THE #1 JOURNAL FOR NEW DENTISTS
Leveraging Your Online Reputation to Attract
New Patients
P LUS
Market Research and the Associate Job 5 Questions to Ask About Insurance — and the Answers All Systems Go — Recall for Today’s Text Savvy Patient SUMMER 2009
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Still think youÔre in this for yourself? Gspn efoubm tdippm uispvhi sfujsfnfou- BEB Jotvsbodf Qmbot xjmm qspufdu zpv boe uiptf xip dpvou po zpv/ Bmm pg pvs jotvsbodf qmbot gfbuvsf b tfu pg cfofgjut boe pqujpot uibu tvqqpsu uif vojrvf offet- dibmmfohft- boe hpbmt pg efoujtut/ Qmvt bt b nfncfs- zpvÕmm gjoe dpnqsfifotjwf dpwfsbhf bu fydfqujpobmmz mpx sbuft/ Pvs opo.dpnnjttjpofe Qmbo Tqfdjbmjtut xpsl pomz xjui efoujtut boe bsf sfbez up tvqqpsu zpv xjui pckfdujwf hvjebodf boe jogpsnbujpo/ For more information call 888-463-4545, email ada@gwl.com, or visit www.insurance.ada.org.
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FROM THE PUBLISHER’S DESK
SUMMER 2009
Dear Readers,
I
PUBLISHER
t is my pleasure to welcome you to the “premier” issue of a magazine that has actually been available to new dentists for 18 years. When the original owner/visionary
Sally McKenzie Sally@thenewdentist.net DESIGN AND PRODUCTION
Picante Creative picantecreative.com
of this publication, Dr. Jim Stehman, indicated he
Managing Editor
was ready to pass the torch, I knew I wanted to
Tess Fyalka Tess@thenewdentist.net
build on the excellent foundation he had established over the years. In January 2009, during one of the worst economic recessions of our time, I took ownership of New Dentist™ magazine. Understandably, you might ask, why? Why would The McKenzie Company want to take on something as challenging as a magazine and in trying economic times no less. Because over the years I have seen the tremendous need for this type of resource. I know all too well that there is very little support available to dentists in the first five to 10 years of practice. Yet these are the most critical years. Sadly, many in the dental marketplace write off new dentists because they believe that you don’t have any money or most think that you still don’t own a practice. I have to admit that there were companies that I asked to advertise whose representatives said, “We aren’t interested in that market because new dentists don’t buy products or services.” I know firsthand that mindset is wrong. It is in these initial years when you establish product and company loyalties. However, it is also during this time that you are most vulnerable to the challenges that the business side of dentistry poses for you. You are well versed in the clinical aspects of your profession, but you need a trusted and reliable source to turn to in order to overcome those business hurdles that will inevitably threaten to trip you up during these earlier years. It is my hope, having devoted my entire career to dentistry, that The New Dentist™ magazine and www.thenewdentist.net will be safe havens for you to find products, services, and resources that you can rely on and trust throughout your career. And unlike your predecessors, who were forced to crawl carefully through these first five to 10 years of practice, you can run with confidence.
WWW.THENEWDENTIST.NET
SUMMER 2009
Fondly,
Sally McKenzie, Publisher
Consulting Editors
Tom Snyder, DMD MBA Jim Stehman, DMD Keith W. Dickey, BS, DDS, MBA, SIU, School of Dental Medicine SALES AND MARKETING MANAGER
Bill Davis Bill@thenewdentist.net The New Dentist™ Magazine is published quarterly by The McKenzie Company (3252 Holiday Court, Suite 110, LaJolla, CA 92037) on a controlled/complimentary basis to dentists in the first 10 years of practice in the United States. Single copies may be purchased for $5.00 U.S., $8.00 international (prepaid US dollars only). Copyright ©2009 The McKenzie Company. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical without permission in writing from the publisher. Authorization to photocopy items for internal or personal use is granted by The McKenzie Company for libraries and other users registered with the Copyright Clearance Center. Disclaimer – The New Dentist™ does not verify any claims or other information appearing in any of the advertisements contained in the publication and cannot take responsibility for any losses or other damages incurred by readers’ reliance on such content. The New Dentist™ cannot be held responsible for the safekeeping or return of solicited or unsolicited articles, manuscripts, photographs, illustrations, or other materials. Contact Us - Questions, comments, and letters to the editor should be sent to Tess@thenewdentist.net. For display advertising information contact Bill@ thenewdentist.net or visit our website at www.thenewdentist.net to download a media kit.
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A-DTXND-Q309
TABLE OF CONTENTS
SUMMER 2009
FE AT U R ES Questions about 6 Five Insurance — and the Answers By Leslie Franklin You need insurance, but where to begin? Start here.
10 Leveraging Your Online Reputation By Lorne Lavine, DMD From word-of-mouth to word-of-mouse, make the most of it.
12 Market Research and the Associate Job By Scott McDonald Read this before you accept that “dream” job.
14 Starting a Practice From Scratch
By Tess Fyalka, Managing Editor What Does It Take?
