With the new year quickly approaching, now is the perfect time to get your practice organized and ready for 2025. Doing a careful review before the year ends will give you ample time to schedule renewals, make necessary changes, and set your practice up for success.

As practice owners and managers, we strongly recommend that you review your approach to, and management of, the following components:

Insurance – Liability & Malpractice

Policies renew periodically, so now is a great time to familiarize yourself with any new terms, including premiums, coverage, and malpractice amounts. Don’t let this review slip through the cracks as we transition into 2025.

End of Year Financials

Review your practice’s financials from the past year. Use these insights to set new goals for 2025. It’s important to map out specific monthly plans to achieve these goals and ensure you’re on track for continued success.

Tax Data

While your managers and accountants likely handle the bulk of this, it’s still a good idea to personally review a summary of your tax data before the end of the year. This will help you better prepare for tax season and ensure you’re staying compliant and financially sound.

Compensation & Bonuses

Annual compensation reviews should be based on practice production and the financials of the previous year. This includes doctor compensation and bonuses. Take time to ensure your compensation structure is aligned with your practice’s performance and set for continued growth in 2025.

Patient Insurance Plans

As we close out the year, review the patient insurance plans your practice participates in. This includes negotiating reimbursement rates and reassessing which providers you accept. Now is the time to drop, continue accepting, or renegotiate plans as needed to streamline your practice for the upcoming year.

Employee Benefits

It’s crucial to review your employees’ compensation packages annually—this includes salary, PTO, medical, retirement benefits, and more. Although these reviews don’t need to happen all at once, ensuring accuracy before each employee’s annual review is essential to improving staff satisfaction and performance.

Office Policy

Review your office policies at the end of the year to ensure they comply with any changes to employment law. Additionally, take note of any issues that have arisen with staff and adjust policies accordingly. Uniform enforcement of these policies will minimize staff conflict and reduce legal risks in 2025.

Equipment & Instruments

Has any of your practice equipment or instruments deteriorated over the past year? Scheduling regular inspections and maintenance appointments now will save your practice money in the long run.

Hardware & Software

Make sure your computers and practice management software are updated and functioning optimally for the new year. Consider scheduling a quarterly check-up to ensure everything is running smoothly, and don’t forget about those annual licensing fees to maintain proper support.

DEA

Ensure all credentials are up to date, and don’t forget to schedule any upcoming inspections or documentation submissions before the end of the year.

Licenses & Memberships

Review the expiration dates for any licenses, dental associations, or memberships. Be sure to schedule these renewals now, allowing time for any necessary paperwork or follow-up so they don’t lapse in the new year.

Continuing Education

Make sure your continuing education documentation from the past year is accurate, and review your schedule for 2025. Keeping your education up to date ensures both personal and professional growth in the new year.

Property Management

Is your practice’s physical space in need of any improvements or upgrades? If you lease, check when your lease is up and what the new terms will be for 2025. Review any necessary maintenance and set a budget for upcoming property needs.

Click here to download the Annual Housekeeping Checklist.