Independent dentist salary:
The practice of dentistry is a challenging career. On top of the usually long and unpredictable hours, independent dentists need to know how to market their business, manage finances and keep their patients happy while remaining profitable or making a good salary. These are not easy tasks to accomplish as a sole operator. To make things even more challenging, many independent dentists leave their staff positions under unfavorable circumstances because they want to be their own bosses. They may have also left to avoid layoffs or downsizing that would put them at risk of being fired shortly. If you are thinking about leaving your job to become an independent dentist, you must know what you’re getting into. Independent dentistry has some unique challenges that most dental professionals rarely experience. Let’s take a look at the four main problems that independent dentists face and how you can solve them:
1. EMR and Practice Management Software is Incompatible:
It’s important to note that not all dental software systems are created equal. Most EMR and practice management software designed for solo practitioners is not designed for a business of just one person. For example, some dental software systems were designed for a one-chair, one-operator practice and will not be compatible with a two-chair, two-operator dental office. If you’re a solo practitioner, be sure to talk with the software provider about your specific application needs. If there is something you need that isn’t available out of the box, it’s possible to build it into the system.
2. Finding and Keeping Good Employees is Impossible:
It’s extremely unlikely that you will be able to find someone to work for you as a dentist. Most dentists don’t want to work for someone else because they have a lot of control over their own schedules. They can set their hours and decide when they have time off. This isn’t a realistic expectation for someone who works for you. You need to keep your doors open, so you need to make sure you have enough patients scheduled to keep the business afloat. The best way to solve this problem is to hire an administrative person who is not a licensed dental professional. You should hire someone to handle the business side of your practice. This will allow you to focus on treating patients and managing your finances. It’s also a good idea to hire a part-time hygienist or dental assistant. This will help you keep up with production and make sure you have enough patients scheduled per day to meet your needs.
3. Marketing is Difficult:
This is one of the most challenging aspects of being an independent dentist. You have to be able to reach a bunch of people who are not particularly interested in visiting a dentist. So, how do you do this? First, you have to decide which dental specialties you offer. Next, you have to decide which geographical areas you want to serve. Once you have that information, you can begin to create a marketing plan. You can start by joining online dental forums such as Dentalk and Dentaltown. You can also create a blog and start publishing articles related to your specialties and areas of service. You can also create a website and use Google AdWords or Facebook Ads to promote it. You can also use dental trade shows and conventions to promote your dental practice.
4. Cash Flow Constantly Tight:
Having Enough Working Capital is Impossible – As an independent dentist, you may not have the same type of cash flow from the start as a dental practice that has hired you. You may need to work on a payment plan or get financing from a bank or credit union. While it is true that dentists make good money, keep in mind that you need to build up your cash flow so that you can cover your expenses and have a little bit of profit at the end of the month. You may also have to have enough money in your reserves to cover some of the expenses of your practice. You may need to pay for equipment repairs, have money set aside for staff salaries and have enough on hand to cover patient emergencies. This will help your cash flow problems.
Conclusion:
The dental industry is a competitive one and it is tough to make a profit. It is even tougher when you are an independent dentist without the backing of an insurance company or hospital. It can be hard to know where to start with reducing your overheads, but it is worth taking the time to look at your business model and see where you are wasting money. — You’ll find that there is a lot more involved in actually running an office, than just providing dental services. Here are some great ways to cut your expenses.
1. Practice on paper. Rather than having staff members stay at the office, many dentists them work from home. This also enables them to charge a higher rate for their services and give them an advantage over other dentists.
2. Many dentists take advantage of online marketing techniques to further increase their profitability. They offer a variety of dental services online, and they also market themselves on social media platforms.
3. A popular campaign like a “Dental Month” where they offer discounts to attract and retain customers.
Dental practices have been facing a lot of hurdles in recent times. However, dentists can take advantage of certain things to tackle the problems. Overhead is one of the most major concerns, as running costs are very high. So dentists need to look for ways to reduce these costs. They can reduce operating cost by investing in an electronic claims submission program. This will increase the efficiency of their practice and reduce the time spent on data entry and claims submission. Another way to reduce operating cost is to invest in an enterprise resource software. This will allow the practice to track their practice more effectively and also help with practice management. Lastly, dentists can also increase their revenue by running cost-effective marketing campaigns. It is important to keep the patient retention rate high, as retaining a patient will help the practice make more money or increase the salary of the independent dentists.
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Author: Ing. Gordon Fletcher, Principal Consultant (Engineering & Mobile Technology) at Compumagick Associates
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