Archives July 2021

Top 8 Dental Industry Trends in 2019


Dental 3D Printers

3D printers are revolutionizing dentistry and orthodontics by helping to drastically reduce time and costs associated with the production of custom aligners, tooth replacements, veneers, and crowns.

In-house 3D printers also decrease the dependency of private practices, on third-party labs and companies that typically design and develop these products. Hiring a specialist who can successfully manage and handle the equipment will eliminate this reliance and save you thousands of dollars long-term.

Same-day dentistry, thanks to 3D printing, will ultimately enable you to earn more revenue by taking on new patients and increasing client retention with faster appointments, and less time waiting for dental items to be created in-house.
Natural Dental Products

Going green is a popular trend across all industries, especially in the world of personal and professional healthcare.

As consumers increasingly opt for more natural products like charcoal toothpaste and bamboo toothbrushes in their personal lives, the incorporation of natural oral hygiene products within your dental practice will be a necessity moving forward.

Rid your inventory of artificial dental products made with unnecessary chemicals, in exchange for natural alternatives with healthier, more sustainable and less-abrasive ingredients.
Digital Impressions

Digital impressions are eliminating challenges, like cracked or deteriorated casts, that have consistently frustrated dentists and patients over the last few decades.

While computer-aided design (CAD) and computer-aided manufacturing (CAM) software aren’t new to the dental industry, the prevalence of these programs will continue to grow as more practitioners gain access to this technology.

If you’re still using wax molds and clay casts to take impressions of your patients’ teeth, it’s time to upgrade your equipment in 2019.
Laser Dentistry

Laser technology is one of the many dental trends that’s taking the field by storm for various reasons. Its wide array of uses include, but are not limited to, the following:

  • Whitening teeth
  • Removing tooth decay
  • Preparing the tooth’s enamel for the receipt of filling
  • Reshaping the gums
  • Removing bacteria during a root canal
  • Eradicating lesions

    Benefits of Laser Dentistry

    Dentists choose laser dentistry because of distinct benefits that make the procedures go more smoothly, and also reduce discomfort and healing time for patients.
  • Patients are less likely to require sutures
  • Anesthesia may not be necessary
  • The laser will sterilize the gums, making infection less likely
  • Less damage to gums shortens the healing time
  • Patients lose less blood than traditional surgery

Dental Group Practices

Individual dental practices are on the decline, and group dental practices are on the rise. Treating patients in an efficient and time-friendly manner is more important now than ever before.

Eliminate the increasing costs and challenges associated with owning and managing your own practice by joining forces with other trusted professionals in your area.

Creating a joint practice with other skilled practitioners is one common, simple, and effective solution, especially if you’re interested in keeping your business running post-retirement.

Also consider building a universal dental group which covers all types of dentistry, including general dentists, orthodontics, endodontists, and oral surgeons.


Improving The Patient Experience

No matter how new and updated your technology may be, patient experience is the ultimate factor that will directly impact the success of your practice.

All patients seek access to better, more affordable healthcare and an excellent experience with their healthcare providers.

Review your current patient experience to see how you can optimize the strategy from the moment someone visits your website and schedules an appointment to the time they pay their bill and walk out of your office.

Offer special deals or loyalty programs that emphasize patient value, and make the process easier to check in, check out, schedule appointments, process credit card payments, and more.


Automated Patient Tracking & Management Software

Digital automation technology benefits your team and your patients by streamlining, organizing, and reducing daily processes both in and out of the office.

Here are some of the many ways to save time by automating and simplifying your workload and patient responsibilities:

  • Text appointment confirmation notifications
  • Pre-recorded follow-up appointment voicemails
  • Online patient portal creation
  • Scheduled social media posts and digital marketing efforts
  • In-house form submissions via handheld tablet
  • Digital data collection and organization via cloud-based storage

Robot Dentists Artificial Intelligence (AI) & Robotics

Dental technology has officially reached new heights in 2019. Artificial intelligence (AI) in dentistry will transform the way dentists work and patients receive treatment, especially with the introduction of robo-dentists.

