Navigating the Challenges of Running a Successful Independent Practice in 2024

Independent of unique ience, challenges and set strategic and of small group dental practices face a number in today’s marketplace. You encounter a obstacles that require adaptability, resilthinking. You must balance clinical responsibilities, administrative tasks, and business operations simultaneously. Providing exceptional patient care and running a financially sustainable practice requires a disciplined and strategic approach that goes beyond clinical expertise.

As the calendar turns to 2024, it is important to take a moment to step back and critically assess where your practice is today, where you want it to be one, three, and five years from now, and what you need to do to achieve that end. In this article, we will explore some key strategies and tools for independent dentists to successfully manage your practices and thrive in today’s challenging healthcare landscape.

Define Success

Every practice owner should go through the exercise of defining success on a regular basis. Success in an independent dental practice goes beyond financial prosperity; it encompasses a blend of clinical excellence, patient satisfaction, and a sustainable business model. For independent dentists, it must also consider the personal elements that make up your work/life balance. Taking time to define what success means for you enables you to confirm that you (and your practice) are on the right path, identify areas that require attention and focus, and ensure you know when you are achieving the goals you set. Some things to consider when defining success include:

Clinical Excellence – How would you assess your current clinical skill set and are you taking steps to maintain and demonstrate exceptional skills and knowledge? Are you staying updated with the latest advancements in dentistry that are keys to providing high-quality care such as emerging technologies, treatment modalities, and best practices?

Patient-Centric Approach – Ask yourself if your practice has created a positive and personalized patient experience. The interactions between patients and staff should be what we at BEST for Dentistry describe as a “care first conversation”. The care you provide is personalized and patients are well-informed about treatment options, procedures, and expected outcomes. Patients who are well-informed and believe they are receiving great care will remain loyal to your practice and refer others.

As the calendar turns to 2024, it is important to take a moment to step back and critically assess where your practice is today, where you want it to be one, three, and five years from now, and what you need to do to achieve that end.

contribute Engagement with Your Community – As an independent

directly to your success measures. It should also conpractitioner you have a unique position in your community.

sider where you are in the life cycle of your practice and career Maximizing that position takes work and must be cultivated

since decisions regarding investments in technology, adding over time. A strong presence in your community is vital for

associates or operatories, or expanding your fee-for-service success. Often referred to as reputation management, it is

patient base are all impacted by where you are in the life of your built on positive word-of-mouth, community engagement,

practice. Some potential areas to consider when developing key and a stellar online reputation.

objectives could include:

Financial Sustainability – Alongside clinical excellence

Prioritize Patient Experience – Prioritize creating a posiand patient satisfaction, financial sustainability is a key

tive and welcoming environment for patients. Implement component of success. While this seems like an obvious

staff training on excellent customer service from the initial statement, your evaluation of the practice’s financial position

interaction to the patient’s departure. Establish clear commust be intentional, consistent, and based on established

munication channels and patient education about treatment metrics. Maintaining a healthy bottom line allows practiplans, addressing patient concerns, and case acceptance. tioners to reinvest in the practice, upgrade technology, and

Make the scheduling and payment process as customercontinue providing exceptional care.

friendly as possible. Everyone in the practice is part of the patient experience and should be trained accordingly. Operational Efficiency – an efficiently managed practice drives so many other aspects of the success equation

Financial Management and Budgeting – Solid financial including patient and employee satisfaction, financial permanagement is essential to the sustainability and growth of formance, and leveraging technology. Are current practice

your practice. Begin with a comprehensive budget that covers operations a success driver or a drag on your performance?

overhead costs, staff salaries, supplies, and other operational What does operational efficiency look like and how do you

expenses. Regularly review financial reports and evaluate achieve it?

results against key performance indicators (KPI’s). Consider billing and invoicing systems to tighten revenue cycles. Too often, dentist entrepreneurs jump right into the mechanics

Integrate financial considerations into the patient experience of running their practice without first defining success. Sucusing clear communication protocols and financial transparcess has many drivers, each one an important contributor to

ency. Financial and payment policies should enhance case achieving your goals. Just as importantly, defining success is an

acceptance and satisfaction, not detract from it. exercise that should be done regularly.

Strategic Pricing and Fee Structures – Carefully evaluate your pricing strategy to ensure it aligns with the quality of ESTABLISH KEY STRATEGIC OBJECTIVES

your services and the local market. Consider things like tiered pricing, membership or loyalty programs, service Translating your definition of success into key strategic objecdiscounts, and other incentives where patients can choose tives is another critical exercise for independent dentists. These

from different treatment packages based on preferences and objectives are what you come back to when dealing in the day-tobudget. day gets you off track. Your list should be clear, achievable, and

Optimize Insurance and Billing Processes – Ensure that you have the processes in place and a team well-trained in navigating insurance procedures, verifying coverage, and submitting claims promptly. Critically assess your payer mix to understand where patients are coming from and patient revenue associated with each patient. Negotiate fee schedules with insurance providers and explore strategies to drop insurers and transition patients to fee for service. Implement a transparent billing process, clearly communicating financial responsibilities to patients and offering flexible payment options.

Embrace Technology for Efficiency – Technology can be a great tool for independent practices, enabling the practice to operate more efficiently, increase capacity, and improve profitability. But it must be evaluated carefully and implemented strategically. It is also critical to establish a return on investment (ROI) framework for each technology option whether that be imaging or diagnostic equipment, patient financing and payment options, or a new website and social media engagement.

Marketing and Communication – Identify objectives for marketing that include both online and offline channels. Utilize social media, search engine optimization (SEO), and online reviews. Engage with the local community and build relationships with local businesses and healthcare providers. As importantly, implement tools that enable you to track and confirm how effective your marketing activities are and how they translate into new patients (your “marketing ROI”).

These are just a few areas to consider when establishing or refining your key objectives. It is an important exercise that enables you to set a clear path for your practice, effectively communicate with your patients, and ensure that your team is welltrained, operates efficiently, and stays motivated. You are then well-positioned to set priorities, effectively evaluate investments, and confirm the financial health of your practice.

You can’t go it alone. There are a broad range of companies with the products, tools, and resources to help independent dentists manage their practices. BEST for Dentistry is one of those companies and was founded to support independent dentists by providing the resources and solutions you need to compete successfully. If you have taken the steps to define success and developed your key objectives, you are in a great position to identify partners that support your objectives and drive your success.

Some practical considerations that could emerge as you plan for 2024 and beyond, with partners available to support you along

the way:

Managing your Supply Spend – engage a partner capable of improving your supply spend and managing it to levels appropriate for your practice.

Conduct an Insurance and Fee Schedule Re-Set – engage a partner to help you dig into your current payer mix, assess and balance your fee schedule, and implement a plan to optimize reimbursement for the practice.

Evaluate your Lab Services – engage a partner to analyze your lab spend, confirm it is market competitive, and that services are of high quality.

Consider Outsourcing Staffing – identify and engage resources to outsource patient billing and payment.

Implement a Marketing and Patient Engagement Plan – take steps to expand your practice profile and acquire new patients for your practice.

Successfully managing an independent dental practice requires a multifaceted approach that combines clinical expertise with strong business acumen. Embracing technology, prioritizing the patient experience, efficient appointment scheduling, financial management, staff training, compliance, and effective marketing are all essential components of a thriving dental practice.

By adopting these strategies and staying adaptable to changes in the healthcare landscape, independent dentists can maintain a successful practice, build a positive reputation within their communities, and stay true to their commitment to clinical excellence.