Case Study: Woodview Oral Surgery

Industry: Healthcare

Woodview Oral Surgery is a dental practice focused on providing oral and maxillofacial surgery services. The company was reorganized in 2012 to operate under Washington Oral Surgery Center, LLC with locations in Largo, MD and Washington, DC.

As a dental specialist, the practice receives referrals from other dentists to manage patients needing surgical procedures such as removal of wisdom teeth, and dental implants to replace missing teeth. The practice also diagnoses and provides biopsies of suspicious growths and removal of benign tumors and cysts. In addition, Woodview provides trauma services to Prince George’s Hospital Center, treating people who sustain facial injuries and fractures from accidents and other mishaps.

The team at Woodview Oral Surgery faces the operational challenges of running and growing a business and cultivating a professional staff, while developing consistent systems that allow for increased growth without compromising on quality care. In addition, the practice faces the challenges of managing successful expansion, as they purchased, renovated and staffed a second location in 2015.

Woodview also keeps abreast in their fast-paced industry with numerous developments for providing better patient care. The technology is not inexpensive and there is always the need to analyze capital investment costs versus benefits. Regardless of the challenges, the dentists and professional staff enjoy being in a dynamic industry that offers many opportunities.

During the past two years, Woodview made significant capital investments for purchasing, renovating and operating their second location which involved obtaining financing from several different entities. From an accounting perspective, it was important that their numbers were consistent and in agreement, while accurately reflecting the practice’s operations. In addition, as a small company operating in two distinct jurisdictions (Maryland and the District of Columbia), it is always important to ensure that accounting systems and processes are capable of handling the differences in reporting requirements.

BradyRenner came highly recommended after Woodview had a different accounting firm that missed several highly important issues with their taxes that resulted in notices from the IRS requiring them to file an amendment to their taxes.

According to Miko Nkungula, Finance Manager, “The support that Woodview receives from BradyRenner is always spot-on. They are accessible and often offer advice on how we can better manage our finances by providing strategic insight and analysis.”

BradyRenner has also provided Woodview with financial advice on strategies that they can use to decrease their tax burden. For example, they provided an analysis on how a profit-sharing plan would be beneficial to the practice’s bottom line, while also serving as a means of showing appreciation for our employees and investing into their future. Another area that BradyRenner examines is the practice’s capital investments, helping the team decide which form of financing makes the best sense for Woodview’s large equipment purchases.

Adds Nkungula, “Matt has been personable, accessible, responsive and fun to work with. He understands our business model and cares about our questions and dilemmas. He is quick to provide solutions and reason with us through the full range of our accounting needs.”