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Forum Category: Practice Administration

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Small Business Resources & Helpful Links

When we talk to dental students around the country, there is almost always some concern about the “business” aspect of dentistry. There is simply not enough time in dental school to cover all the aspects of business management while still teaching the medical/clinical side of dentistry. With that in mind, THE NEXTDDS has compiled some resources that we think will help anyone be a better small business owner.

 

Remember unless you’re thinking about joining a group practice, you will need to run both the business and clinical side of your practice one day in the not-so-distant future! We wanted to share these resources with you, and open this discussion to anyone else who might have some business-related resources to share.

 

Feel free to provide you own links and a brief description for your peers around the country in the comments!

 

Basic Accounting Principles 

General accounting principles are something that every small business owner should have an understanding of. Though you may hire an accountant to do your books, it will be useful to have a general grasp on the subject.

6 Rules for Criticizing Employees  

Talking to your employees (and specifically being critical of them) is something that is not taught in dental school, and can be very challenging for a young dentist who finds him/herself as acting CEO of a new practice. Use these tips to better communicate with your employees.

25 Resources for Small Businesses  

This link contains 25 resources for small, family-owned businesses. Everything from organization, to publications, to online databases, these resources are available to help small business owners save money, run more efficiently, and ultimately generate more income.

Building Your Team – Legal - Financial  

Your legal and financial team can be vital parts of a successful small business. These articles contain tips for hiring the right lawyer and CPA for your small business.

Getting a Lon Without a Bank  

There are many ways to get a loan that don’t involve going directly to a big bank. This can be helpful if you already have loans (i.e. student loans) and don’t want to risk your financial credibility further by taking out more and more money when you already owe.

Buying and Selling a Practice  

This article gives tips for buying and selling a professional practice from someone who has experienced both.

How to Determine the Value of a Business  

Valuation is key when purchasing any small business, dental practices included. This page contains some valuation tools, keys, and questions to ask to determine the true value of a practice before you commit to buying it.

10 Questions to Ask Before Buying a Business  

This article contains 10 questions to ask when purchasing a small business. Though they are not all directly related to dentistry, they can all be adapted and need to be asked of the current owner in some way to gain a full understanding of the practice you are buying.

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Small Business Resources & Helpful Links

10:38 PM | Jan 25,2016
A great website that has some free videos to watch is dentalmaverick.com I watched them and some of the topics or things the doctor say are very insightful. I was looking through this website to kind of see whats currently out there to help new grads.

Small Business Resources & Helpful Links

10:38 PM | Jan 25,2016
A great website that has some free videos to watch is dentalmaverick.com I watched them and some of the topics or things the doctor say are very insightful. I was looking through this website to kind of see whats currently out there to help new grads.

Small Business Resources & Helpful Links

09:39 PM | Apr 30,2015
I think that the business side of dentistry is one that is often neglected in many dental school curriculum. This might be due to the fact that it is difficult to teach in an environment dedicated to science. But I think this is a task that all dental schools should take more seriously and should be addressed as early as first or second year of dental school. Learning not only about the fundamentals of running a dental practice but also understanding insurance and billing would be a huge asset to every dental student's education. These links are a great starting point but I think it would be great to get some hands on experience with this as well!

Small Business Resources & Helpful Links

10:18 PM | Mar 15,2015
Definitely agree with jyli125. Although dental school has done a fantastic job of educating me for dentistry, I miss a part regarding running or owning a practice from a business perspective. I hope one Dady if I decide I want to teach, I would enjoy teaching about business management. This would come after years of experience, as I believe that understanding business comes with experience and time.

Small Business Resources & Helpful Links

06:48 PM | Mar 02,2015
Dental schools rarely cover the basics of running a business, however, running a business the the core of a dental practice. Not only do you need to be an excellent dentist but you also need to have basic business-smarts in order to start your own practice or take over an existing practice. Educating oneself - through internet resources, by shadowing a business owner in his own clinic, or signing up for simple business classes are all good ways to get start becoming more business savy. The earlier you learn to manage a practice, the sooner you are to owning your own!