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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!

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.

 

Podcast: Are team meetings valuable?

How do we conduct these meetings? Should we even waste time with these meetings?”

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.

Podcast: How to Hire

Dr. Kevin Coughlin believes you can offer an incredibly high level of care and service in a very efficient and effective way if you’re willing to invest in the technology, the training, and the team. This episode explores hiring – when, how, and most importantly why looking for the right team fit is key.

Podcast: The Jiffy Lube Experience


Dr Kevin Coughlin ruminates on the excellent customer service he received at the oddest of places – a Jiffy Lube – and connects the dots on how that kind of customer satisfaction can be applicable to the dentist industry.

Podcast: Motivation

After 35 years, I’d like to share with how I keep my employees motivated.

It’s a combination of things that will work based on your team members’ personalities. I think it’s critical as “the leader” of your team that you lead by example. If you come in with an angry demeanor, if you come in upset and aggravated, you’re not leading by example, you’re leading by failure. Somehow, you have to get up every single day, put your best foot forward, and provide the best example you can to your team.

I also think it’s critical that you offer your team members the opportunity for advancement – make the training and the time available to discuss with them their personal wants and needs. You have to physically make time in your schedule to meet one-on-one with your team members. I suggest you do not delegate to the management team. I suggest you take the time to meet with your individuals one-on-one.

Podcast: When is Enough…Enough?

The entire Dental profession realizes approximately 5,000 dentists will be graduating in the next few weeks and entering into the market force. Most of these young men and women will have very little clinical experience, but some wonderful educational background. The vast majority of these individuals will be bypassing specialty programs, bypassing residency programs, and going directly into the dental market or job and career areas. The question is: When is enough is enough?

Today the incredible debt of private education and the downward forces from insurance companies and DSO’s and MSO’s make it extremely difficult for these individuals to make it in the real market place. I would strongly recommend negotiating your best contract but be realistic in what you ask for.

My personal opinion is in those first 12 to 24 months focus on education training, development of process and procedures, and make sure you have a mentor in the practice that can work you through the difficulties that all of us, as dentists, deal with when we first start our career.

Dental Practice Mergers: What You Need to Know

Merging your dental practice with another practice often sounds good on paper. Theoretically, it will reduce competition, grow your patient base and production numbers, and improve your bottom line. In reality, though, not all mergers are the right choice. Like any major business transaction, it is important to think through whether it is right for your practice at this time and what you will need to do to make it successful. Here is what you need to know.

Due Diligence

Once you find a practice you like, it is time to perform your due diligence. Analyze the details of each practice, from philosophy of care to operational details to software and technology. If the two practices are wildly different, consider the possibility that it simply isn’t a good match. If you decide to go ahead with the merger, sit down with the owner of the other practice to develop a new business plan that keeps the best of each practice while developing new methodologies that work well for both practices.

Identity and Branding

One of the most important aspects of a successful merger is the development of a cohesive new brand. Remember that each practice has been following a singular vision for a long time, but it is now time to create a new, shared vision. Involve both practice teams as much as possible to help them feel like part of the whole.

Communication

During a merger, many employees become nervous and the rumor mill heats up. Keep morale high by keeping your team informed. Explain the benefits of the merger, both for your practice and for them as individuals. Ask for their opinions and contributions, and let them know what you need from them. Keep them posted as to the progression of the merger and discuss how things will change at every step.

Collaboration

It is only natural for team members from each practice to feel loyalty to that practice, but this can quickly spiral into an “us vs. them” environment. Focus on building a culture of engagement by bringing both teams together frequently in a mix of meetings and teambuilding activities. Work with the other practice owner to reassure team members that the whole is greater than the sum of its parts and that everyone is working together for the same shared vision.

Preparing for New Patients

A top benefit of a merger is an influx of new patients, but if you aren’t prepared for them, it may feel like a curse rather than a blessing. Develop a plan based on forecasts, but remain agile and ready to make changes on the fly. Get your team members involved in the planning rather than springing such new changes as extended hours on them without warning.

A merger can be an excellent choice for your dental practice, but it can quickly go south if you do not take the proper steps. Start by ensuring that the specific merger is truly right for your practice, and then work hard to make the transition as seamless as possible for everyone involved.

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.