Keys to a Thriving Dental Practice: A Best Practice Blog Series by Shawna Aho, Bookkeeping and Payroll Expert from STAC Bizness Solutions

For most medical practices, managing payments across vendors and patients is both a headache and mission critical. Most of their processes are manual and time-consuming to manage.  Paper checks are still a major component of medical practices, with several studies showing that 50 percent of businesses still use paper checks

Great Patient Care = A Great Dental Practice.  Well… Not Exactly.

Think about those days when you were back in dental school.  Chances are you envisioned a long career of treating patients, helping them to feel better and helping them live healthier lives. But what you probably did NOT envision are all the OTHER challenges you’d have to face as an owner of your own practice – team turnover and staffing, the influence of insurance providers, documentation and changing regulations, technology, finances… and the list goes on.

There’s no denying it.  Creating a thriving practice is about much more than practicing medicine!

Topping the list of “other” priorities is your practice’s financial management. If you don’t get this right, you’ll at best fail to optimize your growth and profitability, and at worse fail to keep your doors open.  It’s that important.

Over a series of blog posts, I will be outlining 7 financial best practices that differentiate struggling dental practices from those which are highly profitable and experiencing healthy levels of growth. 

So, without delay, let’s dive into best practice #1

Best Practice #1: START WITH STRATEGY

In the classic book, The 7 Habits of Highly Effective People, author Steven Covey emphasizes that we should “Begin with the end in mind” – envisioning what you want in the future so you can plan and work towards it.  The same can be said about your dental practice.  Before making any financial decisions, you should take the time to think deeply about your practice and your goals for the future.

Here are a few questions to get you started down the path:

  • What do I want my practice to look like one year from now? (think about things like your average daily production, staffing levels, how you allocate your time, the introduction of new processes, equipment, or technology, etc.)
  • This is a bit more challenging, but answer the same question considering a five-year target.
  • What are the current training needs of my staff, colleagues, and myself?
  • What are my practice’s current “pain points” and how would I prioritize them?
  • What do I see competitive dental practices doing that I should explore?

Taking the time to consider these questions and document your strategic vision for your practice will ensure your vision and strategy are driving your financial decisions – not the reverse!

Hope this helps,

If you’d like to receive the full series with all seven best practices in one whitepaper, just complete the short form below.  If we can help you in any way, feel free to reach to us at 844-424-9637.

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7 Key Financial Practices That Separate Thriving, Growing Practices From The Rest.

    There’s no denying it. Creating a thriving practice is about much more than practicing medicine!

    Topping the list of “other” priorities is your practice’s financial management. In this short guide, the experts at STAC Bizness Solutions outline 7 financial best practices that differentiate struggling practices from those which are highly profitable and experiencing healthy levels of growth.