Financial Aspect Of Managing A Dental Clinic – Dental Practice Management
Dentists from all over the world have one big concern that is common to every dentist. That concern is Financial Aspect Of Setting And Running A Dental Clinic. This article will tell you How to Plan and manage the Finances of you dental practice.
(Phase 3 of Dental Practice)
The Game of Profit &
Loss in Dental Clinical Practice
The Waiting Game of Patience
In the last 2 slides, we had a look at Phase 1 & Phase 2 of the Financial Expenditures involved in setting up and running a dental clinic.
Running a dental clinic is more or less similar to running a small to medium range business where you need to spend every dime very cautiously.
Just like any other business, in the case of professional dental setup, the target must be to have a net profit.
Because until unless you end up making more than you invest – then there is no way you can sustain you professional clinical setup.
A decade back when the prices of all the commodities were relatively low.
Running a business was not that tough.
But in today’s work, when the cost of everything is on a constant rise, you have to cover up your invest and must manage to make a profit.
That will make your whole dental clinic ecosystem running on autopilot showing a regular growth.
Patience is the key for making Profit.
Stay Calm. Do not Panic in initial days.
Do not get depressed if some of your college senior says that he earned a huge profit within the first month of opening his clinic (only very few exceptions are there. Hardly up to 2%).
Please Avoid The ” Comparison Syndrome ”
It’s one of the most common causes of the downfall when young dental practitioners start comparing all the aspects of their dental career to their other friends and senior – long time working dental professionals.
Read the article below that talk about this habit which is making dental career difficult for dentists.
The article will open in a new tab and you can continue reading this article.
7 SILLY COMPARISONS THAT A NEW DENTAL GRADUATE MAKES | DENTALORG.COM
You know ! when I joined Dentistry in 2004 ! That time dentistry used to be very different. When I say different I mean the outlook of a fresh graduate. In my first year of BDS I was envious of my Intern seniors. They were so full of life and confident in themselves and their skills.
Just remove one Zero yourself from what that Hero told you – That he made a profit of thousands in the first month. Either he/she is telling a clever lie or it’s a very rare scenario of striking gold.
Also Please do not dig a grave for your own profession by charging lesser than what we deserve.
Most probable stages of Profit in
Running Dental Practice
I personally think that the quality of any practice depends on how we build it.
Do not downgrade by indulging in a price war with the dentist next to your dental practice.
In the 1st year of your dental practice income might be minimal and you might end up spending more from your pocket.
From 2nd year onwards you will surely reach breakeven point stage.
In the 3rd year, profit will flow and trust me you will never need to look back.
(for detail read my article ‘3 ways to uplift dental profession in India’).
3 Practices to uplift your Dental Practice.
3 PRACTICES TO UPLIFT DENTAL PROFESSION & SUCCEED IN DENTISTRY
This article is by Dr.Varun Bajaj who has been practicing for past few years and has seen the change in the scenario of dentistry from a close quarter. This article expresses his personal views about the changes in dentistry, how its affecting the young graduates and what can be done to uplift dentistry in India and other developing countries.
That concludes the article and I sincerely hope that you have got some valuable insight into the game of financial management and profit/loss of running a Successful Dental Clinic.
Always remember that having a professional dentist practice is very similar to running an enterprise. There are many stages to a dental career and you need to understand each of these stages and act accordingly. Only then you can have a successful dental career.
If you want to know what are the various stages in the career of a professional dentist then you can read the article below:
