practice management series. intro the practice management series was created to improve students’...
TRANSCRIPT
Practice Management Series
Intro
The Practice Management Series was created to improve students’ understanding of operating a dental practice and the challenges associated with managing employees, running efficiently, and, most importantly, providing the best care to patients
Historically, the only education we receive in practice management is through a single class our D4 year and from “Lunch and Learns” held by third-parties.
This series is intended not as a substitution but as a supplement to what we already receive.
We want to provide a forum for private practitioners to share their experiences and what issues lay ahead.
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What is it?
ASDA Practice Management Series
Intro
• Monthly sessions
• Food and/or beverage to be provided (ASDA sponsored no COI)
• Open format- questions and student input encouraged
• Private practitioner dentists as speakers
• Make “unknown unknowns” known
• “The message is that there are no ‘knowns.’ There are things we know that
we know. There are known unknowns. That is to say there are things that we
now know we don't know. But there are also unknown unknowns. There are
things we do not know we don't know.”- Donald Rumsfield
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Goals
ASDA Practice Management Series
Intro
Dentistry and patients are #1
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Disclaimer
ASDA Practice Management Series
In no way is this series intended to downplay the importance of responsible and ethical dentistry. Patient care and satisfaction are to be the focus of a dentist’s practice
Coincidentally, dental practices that are patient centered tend to be the most successful
It is possible to make patients a priority and run a successful business. The two are not mutually exclusive.
Practice Manageme
ntWhy start learning now?
Intro
• Where to build your practice
• How to hire or fire employees
• What computer system to use
• How to market your practice
• Typical practice overhead
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The Basics...
ASDA Practice Management Series
Intro
• Creating a business plan and evaluating loan options
• Setting up employee payment systems, insurance, and retirement
options
• Determining your fee schedule
• Creating and evaluating profit/loss statements
• Identify, integrate and manage the requirements for federal, state
and local compliance with employment law, OSHA, HIPAA, HITECH,
MSDS, and Worker’s Compensation.
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...and the advanced...
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What the data says
ASDA Practice Management Series
Nearly 75% of dentists are in private practice
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How do you get from here…
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…to here?
ASDA Practice Management Series
Intro
What do I plan on making?
National median for an independent general private
practitioner is $175,000
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Simple math, harder decisions
ASDA Practice Management Series
Where does that come from?
• Salary requires production (i.e. dentistry)
• According to Dental Economics, the average dental practice has an overhead of 73%.
• Must produce $648,148 to take home the median pay with the average overhead.
• Must produce $2700/day if working 240 days per year (5 days a week for 50 weeks).
How do I get there?
The key is being efficient and implementing effective management strategies
By educating yourself now, you can avoid costly mistakes
later.
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Veneer: $787, $1050, or $1458? Ceramic crown: $849, $1070, or $1442?
Implant (placement only): $1275, $1787, or $2500?
What is the average fee for a veneer, ceramic crown, or implant? (ADA survey of dental fees)
You know the fees in the school, but what about in the real world?
ASDA Practice Management SeriesPHOTO
CAPTION
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What private practitioners charge
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“At the end of the day, we are not competing against one
another, but against the patient’s shopping list”
Where to go from here?
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Learning now will help prevent mistakes later. In other words, “making unknown unknowns,
known.”
Where to go from here?
Intro
• ADA Free Reports • http://www.ada.org/en/science-research/health-policy-institute/data-center
• ADA Webinars
• Dental Economics• http://www.dentaleconomics.com/index.html
• Dental Town• http://www.dentaltown.com/Dentaltown/SiteDefault.aspx
• White Coat Investor• http://whitecoatinvestor.com/
• Dental Products Report
• AGD Impact
• and many more!
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Resources
ASDA Practice Management Series
BOOKER INFO
Topics?
BOOKER INFO
ANY QUESTIONS?
Look for announcement in September for our next meeting with Dr. Nathan
Redmond and Dr. Jordan Taylor