The Biggest Hurdles After Dental School

What are the biggest hurdles after graduating dental school?

Have you recently graduated from dental school? As a new graduate, chances are you’ve accumulated practical knowledge, modern skills – and a huge amount of debt. Obviously, you want a successful career, but because there are a lot of options to choose from, it can be difficult to know which path to take.

There’s good news: you’re not alone! Our New Dentist Career Path coaching program gives you the tools and information to address many of the questions you might have, in addition to equipping you to ensure success in your dental career.

Here are some of the common questions and problems our 6 Week New Dentist Career Path covers.

DO I JOIN A TEAM OR GO IT SOLO?

There are many paths a new dentist can take. Should you join an established team? Do you dream of owning your own practice? What are the benefits of each? Dr. Coughlin helps you navigate each of these options and which one might be the best one for you.

HOW TO FIND YOUR IDEAL PATIENTS

An important factor in predicting success as a dentist is the ability to know your patient’s needs. But how do you do that? What are some tools you can use to navigate your ideal patient base in order to target and tailor your services for maximum benefit?

HOW DOES DENTAL COMPENSATION WORK?

Navigating the ins and outs of how your pay structure works as a dentist can be tricky, especially when factoring in the differences between opening your own practice and joining a dental group. For example, is your pay based on collection, production or guaranteed salary – or a mix? Understanding these practical considerations gives you more confidence as you enter the dental workforce.

CAN I AVOID COMMON PITFALLS?

Like any career, it takes time to establish trust and respect as a dentist, not to mention the lessons you learn from mistakes along the way. However, there are some very common pitfalls that you can avoid if you know what to look for and how to prepare for them. The personalized coaching sessions give you the opportunity to work through these common mistakes. Even more than that, Dr. Coughlin equips you with resources and tools to save you time and money.

READY TO GET STARTED?
The New Dentist Career Path consists of six coaching sessions. We can work with you either in person, over the phone or via teleconferencing. In addition to the coaching sessions themselves, we also send you four of Dr. Coughlin’s books, which are valuable resources you can refer back to in the future.

Ready to get started? Call us today to register for the New Dentist Career Path coaching sessions or with any questions.

How Are Dentists Compensated?

One of the biggest questions that most dentists have upon graduating with their D.M.D is whether to join a Dental Service Organization (DSO) or open their own practice. Related to this is the difference in compensation plans that are available with each option. How exactly are dentists compensated in a dental organization versus as a business owner? Which option makes the most sense for you? These are the questions we will answer today.

GENERAL COMPENSATION OUTLOOK

Many dentists need to start generating income quickly to start paying off student loans or other expenses. The good thing is that according to Payscale.com, the average base salary for a dentist ranges from $82k-$200k, not including bonuses and commissions. How your salary is determined differs based on your location and whether or not you are self-employed or an associate in an established dental service group.

DENTAL ORGANIZATIONS

As an associate at a DSO or other established practice, you are typically paid by the hour or are salaried. You can also be paid as an independent contractor, and you would be expected to track income and set aside funds for tax purposes. However, you can also get a percentage of commission based on either the ‘production’ that you work on or, most commonly, of the funds that are collected after employer discounts, costs for office overhead, etc.

For example, if you are an employee at a dental group and you have several patients that have a 20% discount through their employer, you might only be eligible to receive roughly 50% of the remaining funds after they are allocated towards administrative expenses.

SELF-EMPLOYMENT

If you plan on or already run your own dental practice, compensation will look different for you as the owner. First of all, there’s no one over you determining your hours or commission rates, so your income potential can be higher than an associate. You also have more flexibility in terms of how you prefer to be paid – ie per production or a portion of total monetary collections for rendered services – which can maximize your compensation as well. One key benefit you have as a practice owner is to carry over your business as an asset when or if you stop working with patients.

However, like any business owner, you will need to take the overall overhead of your practice into consideration before compensating yourself. In addition to setting aside the appropriate amount of your gross income for tax purposes, several factors affect how you can claim as take-home pay. These include:

• Employee wages and benefits, if applicable
• Business Insurance
• Office space rental or mortgage
• Administrative systems like payroll, accounting software, etc
• Equipment
• Marketing

Once these main considerations are taken care of, then you can think about how much it makes sense to allocate for personal compensation. This number is often based directly on your overall success as a practice.

NEED MORE INFO?

Understanding the ins and outs of how you get paid as a dentist can be a little confusing. You might also be wondering if one type of compensation plan works better for your needs than others. If you have further questions about compensation or anything else related to your dental career, give Dr. Coughlin a call at (413) 224-2659.