18 Practice Accounting 101 By Susan Gunn
Track your profits right from day one.
and Outs of Becoming 20 Ins an Associate
18
By Tom Snyder DMD, MBA Make this opportunity pay off.
24 Digital vs. Paper Records By Carol Tekavec CDA RDH Think paper is a thing of the past? Think again.
DEPARTMENTS
2 Publisher’s Desk
9 The Buzz | Am I Losing Patients?
22 The Not-so Simple Human |
Generational Communication By Nancy Haller, Ph.D.
9
6 WWW.THENEWDENTIST.NET
SUMMER 2009
28 All Systems Go | Recall for the Text-Savvy Patient & Practice
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5 QUESTIONS to Ask About INSURANCE—
and the Answers
By Leslie F r ank lin
“Insurance is the first step in putting together a financial plan,” says Joseph Matrullo, DMD. Dr. Matrullo felt so strongly about the importance of insurance protection that he started building his insurance portfolio while a student at Tufts University. Now 30, married with a baby on the way, and a partner in his dad’s Cranston, Rhode Island, practice, Dr. Matrullo has continued to add to his insurance coverage.
L
ike Dr. Matrullo, most financial experts consider insurance the foundation of financial security at any age. Without the proper coverage, an unexpected event could wipe out everything you’ve worked so hard to attain. Still, you may have questions about what you need and where to get it. This article answers common questions about two types of personal insurance—disability insurance and life insurance.
Q: I’m healthy. Do I need disability insurance? A: Actually, the only time you can buy disability insurance is when you are healthy. And even though you may be healthy now, things can change quickly. Accidents happen, medical problems can develop— and both could lead to a disability. The nature of your work as a dentist also makes you susceptible to injuries that could be disabling. In fact, dentists have about a one in three chance of being disabled at some point in their career, according to an analysis of disability claims from American Dental Association (ADA) members covered by the ADA Income Protection Plan. For all these reasons, disability insurance is not a gray area—it’s a must have. From day one of your career, make sure you have disability income insurance that will help replace your income if you can’t work due to disability. A free online calculator to estimate your disability insurance needs is available at www.insurance.ada.org. WWW.THENEWDENTIST.NET
SUMMER 2009
Joseph Matrullo, DMD
If you own a practice, you should also obtain business overhead insurance. This insurance protects your practice if you are disabled by reimbursing you for certain monthly overhead expenses like payroll, rent, and payments on business loans and student loans. Having business overhead insurance provides peace of mind because you know you won’t have to raid your savings or use your personal disability insurance benefits to keep your practice functioning while you recover from a disability or seek a qualified buyer. In addition, business overhead insurance is relatively inexpensive—only a fraction of the cost of a disability income policy. That makes it particularly useful when lenders require disability insurance as collateral for a practice loan.
Q: Do I need life insurance even if I don’t yet have a family? A: Most dentists need life insurance, and it definitely should be a priority if you have a spouse, children, or others who depend on you financially. But even if you don’t have family obligations right now, life insurance can guarantee that your debts, including your educational and practice loans, will be repaid without burdening your loved ones. In fact, most lenders require dentists to purchase life insurance as collateral for practice loans; with insurance already in place, you’ll be in a better position to close on a practice loan quickly and not miss a buying opportunity. Young dentists typically start their life insurance portfolio with term insurance because it’s the most affordable. With a
term policy, you get life insurance protection in its purest form, which results in a large amount of protection at a low price. You choose the length of time (or term) that you need protection. Term life is particularly well suited to young dentists who may have large financial obligations but limited income. It’s also useful when insurance is needed to cover a temporary obligation such as a practice debt. (To estimate your life insurance needs, check out the ADA Insurance Plans’ free online calculator at www.insurance.ada.org.)
Q: How do I know when I need more insurance? A: Do an annual insurance review. Once a year, take a look at your insurance coverage to make sure it’s kept up with your income and is still adequate for your current needs. Also make a note to always review your insurance whenever something in your life changes—opening a practice, getting married, having a child, buying a home, becoming the sole breadwinner, taking on more debt, paying it off, etc. Any of these life events could indicate a need to readjust your insurance portfolio, including a need for additional protection.
Q: Does it matter which insurance company I buy from? A: Yes! Insurance is only as good as the company that stands behind it, and the policy with the lowest cost is not always the best choice. To choose a financially strong, reliable insurance company you can depend on: • Make sure the company is licensed in your state. Your state’s insurance commissioner can verify this information. • Check independent ratings. A.M. Best, Standard & Poor’s, and Moody’s Investors Service objectively rate insurance companies on a number of financially-based criteria. • Get recommendations. Ask other dentists about their experiences with insurance companies. Check out companies affiliated with professional organizations, such as the ADA or your state dental association.
