Business

Managing Your Business

Every dentist out there can really fall back on all training they learned in dental school on how to run a business, right?  All those hours you’ve taken on business courses is really coming in handy….

What we all know, is that a dentist comes out of dental school ready to start a business with only one corner of what’s needed to complete the box – doing dentistry!  However, the only thing worse than a dentist without a business degree is a dentist with a business degree.  Now that we’ve got that out of the way…

 

We have found that the service and care that’s delivered in a practice that’s struggling financially is considerably less than the office that is managed well and is profitable.  That’s one more area in which we are dedicated to taking care of the care giver.  We walk you through every aspect of your business and work with you on making certain all of your business systems are healthy and in good working order.  Those areas include:

 

• Do you have a written business plan?
• Do you have a plan for financial independence for you and your staff?
• Is the sale of your practice critical in your ability to retire?
• Business Overhead
• Practice productivity – do you have the right mix of dentistry?
• Fee schedules
• Revenue percentages
• Collection rates
• Accounts Receivable
• Insurance Management – what percentage of your income comes through insurance plans?
• How many new patients and where do they come from.  Are they the types of patients that will help you build your practice?
• Do you have a written Marketing Plan?
• What is your exit strategy?
• Are your staff costs in alignment?
• Do you offer a benefit package to all employees?
• How quickly do you need to grow your practice?
• Do you need to find an associate?
• When do you hire another staff person?

 

And, the list goes on.