld

7.710

7.710

 

417

417

417

417

417

417

 

56.094

56.»W4

56.094

56.094

56.094

56.094

 

9.002

9.M>2

9.1 <1)2

9.im2

 

9.1X12

 

Dec

Jan

Feb

Mar

Apr

May

36,712

36,712 36:

,712

36,712

36,712

36,712

26,433

26,433 26.

,433

26,433

26,433

26,433

6,720

6,720

6,720

6,720

6,720

6,720

6,720

6,720

6,720

6,720

6,720

6,720

76,585

76,585 76.

oo

76,585

76,585

76,585

68,926

68,926 68.

,926

68,926

68,926

68,926

7,658

7,658

7,658

7,658

7,658

7,658

(6,893)

(6,893) (6,

893)

(6,893)

ro

On

OO

vo,

(6,893)


 

Dec

Jan

Feb

Mar

Apr

May

(4,595)

(4,595)

(4,595)

(4,595)

(4,595)

(4,595)

65,097

65,097

65,097

65,097

65,097

65,097

2,298

2,298

2,298

2,298

2,298

2,298

2,298

2,298

2,298

2,298

2,298

2,298

3,750

3,750

3,750

3,750

3,750

3,750

833

833

833

833

833

833

4,595

4,595

4,595

4,595

4,595

4,595

2,500

2,500

2,500

2,500

2,500

2,500

1,083

1,083

1,083

1,083

1,083

1,083

1,532

1,532

1,532

1,532

1,532

1,532

10,833

10,833

10,833

10,833

10,833

10,833

14,685

14,685

14,685

14,685

14,685

14,685

1,882

1,882

1,882

1,882

1,882

1,882

1,680

1,680

1,680

1,680

1,680

1,680

7,710

7,710

7,710

7,710

7,710

7,710

417

417

417

417

417

417

56,094

56,094

56,094

56,094

56,094

56,094

9,002

9,002

9,002

9,002

9,002

9,002

 

Ïîäïèñü: Sep	Oct	Nov
36,712	36,712	36,712	36,712	36,712	36,712
6.720	6,720	6,720	6,720	6,720	6,720
6.720	6,720	6,720	6,720	6,720	6,720
50,152	50,152	50,152	50,152	50,152	50,152
Income Statement-Year 5 without Dr. Jeremiah Kramer, DDS June 2006-May 2007

INCOME:

Jim

Jul

Auj:

Sep

Oct

Nov

Dr. Stanley Kramer

36.712

36.712

36.712

36.712

36.712

36.712

Hygienist #1

6.720

6.720

6.720

6.720

6.720

6.720

Hygienist 42

6.720

6.720

6.720

6.720

6.720

6.720

Gross Sales

50.152

50,152

50.152

50.152

50.152

50.152

Cash Receipts(90%)

45.137

45.137

45.137

45.137

45.137

45.137

Accounts Receivable c 10%)

5.015

5.015

5.015

5.015

5.015

5.015

Cost • 4 f h mils S. 4(1

 

 

 

 

 

 

I.ab Fees (99fc)

U314)

14314)

• 4314)

i4314i

i43I4)

• 4314.

Dental Supplie.-16'r t

(3.009)

13.00?)

(3.009)

(3.009)

(3.009)

<3.009i

«.Ri >Ss INCOME:

42.629

42.A29

42,629

42.<>29

42.62V

42.f>29

EXPENSES: Advertising ( I

1305

1305

1305

1305

1305

1305

Insurance (3%)

1305

1305

1305

1.505

1305

1305

Interest Expense (I)

3.750

3.750

3.750

3.750

3.750

3.750

Legal Si Professional Services (F)

833

833

833

833

833

833

Office Supplies (I

3.009

3.009

3.00?

