Owning and operating a dental practice is no different than being a CEO of any other business. To be successful, you have to consider yourself as the CEO of a publicly traded company and that you are accountable to shareholders. For instance, would your shareholders be happy if you give the employees a 5% raise…
If you want to reduce your office overhead, utilizing an effective office bonus system is far better than giving employees raises based on tenure. If the bonus system is structured properly, the employees will be more motivated to work hard and care about the financial success of the practice. Giving an employee a raise will…
Understand that people are born with a certain personality and that it is something that cannot be trained. When interviewing candidates for a position, it is important to consider what would be the ideal personality for that particular role and hire accordingly. For instance, hiring an introverted receptionist because she has good experience and seems…
Do not be fooled. Owning a high production dental office does not necessarily mean that you are successful. Until you understand the significance of office overhead and how it affects the bottom line, your colleagues can be working ½ as hard and be making more. For instance, the net profit for a practice grossing $2M…
It is a bad idea to give an employee a raise simply based on their tenure with the practice. You must consider factors such as existing employee overhead percentage, existing and future economic conditions, what motivates the employee, and the value the employee brings to the workplace. Office overhead can get grossly out of hand…
Dentists can often feel very alone when they are dealing with the struggles of owning a dental practice. Form a group of like-minded practice owners in your area for advice and support. Try to meet quarterly to discuss topics such as how to lower office overhead, marketing ideas, staff wages, and how to reduce office…