Owning a dental practice can be financially and professionally rewarding, but it requires careful planning and strenuous effort. However, the rise of corporate clinics is a significant threat to future practice owners. In addition, the absence of business experience in new graduates exacerbates the pressures of corporate dentistry.
More than ever, dentists must grasp what it takes to run a successful practice. They need to be good at the clinical and business aspects of it. So, are you ready to be a successful dentistry business owner in today’s market? Whether you feel like you are or not, Buy the Right Practice is here to help.
Three Essential Practice Owner Roles
One of the most prominent dental fallacies is “I will succeed with my exceptional clinical abilities.” Quality patient care is essential, but it is only one component of successful practice ownership. There are two other vital components: entrepreneurship and management.
Therefore, the three essential roles of a dental practice owner are clinician, entrepreneur and manager. Dentists that own their own practice must be all three to succeed.
How to Excel at Being a Clinician, Entrepreneur and Manager
Dental office owners should always strive to improve their clinical skills. It should be a lifelong goal. Join study groups, take classes, perform online research and engage with an experienced mentor to continually improve your abilities.
Entrepreneurs give their businesses a vision. As a practice owner, you must start with the end visualized in your mind and identify short- and long-term goals.
A good manager stays up-to-date with industry trends and keeps the practice structured because daily commercial operations require meticulous attention. You should closely examine the production, collections, new patient count and overhead by the month, quarter and year.
Since it is difficult to be great at all three roles simultaneously, you should identify and master your weakest position to ensure long-term success.
Let Buy the Right Practice Help You Succeed
Whether you’re looking to expand an existing dental practice or want to start fresh from scratch, you may have noticed the feeling of a mismatch between medicine and business. Perhaps you love dentistry, but the business aspect of expanding your practice has you stumped.
Do not let this disparity cause you to question if your passion for dentistry is consistent with what it takes to run a company. All you have to do is develop your business skills to build the world-class dental practice you desire, and Buy the Right Practice can help.
There are numerous elements to consider when running a dental practice. Therefore, it is only natural to need some assistance, especially when you are just starting out. Fortunately, we have first-hand experience in buying and growing dental practices. Contact us today if you believe you have what it takes to be a successful dental practice owner.
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