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Do you have an Emergency Directive, or “Will for your Practice”?

Dr. Austin had no idea what was about to happen to his family and his practice when he left for work that Tuesday in March. Dr. Austin’s wife answered her phone to hear the voice of a police officer who would go on tell her that her husband was in a car accident and he had died. What took place over the next few days was a nightmare. She told their children that their father had died and went on to tell her husband’s parents, siblings and then his team. She planned her husband’s funeral and did her best to… Read More »

The Benefits of Practicing Dentistry in a Small Town

Did you know that people living in rural small towns often drive more than an hour to see a dentist? The Federal Government and many states offer incentive programs for dentists who agree topractice in high-need areas. When taken advantage of the programs reduce student loan debt significantly. In instances where loan forgiveness isn’t necessary large sign-on bonuses are offered. Participating Dentists must agree to practice in the location for two to four years (dependent upon the program). During the first 10 years of practice, dentists who practice in a Small Town will typically experience the following in comparison to… Read More »

Buying a Dental Practice: How One Decision Saved My A** and Likely, My Career

Dr. Rebekkah Merrell I graduated from dental school, so I’m smart, right? A few years after finishing my residency, I decided I wanted to own my own practice. I was trapped working for a corporate practice that made me hate going to work everyday. I was itching for a change and fast. I began looking for practices to purchase in my ideal location. I would see a practice come on the market, and by the time I heard back from the listing agent, the practice would be under contract. I was frustrated and desperate. After multiple requests for practice information,… Read More »

What you need to know if you want to own a Dental Practice

Whether you’re planning to own a practice, or you already do, this article is for you. You won’t likely receive the following information in Dental School, in Residency or as an Associate Dentist.   Reality Bites:  It does not matter how much you love your team or how much they love you, they will never care as much about the success of your practice as you do. You may believe they do and they may believe they do, but why should they? It wouldn’t make sense. It’s YOUR NAME on the door, on your license, and on your loans. YOU are, the one person,ultimately responsible for the Success… Read More »

A Note From Mary

When you think you can’t afford to hire a practice management coach or consultant is when you need one most. If your practice is in need of a consultant/coach, find one that will work with you on payments. Our clients see their investment repaid many times over and in a very short period of time. Why wait for tomorrow, when you can see results today? For more information on our services, see our website at www.thedentalbusiness.com or email us at clientcare@thedentalbusiness.com. At The Dental Business we welcome ideas, comments and questions for future blog posts. Do you have an idea… Read More »

Top Mistakes Made By Dental Practice Owners

What are the top mistakes made my dental practice owners? 1- Under estimating the value of team communication   * Morning meetings or huddles are the most important communication of the day. This 10 to 15 minute meeting will set the tone for the day. The Doctor or Scheduling Coordinator should facilitate   Review the schedule for the day Determine where emergency patients should be placed on the schedule Discuss your goals for the day and month. Where you are, where you need to be and what you can do to get there Review prior day and discuss any issues that… Read More »

Interview with Mary Fisher-Day, Founder and Owner, The Dental Business – Part Two

Conducted by Livvie Matthews, Simple Social Media TV Part Two Livvie Matthews: Mary, what about Compliance and Documentation? Do you feel there are particular areas that practices should pay attention to when it comes to Compliance and Documentation? Mary Fisher-Day: Yes, I do. These are the areas dentists rarely think about. Yet, these are areas that can cost a practice hundreds of thousands of dollars. First, you must know HIPAA laws. You cannot just assume that your team knows and abides by them. You will need to make sure that they are following your office protocol and that manuals are… Read More »

Do You Really Need a Dental Practice Valuation?

Do you really need a dental practice valuation? Yes, and for the same reasons you have disability and life insurance…to protect your family. In the event of Practice owner’s death, the practice value decreases an average of 5% per week and 50% of practices go unsold when the owner dies unexpectedly. A thorough practice valuation will take 3 to 5 weeks to complete. Most family members have no idea what a practice is worth, where to find the documents necessary to have it properly appraised or who to call for help. When grieving the loss of a loved one, an… Read More »

Your Dental Practice … What’s Around the Corner?

If you’re planning to sell your dental practice in five years or less, here’s what you should know! Do update office décor (if it hasn’t been done in the last five years). Don’t add on to your office unless you have less than three treatment rooms. Do discuss your plans with your accountant. Don’t tell anyone outside of your most trusted family and business advisors. Do update your technology. Don’t move the practice, unless the facility is in bad condition. Do have a comprehensive practice valuation performed by someone who is experienced and well known in the dental industry. Don’t… Read More »

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