Should You Lease or Own Your Dental Practice Building?

If you’ve decided to own a dental practice, there are lots of things to be mindful of to be successful beyond the day to day operations. Your time, money and other resources need to be spent on marketing, effective management techniques, and bookkeeping. In addition to all of these, you also need to factor the whereabouts of the physical location of your business. And with that comes the need to think about what your plans are for your practice for both the long and short term.

Do you want to have more flexibility for the physical location of your practice? Do you have access to funds for a down payment and mortgage for your practice space, if desired? These types of questions can help you hone in on the more practical option for your business needs and goals.

And these questions lead to a very important one.

Should you own or lease the office space for your dental practice?

 

PROS OF LEASING

Leasing is essentially the same thing as renting your office space. If location is of utmost importance to you, leasing allows you to have more flexibility than owning real estate. There’s a higher likelihood of being able to find short term leases, for example, if that’s something you feel you need. In many cases, leasing gives you more options in terms of property locations. Finally, you won’t need to have a large amount of capital to invest in real estate property if you decide to lease.

 

CONS OF LEASING

If you’ve had experience with renting at all, you know that one of the biggest drawbacks is that rental rates consistently increase over time. If you’d like your dental practice to remain in the same location for the long haul, signing onto a long-term lease might not be in your best interest. You also don’t get the benefits of property ownership, namely equity value and tax advantages, if you lease your office space.

 

PROS OF OWNING

Real estate ownership offers many advantages and benefits in general, and the same is true if you want to purchase property for your dental practice.  Some of the most compelling benefits are flexibility in controlling location and any future expansion projects, the ability to build equity as you pay down the financial terms, and to eventually earn a return on your investment.

 

CONS OF OWNING

In contrast, owning your dental practice location requires a significant amount of upfront capital. As a property owner, you would also be responsible for any upkeep and maintenance, including fronting the cost for any property-related damages. These responsibilities can take away from other tasks necessary to growing and sustaining your practice,like marketing, staff management, and accounting.

The decision to lease or own your dental practice property is based on a combination of your personal and business needs. It’s good to think through all of your options with either choice.

 

WONDERING WHERE TO BEGIN?

Are you just starting out with your practice? Sign up for Dr. Coughlin’s program that details the principles of success to learn what it takes to have a successful, thriving dental practice!

Do Your Potential Patients Know Your Dental Practice Exists?

Effective marketing can mean the difference between a successful, thriving business and one that’s just barely making ends meet. A clear, consistent marketing plan attracts the right customers, at the right time, in the right location. If they have a good experience, these patients then share your practice with others, come back for dental services, and the cycle continues. If this happens regularly, you’re likely to have a thriving dental practice. But what happens if you don’t reach these target customers?

They don’t discover your business, so they go elsewhere. And you (and your practice) suffer for it.

Luckily, there are some surefire ways to market your business, and are well worth it because of the return on investment (ROI). Interested to know if you’re taking advantage of these effective marketing channels for your business? Read on.

 

LIST YOUR PRACTICE ON GOOGLE MY BUSINESS

If you haven’t listed your business on Google, you’re missing out on a huge opportunity. Customers who search for dental practices typically are from your local community. And because they’re already searching for dentists on Google, you’ll be able to see what brings your patients to your door. That information alone is beyond valuable.

 

GET IN TOUCH WITH YOUR LOCAL CHAMBER OF COMMERCE

Have you joined your Local Chamber of Commerce yet? Since most dental practices are based locally, this marketing strategy is a great choice for you. Once a member, most local chamber chapters give you the option to list your business in their main directory. You can also participate in networking and other organized events throughout the year for additional community exposure.

 

BE ACTIVE ON SOCIAL MEDIA

Social media remains an effective and popular marketing channel for many businesses. In today’s fast-paced digital world, social media provides a way for you to keep up with your customer’s demands, expectations, and desires easily. Customer service usage options abound. You can even create targeted ads to reach your patients that perhaps may not have found you otherwise.

 

CREATE EMAIL MARKETING CAMPAIGNS

While social media is great, don’t forget about tried-and-true marketing strategies like email marketing and direct mail. Did you know that a recent study showed that 99% of Americans check their email at least once a day? That’s a lot of potential eyes on your content. If you haven’t built an email list for your dental practice, start today. Email marketing can be particularly helpful for retaining current patients, which can end up being more lucrative to you and your business than acquiring new patients alone. Try sending a monthly email newsletter or put together an email drip campaign that provides recipients with valuable information.

