Business Basics for Dentists

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 Editiondescribes 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.

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

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