Unlocking Efficiency and Compliance: The Role of Lease Administration for Dental Organizations
It is no secret that our dental industry experiences challenges when it comes to managing its organization’s lease data efficiently. The traditional method of manually tracking lease information on Excel spreadsheets is not only time-consuming but also prone to errors, leading to potential compliance issues and missed opportunities. In this blog post, I want to shed light on why adopting our lease administration software is the right move for your dental group with multiple locations, and how we can help your team stay organized and maintain efficient records of lease data.
1. Track Lease Expiration Dates with Ease
One of the primary advantages of using lease administration software is its ability to streamline the tracking of lease expiration dates. In our fast-paced approach to organizational growth, keeping track of multiple lease agreements can be overwhelming. Missed lease renewals or terminations can result in unnecessary costs or disruptions to your operations resulting in overpaying in rent, and loss of potential landlord concessions. Lease administration ensures that you receive timely notifications for upcoming lease expirations - up to 3 years in advance, giving you ample time to negotiate new terms or plan for relocations if needed.
2. Achieve Lease Accounting ASC 842 Compliance
The new lease accounting standard, ASC 842, requires companies to report lease obligations on their balance sheets. Compliance with this standard is crucial for dental groups, as it enables stakeholders to make informed decisions about the organization's financial health. Manual tracking and calculations of lease accounting data on spreadsheets can be error-prone, and extremely time-consuming, leading to non-compliance risks. With Re*Lease Administration, you can rest assured that your lease accounting is accurate and meets ASC 842 requirements, helping you avoid penalties and maintain transparency with investors and lenders.
3. Efficiently Track Tenant vs. Landlord Responsibilities
Lease agreements often involve complex arrangements regarding responsibilities and costs, such as property maintenance & repairs, insurance, taxes, and utilities. Manually tracking these responsibilities on spreadsheets can lead to misunderstandings or disputes between your organization and the landlord at each site. Our focus is to remove the uncertainty by providing a centralized platform to document and track tenant and landlord responsibilities throughout the lease term. This transparency helps foster better landlord-tenant relationships and prevents the need to hire an attorney to correctly identify each item as it arises.
4. Cost Savings/Improved Efficiencies for Your Team
The Re*Lease Administration team helps identify cost-saving opportunities, negotiate favorable lease terms, and avoid penalties, ultimately strengthening the dental group's financial position. We fully understand the time commitment managing your real estate portfolio can take, and our goal is to help alleviate some of this responsibility. By adopting our lease administration software, your group can streamline lease management processes, which translates into increased efficiency and reduced administrative burdens. With easy access to all lease data in one place, you can quickly retrieve essential information, make informed decisions, and respond to queries promptly. This streamlined approach frees up your team's time, allowing them to focus on providing quality patient care and growing your dental group.
Overall, Re*Lease Administration offers your dental group numerous benefits over manually tracking lease data on Excel spreadsheets. From tracking lease expiration dates and ensuring compliance with ASC 842 to efficiently managing tenant and landlord responsibilities, our software empowers your organization to stay organized and run smoothly. Investing in lease administration software is a strategic move that can lead to significant long-term savings and improved operational efficiency. Allow us to help your dental group strengthen its financial position, minimize compliance risks, and focus on delivering exceptional dental services to patients. Reach out to learn more about how we can work together.
