Practice Management

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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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Top 5 Books For Your Practice and For Your Life

I like to read books, lots of books, about leadership, management, business, and personal development. You won’t find me reading a novel anytime soon. That’s just me, but for those of you who are of like mind, here’s the top 5 books that have been particularly valuable in shaping how I see the world, and how I build and run businesses, including my group dental practice and Net32 Inc.

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Visualize Your Professional Network

LinkedIn’s Growing Importance for Dental Professionals

For me, at first it was difficult to see the value of accepting the barrage of LinkedIn invitations via email.  When considering the utility of social networks, the vast majority of dentists are taking advantage of Facebook to grow and market to local communities.  It’s of course become clear that LinkeIn is a fundamentally different tool, with different advantages, that needs a completely different strategy.  Most people tend to start with a very limited profile and slowly add more personal information once they see the value in growing their professional network.

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The Secret to Fee Increase Acceptance

Right now most practices are taking a look at modifying their fees for 2012. Here are some  thoughts about circumstances that should cause you to think twice about raising fees at all, then about some factors to consider that might affect the amount of the increase, and finally the number one factor to consider in the fee increase equation.

Clearly, one needs to take a serious look at the state of the local and regional economy. If factories and businesses are continuing to suffer or fail in your area and/or your practice is shrinking, any kind of the fee increase would most likely be noticed, and considered by your patient base to be unfair.  If you have recently purchased a practice it might be a good idea to wait until the dust settles before instituting any change in fee structure, regardless of the fact that a new year is about to begin. Finally, if you have recently set up practice from scratch, let’s say within the past six months, you might want to wait until you have some perception that the practice has stabilized before instituting any further fee changes.

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