The problem many dentists face is that they might lack the skills and knowledge to be good businessmen.
The many years in medical school did not come with an extensive education or training on how to run a business.
This is something that many dentists will be doing after getting their licenses, as any dental consultant knows.
As to how many dentists are ready to be full-time managers while being full-time dentists, only time will tell.
Setting up shop Several dentists will get residencies in big hospitals or get signed up for major clinics.
Even as a senior staff or a partner in these offices, running the show will most likely not be part of their contract.
They will be there to practice their craft most of the time.
For the grand majority of dentists, it will come down to setting up their own clinic.
There are many reasons for doing this, including the thought that you are setting up shop to offer excellent oral care for your community.
Dental consulting experts will tell you, though, that good intentions or even your skill as a dentist is not an assurance that your business will get off the ground.
You might know how to extract the most complicated impacted tooth eruptions or give people a smile worthy of Hollywood, but running a business also needs knowledge of overhead or the efficient juggling of patient schedules.
You can calm a child who is about to have his or her first tooth extraction, but can you handle the concerns of disgruntled staff? Do you even have an effective collection system in place? Rarely are these concerns taught in med school.
As any dental consultant knows, every dentist will have to face these issues.
How you deal with them will determine if your practice is financially successful or not.
Practices you have to note There are many things to keep in mind so your practice will thrive.
Dental consulting experts say having clear and concrete goals are one of the more important factors to have.
Goals are the reason for your putting up your own dental clinic, or targets for you and your staff.
Not only do clear goals set your direction, but achieving them gives you more time to do other equally important stuff (like enjoying your personal life).
Another area to look at is the overhead.
Many businesses fail because the cost of running their business exceeded what they earned.
Making sure that your overhead remains at a realistic and manageable ceiling will go a long way in making your clinic sustainable.
Dental consulting specialists also remind dentists to insist on getting paid for what you do.
This is a policy you and your staff should never compromise on, as this is what sustains your practice.
If you can bring your collection up to a 100%, so much the better.
Having an efficient schedule, and a system for dealing with sudden changes to it, can ensure maximum productivity.
There must never be a wasted minute in your weekly schedule, no matter how many hours you worked.
It should also allow you and your staff to deal with sudden changes, like when a patient absolutely needs to get a tooth removed now, or to fill up a spare slot.
These are concepts dental consulting experts teach dentists so they will have a more fulfilling and financially rewarding practice.
After all, private practice dentistry is not just about fixing teeth and whitening smiles.
It is also about making your business healthy and sustainable.