The first step an owner needs to take is reviewing year-to-date or year-end income statement, divided by location. If the owner has satellite practices with one dentist in each, it is easy for the owner to determine the performance and profitability. However, with large group practices it is almost impossible to parse out individual dentists contributions.
The owner of the dental practice is responsible for the economic success of the entire practice and hence, it is necessary that he or she be able to evaluate the contribution in terms of profits for each individual associate. However, no agreed-upon standard for this evaluation exists as yet, according to the report.
More articles on oral care:
Dental equipment market to be worth $7.14B by 2019
How are acquisitions reshaping the dental implant industry?
$2.2B Danaher-Nobel Biocare acquisition, Heartland Dental leadership move & more – 8 recent key notes on dental companies
At the Becker's 5th Annual Future of Dentistry Roundtable, taking place September 14-15 in Chicago, dental leaders and executives will gain insights into emerging technologies, practice growth strategies and the evolving landscape of dental care delivery, with a focus on innovation, patient experience and operational excellence. Apply for complimentary registration now.
