“So how do I set up a good dental practice?”
When I meet colleagues or new dentists, it’s the first real question that gets put to me, after the hellos and “that’s-a-nice-shirt-you’re-wearing” chit chat.
It’s a great question. But sometimes the answer I give isn’t exactly what they expect.
The answer, or at least my version of it, is that setting up a good dental practice is exactly like setting up a good business.
Do you want to get your dental career started on the right path? Are you looking to put in place the practices and procedures to make your existing dental business more profitable? Send Dr. Coughlin a quick email today!
My colleague Steve Parker is responsible for that observation and he’s absolutely correct.
So how do you set up a good business that just happens to be a dental practice?
It comes down to focusing on five areas:
- Money (finance)
- Metrics (measurement for the business and systems)
Whether you be setting up a sole practitioner office or one in a DSO or MSO, the principles are the same. A DSO will provide the measurement systems and some of the team building tools. But in the end it’s up to you to provide inspired and inspiring leadership.
But here’s the rub. Most dental school graduates emerge from the hallowed halls of their academe wielding a dental drill like a champion but with a limited business acumen that borders on financial illiteracy.
It may explain why some find the allure of DSOs and MSOs enticing. Much of the marketing and business growth is left to the corporate head offices.
But let’s go back to those factors again, one by one…
Leadership: It’s about the buck stopping with you. It’s about standing behind your team members so they know you have their back. Remember, how you behave sets the tone and atmosphere of your entire practice.
Team Building: Your team can build you up if you build them up. Get them to understand that training is a lifelong pursuit. If one of them learns something in any given day, ask them to share it with the others. Encourage sharing of lessons learned and how they were learned them. In essence, you are their coach, showing them how to do the work, push them when needed and cheer them when they do a superb job.
Money (finance): This one is important if only to ensure a smooth flow of finances to keep the doors open.
Metrics (measurement for the business and systems): This is about where you steer your Good Ship Dental and why you’re doing it. If you decide to focus on getting new children patients, then that is where you’ll point your metrics and determine your success.
Is it really that easy? Well yes and no. Within each of the four areas noted above there are multiple areas for discussion and exploration.
But those four factors are the foundation of setting up a good Dental / Business practice.
If you want more direction on setting up a new dental practice, please give me a call.