Cliff's Notes

The Business of Dentistry

Reflections of Dentistry 2018

Closing out a year of business is like approaching the finish line in a race or scoring a goal. Most of the NJ/NY dental healthcare community has finished up. Now take a deep breath because January 1st it starts all over again.

This is the time when we look back on the past year and reevaluate procedure and protocol. It’s time to take ownership of all the successes and failures as an organization and fix the things that don’t work while enhancing the ones that do. Let’s start with the single most important asset, the team.

The Team … In this ever evolving healthcare market an investment in personnel and infrastructure is absolutely necessary. When I walk into a dental practice and hear an owner or manager say “we just can’t find good help” or “I can’t find a good assistant”  I know they don’t understand team management. Team members are not there to “help” or “assist” you, they are there to support their own lives. A team leader’s job is to get everyone to do what they don’t want to do and enjoy doing it, that is not easy. The best way to accomplish this is to “Show them the Money”.

Show Them the Money … Let’s face it, pay peanuts & get monkeys. But, you can’t keep giving raises for two main reasons. First, you can’t afford it and second, it is not healthy for the team. If you continue to give raises you will eventually price your team out of the market and when the day comes that you can’t give anymore dysfunction begins. If you want people to help you make money, you have to let them make money. So, why not give them the opportunity to put some skin in the game.

Put Some Skin in the Game … Every growing business needs quality team members and programs to keep them happy and loyal. Bonus based on production is the most popular because it is a transparent and can be set-up on a quarterly basis. These programs almost always have a positive effect on the bottom line. There may be several revenue generating projects you have such as Sleep Medicine, Clear Aligners, Internal Marketing, etc. Have one separate team members focus on each and production will grow. Project leaders will also feel good about their successes. The real golden handcuffs that retain quality personnel are added benefits.

Golden Handcuffs … The unseen value that the millennial workforce is looking for. Healthcare and 401k plans are important for a smooth functioning team. I see practices everyday that offer benefits and others that don’t and there is a difference. Top line talent want a career with opportunities. Years ago I was offered a great position with a well respected company and I turned it down. The reason was that I didn’t see any younger management being offered long term opportunity and that limited company growth. Trained talent moved on to competitors for a better package.

The Package … The package is everything. When you combine a competitive wage with benefits and bonus on production that is tied to a 401k you are not only showing your team you are investing in them, but you are asking them to be part of the future. Now you have a team that has a reason to preform and be accountable for their failures and successes. Now it is time to lead.

Team Leader … You must be involved with every phases of your practice. You don’t have to know how to do everything but you do know what to expect from a good team.

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December 31, 2018 Posted by | Uncategorized | Leave a comment