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Spinning plates, wearing many hats, putting out fires. If you’re a dentist who owns a private practice, these old adages most likely ring true to you.
As the lead clinician, CEO, CFO, HR director and compliance officer for your practice, you can find yourself bouncing between patient care, staff needs, operational duties and more. That means even a medical degree and a track record of running a successful practice doesn’t guarantee you’ll have enough time, energy or resources to get out from under the daily workload of running a practice.
Finding the right work-life balance is hard enough, let alone finding time to advance greater practice or business goals. It’s easy to feel like you’re on an island or stuck in a state of analysis paralysis. “A common aspiration for dentists surrounds freedom. They want to be able to step away from the business and still have a business to come back to. They want the freedom to be with just one patient and not have to worry about the 10 other things that need attending to,” said Jennifer Tyson, president and executive coach with Fortune Management.
You Don’t Have to do It Alone
The good news is you can find outside support to help you envision, develop and carry out a business plan to work towards your ideal practice and work-life balance. A good place to start is by talking with trusted people in your network like your accountant, attorney or vendors, said Tyson. They may be able to refer you to services that they’ve liked themselves or know to have a good reputation.
“Look for a partner who’s invested in your success – who wants to work with you long-term and someone who has expertise in the dental field,” said Joe Goldstone, vice president of Patterson Dental’s newly launched Navigate Business Services, which offers private practices guidance, solutions and support to build, grow and optimize their practices and their teams for greater long-term success.
How to Get Started
If you need help formulating a vision or creating a plan for your practice, a practice consultant or executive coach can be a wonderful place to start. “It is really helpful to have someone who comes in with no agenda and is just there to help a practice owner ask questions such as, ‘If you could wave a magic wand and change something, what would it be? What brings you joy? What brings you grief?’ Executive coaches can help a dentist go through a process to identify their meaning and goals, and to get clear on their vision and mission,” said Tyson, who is an executive coach.
For practice owners who already have a vision for their future, some other common services that may be helpful to start with to improve financial performance or manage workload include:
A PPO and Revenue Management Consultant
If you want outside help boosting your financial performance, you may want to consider a partner who can help you maximize reimbursements, minimize errors and claim denials. A PPO and revenue management consultant can help you negotiate fees, streamline billing processes, manage credentialing and ensure you’re compliant with a goal of increasing revenue and developing a more efficient revenue cycle.
Lease Negotiation Experts
Whether you are building, expanding, buying or sustaining a dental practice, lease negotiation experts can help you ensure favorable terms and mitigate risks around lease negotiations. This can help you maximize your lease.
Front Desk Solutions
If staffing your front desk is a challenge or a cost burden for you, you can explore remote front desk solutions that enable you to connect with skilled remote dental professionals to conduct front desk tasks. Look for a secure service that allows you to maintain a hand in hiring, customize training and determine the right contract length and schedule.
These are just a few examples of services that can help you get out from under your daily responsibilities and create an ideal practice that allows you to focus on the work you love to do and the life you want to have. If you’re unsure where to start, check out Patterson’s Navigate Business Services. Our team is here to listen to your needs and goals, and guide you to solutions to reach them.
