Just as clinical skills are essential for becoming a dentist, business skills are critical to success as a practice owner. Business knowledge has taken on even greater importance over the last 10 years as the competition for new patients has intensified. To succeed, practice owners need to be more business-savvy than in the past. Take the necessary steps to bolster your business knowledge -- and results in 2019.
Commit to learning more about the business of dentistry. Seek out practice management, marketing, and leadership articles in top dental and association publications. Search the internet for articles on specific issues for which your practice needs improvement. Most dental publications also have robust websites with many useful resources.
Don't forget to track performance. You can't make specific improvements to your practice if you don't know what areas to improve. We recommend that every practice track 12 to 15 key production indicators (KPIs). These provide a quick snapshot of how the office is performing in the areas of production, collections, referrals, case acceptance, and overhead -- to name just a few. By monitoring KPIs, you can see trends in important categories and make necessary adjustments to build on success or stem decline.
Roger P. Levin, DDS, is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Dr. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
