Business in Dentistry: The Three P’s
The dreaded side of running a dental practice for some dentists is the business side. Understandable since you didn’t go to school for all those years to work on Bookkeeping and Insurance. You want to practice what you know and love: Dentistry. But the undeniable fact is that there is business in dentistry. More importantly, there are 3 P’s in Business in Dentistry:
People: These people include yourself and other dentists in your practice, your hygienists, your patients, your insurance company, your landlords, bankers, and administration. You need good people to be successful. If you have one bad person in your dental practice, no matter how far out they are, they can bring the whole business down. Bad People = Bad Results!
Product: The main key of your product as a dentist is effectiveness. This means that your quality, customer service, and procedures are top notch. All three need to be equally successful in order to get the results you want.
Process: This breaks down into two different process, because as we’ve stated: unfortunately dentistry isn’t just about how good of a dentist you are, but how you conduct business. The dentistry process is a mix of quality and speed. The key to success is efficiency. You need to have great quality, while getting to every customer possible. The other side? The business process includes payables, cash controls, bookkeeping, payroll, budgeting, and the like. If one of these is failing, your practice is doomed. Which brings us back to people; having good administration staff will help with successful bookkeeping and budgeting.
As you can see, it is a full 360 when it comes to the success of your dental practice. The people, product, and processes all affect each other. To learn more about how your practice can succeed, give us a call at RealTime CPAs!
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