Cliff's Notes

The Business of Dentistry

The Dental Business Institute – Prepare for the Future

The best way to be successful is to listen and observe the success that others have had or are having. There is no cookie-cutter solution because every business is different and serves a different demographic (that’s why I like local consultants) but best practices can be modified to fit any environment. A dental practice is a small business and it has to run efficiently while investing in growth. Years back I attended the Disney Institute, the seminars and training changed the way I approached customer service and employee management. Employee management (Team Engagement) is the foundation for success. The Dental Business Institute ((https://henryscheindbi.com/) is a similar program that was specifically designed for the dental industry by Henry Schein.

Many dentists who operate independent practices find it difficult to compete in the ever-changing marketplace. Many small group practices encounter the same challenges. Reduced reimbursements and emergence of group and corporate practices force practitioners to think about the future differently. The Dental Business  Institute at Henry Schein was created to support and guide dentists through a successful entrepreneurial exploration of their business and its potential.

The Dental Business Institute … is a year-long educational program that guides practitioners through the process of applying different business models to their practice vision. Attendees first identify their desired outcome, then design a business model that helps achieve that outcome. The model is tested through simulation to see how different decisions impact financial statements and attainment of business goals.

Program attendees can experience the impact of business decisions prior to investing time and resources. As plans are made, each action is tested to determine the impact on cash flow, profitability, and valuation. Based on the simulation results, participants learn where to adjust prior to implementation in the real world.

Question … What is the most important asset you have? It’s probably the one you abuse the most.

Answer … Your Team! Most dentists (small business owners) don’t understand how to develop strong clinical and management teams that will work together “peacefully”.

Success Costs Money … It is true that you need to spend money to make money. Where you spend (invest) your money will effect the success of your business. A competitive compensation package will attract competent team members and retain them for a long time. Today’s labor shortage puts quality at a premium and if you pay peanuts you’ll get monkeys. You can’t build a dental practice that will rise smoothly through the next decade without a solid foundation. Listen and learn from experts. Please feel free to contact me at any time with any questions or concerns.

May 22, 2019 - Posted by | Uncategorized

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