We are looking at 10 tips to run a successful dental practice. Effective financial plans for dental practice management.

5. Keep a Strict control on your Debt

As we already discussed in the previous slides, while starting to set up a dental clinic, finance is the most critical factor.

Every dentist needs to keep a close watch on the tendency to go overboard in expenditures on dental practice. This excess spending can happen in two distinct scenarios.

1. Excess expenditure by a new dentist: In the excitement of starting up a fresh and modern dental practice equipped with all the latest devices and equipment, many young dentists tend to go overboard in their expenditure. The desire for better looks, furnishing, modern equipment pushes them to spend a little more with the hope that it will help the practice to succeed in a short time.
2. Excess expenditure by an experienced dentist: Many times experienced dentists also end up spending more. They visit dental expos and hear a great buzz about some newly found equipment or dental software. Without giving it a thorough thought, they end up spending much money. (that might lead to financial loss)

Both the scenarios mentioned above results in a lot of excessive expenditures for the dentists, which puts a significant financial burden on them. Particularly for dentists who are starting with their practice, this can put them in an economic mess.

Remember the cardinal rule of finance: Try your best Never to Have a colossal debt. You owe it your future and family.

6. Act as per your Professional Stage in Dentistry

We discussed before that the career of a dentist could be split into five essential stages. Each stage comes with its own set of financial, physical and emotional requirements.

So, you need to act according to the stage you are in.

Remember when you enter dentistry, you are young with only the career as a goal.

However, as you grow older into your profession, you settle down into family life with added responsibilities. So, it is essential to plan your career as per the five stages.

The 5 Stages of the career of a professional dentist:

Introduction: Entry to dentistry

The Growth Phase

The Maturation Phase

The Saturation Phase

The Decline Phase & Retirement

Read the article below to know the details of all the stages of dentistry and how to tackle them.

The dental practice has many types of financial aspects running simultaneously.

Within a few months into the dental practice, it gets tough to manage all the financial details of your practice.

What are the financial points that you need to take care:

Monthly Income

Quarterly Income

Getting approval for all the necessary govt. approvals.

Income tax

Commercial tax

Consumer cases and mitigations

As you practice grows it is not possible for a dentist to keep a watch on all these points. First of all, it is time-consuming. Secondly, these are not easy points to handle.

So it is always better to take the help of a professional Lawyer and Financial analyst in these matters. It helps the dentist to concentrate more on managing the patients with a calmer mind.

See Next Slide: for the next two points needed for starting a dental practice

Point #7. Using Dental Practice Management Tools.

Point #8. Work on promoting your Dental Practice.