Times are especially hard right now for just about every business. However, those that have adapted to change in the economy are more likely to thrive. That’s as true of just about any dental practice as it is of any business. Being a good dentist isn’t enough anymore. If you want to run a practice, you also have to be good at business. But while it does take a lot of work to run a dental practice, following three simple rules can help you improve your practice.
Production is very important in terms of running a successful business. If you don’t produce a good service, you aren’t going to have any customers. Dental practices are encouraged to find hygienists and staff that provide top-notch service that can bring people in through the door through word-of-mouth. Practices are encouraged to provide on the job training and feedback so staff can work to the best of their ability. Without production, your business is destined to fail and cause you a lot of grief. Your business should at least demonstrate three years of production after all the tax write-offs.
Sometimes it is hard to make ends meet and pay your bills on time, but you should always try to do so when you can. If not, you are getting services for free and therefore stealing from a business. Another aspect of running just about any business is being able to collect revenue from your customers. Dentist offices provide services like cleaning, cavity filling, root canals, and tooth removal. While you may come into dentistry with the best of intentions, good intentions alone aren’t going to be enough to keep your practice afloat in this economy.
While there are some that go into any essential profession without any desire to make a profit, sometimes that is not beneficial to the growth of your business. In some cases making a profit could make or break your experience owning a business and you have to give in in order to adapt. With dentistry, things tend to change and some procedures that notoriously were not covered by insurance now are. Dentists need to stay abreast of the financial parameters of a situation so they can stay in the black without overcharging patients.