The One Thing my most profitable dentists do.
As a CPA working exclusively with dentists since 2011, I’ve counseled hundreds of dentists on strategic dental business and tax planning matters. Across these relationships, there is one common trait shared by the most profitable dentists: They always keep one eye on the business side of their practice.
Three Examples of Keeping an Eye on the Business Side of Dentistry
Here, I will share the three most common characteristics of what it means to keep an eye on the business side of one’s dental practice.
- They own their situation. I wish I had a nickel for every time I heard a dentist gripe about staff. As the owner of a CPA firm, I can relate to personnel challenges. The most profitable dentists gripe as well, but a key distinction is that they exhibit a tenacity towards resolving situations and moving the organization forward.
- They prioritize the business elements of their practice. I wish I had a dime for every time I heard a dentist complain about being “too busy.” Honestly, I don’t know how they do it—every patient decision is critical, with no room for error. At the same time, patients can often be difficult and unappreciative. Exhaustion is completely understandable, if not condoned. My most profitable dentists, however, somehow respond timely any time we reach out to them. The same goes for other vendors that work with them—these dentists somehow manage to make time for the business interests in their practice.
- They have a plan for their cash. I wish I had a dollar for every time I heard a dentist complain of being short on cash. Again, I can relate—cash seems to evaporate when sitting in a checking account. My most profitable dentists, however, always have a plan for putting their cash to work for them—whether reinvesting in their practice, in their skillset, or outside investments. They put their money to work for them.