Dentists need to have strong business and leadership skills on top of their clinical abilities to successfully run a dental practice.
Having a sense of where your practice stands financially, forming strong relationships and developing leadership skills are key for dentists.
These five dentists recently connected with Becker’s to share the most important business skills for dentists to have to find success.
Note: Responses were lightly edited for clarity and length.
Question: What are the most important business skills for dentists to have to successfully run a dental practice?
Gary Bauman, DDS. Dentist of Baltimore Center of Advanced Dentistry (Lutherville, Md.): Dentists need to realize it is not about dentistry, it’s about the relationships. After almost 40 years in the profession I have patients who have been with me for over 30 years. We were young together and now we are grandparents together. I am seeing in some cases three generations of patients. Run an ethical practice always trying to do the right thing even if it’s uncomfortable. Find a way to say yes. Train your staff as well to learn to say yes. Treat your staff as you would want to be treated. It will come back to you many times over.
Richard Huot, DDS. CEO of Beachside Dental Consultants (Vero Beach, Fla.): If you have never taken an accounting course, I highly recommend you check with your high school ED program, or online to take a basic course on reading and constructing a balance sheet and profit and loss statement. Familiarity with both will help gain perspective, when you work with your accountant. The other business skills are leadership skills, and these are the four that come to mind:
No. 1 is balance and perspective. Always ensure that your work life balance is in check, and that owning a business is a marathon, not a sprint.
No. 2 is true self confidence. Staff always look to the leader to display a sense of knowing what to do and be able to make prompt and solid business decisions.
No. 3 is situational awareness. Taught in the military, always know “where you are” and “where are you heading,” and be able to articulate this to your staff in a consistent and clear manner.
No. 4 is humility. Be able to admit you made or will make mistakes, you will “course correct” once the mistakes are identified. Staff members will follow and give you great feedback if they feel they are listened to.
Charles Schlesinger, DDS. CEO of Comfortable Dentistry4U Rio Rancho (Albuquerque, N.M.): First of all, I believe a solid understanding of your expenses and your P&L are vitally important to know whether your business is healthy. If you do not “know” your numbers, it will be too late, or very difficult to fix things when they have gone south for a long time without your knowledge. Secondly, but just as important, is the ability to run a staff. You need to be part psychologist, part taskmaster and part colleague.
Bob Stewart, DDS. Dental Director of Blessed Dental (Pasadena, Texas): People. It is all about people. There are human beings attached to those teeth! Did I mention people skills are required?
Susie Worm, DMD. Dentist of Canyon Echo Dental (Lincoln, Neb.): I believe it’s essential to understand every aspect of your dental practice, but when it comes to business, knowing your numbers is crucial. While overhead, production and collections are important, nothing affects your bottom line more than what you’re receiving from insurance companies. It’s essential to weigh the pros and cons of becoming a provider. One of the things that frustrates me is how DSOs are reimbursed at higher rates compared to small, privately owned practices. The negotiation process and the fact that insurance companies can collaborate with each other on fees, while we can’t, seems unfair. Since I started dropping some insurance plans, I’ve noticed a significant change in my practice. Trust between patients and doctors has increased, and administrative issues have decreased. I’m essentially working less but earning more!