Q: Must I use an agent to buy insurance? A: Not necessarily. You also can buy insurance by mail, online, or through a professional association. If you decide to use an insurance agent, ask other dentists for recommendations, including how they felt about any sales pressure and the agent’s track record in providing service. Find out how he or she is compensated for doing business with you. Typically, agents are paid a commission for selling you a policy. If you go through a professional association, you often bypass the agent and buy group coverage directly through
the association, which can result in a significant cost savings. Typically, you will communicate by phone with the association’s insurance representative and develop a professional relationship with that individual. Because the association works closely with and oversees the activities of the insurance company on its members’ behalf, you can generally expect a high degree of expertise and service. You also can purchase insurance through the mail, which can be attractive to busy professionals and highly efficient for certain types of coverage. Buying online is another option, CONTINUED ON PAGE 31 >>
Leslie Franklin is Director of New Dentist Markets at Great-West Life & Annuity Insurance Company. She meets regularly with new dentists and dental students across the country to help them understand how to use insurance to attain personal and professional goals. Great-West Life underwrites and administers the ADA Insurance Plans and is the sole provider of ADA-sponsored life and disability insurance to ADA members. For more information, call 888-4634545 or go to www.insurance.ada.org. You can also contact Leslie directly at leslie.franklin@gwl.com.
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THEBuzz
Struggles and Challenges Facing Today’s New Dentists
“I started my practice from scratch about five years ago. Right now, I have two days of hygiene per week and I want to build this to four days. I also want to increase my new patients. I used to get about 1820 new patients a month. That’s dropped to about 14. Thankfully, I don’t think I’m losing my existing patients. But how do I know? I’m starting to worry.” • Midwest DMD Dear Midwest DMD, First, I have some news that may be a little shocking. But I want you to realize that the first step in addressing a problem is recognizing that one exists. That being said, it looks like your practice is retaining only about 32% of your existing patient base. Here’s how I came to that number: With two days a week of hygiene at eight patients a day working 48 weeks a year that comes to 768 appointments. Assuming each patient has two appointments a year that equals 384 patients. I then took 20 new patients a month and multiplied that by five years. That should equal 1200 patients x 2 visits per year would come to 2400 appointments. That brings me to your estimated patient retention of 32%. If you retained just 50% of those patients, you would have 600 patients and not 384.
in the eye when you speak to them and when they speak to you. This tells them you are genuinely interested in what they have to say and you are sincere in what you have to tell them. #2 Reliability — If the patient has to wait for more than 20 minutes, give them a letter signed by the doctor that apologizes for the inconvenience, thanks them for their understanding, and include a $5 gift card to a Starbucks or a similar gift in the envelope. #3 Stability — If you’re losing staff regularly, seek outside help to find out why and address the problems. This is not only costing you patients, staff turnover is a huge drain on revenue. #4 Expertise — Brag about each other. Take every opportunity to convey the message of excellence and quality. If a patient asks a team member if the doctor is
“It is not uncommon for dentists in the start-up years to find that patients are coming in the front door and slipping out the back. The key is to lock the back door. “ Don’t panic. You are early in your career and open to looking at what isn’t working so that you can fix it. It is not uncommon for dentists in the start-up years to find that patients are coming in the front door and slipping out the back. The key is to lock the back door. There are literally a multitude of steps you can take to address this. I can’t cover all of them here, but I recommend you start by looking at the five critical factors that directly affect patient attrition: service, reliability, stability, expertise, and price. #1 Service — Excellent service begins with the first phone call and continues with every interaction thereafter. Something as simple as welcoming all patients — new and existing — to the practice by name when they walk in the door conveys a sense of appreciation and good service. Look patients
good at a particular procedure, answer with an emphatic “Yes! She/he is the best.” #5 Price — Make it easy for patients to accept treatment and pay for that treatment. Provide clear financing options that are both practice friendly and patient friendly. Partner with a patient financing company, such as CareCredit. These firms provide excellent financing options that benefit both doctor and patient. What suggestions do you have for Midwest DMD? Share your comments at www.thenewdentist.net and click on The Buzz. Want to read more answers to questions from dentists like you? Visit The Buzz.
SUMMER 2009
WWW.THENEWDENTIST.NET
WORD-OF-MOUTH 2.0
By L o r n e La v i n e , D M D
Leveraging Your
Online Reputation To Attract New Patients
I
t is an undisputed fact that in the world of dentistry no amount of expensive advertising or fancy marketing can beat the power of word-of-mouth referrals from your satisfied patients. This is the ultimate driver of business success. Almost any practice management consultant will tell you that it costs at least 5-10 times more to attract new patients than to retain existing patients, so you need to make wise marketing investments. However, for new dentists, those marketing budgets, while critical to the success of the practice, are usually very low. Today, consumers increasingly turn to the Internet to locate and select dental practices. Understanding this phenomenon and using it as a marketing tool will help you create and maintain the most relevant, valuable practice builder you’ll ever have: The experience and feedback of your own patients, shared with millions of prospective patients actively seeking a new dental practice.
