Specialists for Taxes and Finances

Layton lists four pillars upon which his success has been built. "The No. 1 priority is customer service; we are meeting people before we treat patients," he says. "Then, we provide outstanding clinical dentistry. We maximize the limited time that people have to spend with us. Finally, we try to have fun while we work and make it an easy, light-hearted experience for the patient."

Of course, the corporate competition makes it increasingly important for Layton's practice to run an efficient financial operation, but a busy dentist often cannot do that without help. Layton relies on Medical Incentive Advisors, which specializes in little-known tax strategies to maximize income for practice owners and recently added a service bringing together professionals from legal, financial, and accounting backgrounds to provide a more holistic service to clients. Medical Incentive Advisors CEO and founder Corbin Rayburn likens the approach to that of dentists:  "General practitioners often can perform root canals or place implants," he says, "but for more complex cases, they refer to specialists. We feel that same approach is necessary with finances. So much money is being left on the table because nobody specializes in everything."

Medical Incentive Advisors has become well-known for its work with the Internal Revenue Service's R&D Tax Credit, among other services; on average, the company's clients save at least $30,000 per year using the strategies they implement. Layton worked with Medical Incentive Advisors when obtaining the Employee Retention Tax Credit. "I had tried to work with local companies," he says, "but the projections they gave me did not seem remotely correct based on conversations with colleagues. Medical Incentive Advisors knows what they are doing because they are specialized in those niche services." Layton says he was immediately impressed by Rayburn's wealth of knowledge. "When it comes to tax credits, getting started can feel like the Wild West," Layton says. "Corbin's team has the experience to guide you through the entire process." Rayburn notes that in some cases, local accountants are able to get $20,000 in tax credits but Medical Incentive Advisors is able to get $120,000.

Rayburn says his company's new financial services are important because dentists need to know how to handle the money he recoups for them. "These tax credits become taxable income for our clients," Rayburn says. "Now, we can help practice owners alleviate their tax liabilities and work with experts on advanced tax planning."

In addition to expertise, Medical Incentive Advisors prioritizes customer service. Whereas other advisors may be difficult to reach by phone just once a year, Rayburn's advisors schedule quarterly meetings to ensure that their clients are staying on track. "As dentists, we are responsible for keeping our patients on re-care schedules," Layton says. "Our financial advisors' job is to keep us on schedule with our finances. A dentist who works hard and earns a lot of money but focuses more on patient care needs somebody to keep them in line, and the Medical Incentive Advisors team does that. It is easy to let something go for a lot longer than you intend, so having somebody pick up the phone and keep you in line is critical." Layton notes that during the COVID-19 shutdown in 2020, his advisors reached out to work on strategies to persevere through the pandemic. "They helped me fill out applications for various programs to help us get through the hard times," he says.

Rayburn emphasizes the importance of proactive tax planning. He says clients sometimes call him about their taxes after receiving an influx of cash from a tax credit or a sale, but little can be done at that point. "If you are working with a team of advisors that is proactively helping you plan, there is a ton that we can do," Rayburn says. "Dentists are paying more than they need to when they are not working with a team that is considering all of their different options."

Just as Layton set out to create a group practice that would provide the best possible patient care, Medical Incentive Advisors provides him with the best possible financial and tax services. "Dentists do not need to settle for mediocre, subpar accounting," Rayburn says. "Some are missing out on tens of thousands of dollars-in some cases even $100,000—as well as the peace of mind that comes with being confident in how your taxes were handled."

Layton appreciates that ability to trust his advisors. "They are very honest, which can be a hard quality to find," he says. "They are truly out to help, and they do what they do very well."

With its expanded suite of services, Medical Incentive Advisors is even stronger in its ability to help dentists. "We can really help the practice owner monetize their tax savings and grow their lifetime wealth," Rayburn says.

•Medical Incentive Advisors specializes in little-known tax strategies to maximize income for practice owners, helping clients save an average of at least $30,000 per year.

•Medical Incentive Advisors now also brings together professionals from legal, financial, and accounting backgrounds to provide a more holistic service to clients.

•The new services provide access to specialists on various tax topics.

CONTACT INFORMATION
Medical Incentive Advisors
medicalincentiveadvisors.com
713-819-2084