3.009

3.009

3.009

Mortgage (F)

2300

2300

2300

2300

2303

2300

Taxes &. Licenses (lurr of salary)

5CO

5CO

500

500

500

500

Utilities (2%)

1.003

1.003

1.003

1.003

1.003

1.003

Wage*

 

 

 

 

 

 

Dr. Stanley KrameriF)

5.000

5.000

5.000

5.000

5X130

5.000

1 lygienisl #1 i.28of production)

1.882

1.882

1.882

1.882

1.882

1.882

1 lygienisl #21.25 of production*

1.680

1.680

1.680

i.eao

1.680

1.680

Salaried & Benefits (21%)

7.710

7.710

7.710

7.710

7.710

7.710

Other Expsnses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

31292

31.292

31.292

31.292

31.292

31292

NET PR< UTl iLOSs,;

11.337

11.337

11.337

11.337

11.337

11337

INCOME:

 

 

Jun

Jul

Aug

 

Dr. Stanley Kramer Hygienist #1 Hygienist #2 Gross Sales


INCOME:

Jun

Jul

Aug

Sep

Oct

Nov

Cash Receipts (90%)

45,137

45,137

45,137

45,137

45,137

45,137

Accounts Receivable (10%)

5,015

5,015

5,015

5,015

5,015

5,015

Cost of Goods Sold

 

 

 

 

 

 

Lab Fees (9%)

(4,514)

(4,514)

(4,514)

(4,514)

(4,514)

(4,514)

Dental Supplies (6%)

(3,009)

(3,009)

(3,009)

(3,009)

(3,009)

(3,009)

GROSS INCOME:

42,629

42,629

42,629

42,629

42,629

42,629

EXPENSES:

 

 

 

 

 

 

Advertising (3%)

1,505

1,505

1,505

1,505

1,505

1,505

Insurance (3%)

1,505

1,505

1,505

1,505

1,505

1,505

Interest Expense (F)

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

3,009

3,009

3,009

3,009

3,009

3,009

Mortgage (F)

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

500

500

500

500

500

500

Utilities (2%)

1,003

1,003

1,003

1,003

1,003

1,003

Wages

 

 

 

 

 

 

Dr. Stanley Kramer (F)

5,000

5,000

5,000

5,000

5,000

5,000

Hygienist #1 (.28 of production)

1,882

1,882

1,882

1,882

1,882

1,882

Hygienist #2 (.25 of production)

1,680

1,680

1,680

1,680

1,680

1,680

Salaried & Benefits (21%)

7,710

7,710

7,710

7,710

7,710

7,710

Other Expenses (F)

417

417

417

417

417

417

TOTAL EXPENSES:

31,292

31,292

31,292

31,292

31,292

31,292

NET PROFIT (LOSS):

11,337

11,337

11,337

11,337

11,337

11,337

Stanley al lit patients a day at an a'erase of SI83.56/patkut 4411.544

1 Hygienist al 7 patients a day for 2 days a week averaging S12i.Vp»tienl        80,640

1 I lygienisl al 7 patients a day for 2 J.iy- a wtvk averaging S 120^tatiirnl           80.640

I assistant 40 Ivun; a week .a SI 1.00/f»nr for 52 weeks    22.880

I receptionist/ bookkeeper 40 hours a week al S11.65/hour at 52 weeks          24.2.?2

1 receptionist' bookkeeper 30 hours a week al SI 1.65/hour at 52 weeks          12,116

\\ eekly wag? iif assistant and receptionist before benefits 59.228


 

Ïîäïèñü: 440,544
80.640
80.640	 22,880 24,232 12,116 59,228
Stanley at 10 patients a day at an average of $183.56/patient

1 Hygienist at 7 patients a day for 2 days a week averaging $ 120/patient 1 Hygienist at 7 patients a day for 2 days a week averaging $ 120/patient

1            assistant 40 hours a week at $11.00/hour for 52 weeks

1            receptionist/ bookkeeper 40 hours a week at $11.65/hour at 52 weeks

1            receptionist/ bookkeeper 20 hours a week at $11.65/hour at 52 weeks Weekly wage of assistant and receptionist before benefits


Uv

36.712

Jan 1

36,712 36

rcb Mar

.712 36.712

Apr

36.712

Ma\ Tt 36.712 440

•tal

'344

 

6.720

6.720 6.720 6,720

6.720

6.730 80.

640

 

6.720

6,720 6.720 6,720

6,720

6.7X) 80.

640

 

50,152

50.152 50

.152 50.152

50.152

50.152 601

.824

 

45.137

45.137 45

.137 45.137

45.137

45.137 541

.612

 

5.015

5.015 5.

015 5,015

5.015

5X)15 60.