YOUR REPUTATION IS YOUR LIFELINE As a service provider, you and your staff are your brand. You don’t sell widgets; you sell your skills, experience, specialties, personalities, hours, and location. Your very existence and livelihood depend on your reputation. We all understand how important it is to ask our patients for referrals of their friends and family. Now take that scenario, expand it to hundreds and even thousands of potential patients, and you’ve just moved from the world of offline word-of-mouth referrals to the sophisticated new world of online reputation-based marketing — or word-of-mouth 2.0.
What is Your Online Reputation? In the growing world of online reviews, consumers want and expect to find the local information they seek, whether it’s a great Italian restaurant or a top-notch dental practice. These local reviews provide a return to neighborhood intimacy — and neighborhood reputation. 10 WWW.THENEWDENTIST.NET
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Whether you realize it or not, it’s likely that you already have an online reputation. Through online web sites such as Insider Pages, City Search, Yelp, and Yahoo, consumers can review and rate your practice. There is no way to know if their comments are legitimate. In fact, these people may have never seen your dental chair. Like it or not, they are establishing your online reputation — without your knowledge, without your control. And, until now, there was nothing you could do to manage this exposure.
Leveraging Google to Drive New Patients Today, 67% of all online searches are conducted using Google. This search engine experiences 3.2 billion — yes, with a “b” — visits per month. You can optimize your web site to come up in the free, natural search results. If you choose to pay for exposure, you can subscribe to Google Adwords (https:// adwords.google.com/select/Login), paying for each “click” generated from Google to your web site. The higher you bid for a click, the higher your placement in the sponsored section of Google. There are many dental practices that bid more than $6 for every click, resulting in thousands of dollars spent on Adwords each month. One particular practice I am aware of spends more than $3,000 a month on Adwords. As with all advertising, it has limitations, even beyond expense. Today’s savvy consumers recognize that ads are companies promoting themselves and filter information accordingly.
on your patients’ part and staff time to inform patients and promote the process. Even if your staff is dedicated to making your patients aware of the online review process, you can only hope they remember to follow through once they go back to their busy schedules at home and work. If history is any guide, a passive approach will result in one or two reviews posted over the course of several months.
The Proactive Approach Today, the only integrated approach to proactively managing your online reputation in Google is through companies like Demandforce (http://demandforce.com/), an online patient communication company. They recently announced an agreement with Google that enables dental practices to easily populate their Google profiles, including posting reviews, directly from data originating from their communication system. With Demandforce, each patient is automatically sent a thank you email message after each appointment. As part of the thank you, they can choose to submit a confidential However, the world’s search engine leader recognizes the survey of their visit as well as a public review. Practices can extreme marketing power and relevance of word-of-mouth read the reviews and post a response or ask for a review to be feedback. Google recently expanded its offerings to enable removed if it does not meet standard posting requirements. consumers to search for and compare local businesses online. The data is automatically sent to Google to populate Try searching for a dentist in your area by typing in your zip your profile. This proactive approach results in dozens code followed by the word “dentist” in the Google search box. of reviews being posted to your profile every month. In A map with a listing of 10 dental offices is displayed above all addition to Google review management, Demandforce will other search results. To the far right of each listing is a link to “reviews.” This is where a consumer can view what your patients submit additional information such as specialties, languages spoken, insurance accepted, hours of operation and affiliasay about your practice. Google has hit the referral jackpot, tions. The new Google review functionality is included at no leveraging consumer relationships and capitalizing on the inherent credibility of the first-person testimonial. This is a price- additional cost with a standard monthly subscription. Your online reputation is your business. Solicited or less intangible — something advertising dollars just can’t buy. not, online reviews are here to stay. Our patients’ satisfaction and their resulting word-of-mouth referrals will always be Build Your Online Reputation our bread and butter, only the serving plate has changed. So how do you take advantage of this new tool to guide and What are you doing to shape your online reputation? Have shape your practice’s online reputation? Your best chance you “Googled” your practice or your competitors’ lately? of securing and maintaining a “top 10” placement is to be among the first to populate your Google profile — and to keep a steady stream of relevant reviews and quality practice Lorne Lavine, DMD is the Founder and President of Dental Technology Consultants. Dr. Lavine information flowing in to Google. You can do this one of two holds two prestigious certifications, the A+ ways: passively or actively. Certified Technician designation and the
The Passive Approach You can hope the patients who visit your practice have the wherewithal to create a Google account, find your Google profile, and submit a review. This requires time and effort
Network+Certified Professional. These designations demonstrate proficiency in computer repair, operating systems, network design and installation. Dental Technology Consultants provide dentists a full range of services relating to the implementation of technology. Dr. Lavine can be reached at drlavine@thedigitaldentist.com or at 866.204.3398
SUMMER 2009
WWW.THENEWDENTIST.NET 11
Market RESEARCH
and the Associate Job
“
I
f the money is right, I’ll take the job,” he told me. There was a slight sheen of sweat on his forehead as this graduating dental student went on about the “great” job that he was being offered in a state he had never visited in a town he had never heard of. Our conversation transpired after one of my visits to speak to dental students. He seemed pretty nervous, so I asked him a few questions to see if he had really thought this through. “What is the potential of the area?” I asked. “Um, I think things must be good. After all, the doctor is hiring, right?” The “relationship” between a new dentist/associate and the practice may involve many years in the future; therefore, it makes sense for the associate to consider a few key factors about the area and the practice he/she is considering, such as: • Can the practice grow in its current environment? • What is the competition like in this neighborhood? • Will the people who live near this office come to the dentist? • Will they pay for treatment? • Will they recommend their friends? If associates do not have solid answers to the questions of the potential of the market in which they are to be working, it is as though they have put on a blindfold and thrown a dart at a map. Their success will be based on luck – not talent, not skill, not experience. There are five facts about a location that will be invaluable for a new associate to consider in determining whether the job is worth the investment, specifically: • Competition Tracking • Practice Area • Demographic Character of Patient-Base • Economic Health of the Community • “Livability” of the Community
12 WWW.THENEWDENTIST.NET
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BY SCOTT MCDONALD
Competition Tracking No matter how good the “good old days” were when the practice was started, the dynamic nature of communities almost guarantees that there have been changes. It’s important to assess how those changes have affected competition. A practice will get 80% of its patients from three or four zip codes. For a suburban office, the average will be 1 dentist per 1,400 residents. When the practice area gets below 1:1,000, you can count on competition being tough. Anything over 1:1,700 looks good.