 

INVEST IN DIRECT MAIL ADVERTISING COLLATERAL

Finally, direct mail marketing collateral can be an effective way to market your business, particularly if you target patients in and around your physical practice. Send out a basic flyer with an introductory offer or collaborate with other local businesses to cross-promote your services.

 

WANT MORE GUIDANCE?

It can be time-consuming and frustrating to try and figure out the most effective way to market your particular dental practice. If you want personalized guidance by a fellow dentist and dental practice owner that’s been there, contact Dr. Coughlin today. We will help you find the right marketing approach that’s based on your specific ideal target audience that effectively meets your business goals.

 

 

Benefits to Owning a Dental Practice

The decision to open your own dental practice versus working as an associate at a larger managed organization is one that only you can make. However, if you’ve never thought about owning your own dental practice, there are benefits to it that you just can’t get as a dental associate. 

Take the time to weigh the pros and cons of each option to make the best decision for you and your desired lifestyle. 

Interested in opening your own dental practice? Here are some benefits of taking that entrepreneurial step. 

 

FREEDOM TO OPERATE AS YOU WOULD LIKE

Unlike managed organizations, if you own a dental practice, you’re free to run operations as you see fit. Practically speaking, this means that you call the shots of what goes on in the office; there are no middlemen making decisions for you. Even decisions like benefits for your team or customer service guidelines are in your hands. If you like the idea of truly being your own boss and enjoy detailed work, owning your own dental practice is a good option to consider.

 

MAINTAIN YOUR IDEAL ENVIRONMENT AND TEAM

A key benefit of owning a dental practice is the degree of control you have over the environment and team choices in the office. Instead of being forced to work with what you have, you can decorate the practice to your preferences. You can also hire employees that you have a personal connection with who may not otherwise be chosen in a larger organization. Because a dental office’s environment can play a big part in overall patient satisfaction, keep this in mind in the process of deciding what career path to take. If you value the ability to express your own individuality in the workplace, owning a practice could be a great fit.

 

SCHEDULE/FLEXIBILITY

Time: none of us seem to have enough of it, and busy dentists are no different, regardless of where they work. However, if you’re a practice owner, you ultimately get to decide the hours and schedule you want to work. Of course, dental practices are businesses. Things don’t always work out the way they should on paper – something inevitably always comes up at the end of the day. But the fact of the matter is that you still have the ability to choose and regulate the hours of your practice versus being forced to adhere to a set schedule each week. This kind of flexibility is appealing to many dentists.

 

WEAR MANY HATS

As an owner of a dental practice, you’re able to do far more than just interact with patients. You’re the decision-maker for the marketing, accounting, stability, and growth of your business – which means you wear a lot of hats. If you’re excited by the challenge of operating several different projects at once and get bored with performing repetitious tasks easily, owning a dental practice is right up your alley. At any given time, there’s always a different project to work on. Overall, your role as a business owner can be very administratively focused, especially when compared to an associate dentist in a managed dental organization.

 

FINANCIAL BENEFITS

Finally, owning your own business gives you significant financial benefits. Instead of working as an associate for someone else, you’re able to build wealth for yourself. There are also tax benefits to running a dental practice. Take advantage of the savings from writing off business-related expenses to maximize your financial gain.

 

WANT TO OPEN YOUR OWN DENTAL PRACTICE?

If you’ve decided to open your own dental practice, that’s great! Contact us today and let us help you grow and develop your business into a reputable and successful dental practice in your community. 

 

Top Customer Service Tips for Dentists

Did you know that in today’s day and age, in many cases, dental providers may be employed by a large corporation and the dentist may not have any ownership in the company? This can lead to patients feeling they are not important and are just a number in the office. That is not only bad for the patient but also for the corporation. The top priority in every dental officeshould be seeing customers smile. One because they’re proud of their teeth, and two because they’re happy with their dentist.

Chances are, there are plenty of dentists to choose from in your area. So what makes patients pick their dental practice and stick with it? It’s not just how you treat their teeth, but how you treat them altogether. Yes, to run a successful dental practice isn’t just about how you handle dental procedures, but how you serve your patients in all the other aspects. Your attitude and atmosphere can go a long way.

Customer service is key in setting you apart from your competitors. And in this day and age, with the ease of social sharing and online reviews, it’s really important. So, you might be wondering the best ways to make an impact on your patients and keep them coming back. These five easy tips will help get your patients passing along their good experiences, giving you free referrals and recommendations.

