Salary Discussion Among Employees Of Your Dental Practice

salaryAs a business owner, there are many policies and procedures that you have to put in play to keep things flowing and keep things legal. Many businesses, including dental practices, have policies in place for their employees that state what is and isn’t ok to discuss as far as salary goes. While it is understandable that employers want employees to keep quiet about compensation, it turns out the law states that enforcing this principle is banned.

This may come as good news or bad news if you are the owner of a dental practice.  The good news is, you don’t have to be the sheriff!  You don’t have to enforce this policy anymore.  The bad news is, your employees may or may not chose to discuss salary with each other.

Read more about this law and how it affects your dental practice here: Salary discussions among employees: You aren’t the sheriff anymore!

Email Strategies To Engage Patients

email strategiesEmail campaigns are important to your dental business because they allow you to connect with your current patients without being too clingy. Email strategies to engage your patients are vital in showing you care and keeping your patients informed. The following are three email strategies for dentists to have a successful email marketing campaign.

  1. Your content needs to be easy to skim. People are busy and the last thing they want is to read a lengthy email from their dentist. Most patients won’t read the full email, so make sure it is easy to scan the main points.
  2. Your content should be interesting and not too technical. Have fun with it. You don’t want to bore your patients. Some ideas to offer are oral health tips, info about your office, events that are going on in the community, or fun dental facts.
  3. Be sure to include links to your website, appointment request forms, and social media. Email is a great way to remind your patients that they need to schedule an appointment or to share content on social media. It allows your patients to “like” or “follow” your office online.

Use 3 Email Strategies To Engage Your Patients|Dentistry Today

Dental Practice Expenses

dental practice expensesJust like any business, a dental practice incurs many expenses to keep it running effectively. The most common dental practice expenses that incur from month to month are employee wages, dental supplies, property leases, lab fees and insurance fees. These expenses make up the bulk of a dental business.

Wages make up the largest expense in a dental practice. A dental office will need to employ a dental hygienist, a dental assistant and a secretary. Large practices may have multiple people in each of these positions. It is likely that a dentist will spend approximately 25 percent of total revenue on wages.

Dental supply expenses vary based on the revenue of the business. Practices that see more patients and offer more services will spend more on materials. On average, dental supplies take up about 5 percent of the revenue.

Property expenses make up another huge chunk of expenses for a dental business. Depending on the size of the practice and the location, dentists can decide if the cost of purchasing and maintaining a building is a better investment or if leasing a facility is a better choice.

Lab fees, insurance costs and other miscellaneous expenses are others to count on in a practice. Dentists will want to plan on around 10 percent of revenue for lab fee costs. They will also want to be sure to purchase malpractice insurance which may start low when the practice is new but will increase. Other miscellaneous expenses may include dental association dues, continuing education costs, and license renewals.

What Are The Average Expenses Of Dentists?|Houston Chronicle

Start Your Own Dental Practice

start your own dental practiceOnce you have graduated from dental school, you have the option to either work for another dentist, buy an established dental practice, or to start your own dental practice. In an article from The Houston Chronicle, they provide tips on the best way to start your own dental practice.

According to statistics, three out of four dentists in America operate their own private dental practice. Some of the steps that are required when starting your own practice are applying for a license in your state, visit an established practitioner for advice, select a location for your practice, and purchase the necessary dental equipment for your business.

Read more about each of these steps and read two more important tips in the article here:  How to Start Your Own Dental Practice | Chron.com

Bait And Switch By The Seller Of Dental Practice

seller of dental practiceThere are some things that you may not have thought of if you are buying a dental practice. In an article from Dental CPA’s they list some things that you need to be cautious of from the seller of the dental practice.

Seller compensation as an associate of the buyers.

Seller owned real estate.

Seller has a spouse as an employee.

Forecasts indicate the seller is willing to reduce their time to working 2 days per week so the buyer can ramp up their production and accelerate their time with patients.

These are just a few examples of bait and switch that can happen by the seller of a dental practice that you should be aware of.  Read more about these in the full article from Dental CPA’s here: Dental CPAs: Bait and Switch by the Seller of Dental Practice.