Robots are now able to perform minimally invasive dental work, like filling cavities, teeth cleaning, cap applications, and tooth extractions. Although robots aren’t currently accessible for more invasive procedures, recent success in China involving dental robotics are a good indication that AI dentistry may become mainstream in the dental space by the end of 2019.

Surviving Bankruptcy: Qualifying For Credit And Loans

When many people think about surviving bankruptcy, they are usually worried about whether or not they will be able to qualify for credit and loans in the future.

So how does one go about surviving bankruptcy? First, you need to put together a game plan – then focus on working that plan.

For example, let’s say that qualifying for credit and loans is one of your concerns when it comes to surviving bankruptcy – and by the way, it’s a valid concern.

So what would your “surviving bankruptcy” game plan look like when it comes to qualifying for credit and loans? Here are three steps you could follow:

Surviving Bankruptcy Step #1: Rebuild your credit

Rebuilding your credit as soon as possible is critical when it comes to surviving bankruptcy. Why? Because rebuilding your credit history can increase your credit score. This in turn can mean the difference between qualifying or being declined for a loan. Second, if you increase your credit score enough it could help you get a lower interest rate – as a result, you could end up saving $100s or even $1,000s in extra interest.

Surviving Bankruptcy Step #2: Know how the credit approval process works

This is another key part of your surviving bankruptcy game plan. You need to know what lenders look for when evaluating a credit application, and how to use that information to your advantage. I cover this in detail in After Bankruptcy Credit Solutions. Timing is also critical – a lot of people who have had a bankruptcy get this wrong when applying for a loan.

Surviving Bankruptcy Step #3: Know how to apply for credit

If you’ve followed steps 1 and 2, then you’re ready for step three. One key part in step 3 is knowing which lenders to apply with. If you don’t, you could end up being in for disappointing results – which can make surviving bankruptcy unnecessarily difficult. Also, once you do find the right lender you want to reduce your interest expenses – there are specific steps you can take that can save you up to $100s or even $1,000s of dollars. There is not enough room to cover them here, but I do go through them in After Bankruptcy Credit Solutions.

So now you know some steps you can take when it comes to surviving bankruptcy as far as credit and loans are concerned. Of course, much will depend on your personal financial situation, age of your bankruptcy, credit score, etc. But hopefully, you can use them as a starting point when it comes to credit and loans after bankruptcy.

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

3 Types Of Debt Help Available Online – Consolidation Loans, Debt Management And Debt Settlement

When it comes to consolidating debt, the internet offers three very good options. When you want to choose between a consolidation loan, debt management, or debt settlement, it is important to have an understanding of each one so you can choose the option that is best for your needs. Many people confuse these three services, but each one brings unique aspects to the job of helping consumers pay off their debts.

Debt Consolidation Loan

A consolidation loan takes all of your high interest credit card debts and turns them into one low interest loan. Often you have to be a home owner to qualify for this type of loan. The idea behind a consolidation loan is that with a lower interest rate, you will actually be able to afford to pay on the principle and that will help you to eventually get yourself out of debt.

Debt Management

Debt management companies work with consumers to help them learn to get control of their finances. The companies teach individuals how to make a budget and stick to it and often help them make a schedule to follow for paying off their debts. Most debt management companies are non profit and exist solely to help consumers get on track. These companies don’t offer loans or negotiations and seldom work with creditors. Instead they work with you so you will have the tools to secure your financial future.

Debt Settlement

Debt settlement companies actually go to your creditors on your behalf. The work hard to negotiate with credit card companies to reduce what you actually owe. They can often lower interest rates, have penalties and late payment fees removed, and even get credit card companies to lower the balance of what you owe. Many of them will set up a system where you pay them one amount each month and then they in turn make payments to your credit card companies.

Mortgage Loan Basics: Interest Only Loans, Pay Option ARM

To understand loans and mortgages we need to understand loan limits first. If your loan amount exceeds the amount below, you will qualify for a Jumbo Loan, which carries higher interest rate.

