What to Know About Owning a Dental Practice

Owning a dental practice is owning a business. There is a balance between being a care provider and a business owner. Dental practice can be both rewarding and a challenge. Here are some things you need to know about owning a dental practice.

1. Keep This in Mind

A dental practice is a business that needs to be run as such. To run a business efficiently, you need support. You will need to hire people who have expertise in office management, dental billing coding, and more. The right support staff will help your practice to be successful.

Staff is essential to any business, especially to dental practice. Your staff will manage everything from scheduling to arranging services. According to Colgate and other experts, people should visit the dentist twice a year. However, a big part of ensuring that you are managing to get people into your office is marketing, which is the next topic.

2. Marketing Dental Practices

As a professional, it can be hard to think of “selling your services” to the public, but that is exactly what dental practice marketing focuses on. To build a strong business you need patients and dental marketing can help bring those patients to your doorstep. Once you have patients interested in your practice it will be your skill set and patient care that keeps them coming back.

Finding your niche in the dental practice market can help. For example, catering to patients who have a fear of the dentist can be a great niche area to market to. According to the Cleveland Clinic, about 12% of adults in the United States suffer from an extreme fear of the dentist. A strategic marketing plan is necessary to grow your dental practice.

3. Educating the Public

Providing education to the public and becoming a part of the community that you work in is a great way to bolster business and build trust. Participating in community events and providing free information to the public is a great way to build your business and further dental health practices. As a business owner, it’s essential that you network in the community.

We talked about the importance of having a marketing plan in place; networking in the community should be a part of that plan. Sharing information, according to Weekend Dentistry, a well-cared-for dental bridge that can last for 15 years, is valued information. Sharing information and education will improve your reputation. Word-of-mouth referrals will start pouring in. Educating the public is a good way to stay balanced as a business owner and a dental care provider.

4. Tough Decision Making

You likely became a dentist because you wanted to help people. There are certain activities you should outsource to ensure that you do not have to make hard decisions, like refusing service to patients who are behind on payments. Many dentists choose to outsource billing and collections to avoid having to deal with that part of the business.

For your practice to thrive, you need to get paid. Collections can be uncomfortable. As a dentist, you should not have any financial conversations with your patients that should be left up to the office staff. Talking about fees, payment plans, and more can all be done at the front desk with your office manager.

Consider automating a lot of your office management. Things like automated check-ins and patient portals can save time and money for your business. It can also ensure that you don’t have to have uncomfortable conversations about billing and collections.

Owning a dental practice is a big commitment. It’s essential that you take the time to understand what it means to be a business owner and a practitioner. Get the support you need to reduce the challenges of owning a dental practice.