182

 

<4314)

(4314) <4.

514) (4314)

(4314)

(4314) (54.

164)

 

(3.009)

(3.009) (3.

009) (3.009)

(3.009)

(3X09) (36.

Ittl)

 

42.629

42.62'* 42

.fi2'» 42-<>2i

42-(>29

42-629 511

.55<‘

 

1.5D5

1305 1.

505 1.505

1305

1305 18.

055

 

1.505

1305 1.

505 1305

1305

1305 18.

055

 

3.750

3.750 3.

750 3,750

3,750

3.750 45.

000

 

833

833 833 833

833

833 10.

000

 

3.009

3.CXB 3,

009 3.009

3.009

3X09 36.

10»

 

2.500

2300 2.

500 2 300

2300

23(0 30.

ooo

 

500

500 500 500

500

500 6.000

 

ijoas

1.003 1.

003 1.003

1.003

1X03 12.

036

 

5.030

5.000 5.

000 5.000

5.000

5X00 60.

000

 

1.882

1.882 1.

882 1.882

1.882

1,882 22.

579

 

1.680

1.680 1.

680 1.680

1.680

1.680 30.

160

 

7.710

7.710 7.

710 7.710

7,710

7.710 92,

514

 

417

417 417 417

417

417 5X00

 

312*2

31292 31

292 31292

31292

31292 375

•5t**>

 

11337

11337 11

.33? 1I.3J7

11*337

I1J37 136

.1 >42

 

Dec

Jan

Feb

Mar

Apr

May

Total

36,712

36,712

36,712

36,712

36,712

36,712

440,544

6,720

6,720

6,720

6,720

6,720

6,720

80,640

6,720

6,720

6,720

6,720

6,720

6,720

80,640

50,152

50,152

50,152

50,152

50,152

50,152

601,824

45,137

45,137

45,137

45,137

45,137

45,137

541,642

5,015

5,015

5,015

5,015

5,015

5,015

60,182

(4,514)

(4,514)

(4,514)

(4,514)

(4,514)

(4,514)

(54,164)

(3,009)

(3,009)

(3,009)

(3,009)

(3,009)

(3,009)

(36,109)

42,629

42,629

42,629

42,629

42,629

42,629

511,550

1,505

1,505

1,505

1,505

1,505

1,505

18,055

1,505

1,505

1,505

1,505

1,505

1,505

18,055

3,750

3,750

3,750

3,750

3,750

3,750

45,000

833

833

833

833

833

833

10,000

3,009

3,009

3,009

3,009

3,009

3,009

36,109

2,500

2,500

2,500

2,500

2,500

2,500

30,000

500

500

500

500

500

500

6,000

1,003

1,003

1,003

1,003

1,003

1,003

12,036

5,000

5,000

5,000

5,000

5,000

5,000

60,000

1,882

1,882

1,882

1,882

1,882

1,882

22,579

1,680

1,680

1,680

1,680

1,680

1,680

20,160

7,710

7,710

7,710

7,710

7,710

7,710

92,514

417

417

417

417

417

417

5,000

31,292

31,292

31,292

31,292

31,292

31,292

375,509

11,337

11,337

11,337

11,337

11,337

11,337

136,042

 


Statement of Cash Flows-Year 5, June 2006-May 2007

Jun

fash InlVrns

Beg inning Cash Balance 39,471 Cash Receipts 68,926 Total Cash Inflow s 108.397

Jul

40,815

68,926

1**9,741

Vus

42.159 68,926 l III .<185 1

Sep Oct

13.503 44.847 58,926 68,926 12 J2*> 113.773

N..v

46.191

68.926

I15.1P

 

 

 

Cash Disbursements

Lab Fees i9<3) 6.893 Dental Supplies (6%) 4595 Advertising (35E-) 2.298 Insurance <3%) 2.298 Interert Expense (R 3.750 Legal & Professional Services (R 833 Office Supplies (6*S) 4.595 Mortgage (F> 2500 Taxes i Licenses i. U/i of salary) 1.083 l,tilities(2‘S) IJS32