  1. Remember your manners.

It’s free and easy, and quite possibly the most important: make your patients feel valued! Sure you’re busy, but don’t let them know it. Give your patients all the patience you can and don’t make them feel rushed. Talk to them about their concerns and explain procedures in detail in a way they can understand everything in easy terms.

  1. Create a culture of top-notch customer care.

Create a standard for your team to live up to everyday, with every patient. Make sure your staff is genuine and observant. Be sure they welcome patients as soon as they walk in and that they’re overly-pleasant every time they pick up the phone. Remind them to pay customers compliments and to converse with them like they’re a friend.

  1. Go above and beyond.

Anybody can give out a free toothbrush. Go for the gold vs. the ordinarydental officeexperience. Pass out gift cards if they have to wait a while. Offer incentives for referrals. Provide special toys or trinkets for kids.  And when you have an unhappy patient, make things right, right away. Actually listen to their complaints and work to resolve the problem.

  1. Give patients a positive experience.

Many people hate going to the dentist. But offering an office that feels welcoming and refreshing can make all the difference. Create a space they feel comfortable, whether it’s bringing a comfy couch into the front area or playing soothing music while they wait.

Oh, and don’t make them wait long. A good rule of customer service is making people feel like they’re a priority, and making them wait for you does the opposite of that.

  1. Keep a clean space.

Having a dental officeobviously means keeping your clinical areas hygienic. But making sure the other areas are clean can be just as important. What’s the waiting area look like from the patient’s perspective? How does the parking lot look? Is your receptionist’s desk cluttered with paperwork? Are your restrooms tidy?

No matter how good you are at what you do, customer service can make or break your practice. Having a friendly staff and a caring team can take your dental officeto a whole new level. The best way to get referrals and grow your practice is by fostering a patient-focused culture. After all, they’re the reason you’re in business! Learn more about what you can do as a  dentistto grow your practice with this program created to help improve the customer care you provide.

 

Go From Preparing to Practicing Dentistry

Completing dental school is an amazing accomplishment. For so long, your days have been full of learning what you love and chasing the goals you’ve longed to achieve. You’ve worked hard to get where you are, and your career is closer than ever. But, before you wear that white coat, you might be wondering what it’s like outside the classroom and inside an actual office. Oftentimes, newly graduated dentistsfind that they feel alone as they stumble through the unfamiliar realms of sales, customer service, and hiring staff.

At Ascent Dental Solutions, we know exactly what it takes to run a practice, maintain a practice and grow a practice – and we’re here to help you do the same. So, what should you know before you get there? How can you ensure your success as you transition from student to dentist?

By this point, we know you have the skills to serve patients and perform the routine duties that come with being a dentist. But, we also know that dental schoolrarely prepares you for the day-to-day issues that are just as important. Sure, you’ll spend a lot of time fixing teeth and filling cavities, but you should be spending just as much creating, maintaining, and improving your dental practice. This is essential in providing the upmost of patient care and offering quality services that will help your practice grow.

As with most jobs, your success starts with how hard you want to work. To make the most of your dental career and run a practice you’ll be proud of, Dr. Kevin Coughlin can help. As a 35+ year veteran of dentistry, he runs a successful multi-location dental practice in Massachusetts. He’s also one of a small amount of dentists in the country with both a Fellowship and Mastership in the Academy of General Dentistry and has worked with both DSO’s and MSO’s during his career. But beyond serving patients, he also loves helping new dentists discover the joy in establishing their careers – and he’s coached countless of them to prepare them for this leap. Whether you’re planning to start your own practice or join an existing one, Dr. Coughlin can make sure you’re prepared and help you establish a success plan for your career path.

Having a leader to learn from can be the key for your career. You’ll increase your confidence, gain first-hand knowledge from one of the best in this business, and relieve stresses that might be holding you back.

Find out more about Dr. Coughlin’s proven blueprint for success, and how you can use it as you trade in the classroom for your long-awaited career.

Manage Your Dental Practice. And Your Time.

Life is busy. The days go fast and the years seem to speed by – especially when you’re running your own practice. You’ve learned by now that being a dentist can be a demanding job, but just as equally rewarding. The key is mastering your schedule and making a plan so you’re not constantly running all over the place and working longer hours than planned. You’ve worked hard to get where you are, and you deserve to make the days go as easy as possible. So as your patient list gets longer and your availability gets smaller, you need to figure out how to manage the clock as best as you can.

These time management tips can help you get through the day not just more easily, but more effectively.