Practice Area There is a truism that the longer a practice has been in existence, the greater the distance patients will travel to the practice. Yes, Mrs. Smith may travel from out of state to see her dear friend, the current owner. Some people who used to live right next door now live in the next suburbs over and don’t think twice about making the trip. But you can be sure that those residents who live outside the core zip codes will be the first to leave after a practice sale. The associate’s best field in which to work is within 5-minutes drive around the office. If this area is not doing well or has far too much competition, take it as a warning.
Demographics of the Patient Base Obviously, patients vary in age, income, education, marital status, languages spoken, and myriad other ways. While the doctor does not have to be like them, he/she must “like” them to be successful. It is a fact that the patients of a practice will generally reflect the demographics of the doctor, especially in terms of age.
CONTINUED ON PAGE 26 >>
Scott McDonald is the owner of DoctorDemographics.com and ScottMcDonald.org, the leading provider of demographic analysis to dentists in the United States. (800) 424-6222.
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Starting a Practice from Scratch What Does It Take?
I
t’s the pinnacle of the American dream for many practitioners – designing your own practice, just the way you want it, precisely the way you’ve envisioned it, in the location that represents exactly where you want to be, and with a high performance, cohesive team. But how do you turn this dream into a reality? With a carefully developed plan and strategy. When considering starting a practice from scratch, there are several factors that you will need to address before you open your doors to patients. First, what is your practice vision? In other words, where do you want to take your practice over the next five to 10 years? Next, consider how you will attract new patients and market your practice in terms of website development, word-of-mouth, advertising, etc. Another important factor is determining what you will charge for practice services. You don’t want to be the most expensive or the cheapest. Also, who is the competition and where are they located? Consider what will set your practice apart from the other dentists in the area. In other words, what is your practice’s competitive advantage? Next, consider the financial aspects of building your practice. How will you pay for your new office? Specifically, determine the type of financing that will work best for you. In 14 WWW.THENEWDENTIST.NET
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addition, look carefully at the length of terms and structure. What credit conditions does the lender have? Also consider whether a fixed or variable rate will work best for your specific situation. Does the lender offer working capital? What fees will you have to pay and will you be charged a pre-payment penalty if you pay the loan off early? Will you need collateral to secure the loan? What types of documentation will you be expected to provide, such as a business plan? And, finally, what added value or services does the lender offer? For example, is the lender a company with extensive experience working with dental practice financing? All of those are key points to consider when choosing a financial partner. With the answers to those financial considerations defined, the next phase is the nuts and bolts of making your dream a reality. Jason Tyson, Regional Business Manager with Bank of America Practice Solutions, recommends the following steps in building a new office. First, assuming that you have already secured the space for your new location, contact an equipment specialist. “It is essential that the person
Consider what will set your practice apart from the other dentists in the area. you choose has experience in building dental offices. The specialist will guide you in planning and equipment selections,” notes Mr. Tyson. Equally important is choosing an experienced dental office specific architect, designer, and contractor. Establishing this team of experts early in the process is critical. “In choosing a contractor, look for a company with medical and/or dental office building experience. Paying a few dollars more for someone with experience in this area is well worth it as they will make the process considerably less stressful and more efficient in the long run,” notes Mr. Tyson. The next step is the space planning aspect of your CONTINUED ON PAGE 16 >>
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Practice from Scratch continued from page 14 project. You will need a scale drawing of the space you have chosen for your new practice. Make sure all measurements (doors, windows, etc.) are as accurate as possible. You’re now ready to focus on the specific types of equipment and space concepts for your new office, including space layout as well as number and size of operatories or exam rooms and all other rooms required. For example, will there be a staff lounge, a separate business manager’s office, a consultation or treatment planning area, a private bathroom for doctor and staff, a separate X-ray area? How large do you want your sterilization room to be? Will the practice use digital technology? Now that you have the preliminary plan in place for equipment and use of the space, refine the original space plan. “Discuss its various aspects with your team of experts and further consider your personal preferences. At this point, you can begin to make decisions on equipment, the style and brands you prefer, and how much you will need to spend,” explains Mr. Tyson. Once those decisions are made, your final plan for construction will be completed. Plans are beginning to solidify, and you should feel confident that, with input from your team of experts, you have selected what is going to work best for you because changes after this point can cause cost overruns and delays. ARICA DESIGN Arica Peterson Interior Designer P: 949.357.4239 eF: 949.242.2773 www.aricadesign.com aricadesign@yahoo.com
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16 WWW.THENEWDENTIST.NET
