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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.

3 Simple Characteristics of Successful Dental Practice Owners

As an aspiring dental entrepreneur, you know that being at the top of your craft is of utmost importance. But when it comes to managing your own dental practice, your chances of achieving success increases if you possess certain personal and professional characteristics. The good thing is — all of these can be learned and practiced!

Ready to learn three simple characteristics that all successful dental practice owners have? Read on!

VISION-SHAPED AND GOAL DRIVEN

I’m sure you’ve heard the discouraging statistic that 95% of small businesses fail within a decade of first opening their doors. While that does appear to be a bleak prospect, keep in mind that by getting (and staying) informed of the common pitfalls that plague business owners, you can take active steps to avoid ending up in a precarious situation.

To that end, one important characteristic of a successful business owner is to have a specific vision and goals that go beyond just the bottom line. Think preemptively about the many details that go into effectively running a business- things like staff, payroll, accounting, and software program solutions. The ability to balance your larger goals as a dental practice owner with the seemingly smaller day-to-day operations functions can go a long way to paving the way for your success.

ASTUTE AND EFFECTIVE MARKETERS

The difference between a successful business and one that struggles is often found in the way that they approach marketing. Do you know who your target market is? Similarly, do you have an ideal client sector you want to reach? Is your practice’s marketing messaging aligned with those goals?

If you are not able to reach the right customer with the right messaging, your business can end up suffering in the end. It might not seem obvious right away, but eventually, the need to narrow in on your desired target market becomes vitally important, especially in the face of any competition.

A successful business owner knows how to market their services to their ideal clients.

HUMILITY AND WISDOM TO ASK FOR HELP 

Entrepreneurship does require a level of self-reliance, which is in and of itself an excellent trait to have if you plan on opening your own dental practice. However, no one can do everything perfectly all the time. If you want to focus on your clinical efforts, for example, you need to rely on other people and/or systems to help manage the operations, marketing and other functions necessary to make your practice successful. It can be tempting to try and do it all yourself, but humility and knowing your limits helps protect you from burn-out and also encourages confidence in the members of your team. Dental practices do not consist of only the dentist. If you want your practice to be successful, humility is a practical characteristic that benefits not only you but the whole business as well.

WANT MORE GUIDANCE?

This post has explored three very basic characteristics of successful business owners. If you want to learn about more examples or feel there are areas you know you need guidance on, contact Dr. Coughlin today. Bridge the gap between knowing what it takes to run a wildly successful dental practice and actually doing it!

 

 

What Are Dental Service Organizations?

Most dentists are faced with the decision to choose either open their own business, join another private practice, or become part of a Dental Service Organization (DSO).

But what exactly are DSO’s? What benefits do they have for your dental career, or alternatively, what are some of the drawbacks associated with them?

This post will give you a basic understanding of Dental Service Organizations and answer these questions with a goal to see how they might work with your own dental career.

WHAT ARE DSO’s?

Dental Service Organizations are also referred to as Dental Support Organizations. They both are commonly abbreviated as DSOs, and at their core, their business models provides non-clinical functions for dental practices. In many cases, services can include things like human resources, payroll, marketing efforts, IT solutions, and practice administrative support. For a dentist that seeks to focus primarily on their patients without the stress or worry that operations and administrative tasks can create, joining a practice that is managed by a DSO is an attractive option. DSO’s generally promise greater mobility and work-life balance compared to practices who manage their own operations.

That being said, there are definite advantages and disadvantages when it comes to joining a DSO. If you’re a novice dental practitioner, here are some to keep in mind when making decisions that affect your career.

BENEFITS

As mentioned before, the primary benefit that DSO’s offer is the ability for dental practitioners to focus on their clinical and patient experience, while the administrative and operational duties are managed by a third-party DSO.

This potentially means more time providing high quality care and less time spent on menial operational tasks.

Similarly, participating in a DSO can yield access to cutting-edge technology that might not otherwise be attainable through an independently managed practice. There are also special mentoring programs, coupled with attractive starting salaries, that can be especially enticing for dentists in the early stages of their career.

DISADVANTAGES

The biggest drawback to signing up with a DSO is the lack of independence and autonomy. Because DSO’s manage everything from payroll to administrative staff, your practice does not have a lot of freedom (if any) when it comes to management in these functions.

Another key disadvantage to joining a DSO is that the focus can become focused on numbers instead of providing patients with a high-quality standard of care. While DSO’s can boast greater numbers because of their ability and scope to serve more patients, the quality and personal nature can often diminish as a result.

THINKING OF JOINING A DSO?

Whether you have a freshly minted DMD degree or you’ve been practicing for decades, the decision to join a DSO does affect your career. If independence and autonomy are some of your goals, DSO’s might not be the best choice for you. On the other hand, if you hate being bogged down by the operations side of things, DSO’s could help you take away some of that burden.

Regardless of where you stand, you don’t have to make the decision alone. Reach out to Dr. Coughlin today and we can help you make the best decision for your career and/or practice – whether it’s with a DSO or not.

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.

 

 

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.

Podcast: Gary Wilson talks The Business of Corporations

Mr. Gary Wilson chats with Dr. Coughlin about the business of corporations – when and where to invest in your practice, passive income, and how to achieve a little bit more financial freedom besides the clinical aspect of dentistry.

Dentists need to adopt a business mindset

I’m a working dentist.

However, all my success has come because I run my practice as a business.

If there is one major complaint I have about dental schools, it’s that they focus on the skills you need to perform exactly one half of your job – clinical skills.

But being a successful dentist who runs one or more practices takes a lot more than knowing your way around the gumline. It takes business sense.

When I was starting out I had to learn these lessons. I wasted a lot of time and a lot more money making mistakes and learning from them. In the end I figured it out and was able to grow my business to include 14 practices.

I did this by developing processes and procedures that I was able to replicate over and over again.  

Today’s young dentists have it even harder. Many of them graduate with so much debt that setting up a practice of their own right out of school is prohibitively expensive. So they join an existing practice as an associate.

Even then there is very little preparation provided in schools to help them land that first job or succeed and prepare for a financially secure future.

That’s not to say established dentists don’t have their own issues when it comes to the business of running a practice.

With Managed Service Organisations (MSOs) and Dental Service Organizations (DSOs) growing and expanding into just about every marketplace, established practices are increasingly feeling the competitive pinch.

It hard to compete when your competitor has the power to muscle suppliers and vendors because of the scale of their purchasing power.

So can an independent dentist succeed in this environment? Of course they can. But it means managing the practice as a business first. Dentists need to constantly reevaluate processes and procedures and offer superior service that makes every patient a brand ambassador who happily refers them to friends and family.

So how do you develop the skills necessary to manage your career in this business? If you are struggling at the beginning of your career or you are worried about MSOs and DSOs eating your lunch then you might want to start by looking at coaching programs for new dentists or advanced business coaching for dentists.

I’m happy to chat and help you decide what your next steps should be so that you can enjoy the success you deserve without wasting a lot of time trying to figure it out yourself. Drkevin@ascent-dental-solutions.com