As much as being a successful dentist is about your knowledge of dental techniques, and clinical prowess, for those running their own practice, it’s also about being able to acquire patients, manage employees, maintain operations, pay bills, and understand and apply accounting principles. In short, building a thriving career as a dentist involves many moving parts, each of which demand more than a rudimentary understanding of bookkeeping and accounting.
Fortunately, with accounting services for dentists, you can simplify many of these moving parts while providing your patients with an outstanding service.
The importance of patient care in practice growth
Ultimately, patient care is at the heart of a thriving dental practice, and when you provide your patients with a service that is both affordable and professional, you can increase the value of your business, and plan for growth. However, patient care alone won’t enable dentists to develop their business further; solid bookkeeping, accounting and tax planning must all form part of the plan for any dentist seeking a thriving career.
The importance of being a business owner
Dentists with their own practices must see themselves as more than just dentists; they’re business owners. But all too-often, dentists find it easier to neglect the business side of their practice, or place unnecessary demands on other members of staff to take care of it on their behalf.
What typically works best for dentists with their own practice, is to devote a certain amount of time every week to being a business owner, which can include sitting down with partners and/or a dental accountant to discuss strategic decisions without the distraction of treatments or surgeries during that time.
Here are some other important aspects of running a successful business that should be discussed on a weekly basis, either with your in-house team of bookkeepers and accountants, or with your outsourced partners:
- Problem areas or inefficiencies
- Financial reports and monthly P&L
- Team member talks
- Vendor and mentor relationships
- Office systems, customer service and policies
At the same time, you should work on developing a healthy workplace culture for you and your employees, educating yourself on the various duties and responsibilities of being a business owner, and consistently asking yourself whether there’s anything you could be doing better.
Investing time and energy into your dental practice will pay far greater dividends in the long-term, than squeezing another patient in or carrying out another procedure, as profitable as this may seem in the short-term. Investing in specialist dental accounting will also help you hold on to as much of your hard-earned money as possible, particularly when it comes to tax season. Professional accountants with specialist knowledge of the dental industry, will know every legitimate tax credit and deduction, and could help you save thousands every year.
Focusing on the development of your dental practice and keeping a business mind, is just as important if you’re to build a thriving career as a dentist, as the welfare of your patients and your clinical skills.
In understanding how to run a successful business as a dentist, you can attract more patients than your competitors and set yourself up financially for the future.