6.893

4.595

2.298

2.298        3.750 833

4.595        2.500 1.1383 1.532

6.893

4.595

2.298

2.298        3.750 833

4.595        2_500 1.083 1.532

6.893 6.893

4.595      4.595 2^98 2.298 2J98 2.298 3.750 3.750 833 833

4.595      4.595 2.500 2.500 1.083 1.083 1.532 1.532

6.893

4.595

2.298

2.298        3.750 833

4.595        2.500 1.083 1.532

 

 

 

W ages

Dr. Stanley Kramer (F) 10,833 Dr. Jeremiah Kramer 14,685 Hygienist #1 1.882 Hygienist #2 1.680 Salaried & Benefits 7.710 Other Kxjvnses (F) 417

10,833

14,685

1.882

1.680

7.710

417

10.833

14.685

1.882

1.680

7.710

417

10.833 10.833 14.685 14.685 1.882 1.882 1.680 1.680 7.710 7.710 417 417

10.833

14.685

1.882

1.680

7.710

417

 

 

 

Total Disbursements 67.582

*7-582

67.582 (

1*7.582 67.582

67.5 82

 

 

 

Kemaintnu Cash at Month Knd 4*1.815

42.15*>

43.503

44.847 4*.I9I

47.535

 

 

 

 

 

Jun

Jul

Aug

Sep

Oct

Nov

Cash Inflows

 

 

 

 

 

 

 

Beginning Cash Balance

 

39,471

40,815

42,159

43,503

44,847

46,191

Cash Receipts

 

68,926

68,926

68,926

68,926

68,926

68,926

Total Cash Inflows

 

108,397 109,741

111,085

112,429

113,773

115,11'

Cash Disbursements

 

 

 

 

 

 

 

Lab Fees (9%)

 

6,893

6,893

6,893

6,893

6,893

6,893

Dental Supplies (6%)

 

4,595

4,595

4,595

4,595

4,595

4,595

Advertising (3%)

 

2,298

2,298

2,298

2,298

2,298

2,298

Insurance (3%)

 

2,298

2,298

2,298

2,298

2,298

2,298

Interest Expense (F)

 

3,750

3,750

3,750

3,750

3,750

3,750

Legal & Professional Services (F)

833

833

833

833

833

833

Office Supplies (6%)

 

4,595

4,595

4,595

4,595

4,595

4,595

Mortgage (F)

 

2,500

2,500

2,500

2,500

2,500

2,500

Taxes & Licenses (10% of salary)

1,083

1,083

1,083

1,083

1,083

1,083

Utilities (2%)

 

1,532

1,532

1,532

1,532

1,532

1,532

Wages

 

 

 

 

 

 

 

Dr. Stanley Kramer (F)

 

10,833

10,833

10,833

10,833

10,833

10,833

Dr. Jeremiah Kramer

 

14,685

14,685

14,685

14,685

14,685

14,685

Hygienist #1

 

1,882

1,882

1,882

1,882

1,882

1,882

Hygienist #2

 

1,680

1,680

1,680

1,680

1,680

1,680

Salaried & Benefits

 

7,710

7,710

7,710

7,710

7,710

7,710

Other Expenses (F)

 

417

417

417

417

417

417

Total Disbursements

 

67,582

67,582

67,582

67,582

67,582

67,582

Remaining Cash at Month End

40,815

42,159

43,503

44,847

46,191

47,535

 


tk-c

Jan Feb

Mur

\pr

Ma*

 

 

47.535

48.879 50.223

51566

52.910

54.251

I

 

68.926

68.926 68.926

68,926

68,926

68.926

 

116,461

1I7JMI5 11<<.I4"

12M93

121 >37

123.181

 

6,893

6.893 6.893

6893

6.893

6.893

 

 

4.595

4595 4595

4595

4595

4595

 

 

2.298

2.2J8 2J»

2-298

2.298

2.298

 

 

2.298

2.298 2.298

2.298

2.298

2298

 

 

3.750

3.750 3.750

3.750

3.750

3.750

 

 

833

833 833

833

833

833

 

 

4595

4.595 4595

4595

4595

4595

 

 

2500

2500 2500

2500

2500

2500

 

 

1,083

1JD83 1.083

1.083

1.083

1.083

 

 

1532

1532 1532

1532

1532

1532

 

 

10.833

10.833 10.833

10.833

10.833

10.833

 

