Get Off to a
Great Start as a Practice Owner
Roger P. Levin, DDS
Introduction
The anticipation is palpable. You put the key in the lock, push the door open and then soak it all in — the furniture, the pictures on the wall, the front desk area, everything. It’s your first day as a practice owner. As you survey the office, you can’t help but think, “This is mine. This is my practice. This is what I have dreamt of since dental school.”
When this day arrives, it will undoubtedly be a career highlight. But you will soon be faced with the challenges of building a successful practice and business. The questions — even though you had considered them before — will hit you fast and furious:
• Where will my patients come from?
• Will I generate enough revenue to pay my bills, my staff and myself?
• Where do I find quality staff?
• How many staff members do I need?
• How do I find the right balance between the professional and the personal?
Supplemental Education
The stark reality is that dental school prepares dental students to be dentists — not practice owners. Learning to operate a successful dental practice is something you must undertake in your own time. Read everything you can. Take business courses. Talk with colleagues. Go to practice management seminars. The more knowledge you have, the more prepared you will be to get off to a great start as a practice owner.
Some of you might be thinking, “This business stuff is pretty much common sense. And anyway, I’m still in my 20’s and there’s plenty of time to figure all this out.”
Many young dentists think that way, but they’re wrong. As the leading authority on dental practice management and marketing, Levin Group has helped thousands of dentists improve their practices and their lives over the last 23 years. We have often seen dentists in their 40’s and 50’s who come to us for expert solutions. Many of these doctors are extremely frustrated by their practices and their careers. Once we work with them and get them back on the right track, we often hear comments like:
“I wish I would’ve implemented these systems into my practice years earlier.”
“If I only had done this sooner, I would’ve enjoyed my practice much more and would’ve been far wealthier.”
“I thought the business side of my practice would take care of itself. Boy, was that a mistake!”
As you embark on the next phase of your dental journey, the following four action steps will help create a solid foundation for long-term practice growth:
1. Map Out Your Destination
What kind of career do you want to have? What type of practice do you want to create? Do you want to focus on cosmetic dentistry or a mix of need-based and elective procedures? These are the questions you need to ask as you create a practice vision.
Vision is the ability to see what you want your future to be. Most young dentists have a vision, but they often lose sight of it when they become a practice owner. Many dentists end up letting the practice happen to them without thinking about or focusing on the key choices that can make an incredible difference in their career. Don’t let that happen to you. Let your vision guide you throughout your career. Revisit your vision at least once a month to see if you’re on the right path.
Of course, you should update your vision every 3-5 years because it will evolve as your life and career unfolds.
2. Plan Your Journey
If you were intending to drive from New York to San Diego, you would need to plan your journey. The same is true for your dental career. If your vision is to own a practice that generates $1 million in production by the time you’re 30, you would need to devise a step-by-step plan. How do you achieve your vision? Setting goals is the answer. Your weekly, monthly and annual goals serve as the mileposts for your dental journey.
To be effective, goals should be written down, have a deadline, and be measurable. Many dentists don’t write their goals down because they don’t feel there’s a need. If you don’t write it down, it won’t get done. Putting your goals in writing is a form of commitment. As I say in my Total Success Seminars™, “Writing down your goals is the first step to achieving your goals.”
3. Ready Your Vehicle
Any journey requires a means of transportation. Your practice is your vehicle to greater professional and personal success. As you move toward your practice vision, the right systems will help propel you and your practice toward your goals. If you have inefficient systems, then your practice will be challenging and very stressful.
For example, if you have a poor scheduling system, patients won’t be seen on time. They will complain to your staff. Your team will be unhappy because they are constantly dealing with disgruntled patients. All that tension and stress permeates throughout the practice until it rests on your shoulders. High stress can only be tolerated for a short time before patients leave, staff members quit and the dentist becomes overwhelmed. Step-by-step systems allow you to get where want to go faster, with less stress, and with far more enjoyment!
4. Take the Wheel
It’s your career, your practice and your journey. You need to lead the way for your team. A dentist who is positive, motivational and energetic will transmit those feelings to the team and patients. Remember, as the practice leader, you set the expectations for practice success that the team will follow.
The skills that a leader should display:
A positive attitude
Honesty and integrity in addressing issues and answering questions
Not allowing negative communication or gossip to take place
Excellent planning, staff development, and performance reviews
Constantly driving a series of key messages that reflect the future of the practice
An ability to listen when dealing with challenges faced by the team
Navigating the road that leads to ultimate success can be extremely challenging at times. You may face detours and delays. Use advisors to help you get back on the right path.
Conclusion
The first day you walk into your own practice will be here before you know it. As you move toward the goal of owning your practice, do everything you can to expand your business and management skills. These four action steps will help you get off to a good start. But don’t stop there. Learn everything you can about operating and managing a dental practice. The more you know, the farther you will go!
Dental Entrepreneur readers are entitled to receive a complimentary copy of Dr. Levin’s groundbreaking CD, “Eight Strategies of Highly Successful Practices.” Just e-mail customerservice@levingroup.com with “Dental Entrepreneur” in the subject line to receive your free CD. ■
Dr. Roger Levin is founder and Chief Executive Officer of Levin Group, Inc. a leading dental practice management consulting firm that provides a comprehensive suite of lifetime services to its clients and partners. Levin Group can be reached at 888-973-0000, or at www.levingroup.com