One-Family (single family homes) $417,000
Two-Family(duplex) $533,850
Three-Family (triplex) $645,300
Four-Family(fourplex) $801,950

FIXED Loans:

30 Year Fixed Mortgage Rates
This loan program is fixed for 30 years. Your interest rate will not change for 30 years. This is ideal for people who plan to stay at their present property for a long period of time.

20 Year Fixed Mortgage Rates
Fixed for 20 years. Your payment will be higher than 30 year fixed loan becuase your loan term is only for 20 years. Interest rate will not change for 20 years.

15 Year Fixed Mortgage Rates
15 year fixed loan has a loan term of 15 years and will not change during this period. Your monthly payment on this loan program will be much higher than 20 years fixed or 30 years fixed. Use this loan program if you plan to sell your home in 5-8 years. Interest rate will not change for 15 years.

ARM (Adjustable Rate Mortgage)

ARM Loans are fixed for a certain period of time, where after that period ARM loan becomes an adjustable loan. How do they work?

Each ARM Loan Program has these options:

1) Index: Most comon index-LIBOR

2) Margin: Is given to you by your lender, and it is the difference between the index rate and the interest charged to the borrower

For example 5/1 ARM. This loan is fixed for 5 years after which in 6th year it becomes an adjustable loan. Your loan officer will tell you what your index is and what your margin is. Usually 5/1 arm is tied to 1-year treasury index and margin is around 2.00%-3.00%

Your index + margin = Fully Index rate . Your new note rate (interest rate) after 5th year.

What about the 6th year? What would your payment be?

Let’s say that your loan officer told you that your margin is 2.5% with 1 year treasury index. You will have to look up 1 year treasury index for a specific month.

1 year treasury as of Oct.2005 is 4.18, and you know that your margin is 2.5%. Therefore you new interest rate is 1 year treasury 4.18% (index) + 2.5% (margin) = 6.68% for the begining of 6th year.

Index rate are move on monthly basis, therefore your payment may flunctuate each month. In most cases banks wills end you a statement advising you that your rate will change.

3) To protect consumers from high index rates, lenders implemented a CAPS.

An example of this is a 2/6 cap, which allows the interest rate on your ARM loan to go up or down by no more than two percent every adjustment period, and has a total limit of six percent for cumulative changes. Therefore a 2/6 cap on a 5% ARM will allow a maximum rate (6 + 5%) of no more than 11%.

In some cases you will see 2/2/6, which means 2% adjustment with 2 year prepayment penalty and total of six percent of cumulative changes.

4) With an arm you can have either a fixed rate or you can choose an Interest Only structure loan.

1/1 ARM Mortgage Rates
1 year ARM (Adjustable Rate Mortgage) is fixed for 1 year and in 2nd year it becomes an adjustable.

3/1 ARM Mortgage Rates
3 year ARM (Adjustable Rate Mortgage) is fixed for 3 years and in 4th year it becomes an adjustable.

5/1 ARM Mortgage Rates
5 year ARM (Adjustable Rate Mortgage) is fixed for 5 years and in 6th year it becomes an adjustable.

7/1 ARM Mortgage Rates
7 year ARM (Adjustable Rate Mortgage) is fixed for 7 years and in 8th year it becomes an adjustable.

10/1 ARM Mortgage Rates
10 year ARM (Adjustable Rate Mortgage) is fixed for 10 years and in 11th year it becomes an adjustable.

Interest Only Loans

For example, if a 30-year fixed-rate loan of $100,000 at 8.5% is interest only, the payment is .085/12 times $100,000, or $708.34. This is an example of interest only payment.

Each loan payment consists of Interest and Principal. Here you will be paying an interest each month and your principal will be adding to your balance, thus increasing it. You may also pay both principal and interest.

If a lender offers you an Interest only Loan these loans are tied to an index just like ARM loans.

MTA Index: The MTA index generally fluctuates slightly more than the COFI, although its movements track each other very closely.

