When was the last time you thought about whether or not the dental banker you have, is the right banker?
I am a former banker of 34 years. I have worked with healthcare practices, primarily privately owned dental practices, for the last 14 years of my career. One of the many things I learned during this time is bankers are perceived to be a dime a dozen. For the most part that is probably true. But there are many fine banks and bankers out there that are true consultants to their clients. They provide analysis and advice to improve efficiencies that will impact the bottom line of their clients.
Practice owners pay CPA’s, bookkeepers and attorneys for their time. Perhaps that is why they are more likely to take their call than their banker’s call. Banks do not charge for their time and maybe that is why they are deemed less important or not a true advisor.
I can assure you that the right bank and banker can provide you with much insight and value if given the time to understand your practice. Yes, there are products and services that have monthly fees. The right banker will recommend the product or service that will decrease risk of fraud and provide front office efficiencies. The cost will more than pay for itself in reduced time performing daily tasks, allowing for a more productive use of time, and reduced risk of fraud which impacts three out of five dental practices.
If you do not currently have a relationship with your banker that provides the above level of service or value it is time to shop bankers or banks. I know how difficult it is to switch banks but the effort will be worth it if you receive the value you deserve and have a right to expect.