How to run a successful dental business
The business side of running a successful dental business does not come naturally to all dentists. Many dentists might have fallen in love with helping patients with oral healthcare. However, running the business might be difficult for some, especially those who are not naturally business-oriented. After all, the vast majority of your dental studies focus purely on diagnosing, treating, and supporting your patients’ oral well-being rather than running a business.
Unfortunately, the complexities and difficulties of running a dental practice business may make you question your ability to pursue your dream of helping patients within your practice.
The good thing is that running a successful dental practice does not have to be a difficult endeavor. Making decisions based on what is best for your patients will naturally drive your business towards success. From building a company culture and making staffing decisions to branding and marketing, making patient-centric decisions will help your business thrive. Whether you are just starting or looking to enhance your knowledge of running a successful dental business suck as SmileHub, focusing on meeting the patients’ needs will deliver success.
Build a brand based on patient-centered care
Much of any dental practice’s success boils down to patient satisfaction. You will only succeed as a dentist if your patients’ needs are met and their comfort and satisfaction are prioritized. With this in mind, you should build a brand around providing patient-centric services and service delivery. Every time you interact with your patients, you should make it clear in words and deeds that you’re committed to their oral health and well-being. You should create a comfortable environment.
However, it is not just about meeting your patients’ needs. You should also communicate to your target audience that you offer patient-centered dental care. This is where branding and marketing come in. To this end, you should craft a marketing strategy that communicates what sets your practice apart from your competition.
Use all the low-cost marketing channels you have at your disposal to build a brand that reflects the nature and goals of your practice. Use your web property and social media platforms to communicate and interact with your target audience.
Attract and retain the best talent
Your staff plays a vital role in the success of your dental business according to Freedom Dental. Not only do your staff members influence the satisfaction level of your customers, but they also influence its efficiency and profitability. With regard to your team, you need to be deliberate about building and maintaining an optimal team for your practice.
As an entrepreneur, you need to be meticulous with your recruitment process, right from the first stage of crafting a well-thought-out job description and having a rigorous screening process that filters out individuals who don’t meet your criteria. Follow this with carrying out effective interviews and skill assessments, ensuring they are skilled and enthusiastic to work in your practice.
Finally, you must ensure they are an excellent cultural fit for your practice. Are they empathetic, good listeners, professional, and dedicated to serving and meeting patients’ needs?
Aside from recruiting an optimal team, you should take steps to retain the talents you have in your practice. Ensure they are content working for your practice by fostering a feedback culture, encouraging a positive work-life balance, fostering a positive work environment, and providing a clear career pathway, among other efforts.
Efficient management of your practice as a business
While your ultimate goal is to provide patients with the best oral care possible, your goal as an entrepreneur is to ensure your business is thriving. To this end, you need to ensure the management of your business is efficient. The only way to do this is to track all the key performance indicators (KPIs) relevant to your business. Some of the notable KPIs you should track by default include:
#1. New patient conversions
#2. Profitability
#3. No-show rate
#4. Hygiene reappointments
#5. Active patient count
#6. Treatment acceptance rate
#7. Operating expenses
#8. Account receivable, ensuring you hit 95% collection
Tracking these performance metrics will help you understand the overall performance of your practice. Importantly, efficient financial and bookkeeping management will help you make decisions that will steer your company in the right direction.
Aside from tracking your practice’s performance for effective management and decision-making, you should also consider automating repetitive tasks to improve management efficiency. Tasks such as appointment reminders, scheduling, and other types of patient communication can be automated using modern software.
Professional development and continuous learning
The field of dentistry is competitive, and many patients expect their dentists to offer the best services possible. Patients also expect a more comfortable and contemporary experience when they visit their dentist. More often than not, this involves adopting new technologies.
Additionally, the competition is only getting stiffer with each passing year as more dental-trepreneurs venture into the field and create their own practices.
With these two elements in mind, you need to leverage continuous learning to enhance your range and quality of services. You should aim to remain at the forefront of the latest advancements, embracing new technology in treating your patients, such as laser dentistry and digital impression systems that yield higher treatment efficiency and enhance the effectiveness of treatment.
With the above in mind, you should prioritize continuous learning to keep abreast of the latest developments in an ever-evolving industry. You should make a deliberate effort to elevate your clinical expertise, knowledge, and skill set by attending workshops, seminars, and dental conferences.
You could also extend the continuous learning approach to your staff. For instance, you can provide your dental assistant with additional training, allowing them to perform as an expanded-function dental assistant (EFDA). As such, not only will they be able to undertake the tasks of a dental assistant, but they can also take X-rays, perform coronal polishing, apply sealants, and perform other tasks. This will free you to attend to accommodate more patients.