. 1 Month MTA ARM Mortgage Rates
. 3 Month MTA ARM Mortgage Rates
. 6 Month MTA ARM Mortgage Rates
. 12 Month MTA ARM Mortgage Rates

COFI Index: This index rise (and fall) more slowly than rates in general, which is good for you if rates are rising but not good for you if rates are falling.

. 1 Month COFI ARM Mortgage Rates
. 3 Month COFI ARM Mortgage Rates

LIBOR Index: LIBOR is an international index, which follows the world economic condition. It allows international investors to match their cost of lending to their cost of funds. The LIBOR compares most closely to the CMT index and is more open to quick and wide fluctuations than the COFI.

. 6 Month LIBOR ARM Mortgage Rates
. 12 Month LIBOR ARM Mortgage Rates

Pay Option ARM Loan

Pay Option ARM in a new loan program allowing customers to choose from up to 4 different payments. This loan program is part of an ARM, but with added flexibility of making one of the 4 payments.

Your intial start rate varies from 1.000% to anywhere around 4.000%. The intial start rate is held only for one month, after that interest rate changes monthly.

4 major choises are:

1) Minimum payment: Fot the first 12 months interest rate is calculated using the start rate after that interest rate is calculated annually.

Example:

Loan Amount: $200,000.00
Initial Rate: 1.25%
Index: 3.326 (MTA as of October 2005)
Margin: 2.75%
Payment Cap: 7.5%
Fully Indexed Rate: 6.076% (ndex + margin )

Minimum Payment Changes:
Year 1 $666.50 Minimum Payment
Year 2 $716.49 = $666.50 + 7.50%
Year 3 $770.22 = $716.49 + 7.50%
Year 4 $827.99 = $770.22 + 7.50%
Year 5 $890.09 = $827.99 + 7.50%

The Option ARM’s 7.5% payment cap limits how much the payment can increase or decrease each year, except for every fifth year (beginning in the 10th year on certain programs), when the cap does not apply. In the event your balance exceeds your original loan amount by 125% (110% in N.Y.), the payment amount may change more frequently without regard to the payment cap.

Becasue you are paying “minimum payment” this option will defer a payment of an interest which will be added to your balance.

Minimum Payment Adjustment Period: The minimum payment is usually set to 12 months, unless negative amortization limit is reached.

Minimum Payment Cap: This is a limit on how much the minimum payment can change. Your payment cap will be 7.5% for the first five years. On your next payment due, your minimum payment cannot increse or decrease more than 7.5%. If it does than a loan is recast.

Recast (Recasting) or re-calculating your loan is a way of limiting negative amortization (neg-am). Option ARM’s recast every 5 years. When the loan is recast, the payment required to fully amortize the loan over the remaining term becomes the new minimum payment

2) Interest Only Payment: With Interest Only you will avoid deffered interest, becausue you are paying principal and interest. If you pay only Interest or Principal your loan balance will increase because you are adding either pricipal payment or interest payment to your loan balance, thus leading towards Neg-Am Loan.

Your payment may change on monthly basis based on ARM index (LIBOR,COFI,MTA).

3) Fully Amortizing 30-Year Payment: It’s calculated each month based on the prior month’s interest rate, loan balance and remaining loan term. When you choose this option, you reduce your principal and pay off your loan on schedule.

4) Fully Amortizing 15-Year Payment: It is calculated from the first payment due date.

Negative Amortization Loan (Neg-Am Loan)

Negative amortization loans calculate two interest rates. The first is called the payment rate the second is the actual interest rate. The true interest rate is calculated as simply the index plus the margin without periodic caps. Borrowers are given a choice of which rate to pay. Thus advertisers of negative amortization loans often refer to these loans as “payment option” loans.

