The Business Side of Dentistry

Why is it important?

After many years of schooling, dental school graduates are experts in dental procedures and the latest and newest in dentistry. However, studies have shown that there are important short-comings in their awareness of the business side of practice. Many dentists decide to open up their own private practices, and the success of these practices is not only dependent on their expertise, but their knowledge on how to run a business.

How do you run a successful dental private practice?

In order to become a successful business owner, the dentist needs to know how to handle finances and expenses, how to market themselves, hire a fitting staff, and be a good leader. Not only does one need to perfect dental procedures, but they also need to be aware of the right numbers in handling finances. As you can guess, there are a lot of expenses in being an entrepreneur. One needs to know how to maintain a balance between staff expenses, lab costs, supply expenses, and fees plus many more in order to maintain a successful practice that equally serves as much as it makes for a sustainable income.

How can I learn these skills I need to open up my own private practice?

Consider taking a basic business class in your undergrad! This can help in gaining exposure to the basics of owning a
business and entrepreneurship. This can also be beneficial for applying to dental schools too, as it is listed as a
recommended elective for some schools. Furthermore, if you wish to open your own practice, consider shadowing and
assisting a dentist that owns their own business to gain some insight! As far as growing your leadership skills now, take
leadership positions in clubs and conduct community service projects in order to learn how to manage groups and be an effective leader. There are also programs that you can partake in in the future when you own your own business, such as a course offered by American Dental Association that teaches finances, leadership, legal issues in dental practice, conflict management, and business strategies.

Written By: Talin Boghoz

Sources:

https://www.dentaleconomics.com/practice/article/16391678/understanding-the-business-of-dentistry

https://www.dentaleconomics.com/practice/article/16394720/the-business-of-dentistry

https://www.dentistryiq.com/practice-management/practice-management-tips/article/16367683/the-desperate-need-for-business-education-in-dentistry

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