Practice Management

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Eat what you kill

Now I am not much of a hunter however the saying “Eat what you kill” is a great business strategy to follow to ensure your financial success in dentistry and any other kind of business.

“Eat what you kill” translates to running your practice on a cash flow basis as an astute business owner and entrepreneur. This approach also works extremely well with your personal finances, and ultimately can be the key to avoiding the pit falls of personal and professional bankruptcy. And is so easy to manage. You do not need an accounting degree to follow this strategy. Anyone with the desire manage their business or personal finances extremely well can do this.

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Overcoming “I’ll Think About It”

We are living in a volatile economy to say the least. Uncertainty about healthcare, economic woes, the daily grind and other outside stressors are enough to discourage anyone as we try to run successful and productive dental practices. All this being said, it does not sway us in our belief that your patients can and will say yes to treatment. It is up to you to make it possible.

In 2008, a survey conducted by the ADA, Crest & Oral B uncovered some fascinating statistics:

60% of responders said that they suffer from one or more dental issues.

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Technology Acquisition, Finance, and Training

Dentists are acquiring technology at unprecedented rates for a number of very good reasons.  Primary drivers are the rate advancement of technology itself, coupled with meaningful value that can be delivered relative to legacy technology. Larry Emmott makes the value of training crystal clear in his Ten Most Common Mistakes Dentists Make Using Technology.

I would like to add a few comments about how my practice chooses and finances new technology. Every year we establish a budget of somewhere in the neighborhood of $100,000+.  Our 4 doctors research the possibilities throughout the first 6 months of the year, paying close attention to which technologies will give us the biggest bang (= sales) for the buck, coupled with value to patient care.  With connected technologies we favor open source, to avoid the high cost of proprietary closed systems. For example we reviewed and had demos of digital scanning systems and milling units last year and chose 3M’s scanner coupled with Glidewell’s milling unit. For a huge discount off the cost of the “industry leader” we have been able to integrate wonderful same day crown technology.

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Message from my mentor

Message from my mentor:
One of the greatest influences in my professional experience was way back in the day, in the early 1990’s. At that time my 3 children were young, under the ages of 7, and my mental state was mostly a blur. My husband and I had purchased a dental practice in Raleigh/Durham, North Carolina which began the journey of discovery regarding dental practice management methods.

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The importance of a business mentor

Who’s your mentor?

Having a business mentor who you can bounce ideas off of is an invaluable asset. It can make a huge difference in the success of your dental practice and the future of your business. Most of us always think we know the correct answers to all of the business issues that come at us on a daily basis but that might not be very realistic. You cannot possibly be all knowing in every dental and business subject matter. It helps to have a great support network and that should include a great mentor.

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