A loan that allows negative amortization means the borrower is allowed to make a monthly mortgage payment that is less than the interest actually owed during that month. For example, let’s say we have a $200,000 loan with an adjustable rate that’s currently sitting at five percent. Simple interest on this loan is easy to calculate. Multiply the interest rate by the loan amount and you have the annual interest of $10,000. Divide $10,000 by 12 months and the monthly “interest only” payment is $833.33 or simply here is the formula for your monthly payment for interest only loans: loan balance x interest rates / 12 = monthly payment.

Now, let’s say that there’s a provision in the loan documents that allow the borrower to make a minimum payment based on a “payment rate” of four percent. So your lowest payment would be $666.67 because the “payment rate” is based upon four percent, not the actual interest rate, which is five percent.

So if you make make the lowest allowable payment you are actually losing $166.67 in equity. The balance of the loan increases to $200,166.67.

Exotic Mortgage

You may have heard this term before. So what are they?

The latest and most exotic mortgages out there include:

1. The 40-Year Mortgage: This is similar to a 30-year fixed rate mortgage, except the payment is being stretched over an extra 10 years. The lender will charge a slightly higher interest rate, as much as half a percentage point.

2. The Interest-Only Mortgage: With an interest-only mortgage, the lender allows the borrower to pay only the interest for the first so many years of a mortgage. After the grace period, the loan essentially becomes a new mortgage with the interest and principal being stretched only the remaining years. Please refer above for Interest Only Loans.

3. The Negative Amortization Mortgage: This interest-only type of mortgage allows a buyer to pay less than the full amount of interest. The difference between the full interest payment and the amount actually paid is added to the balance of the loan. Please refer above for more information.

4. The Piggy Back Mortgage: This is actually two mortgages, one on top of the other. The first mortgage covers 80% of the property’s value. The second covers the remaining balance at a slightly higher interest rate.

5. 103s and 107s: You may not need to save for a down payment at all. You could borrow 3% or 7% more than your home is even worth. These loans give you the option of borrowing money needed for closing costs and moving costs. You can include it all in the mortgage.

6. Home Equity Line of Credit: These aren’t just for those who own a home! They are commonly known as HELOCs, and they can finance an original home purchase using a credit line instead of a traditional mortgage. HELOCs are variable-rate mortgages tied to the prime rate. If you use this mortgage as your first mortgage, all of the interest is tax deductible.

Medical Business Financing for Healthcare Professionals

Patients ask for doctors help when it is required to maintain better health. However, medical clinics, hospitals, pharmacies, therapists offices, nursing homes and many other medical offices need to run efficiently as a business entity and serve their communities.

Physicians, for example, may not have sufficient working capital to take advantage of an expansion opportunity, especially if they may be expected to commit within a short period of time.

While many doctors have established sound financing relationships with their banks, a traditional bank’s application for a medical business loan may take weeks if not months, for an approval. By that time the business opportunity initially offered may be lost.

Many medical professionals have found a financial partner in National Business Capital. A leading alternative financing company, we strive to assist healthcare professionals to obtain the financing they require quickly.

Medical Business Loans to Benefit Senior Care

A surge in the aging of the baby boomer generation may require an assisted living corporation to consider expanding its facilities. Older couples are seeking efficiency apartments with available on-site medical care more than ever before. Facility directors and planners need a financial relationship to rely on for medical business financing so that they can underwrite some of the construction costs involved.

That same population surge for persons over the age of 65 has provided the opportunity for some to provide a network of home health care workers to seniors still living independently.

To move quickly on this business and healthcare opportunity, many home health aide and assisted living business owners have turned to National Business Capital for swift financing applications, decisions and to receive working capital in days.

Hospitals as well must expand in numerous ways to provide their communities with optimal healthcare opportunities. For example, the recent ICD-10 electronic records update rollout caused many municipal medical facilities to upgrade their computer systems to accommodate this software update.

New advances in radiology have improved survival rates for many diseases and access to these new technologies are imperative to providing the best patient care possible for the most optimal outcomes. Through its Loans for Doctors & Dentists Program, National can assist medical professionals obtain Equipment Leasing and Purchase Financing, that enables medical businesses to lease or to purchase equipment from the vendor they choose.