1. Ignore your phone.

Checking your phone in between appointments can mean working longer hours. Not only is it a distraction, but it can take up longer time than you think. Instead of picking up your cell, focus on other tasks you need to get done so you can complete your day earlier. Set aside a specific time of day to catch up on emails so that it’s not a distraction.

2. Don’t do it alone.

Just because you’re the boss doesn’t mean you have to control everything. You’ve hired employees for a reason, and they’re here to help. Stick to your dentist duties and don’t be afraid to delegate the rest. Assign specific tasks for each role in your office and let your team members do their jobs. If everyone does their work diligently, you’ll find you can dedicate your time more beneficially to the more important matters.

3. Take care of your team.

A successful office starts with a happy team. If they’re doing their job to the best of their ability, yours will be so much easier. Remember that they are the face of your office and the reason it runs smoothly. Make sure they have proper training so they feel

empowered. Provide good scheduling software so they can plan and prioritize quickly and simply. Take their feedback seriously and listen to their suggestions.

4. Put the patient first.

You (and your team) won’t have to spend so much time trying to make sure patients are happy if they feel comfortable and accommodated. And when they are, they’ll tell their friends. (Easy advertising!) Small things like providing good reading in the waiting area, fun activities to keep kids busy, a nicely decorated office, and a space that feels welcoming will go a long way. Go above and beyond where you can. Give gifts (everyone loves free stuff!) and a new tooth brush or travel size toothpaste is an easy, practical giveaway.

5. Have a site that sets you up for success.

Being a dentist today is a lot different than years ago. Now, patients can help make your job a lot easier, saving you and your staff a lot of time. Having a good website can reduce phone calls in your office, which will give your employees more time to focus on other duties. (Plus, it can keep your patients happy because they’ll avoid long wait times to speak to someone.) A good website will review the services you provide and share important information that answer basic questions like available hours, services offered and current team members.

6. Take a break.

Running around from morning to evening can be exhausting – and not very productive. One of the best things you can do for yourself – and your patients – is to set aside time to rest and reset. It doesn’t have to be very long, but it does need to happen. Set aside at least a half-hour each day as quiet time to let your mind take a break and to think about the nonclinical tasks you need to get through before you head home. Remember that working on your business, not just in your business is essential for success. It might be hard to find time to “give up” but this time will help you be more effective in the long run – and your practice and patients will be better for it.

The downside of becoming a dental franchisee

Are you considering buying into a dental franchise? It certainly seems like an arrangement that means less headaches with marketing. Becoming a franchisee also comes pre-loaded with processes to help insure everything runs smoothly out-of-the-box.

Of course there is a downside. As a franchisee you have certain obligations to the franchisor. For some this loss of “professional sovereignty” may feel like they aren’t in an ownership position at all.

As a dental franchisee it’s easy to fall into a professional rut as you have less and less emotional investment in your business. In the end many dentists find themselves simply punching the clock, day in and day out.

This leads many to view the services they offer as products rather than treatments for patients. What happens next is that the practice becomes a glorified assembly line – where treatments are assessed based on price and patient need comes second to profit.

Obviously this does not apply to 100% of franchisees. Many offer advice to patients that may cost the practice some additional revenue. And they do this to create loyalty and make their operation stand out among the other chain services in the area.

However if you are a franchisee there really isn’t much incentive to be “great” when good enough is all that’s expected.

Being part of a chain means a steady flow of patients because of brand recognition. As an example, the local McDonalds or Starbucks doesn’t need to promote itself. These independent stores, as franchisees, don’t have to worry about being amazing. They simply have to be.

It’s the same with dental franchises. Business is good, because the brand is strong. And because the brand is strong, you don’t often see individual service initiatives from the franchisees.

Another factor that contributes to this is that most dentists working in chain operations only stay for two years. So quality service improvements run the risk of annoying the next dentist/franchisee because they go beyond the work they are prepared to do in order to hit the minimum brand standard.

As a customer, I always choose the independent operator.  It doesn’t mean I don’t trust the chains. I simply want my dentists to have more of a long term investment in myself and my community.

Independent operators have more “skin in the game” and they see their community and patients as more than a resource to be exploited.

As someone who has worked on both sides of this ownership model, I can say that as an independent owner the added stress of being 100% in charge is mitigated by the level of satisfaction it brings me, my team members and my patients every single day.  

If you are considering whether or not to invest in a franchise and you’d like to explore your options, click through and book a coaching call. It could be the best investment you make in your dental career.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help