While the COVID-19 pandemic had been keeping practices shuttered, dentistry is now re-opening in Canada. Many practice owners are worried about how restarting their practice might look from a financial perspective. Now is the time to consider steps that will optimize your practice finances, preserve cash flow and protect your practice as you work toward returning to full scale operations.
Maximize cash coming in
Anything you can do to keep money flowing into your practice right now will be critical. The return to full dental and recall services will take time, so we recommend reviewing opportunities for cash flows as follows:
Consider all sources of COVID-19 assistance — Government assistance is available for capital investment, wage support, rental relief and operating cashflow. Have you investigated how you can participate?
Collect cash — Politely reach out to patients and insurers who are currently in arrears on the payment of their accounts. Remember, you are owed the money because you did the work.
Review insurance policies — Find out whether your policies will cover losses related to the pandemic or other business interruptions.
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