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.
The RIGHT banker
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.
Every dental practice owner should have a banker that:
- Knows your industry and banks many other professionals like you
- Provides consistent and timely (quarterly, semi-annual or annual) reviews of your account relationship which includes any changes in your practice, checking account activity, liquidity position, merchant provider activity and financial changes in your business and personal life. This conversation should also include short term and longterm plans or objectives for you.
- Has products/services designed with you in mind. There are a few banks in the nation that have a division within their institution that works solely with dental practices. These banks have designated bankers and products/services designed to help you the owner prevent fraud and be more efficient in your front office procedures.
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.