After graduating from dental school, it can be exciting to look forward to starting your own practice. However, the weight of student loan debt, cumbersome tax laws, and government compliance could be intimidating to new dentists. But, the dental consultants at Bryant Consultants are offering some guidance when starting your own practice by sharing 10 mistakes to avoid as a new dentist.
- Waiting Too Long
Most recent dental graduates are comfortable starting out as an associate in another practice. Over time, some associates consider owning their own practice. Since it could take up to 15 years to pay off practice acquisition debt, starting your own practice at an older age may not provide the same outcome, rewards, and timely retirement.
- Elaborate Offices
A classy, well-decorated office could be accomplished on a budget. Once you establish an office location, basic decorations could be purchased at second-hand stores. Patients will return to see a dentist who builds a relationship with them and maintains a clean office, no matter the décor. While we encourage you to create an attractive office, you don’t have to go overboard or into significant debt to impress patients.
- Your Practice Vision
One of the most important aspects of a dental practice is the vision or why the practice exists. Once the vision is clear, it should be shared with the team and reinforced through action and branding practices. A clear vision that is well communicated to the team should result in less employee and patient turnover.
- Lack of Leadership
Dental practices need a leader as they do not function by themselves. The leader takes the responsibility of the daily operations, including the setup of a reporting system that provides critical statistics on the performance of the practice. The system should report activities on a daily, weekly, and monthly basis.
- Hiring Team Members
Finding quality team members is your overall goal. Interviews are a great way to learn about a potential team member, but inviting the candidate to shadow your team for a day would give you, and them, a better sense as to whether or not they would be a good fit in your practice. If, after hiring a candidate, they become a poor performer, address the situation immediately as other members may see that poor performance is tolerated.
- Demographic Data Review
Reviewing the economic makeup of the surrounding area through demographic data could provide a unique insight into the future success of your practice. For example, the study would provide data on other dentists in the area and assist you in determining the location of your new office based on that data.
- Managing Your Practice
New dentists seldom have the training or experience to run their own dental practice. Therefore, to avoid financial disaster, it would benefit you to hire a CPA who has experience with dental practices. The CPA could assist in setting up systems that would help with working on the practice instead of in it.
- Know Your Numbers
Although the number of clients and revenue continue to increase, it doesn’t mean the practice is performing better. In a dental practice, there are several metrics and benchmarks that could help you manage the overall performance as they take into consideration a new patient acquisition, overhead, and hygiene profitability. A CPA familiar with dental practices could help you understand where your practice stands financially.
- Prepare for the Unexpected
Typically, things go wrong when you least expect it, and when you are a new dentist, it could spell disaster for your new practice. Therefore, a key piece to include in your financial portfolio is insurance coverage. As your practice grows, your insurance coverage should change with growth. So, review your insurance coverage periodically to ensure you are covered in the event you become unable to work.
- Living Where You Work
As the owner of a dental practice, it is important that you become a member of the community you serve. By shopping at the same stores, running into patients at the park, or attending community events shows community members that you care to be a part of the community and should help establish trust. Strive to remain close, within 15 minutes, to your practice.
Dental Practice Consultants in Kingsport, Bristol, and Johnson City
Opening the doors to a new practice fresh out of dental school may seem frightening. By avoiding these common mistakes, however, you could successfully open your practice and flourish in your community. When you have questions, need resources, or marketing assistance, feel free to contact our top-rated dental consultants at Bryant Consultants by calling (877) 768-4799 or request a consultation.
