Benefits of a Small-Town vs. Big-Town Practice

Benefits of a Small-Town vs. Big-Town Practice

The following article was written by our Founder, Mary Fisher-Day, exclusively for Dental Entrepreneur Magazine and appears in the Fall, 2016 issue and the online edition Here.  There’s plenty to be said of the benefits of living and practicing in a big city or Metropolitan area. Proximity to upscale dining, Cultural Activities and Shopping Malls are at the top of the list when I speak with a young dentist seeking to purchase a practice. Easily, nine out of ten are seeking a practice no further than a thirty-minute drive from a large city. While practicing in a large city does more »

Dental Office Overhead

Dental Office Overhead

The following overhead numbers are typical of a well managed Dental Practice: • Staff Salaries (including benefits and government required Payroll expenses) = 24-28% • Clinical Supplies = 6% • Lab Fees (all) = 7-8% • Rent or Lease payment = 4% • Equipment Leasing/Purchases = 2-3% • Office Supplies (includes postage and electronic billing and filing charges) = 2-3% • Utilities, telephone, accounting, legal and professional fees = 10% Ideal, true, overhead should be no more than 60%. Some numbers may be included as “overhead” or “practice expenses” that are not absolutely required to run a Dental Practice. These more »

Does Your Incentive Plan Inspire Your Team?

Does Your Incentive Plan Inspire Your Team?

With the slowdown in the economy, yearly pay raises may be difficult to give.  However, a bonus program can be a great way to motivate current employees and even acquire new ones (when needed). When you include an incentive bonus in your total compensation package, it shifts employee mentality to that of ownership. They become motivated to be more productive and see the practice be successful when they are rewarded for ‘going the extra mile’. With that being said, as the practice owner, you need to be clear when presenting a bonus program. A written copy of the bonus protocol should be more »

A Note From Mary

A Note From Mary

When you think you can’t afford to hire a practice management coach or consultant is when you need one most. If your practice is in need of a consultant/coach, find one that will work with you on payments. Our clients see their investment repaid many times over and in a very short period of time. Why wait for tomorrow, when you can see results today? For more information on our services, see our website at www.thedentalbusiness.com or email us at clientcare@thedentalbusiness.com. At The Dental Business we welcome ideas, comments and questions for future blog posts. Do you have an idea more »

Top Mistakes Made By Dental Practice Owners

Top Mistakes Made By Dental Practice Owners

What are the top mistakes made my dental practice owners? 1- Under estimating the value of team communication   * Morning meetings or huddles are the most important communication of the day. This 10 to 15 minute meeting will set the tone for the day. The Doctor or Scheduling Coordinator should facilitate   Review the schedule for the day Determine where emergency patients should be placed on the schedule Discuss your goals for the day and month. Where you are, where you need to be and what you can do to get there Review prior day and discuss any issues that more »

Is Your Team On Board?

Is Your Team On Board?

Do you have a practice mission statement? If not, you really should. If you do, is your team on board? I believe teams are the same regardless of industry. A business will succeed or fail because of the team. A coach cannot win a game without a team just as a dentist cannot practice dentistry without a team. The definition of team, according to businessdictionary.com, is “A group of people with a set of complementary skills required to complete a task, job or project.” I would like to add MISSION to the definition. To carry out a successful mission it more »

Large City or Small Town?

Large City or Small Town?

The vast majority of students coming out of dental school want to practice in large cities, while small town populations often struggle to find a dentist within a 30 minute drive.  For this reason, some states offer an incentive program to dentists who agree to practice in small towns. There are often programs in which student loans can be reduced or forgiven, or large sign-on bonuses given to dentists who agree to practice in the area, for a minimum of 4 years. Here are some benefits to practicing in a small town or rural area: Loyal Patient Base Loan Forgiveness or more »

A few of our strategies for ending the year on a good note and starting the next year off ahead of the game.

A few of our strategies for ending the year on a good note and starting the next year off ahead of the game.

Where has the year gone? I cannot believe its November already. I want to share with you a few of our strategies for ending the year on a good note and starting the next year off ahead of the game. Set goals for 2014:   Production; Collections; Collection %; Hygiene; Specialty Procedures, etc. Review your fee schedule to determine whether an increase is in order. If you participate in PPO plans, negotiate an increase in your reimbursement rate. Remind patients to use their remaining insurance benefits before the year’s end. If they wait on needed treatment until 2014, they will have more »

Interview with Mary Fisher-Day, Founder and Owner, The Dental Business – Part Two

Interview with Mary Fisher-Day, Founder and Owner, The Dental Business – Part Two

Conducted by Livvie Matthews, Simple Social Media TV Part Two Livvie Matthews: Mary, what about Compliance and Documentation? Do you feel there are particular areas that practices should pay attention to when it comes to Compliance and Documentation? Mary Fisher-Day: Yes, I do. These are the areas dentists rarely think about. Yet, these are areas that can cost a practice hundreds of thousands of dollars. First, you must know HIPAA laws. You cannot just assume that your team knows and abides by them. You will need to make sure that they are following your office protocol and that manuals are more »

Interview with Mary Fisher-Day, Founder and Owner, The Dental Business

Interview with Mary Fisher-Day, Founder and Owner, The Dental Business

Conducted by Livvie Matthews, Simple Social Media TV Part One In this insightful interview, Mary will share her tried-and-true strategies for a successful dental practice. Implementation of these strategies will allow you to enjoy going to work each day, have a productive and profitable practice and enjoy time away from work without worry. Livvie Matthews is founder of Simple Social Media TV, and is passionate about helping small business owners learn how to draw more clients into your space using the incredible power of social media and online marketing. Livvie Matthews: Mary, please tell us a little about yourself and more »