14.685

14.685 14.685

14.685

14.685

14.685

 

1.882

1.882 1.882

1.882

1.882

1.882

 

 

1.68'

1.680 1.680

1.680

1.680

1.680

 

 

7.710

7.710 7.710

7.710

7.710

7.710

 

 

417

417 417

417

417

417

 

 

67582

67582 67.5x2

1.7.582

67.582

67.5X2

 

 

48.879

50.223 51.564

52.* 1*

54.254

55.5W

f

 

Dec

Jan

Feb

Mar

 

Apr

May

47,535

48,879

50,223

51,566

52,910

54,254

68,926

68,926

68,926

68,926

68,926

68,926

116,461

117,805

119,149

120,493

121,837

123,18]

6,893

6,893

6,893

6,893

 

6,893

6,893

4,595

4,595

4,595

4,595

 

4,595

4,595

2,298

2,298

2,298

2,298

 

2,298

2,298

2,298

2,298

2,298

2,298

 

2,298

2,298

3,750

3,750

3,750

3,750

 

3,750

3,750

833

833

833

833

 

833

833

4,595

4,595

4,595

4,595

 

4,595

4,595

2,500

2,500

2,500

2,500

 

2,500

2,500

1,083

1,083

1,083

1,083

 

1,083

1,083

1,532

1,532

1,532

1,532

 

1,532

1,532

10,833

10,833

10,833

10,833

10,833

10,833

14,685

14,685

14,685

14,685

14,685

14,685

1,882

1,882

1,882

1,882

 

1,882

1,882

1,680

1,680

1,680

1,680

 

1,680

1,680

7,710

7,710

7,710

7,710

 

7,710

7,710

417

417

417

417

 

417

417

67,582

67,582

67,582

67,582

67,582

67,582

48,879

50,223

51,566

52,910

54,254

55,598

 

Possible Pitfalls

Locating a suitable practice -There is the possibility that the perfect practice does not exist in our desired location. Further, the practice that I do the associateship with may not be optimal for purchase. In that case I will survey the area for a practice to buy or a location to build. Living in the area will give me latitude to do this.


Not being asked to buy the practice from the present owner -If the owner does not like my work or decides not to retire, I will weigh my options. I could buy another practice, build a practice or possibly do a partial buyout of the current practice. Fortunately, this decision will be made after I have had a year's experience with the owner to assess his practice, the area, and my goals for the future without any capital outlay.

Not having a "quality” client base -I feel that it is optimal to buy a practice with a good client base. Sometimes the goodwill of the client base is overstated. By working in a practice, I will have the opportunity to assess the quality of the clients. If I decide not to buy the practice that I am doing an associateship in, I will have built up a client pool of my own that will hopefully follow me to my new practice.

Not having large enough initial client base -We will select a practice only after intense study of its active patient base, collection percentage, etc.

Possibility of clashing management styles between previous owners and new owners - We feel that patients will adapt to our style provided we make it a policy to show sincere concern for our patients' well being. Also, we realize that it is likely that the practice will lose a percentage of its original patients in the beginning.

Possibility of clashing management styles of new owners -An office manual will be constructed prior to purchase of the practice to determine whether management philosophies are compatible. Any discrepancies will be discussed and documented with employees having say in outcome.

Positive Aspects

    Market conditions are right for location selected

    Pre-existing client base

    A business agreement that meets both my father's and my personal and professional goals

    Industry trends are favorable (see Appendix)

APPENDIX

Managed Care

As in the medical profession, over the past couple of years, the dental industry has been bombarded with Preferred Provider Organizations (PPO) and Dental Health Maintenance Organizations (DHMO). Not surprising, after a couple years' trial of these services, many dentists are going back to traditional, independent practices. In 1995, 44 percent of dentists surveyed participated in at least one PPO and 19 percent participated in a DHMO as compared to 37.1 percent and 15.5 percent respectively in 1996 (Kehoe, pp. 28-29). Dr. Gordon Christensen, a leading researcher, clinician, and lecturer in dentistry, feels that the move to managed care has "degenerated the quality of dentistry, particularly the dentistry delivered by less-mature dentists" and that it has only proven beneficial for those patients that might not have had access to dentistry previously (Bonner, p.74). He predicts a movement away from managed care in the next 15 years as the American public becomes disgruntled with the poor quality and reduced alternatives offered by managed care much like it has in the medical profession. "We will see free-enterprise dentistry finally win, and therefore, the American public wins because quality will remain. This will happen because of the elective nature of many dental services, and the lack of most managed care programs to provide care in the elective area" (Bonner, p. 78).

Consolidation

One current trend in the dental industry is the linking together or networking of separate dental practices. This is called consolidation and is normally instigated by nondentist entrepreneurs who have recognized a potential income source in uniting dentists with managed care organizations (MCO). The dentists either act as salaried employees to the MCO or get paid a percentage of the collections or production. Obviously this is not the scenario that the dentist hoped for when attending eight years of school. This is only an alternative that the dentist will consider when faced with the choice of staying in private practice and losing a large percentage of the patient base to managed care or joining managed care and losing money. Consolidators act as brokers that see to it that the MCO gets the much needed managed care dental providers and that the dentists get a fair contract. This is done by networking dental practices. The consolidator is called a network administrator and he/she "evaluates the proposed contract, negotiates the terms and sets up the agreement." These consolidations are very similar to the activity taking place in the physician managed-care networks.

There are various benefits derived from the use of consolidation networks. Dentists in the managed care network receive an increase in patients. Although most consolidations that have been made include already practicing dentists, many recent graduates see it as an appealing alternative. The main benefit that they see is the elimination of the expenses associated with setting up a practice. Also it greatly reduces the necessity of making business decisions. As many dental students have had little or no business experience or instruction, and have had an education based almost entirely in science, the prospect of running a business is frightening. Speculators expect a trend toward recent graduates j oining MCO networks right out of school. One other benefit of the networks is that consolidators focus on using "economies of scale" to save money. Network dental offices within a given location will see reduced lab expenses, supplies and equipment costs by volume purchasing.

Consolidation also has many obstacles. Neither dentists nor patients of managed care have as much freedom of choice in the dental care given or received. As dentistry is becoming more elective and is offering more alternatives for each diagnosis, both the patient and dentist want more freedom of choice. There is also the question of legal liability for treatment. If the dentist is merely acting as an employee of a MCO, who is liable in a case of malpractice? "Managed care companies usually cannot be directly sued for malpractice because they do not practice dentistry, but rather 'arrange' for treatment or pay for sendees. Consolidation companies may work with network dentists as independent contractors or employees. If a dentist is an employee or 'agent1 of a company, that company may be held liable." Finally, some states have laws stating that only a dentist can own a dental practice. "Challenges to the law are expected to be made by consolidators in 'dentist-ownership only' states."

Baby Boomer Dentists Retiring

As the baby boomers are starting to turn 50, there is much interest in the effect that this will have on dentistry. Many dentists retire between the ages of 55 and 65 and as the baby boomers near these ages, there are many questions that need to be answered about the competitive factors involved. For instance, will there be a surplus of dental practices for sale in the next 10 years, making a shift to a buyer's market? Imtiaz Manji, president of ExperDent Consultants, Inc. says that eventually the dental practice market will be a buyer's market. He speculates that the only practices that will sell at close to what their value is today are those that have "exceptionally well-managed patient bases and goodwill assets" (Manji, p. 12).

Another question concerning the retirement of baby boomer dentists is whether there will be a shortage of dentists in 10 years. This question can be looked at by discussing the number of active dentists that will be over 50 in 10 years and the number of dental students graduating in the next few years. In 1996, there were 152,575 professionally active dentists in the United States. Of the active dentists, only 45,580 or 30 percent were under age 40. That means that within 10 years, 70 percent of the current active dentists will either be retired or preparing for retirement. Will this number be offset by an abnormally high market influx of recent graduates? Currently there are 55 dental schools in the United States and the current trend is that it is more likely for a school to close down that for a new school to be instituted. In 1996, there were 16,570 undergraduate dental students of which 3,810 graduated. Applications to dental schools have increased from 5,123 to 8,872 between 1990 and 1996; however, class sizes have remained relatively the same size ("Key Dental Facts, pp. 14-16).

