How Much Do You Really Know Your Practice?
You dream of becoming a dentist and CONGRATULATIONS, you made it! Now comes the decision to associate or own a practice. Sure, this decision may come at different times in your career, but the fact remains that you need to understand how any practice works, whether you own it or not. Your paycheck depends on it.
There are many different structures in associate agreements. While owning a practice may seem like the better option, you only get paid if the revenue supports it. So how do you ensure that the practice you are working in has the knowledge and ability to accurately receive and post money? You might think to ask the Office Manager or even your financial person if they know how. However if this is what you are thinking, you are making a grave mistake.
The bottom line is, Office Managers only know what they know. Have they worked and learned along the way or have they repeated what they were first taught for years? This is a critical assessment. Furthermore, how do they report and track information. If the answer is your software does it, I am going to assume that you have a dashboard like Dental Intel. If you are relying on your practice management software, you could be missing opportunities and your practice may suffer because of it.
Understanding the stats of the practice you work for (or own) can keep you living the life you want for years to come. Retention, case acceptance, healthy AR, and other KPI’s let you keep the pulse on your practice. Consulting or Coaching can teach your team systems to ensure that you are making the most of every patient and not wasting marketing dollars. Why throw away hard earned money?
The moral of the story is to take an interest or front seat to your practice. Your future self will thank you, as well as the team that works around you!