A small dental practice is easily run with no need for express management. A dental professional in charge of his patients is usually able to schedule and manage four or five appointments each day, handle rescheduling when needed, liaise with the insurance companies, and work with laboratories and other contributors to the practice.
When you expand your practice, though, taking the DIY approach can be a recipe for disaster. It takes an experienced hand to keep an eye on costs, set business and financial goals, handle communication and employee satisfaction, and keep track of business promotion and marketing.
Unfortunately, many dental professionals, inexperienced in the finer points of running large practices, often greatly underestimate the wide range of responsibilities involved. It can be hard to recover from mistakes made through an expansion.
“Any operation is only as good as its weakest link, so it’s very important to hire all around good employees, and keep them happy and performing at a high level,” says Dr. Igal Elyassi DDS, of Veneers Specialists in Los Angeles.
Finding great stewardship for professional management should be the No. 1 goal of any dental practice considering expansion. It is also important to make sure that specific, common mistakes are never made.
Failing to keep up with the industry
Dental technology gallops forward constantly; each year dozens of important improvements are introduced, many of which offer significant benefits for the patient experience. Many newly expanded practices make the mistake of trudging along with older technology. It's important to remember that moving on to the latest technologies is one of the main reasons to build a bigger practice.
Failing to market well
Dental practices run on modest margins, which can be a great risk in the event of an economic downturn or other circumstance beyond their control. It takes a highly competent marketing thrust to keep such a practice from stalling. Not only is it important to build a great website, but it's also vital to invest in search engine marketing and offline avenues as well. It is important to not underestimate the importance of savvy marketing to the success of a large dental practice.
Failing to take business accounting needs seriously
The accounting needs of the micro dental practice tend to be modest. Larger practices, however, are expected to measure up to entirely different standards and adhere to stricter regulations. From taxes and loans to investments and salaries, these businesses are expected to maintain high financial standards. Many newly expanded dental practices carry on with little awareness of their size, often drawing regulatory penalties which can be catastrophic to the business. It takes an experienced accountant and financial manager to steer a course for a large dental practice.
While these mistakes may seem obvious, they do trip up small dental practices with big ambitions. It's important to proceed with caution.
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