Cliff's Notes

The Business of Dentistry

Survival of the Fittest, The Future of Dentistry, Part II

thda9p5tmj

My last rant about the “Survival of the Fittest” was surprisingly well received . I am not a professional writer, I write like I speak, but I guess the subject on the blog post hit a nerve. The responses and forwards along with transmission contact reports confirm the smaller market’s concern over the rapid advances in technology and their ability to afford it. That is a concern, but no different than any small market (50 or less employees) business in today’s economy. You need to be prepared because the time may come that you may need to decide if you want to be an employer or employee. If ownership/equity is your plan just understand, it’s not easy. But it can be exciting.

You have to like what you do. Most of the dental professionals I deal with love cosmetic and reconstructive dentistry, it’s an art that most people can’t do. They love sitting chairside and working with patients with assorted personalities. But those same great clinicians hate the management end of the business. All the requirements of running a healthcare based business can be overwhelming and quiet often the person sitting on the top of the mountain gets burned out and goes into autopilot. Autopilot can be addicting and dangerous.

Quality Management is the key to a successful organization. Leadership creates the quality. Here lies the problem for the average dentist. A dentist is a doctor, a specialist in oral health just like a cardiologist is a specialist in the functions of the heart. However, doctors are scientists and in most cases not managers but they can be leaders. A leader requires passion and passion is contagious when presented correctly. The development of a quality and well compensated team is the foundation needed to succeed in the future. Putting together a quality team can be difficult and hiring a recruiter or management consultant is not a bad idea. There are several that I think are excellent and I would be happy to share their contact information.

Quality Financial Consultants are essential for any successful business. In a dental practice the owner/decision maker is also the primary revenue generator and they need trusted advise. I always recommend advisors that specialize in the dental/healthcare world mainly because the daily operation of the business is unique. Most financial advisors are CPA’s but not all CPA’s are financial advisors. A good advisor will insist on consulting with you on a quarterly basis and provide tax planning solution within weeks of the end of your Q3. If your advisor is just doing your taxes according to what you give them, its time to start looking for a new “advisor”.

Technology & Diagnostics are requirements to succeed in today’s market. Top quality management and 3rd party consultation are investments in your practice. You need to engage in the digital revolution and “focus on what can go right”. Now is the time to get started. Please feel free to contact me with any questions or concerns.

Ad-Photo-7486-1Henry Schein 2

Advertisements

September 14, 2016 Posted by | Uncategorized | Leave a comment

Survival of the Fittest! The Future of Dentistry

the%20strongest%20species

Charles Darwin studied evolution and change. I believe he was correct in stating that adaptation to change is the key to survival so it puzzles me when I see people resist it. We all need to embrace the changes in providing healthcare because the advances in technology are speeding up the evolution.

Dentistry (Oral Health) has always been the step-child of medicine and the dentist was never considered a “real doctor” well, that has changed. The advancements in technology has opened the door to a new world of diagnostic capabilities. Dentistry can now detect many systemic conditions before the patient exhibits symptoms. Now think about that from the Insurance company’s view. They are fully aware that early detection and treatment is financially beneficial to them. Early detection leads to cures and that means less professional intervention. Yes, outside of your office it is all about the money.

As we move into 2017, insurance will have a greater impact on our society. No matter which direction politics take us the landscape will continue to evolve at a faster and faster pace. So, how do we survive in this new environment? We embrace the change.

Where will your dental practice be in 3 years? How about 5? I can tell you that if you are still around in 10 years your practice will be nothing you would recognize today. In the next year the 3D printers will be functional in the dental office. Your going to scan your clinical preparations and if you use an outside lab, be able to pint out a temporary crown or appliance the minute you finish the prep. Your diagnostics will all be 3D and you will be looking deeper into the human anatomy than ever before. Radiation will be a thing of the past once the software is available to incorporate ultrasound. And then there are the specialist. The private dental office will have less places to refer to because the specialists will be working in general practices. To survive as the market shifts all clinical procedures will need to be kept in-house.

In 2020 Electronic Health Records (EHR) will be required by all dental professionals. That requires updating software and a plan to integrate digital components and solutions. Saying you have digital radiography is not enough but it is a start. The standard dental practice will need to utilize new technologies to accommodate new diagnostic codes being made available by the ADA and AMA. Also, If you have not started moving towards the “paperless environment” you are working behind the curve. The State of New York already requires E-Scribe and it won’t be long before the other 49 states follow. The train has left the station and it is time to start running and jump on-board.

Now lets talk about the value and “curb appeal” of a practice that is preparing for transition. Young professionals looking to establish their own practice will be more attracted to an organization that is well entrenched in the digital revolution. Today’s graduates do not know how to develop x-ray film and in the very near future they won’t be taught how to use impression materials. They learn the advanced digital formats and when entering residency programs their skills will be honed with digital imaging and diagnostics. The age of dental chairs, lights, compressor, etc. are not the value, as most sellers think. The value is in the ability to practice 21st century dentistry the way new dental professionals are taught and the amount of funds needed for additional investments required to grow a business in the fast paced healthcare revolution.

Please feel free to contact me with any questions or concerns and your comments are always welcome.

Ad-Photo-7486-1Total Health

September 5, 2016 Posted by | Uncategorized | Leave a comment