Dental Practice Business Management Services
In North America the dental industry generates $200US billion annually and employs 1 million people. It is one of the largest service sectors, producing high individual remuneration, while operating in a highly decentralized and SME market space. Dental practices remain as one of the last unconsolidated service segments, however in the last decade large consolidated practices have tripled.
The Method Effect (formally Bean Dental) has worked with these Marque dental corporations:
A dental practice is unlike any other curative establishment.
Like most medical businesses a dental practice requires highly skilled professionals to provide technically specific procedures. Unlike most medical businesses a dental practice also requires marketing, sales, client account management, human resource management and operations management. The bigger the practice the more important each of these key business functions become.
With the dentist positioned at the core, the practices’ success is contingent on him/her. Yet that same person must also be the driving force, vision sponsor and chief. It is a tough role and requires four core competencies.
- Technical Expertise – every professional working in the practice must be excellent at what they do
- Business Acumen – the business leader has to be smart about money management, asset utilization, planning and execution
- Team Management – hiring, staffing, motivating, training, human resources and leading teams
- Selling Services – customer management, treatment administration, minimizing attrition and advising patients of options
In only a few years practices have expanded from small 3 – 4 person shops to 40+ person corporations that would rival many industrial and commercial businesses in size and scope. Regardless of size, the same rules apply. It is a business and it requires business skills to make it maximize its value!
How We Help
With over 20 years of experience working with dental practices and dental manufacturers, we understand the in’s and out’s of practice business management. We provide:
- Owner and Doctor support systems
- Practice assessments to determine shortcomings and opportunities
- Practice growth strategies and strategic planning
- Recommendations for effective utilization of technology
- Systems to ensure that every asset is used effectively
- Management coaching, mentoring and training
- Teamwork training
- Teamwork motivational events
- Customer service strategy and training
- Sales strategy and training
- Hiring and staffing systems
Times have changed and the dental space is becoming more crowded and more competitive. Let us help you navigate that complexity so that your practice prospers!