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As the start of construction approaches, your contractor should be responsible for obtaining all of the necessary permits. “However, you’ll want to schedule regular meetings throughout the process to confirm the progress of the permits to ensure that they are following the timeline that was established early on in the project,” says Mr. Tyson. At last, your new office is under construction. Your team of building and design experts will assist in the management of the project. But it is essential that you keep tabs throughout the process. This will save time and frustration in the long run. Pay careful attention to the following areas in particular: n Confirm that plumbing and electrical are correct. n Confirm all supports for X-ray are properly installed. n Confirm that the contractor is following the plan so inspections will be approved. n Make sure cabinets are installed prior to equipment being installed. n Ensure equipment is installed properly and in working order prior to the office being opened. n Make sure final inspections are complete prior to opening the practice to patients. It’s time for your Grand Opening! Schedule and market a grand opening to show off your practice to potential patients. Hopefully your dream is now reality. Find out how you can secure a loan today for your new practice. Contact Jason Tyson at Bank of America Practice Solutions, a dental specific lender, 877.541.3535, via email at Jason.m.tyson@bankofamerica.com.
Dr. Bob McGrail CareCredit Practice since 1988
“ My Goal: Increase Production 28% My Game Plan: CareCredit ” ®
“Playing college football I learned you have to be prepared for anything and everything the other team throws your way. That’s when you make the big plays. In dentistry, I have found the same game plan applies. That’s why I enrolled in CareCredit in 1988, so I could be prepared to meet my patients’ needs both clinically and financially — helping me increase production by over 28%. I’ve found CareCredit enables me and my referring network to provide the continuity of care that patients truly appreciate. For almost 20 years, I’ve been happy to have CareCredit on my team.”
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DENTAL PRACTICE
ACCOUNTING 101
BY SUSAN GUNN
N
ow that you are clinically ready to take on any dental case that may present itself in your new office, there’s a whole other side to dentistry that you need to handle: being the business owner. Working out the details for all the loans, the bank account, the floor plan to your office, the various insurances and taxes — to think of it all makes your head swim — not to mention the total amount of your new practice loan! What is the simplest, most effective way to organize your practice’s financial information? That answer is twofold. For a professional practice, there are two sides to accounting: accounts receivable and accounts payable. You have probably already obtained practice management software, which will track patient information, charting, treatment planning, insurance information, and payments. The patient payments you receive through your practice’s software are called accounts receivable. That’s one half of the accounting formula – tracking money coming in. But what about tracking money going out? Writing checks to employees and vendors is the second half of accounting called accounts payable. But with all the accounting software available, which one do you use? There are many well known accounting software programs on the shelf and ready to use: QuickBooks, Microsoft Small Business, and Peachtree® to name a few. What makes QuickBooks stand out above the rest? It is very easy to use, which is why 90% of practices purchasing accounting software choose QuickBooks. QuickBooks uses language we commonly use, avoiding accountant-type lingo. The software makes it easy to create reports to understand our finances. When we understand our current finances, we make wiser financial decisions. 18 WWW.THENEWDENTIST.NET
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In today’s market, those wise decisions are imperative. QuickBooks parent company, Intuit®, has provided a variety of accounting software internationally for a multitude of industries. For example, Quicken® is a personal finance accounting software and QuickBooks is a business accounting software. Quicken® does have a Home & Business version, but it is limited in its business style reports. The key word is “Home” and should not be confused with a software ready to be used in a professional practice. QuickBooks uses a full chart of accounts, with assets, liabilities, and equity accounts, in addition to the income and expense accounts. Designed for businesses, QuickBooks displays the practice’s tasks with visual icons and centers. No accounting knowledge is needed, requiring no need to understand debits and credits! Payroll is another reason to use QuickBooks because it comes with payroll options that are easy to setup and use. In fact, there are payroll options exactly like other payroll services with one clear distinction — QuickBooks Assisted Payroll option is less expensive and easier to use. All the staff’s payroll detail is within QuickBooks without any additional manual input needed. So, how do you get started? You only need QuickBooks CONTINUED ON PAGE 31 >>
Susan Gunn has over 17 yrs. of business automation experience and has been a QuickBooks consultant for over 13 years. She has written 18 books for professional practices and has been an Advanced Certified QuickBooks Pro Advisor since Intuit® established the program. She is an Associate Member of the Academy of Dental Management Consultants and lives in Arlington, TX. Contact her at www.SusanGunnSolutions.com
