So, you want to own a dental practice? Gone are the days where dental grad students could leave school and go right into practice ownership and learn on the go. Since then, dentistry has become a lot more complicated. Human resources are often scarce and dental equipment and supplies are becoming more and more expensive - and that’s without taking the COVID-19 ramifications into account!
Dental practice ownership is a great way to build and leave a legacy. However, it’s much more than just clinical practice. The business ownership side has many facets that must be considered and planned for. When many start dental school they see the rewards of practice ownership, and not the trials of being a business owner.
So, you can see that it’s imperative that today’s dentists master more than just clinical dentistry to truly be successful and to enjoy a career that is both financially and personally rewarding. Because it can and should be just that - financially and personally rewarding.
There are three main areas outside of maintaining a continuing clinical education that successful dentists should strive to maintain as well.
A dentist should learn how to manage money. Many dental school graduates are leaving with a fair bit of debt, and this can deter or prevent dental school grads from pursuing practice ownership. Owning your own dental practice means that you’ll be earning more than you would working for another practice. Committing to living within your means is the only way to get ahead.
While getting into more debt to become a practice owner can be scary, as you’re accumulating more debt, it’s seen as good debt. In order to get out of debt, accumulating good debt can put you on the path to financial freedom. You should also seek out the advice of a financial advisor who can help you prepare your tax strategy, investments, retirement planning, and to pay off your debt early.
Another critical item that dentists need to learn about is business management. When you make the decision to jump into practice ownership, there are tons of resources out there from books, articles, mentors and in fact, Dental B-School. When it comes to business management, planning is critical.
“Those who fail to plan, plan to fail.” - Winston Churchill
What is your vision for your practice? What does the end goal look like? Once you have that in mind, you can plan backwards to create measurable and timely goals. Two documents that you’ll need to secure loans include a business plan and pro forma.
Employment law alone is enough to make anyone want to go back to school! There are many laws out there that govern the hiring and firing of your employees, along with other stuff such as overtime and more. Not being versed in those could be setting yourself up for a lawsuit.
Busy does not mean profitable.
If any of these apply to you, you may want to reach out to Dental B-School today:
One thing COVID-19 has taught us is that you must always pay attention to what’s going on in the world, and not just in your practice. Dentistry and healthcare are rapidly undergoing changes and it’s important to stay ahead of the curve.
Because without people skills, your practice may not be around for long!
A successful practice owner will take the time to invest in the skills of forming good and lasting relationships. This also goes towards building both patient and employee loyalty and hopefully, referrals. Here are a few reasons why people skills are vital to the success of your practice:
A part of this is learning to self-reflect and hold yourself accountable.
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Wouldn't it be a good idea to create a course?
