Concise yet comprehensive overview of business management principles tailored for dental practices, with strategies to apply the core concepts to achieve success
Rather than presenting a rote checklist of steps for success, Business Basics for Dentists, Second Edition describes business, economic, marketing, and management principles and explains how to apply them to dental practice. Now fully updated throughout, this book provides the essential elements of a business course - management principles, economics, business finance, and financial analysis - without getting bogged down in too much detail. Dental students and new practitioners will learn how to use the core strategic and operational business philosophies to develop an effective dental practice.
The business management principles are related to various aspects of running and managing a dental practice, including office communications, billing, inventory, and marketing. All aspects of practice transition are approached, including career opportunities, buying a practice, starting a new practice, multi-practitioner arrangements, practice valuation, and planning and developing a practice. The book also covers personal financial planning to ensure that the dentist is also planning for their finances and retirement beyond the bounds of the practice.
Business Basics for Dentists, Second Edition covers: - Personal money management and insurance needs, reducing the personal tax burden, estate planning, and securing financing - Business entities, basic economics, the legal environment of the dental practice, financial statements, and business taxes and tax planning - Management principles, planning the dental practice, financial analysis, and control in the dental office, maintaining production and collections, and gaining case acceptance - Generating patients for the practice, controlling costs, promoting staff effectiveness, and maintaining daily operations
Focusing on the transition period from a dental student, through corporate employee, to ownership, Business Basics for Dentists is a valuable tool for dental students and professionals seeking to further their career path through actionable advice from experts in the field.
Table of Contents
Preface vii
SECTION 1 CAREER PLANNING
Introduction 1
1 Career Planning 3
2 Employment Opportunities 11
3 Practice Ownership 31
4 Practice Transitions 41
5 Valuing Practices 59
6 Securing Financing 67
SECTION 2 PERSONAL FINANCIAL MANAGEMENT
Introduction 77
7 Personal Money Management 79
8 Personal Insurance Needs 95
9 Retirement Planning 113
10 Personal Taxes 129
11 Estate Planning 139
SECTION 3 BUSINESS FOUNDATIONS
Introduction 145
12 Basic Economics 147
13 Business Entities 161
14 The Legal Environment of the Dental Practice 171
15 Financial Statements 185
16 Basics of Business Finance 195
17 Business Taxes and Tax Planning 211
18 Management Principles 223
19 Planning the Dental Practice 229
SECTION 4 DENTAL OFFICE SUCCESS FACTORS
Introduction 239
20 Financial Analysis and Control in the Dental Office 243
21 Maintaining Production 257
Part 1: Duty Delegation 257
Part 2: Scheduling Patients 265
Part 3: Dental Fee Policy 275
22 Maintaining Collections 283
Part 1: Patient Financial Policies 283
Part 2: Office Collection Policies 290
23 Generating Patients for the Practice 297
Part 1: Generating New Patients 297
Part 2: Managing Continuing Care 309
24 Gaining Case Acceptance 315
Part 1: Communication in the Office 315
Part 2: Case Presentation and Acceptance 324
25 Controlling Costs in the Practice 329
26 Promoting Staff Effectiveness 337
Part 1: Selecting and Hiring Employees 337
Part 2: Compensating Employees 346
Part 3: Motivating Employees to Perform Well 355
Part 4: Assessing Employee Performance 362
27 Maintaining Daily Operations 369
Part 1: Office Operations 369
Part 2: Office Accounting Systems 373
Part 3: Instrument Management Procedures 388
Part 4: Office Supply and Lab Management 394
Part 5: Dental Insurance Management 397
28 Managing Risk in the Office 417
Part 1: Office Risk Management 417
Part 2: Regulatory Compliance 435
Part 3: Quality Assurance 445
Index 453