Becoming an Associate What You Need To Know Whether you just graduated from dental school, finished a residency program or specialty training, the majority of young dentists begin their careers as associates. The road to becoming an associate is full of variables, and knowing the “lay of the land” can help you make wise decisions. The journey begins with choosing the practice that is right for you. • BY TOM SNYDER DMD, MBA 1. Select the right practice If you want to join a practice as a full-time associate and have adequate patient volume for yourself, you need to join a practice that is “saturated.” Saturation means that the owner is working at optimum speed, practicing optimum hours, is scheduled fully, six to eight weeks in advance, and has more new patients in the practice than can be cared for. By joining a “saturated” practice, you have an immediate opportunity to gain clinical experience and enhance your income. Additionally, saturated practices afford greater opportunities to build a patient base. A saturated practice may also offer long-term opportunity in the form of an equity interest or potential buy-out. Usually, general practices with more than 1,700 active patients are at the saturation point. An active patient is one who visits the practice at least once during the past 18 months for a recare visit. The degree of saturation, or the 20 WWW.THENEWDENTIST.NET
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number of excess patients in a practice, will determine the actual opportunity for you to work as a full-time or part-time associate. For example, an efficient and skilled owner who is servicing 1,700 patients with a full-time workload may want to reduce hours and transfer patients to a part–time associate. Generally, practices with 2,500 or more patients present excellent full-time opportunities for new associates. Therefore, if you are considering a full-time associateship, be sure to inquire about the size of the active patient base.
2. Look before you leap Do not enter into a relationship without a written contract. A well-designed employment agreement will address many issues, including your role in the practice, non-competition agreement (if applicable), non-solicitation agreement, your compensation, and possible option to purchase. Additionally, realize that non-solicitation and non-compete clauses are common business practices, which protect the employer dentist from unscrupulous tactics. Non-solicitation means that you may not directly solicit any patients or staff for a specified period after you leave the practice. Non-compete clauses may vary. Moreover, in some states they are not enforced. For those states that enforce non-compete clauses, they have to be crafted fairly. The geographic limitations in covenants are based on local convention in a specific
area and must be considered to be reasonable. For example, a 10-mile covenant restriction in a major metropolitan area would probably not be enforceable for a general dentist, whereas one-to-two-miles would be considered reasonable. Restrictive covenants for specialties tend to have a larger geographic range since the number of specialists is fewer. The duration of a noncompete ranges between one-to-two years. When you join a general dental practice, a non-compete clause stipulation should not take effect completely until you are employed for 12 months. A gradual approach, which allows the first 6 months of employment to be free of covenant and penalty, with subsequent periods of increasing restriction, is more appropriate. In cases of specialty practices where the employer is introducing the associate to the referral base, the graduated approach would be modified and have a shorter timeframe for increasing restriction.
3. Make dollars & sense Compensation can be structured in many ways, but should be fair and adequate to meet your personal budget needs. Compensation methods may include: Per Diem Rate. Part-time associates are typically offered per diem rates of $400 to $600 per day, depending on geographic area, or a variation of a rate that includes a minimum daily “guarantee” and an extra percentage based on extra clinical production per day. The variable per diem rate can be attractive as your productivity and proficiency increase. Salary. Full time associate salaries range from $5,000 to $7,500 per month based on the geographic area. It is not unreasonable to begin an associate relationship with a guaranteed salary, since employers may place limitations on the clinical procedures, especially with recent graduates. After the initial probationary period is complete, the guaranteed salary is usually replaced with a draw. Monthly Draw. A draw is a monthly salary but it is not guaranteed. It is an advanced payment for future services rendered. The draw is credited against a commission arrangement. Most practices pay on a percentage of collection but some will use net production. Compensation rates vary throughout the country but normally range between 30-40% of collections. If the commission relates to net production, the rates vary between 28-37%. Lab charges are usually made against your compensation at the same percentage of your commission. When you are paid a draw, you’ll need to reconcile what you have been “advanced” versus what you actually produced or collected over a defined period. This reconciliation is
usually done on a monthly or quarterly basis. Reconciliation payments are recorded as additional salary. If there is a shortfall between your draw and what was produced or collected, your draw may be lowered for the next period, since you were essentially overpaid. However, this can be avoided if you monitor your monthly production or collections. Fringe Benefits. Many practices provide full-time associates with single coverage health insurance. Additionally, we recommend that a continuing education allowance of $1,000 to $1,500 per year be provided to help associates further develop their skills. When practices provide pension plans for full-time employees, associates can be included. However, participation in these plans usually occurs after employment of one-to-two years. Provisions for vacation time, sick time, and personal time also should be spelled out. In most instances, associates do not receive paid vacation or sick days. About 45% of general practices pay for malpractice insurance premiums. In specialty practices, they often pay the full premium. Some employers will pay your malpractice premium and charge it against your salary, since you normally cannot take this expense as a deduction on your personal tax return. If you receive a comprehensive fringe benefits package, the compensation rate that you receive may be lower than those associates who receive no fringe benefits.
