Cliff's Notes

The Business of Dentistry

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

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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.

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September 14, 2016 - Posted by | Uncategorized

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