Bigger Bottom Line

The current trend in dentistry is increased wealth. Between 1995 and 1996, 73.2 percent of dentists noted increased take home pay, 76.8 percent reported their gross personal income increased by a median of 10 percent, and more than 50 percent of respondents claimed unchanged or decreased overhead costs. When the dentists surveyed were asked the reason for this increase in wealth, they typically diagnosed it as a "combination of working harder, working smarter, and increasing fees" (Kehoe, p. 28).

Globalization

As we enter a new millennium, we are forced to expand our viewpoint to include the international perspective. "Globalization can be defined as a process of change stemming from a combination of increasing cross-border activity and information technology enabling virtually instantaneous communication worldwide." There is a greater global immigration among dentists, and countries are becoming more lenient with their accreditation of immigrant dentists. Furthermore, many students are receiving their education internationally. The Internet has become an integral part of international communication among dentists. The more developed nations claim to be becoming more "Americanized" in dentistry. This is important since American dentistry has led the way in most dental advancements in the last several decades. There is also a push for the developed nations to make dental practices and education available to underdeveloped countries due to a great feeling of international social responsibility among the dental profession. This push toward globalization is opening vistas worldwide in such avenues as business opportunities, education and training, and social conscious.

Technology

More and more dentists are embracing the new innovations that have reached the industry. Nearly 93 percent of respondents to a survey done by Dental Practice and Finance magazine use computers in the daily operations of their practice. As the doctor’s income level increased, so did the spending on new technologies. A listing of percentages of high-tech instrumentation used by respondents is as follows ("Examining Incomes," p. 32):

Intraoral video camera     37.1 %

Air abrasion cavity preparation systems 5.0%

Digital radiography           2.8%

Cosmetic imaging software 5.5%

New Products

In an interview conducted with Dr. Gordon Christensen, he addressed the most important changes in dentistry in the last 15 years and how they will affect the next 15 years. In his discussion, he talks of an abundance of new product innovation and dental procedure improvements that are shaping dentistry of the future. For instance, the vast use of fluoride in community water and by direct application to teeth by means of toothpaste and rinses has greatly controlled the cases of gross caries that have been seen in past generations. This has promoted dentistry to a point of being largely preventative rather than restorative. With the new preventative stance taken, doctors can spend more time doing some form of aesthetic or cosmetic dentistry, which is where the true profit comes into play. For example, due to preventative measures, the average person retains his or her teeth longer. Since people age 50 and older have more discretionary money, they are more prone to take advantage of new products and processes, such as tooth whitening and implants. As the baby boomers hit this age, dentists will see an even bigger trend toward aesthetic and cosmetic services. Dr. Christensen gives a listing of the areas that have seen the most change in dentistry over the last 15 years. This list includes (Bonner, p. 74):

20     Areas That Have Changed Dentistry Over the Last 15 Years

1.               Infection control

2.               Orthognathic surgery

3.               Adult orthodontics

4.               Lighted handpieces

5.               Magnifying Loupes

6.               Aesthetic Dentistry

7.               Bleaching teeth

8.               Composite resin restoration

9.               Controlling caries among children

10.     The    maturation of dental implants

11             .Intraoral cameras

12.               Digital   radiography

13.               Ceramic       restorations in fixed prosthodontics

14.                             Polymer-based    fixed prosthodontic restorations

15.                             The        maturation of class II resins

16.                       Microscopic     endodontics

17.                       Air     abrasion

18.                                 Resin-reinforced       glass ionomers

19.                                 The      refinement of impression materials

20.                Managed     Care

Bibliography

Bonner, Phillip. "ALook at the Past and Future: Interview with Gordon Christensen, DDS, Ph.D." Dentistry Today, December 1997.

Dental County Reports. American Dental Association.

"Examining the Incomes of High-tech Dentists." Dental Practice and Finance, Nov./Dec. 1997, pp. 32-33.

Kehoe, Bob. "Building a Bigger Bottom Line." Dental Practice and Finance, Nov./Dec. 1997, pp. 28-36.

"Key Dental Facts." American Dental Association, Survey Center, September 1997.

Manji, Imtiaz. "Practically Speaking: Solving Management Challenges." Dental Practice and Finance , Nov./Dec. 1997, p. 12.

"Starting Your Dental Practice: A Complete Guide." American Dental Association , Practice Management, Series, 1996.