A dentist has to evolve with the growing trends of the industry. In the last decade, we’ve seen an unstable economy emerge from the brink of disaster. Still, much uncertainty remains about the economy’s future due to global instability, war in the mid east, corruption and violence in Latin America, tensions with North Korea and trade conflicts with China. On the contrary, the United States’ economic growth rate is steadily improving due to increased production of energy reserves, a reduced trade balance, and growth in manufacturing. All of these global trends affect the direction of the economy which ultimately affects the way your practice should be managed.
KEEP IT SIMPLE AND DON’T FORGET THE BASICS
As a dentist, your job is to provide health care to people who need it. The best way to ensure that your practice succeeds is by providing quality care. By earning your patient’s trust, your customer retention ratio should increase. Your business needs to become a brand that the community wants to embrace. That simple idea will ensure your survival for years.
AS THE CHIEF IN COMMAND, DENTIST MUST ALWAYS BE AWARE OF THE BUSINESS NEEDS OF THE PRACTICE
In general, dentists don’t want to deal with business matters. There is nothing more convenient than having a reliable office manager that you can trust. But all losses and earnings should be reported to the dentists on a quarterly basis in order to pin point areas that are either helping or hurting the practice. When you’re charging $500 for a crown, some of these losses may not seem so relevant. According to Rick Workmann DMD, “The economic problems we’ve seen in the country have established a new reality in our industry-many dentists are unable to sell their offices with associated dentists, and young dentists with a large amount of student loans can’t finance a new office or start up on their own. This has led to a continual increase in the number of quality dentists searching for a means to succeed.” Taking account of smaller scale costs throughout your practice can prove to be a worthy effort in the long run.
TAKE CONTROL OF THE DEMANDS
The evolving dentists has to handle more administrative duties today than ever in time. Such responsibilities may take away from surgical performance and affect the overall image of the company. Demands such as payroll management, looking for new technology that can improve patient care while reducing time and increasing revenue, implementing new strategies and marketing techniques, and supply inventory may be time consuming or tedious. Dental management companies are a great idea if the capital is available to invest. They overlook all these areas in order to find way to increase revenue and reduce spending.