Whether you recently graduated from dental school, or you have been working in the field for many years, there are always ways in which you could improve your business and find even more success in this innovative and ever-growing field. Let’s take a look at just some ways you could improve your bottom line and grow your practice.
Build a Great Business Team
Whether you have an established business or you’re looking to open a new practice it is important that you and your team have an understanding of the principles of business so you can focus on growing your practice. Establish written standards, be clear on your expectations, give your team examples of the experience you want to create in your business, and establish team leaders who you can rely on to lead the business side of your practice while you focus on other aspects of dentistry.
By teaching your team to pay attention to and think about profit, customer satisfaction, correct use of resources and other concepts of value you will be better equipped to do what you do best safely in the knowledge that your team is able to support you in your endeavours.
Always Aim for Innovation
As a dentist in a field that is continuously exploring new and better ways to care for their clients you should always be willing to learn about the latest developments in the world of dentistry and be looking to innovate and improve as your practice grows.
Innovations can include things like improved productivity or quality of service and can extend from enhancing a client’s experience in the chair to other aspects of your business such as appointment management, client feedback, client retention and more.
While running your own solo practice may be enticing, there has been a definite shift in the business model of dentistry over the last decade with many practitioners understanding the need to share the load in terms of administrative and financial burdens. While being part of a corporate dental chain is certainly an option, many dentists are instead opting for co-branding dentistry models where each practice is owned by the dental practitioner but each practice within the model receives administrative infrastructure and support with non-clinical aspects of the business from the franchisor so the dentist can focus on his patients while the more business-orientated team takes care of the day-to-day needs of the practice.
If co-branding doesn’t interest you then you could also explore the option of buying an existing practice in order to leverage off of their existing client base and staff. Buying an existing dentist for sale from a practitioner who is retiring will enable you to build your name and brand in a practice that is already up and running with an existing patient base, experienced staff and existing billing and payroll systems so you will remove many of the hurdles often encountered by a new practice.
Building a great dental practice means building a great business and this will always come with its share of challenges. However, with the right attitude and motivations, you could improve your bottom line while still keeping your client’s needs front of mind.