Money can be a tricky subject, even for those who are experienced in the realm of running a business. Unfortunately, money is especially tricky for dentistry, arguably even moreso than other realms of healthcare.
Like most healthcare providers, your reasoning for going into dentistry was most likely to help people. Like the dentists and dental hygienists on your team, you want to make a positive change on people’s lives and health. This is a heartfelt, intense goal shared by most of those who go into the dental industry.
Unfortunately, you can’t keep helping people if your business can’t pay to keep the lights on.
A good business sense is important for any type of business, no matter what its purpose is geared toward. In fact, practicing good business hygiene is especially important for dental practices: dentistry is considered to have the highest overhead, including employee compensation, rent or mortgage, supplies, equipment, phone bills, internet and utilities. The cost of running a dental business is higher than any other medical field. The current atmosphere has done nothing to help this. Beginning in 2021, labor costs sharply rose, and the ongoing 2022 recession has increased costs exponentially as well.
This is why roles such as yours are so extremely important. Dentists and dental hygienists alike go into healthcare because they want to make people’s lives happier and healthier. They want to fix problems for their patients and see the results firsthand of how they have improved people’s lives. They seldom want to become businessmen and businesswomen as well. This is where many practices may struggle, and where having a solid business-centered team will come in hand