4. Communication…communication Hopefully, you and your employer share values and philosophies on patient care and the important role you each will play in the success of the practice. Like any relationship based on mutual respect, trust, and honesty, associates and employers must engage in ongoing communication to address needs, expectations, and issues that arise. Take advantage of “learning the ropes” from your employer. Whether you remain with the practice as a future partner or leave to purchase or start a practice, the lessons learned from the non-clinical side of an associateship relationship can have a big impact on the success of your career.
Dr. Thomas L. Snyder is Managing Partner of The Snyder Group, LLC, a nationwide practice transition and financial management consulting firm. With more than 75 years of experience in the field, The Snyder Group offers a full range of services for new dentists including buyers representation services for new dentists considering purchasing a practice, practice valuation services, associate/partner agreements, and practice purchases. They can be reached directly at 1.800.988.5674. TSnyder@snydergroup.net www.Snydergroup.net
SUMMER 2009
WWW.THENEWDENTIST.NET 21
THE NOT-SO
Simple Human
BY NANCY HALLER, Ph.D
Gen X, Boomers, and Millennials Can Clash in the Practice
I
recently attended my niece’s high school graduation. The Class of 2009. One of the commencement speakers was a woman from the Class of 1959. In her address, she highlighted what the world was like when she was 18 years old. Truly amazing how much has changed in 50 years! It reminded me of the coaching conversations I’ve had with dentists and practice managers about the challenges of leading employees from different age groups. The impact of generational misunderstanding is huge. It affects tangible costs – recruitment, hiring, and retention – as well as intangible costs – office morale. It shapes perceptions of fairness and equity. Sometimes it results in grievances and complaints. Potentially, your office could be comprised of four different generations. Keep in mind that values drive behavior, and each generation has different values. Therefore they behave differently, and they need to be valued for what each of them brings to your practice. Here are some facts about the people who make up your staff and what they bring (or don’t bring) to the table. Traditionalists were born between 1922 and 1943. These employees have a strong work ethic. Diligent and committed to resolving issues, they make valiant efforts to accomplish practice goals. They also can be resistant to change. Many of them see technology as a nuisance. They need patience when you introduce new software or equipment. Traditionalists do not seek applause. They adhere to the notion that no news is good news. But they do appreciate subtle acknowledgement that they’ve made a difference. Baby Boomers were born between 1943 and 1960. They value learning. They want to be on the cutting edge. On the down side, they are considered the “Me” generation for a reason as they place heavy emphasis on money and their own emotional contentment. They favor change only 22 WWW.THENEWDENTIST.NET
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if it furthers their own personal goals. As a result, Boomers can challenge office policies that don’t suit their needs. Boomers are accustomed to giving feedback to others but seldom receiving it. They are used to once-a-year performance appraisals with lots of documentation. Generation X‘ers were born between 1960 and 1980. Their main strengths include a concern for relationships and an interest in protecting the natural environment. This generation believes that treating people with respect is more important than accumulating wealth. As a result, Gen X’ers are good at building and valuing relationships. However, they give low priority to practice goals. If you want Gen X’ers to help your practice grow, you need to link those goals to individual benefits. X’ers need positive feedback to let them know they’re on the right track. And if you don’t provide enough performance feedback, don’t be surprised if you hear them say, “Sorry to interrupt, but how am I doing?” Millenials, born between 1980 and 2000, have grown up totally in the computer age. They are adept at incorporating technology in the workplace. Because Internet use became commonplace in their formative years, Millenials are skilled at accessing the surplus of knowledge available to them. On the down CONTINUED ON PAGE 32 >>
Dr. Nancy Haller holds a doctorate in psychology and served as a Commissioned Officer in the United States Navy where she provided personnel screening, team building and managerial effectiveness training. She is now an Adjunct Faculty at the Center for Creative Leadership as well as a Senior Leadership Consultant with McKenzie Management. Contact her at coach@mckenziemgmt.com and she’ll send you a free report on “How to Give Performance Feedback to Employees.”
BY CAROL TEKAVEC cda rdh
Digital vs. Paper Records ‘DOLLARS AND SENSE’ DILEMMA
S
etting up a dental practice requires a number of essential tools, supplies, and equipment. Unlike a physician’s office where a doctor may only need to perform examinations, a dental office is a “minihospital.” Everything from disposables, to hand instruments and handpieces, to X-ray units must be in place for a dentist to be able to take care of his/her patients. Creating a practice is expensive, but everything has to be there and it has to be right. The patient record/charting system is just one of the essentials that a new dentist must have day one. While some may purchase a completely digitized system, others may opt for a paper chart. Why? A paper chart can fulfill all of the requirements of an accurate legal record without adding thousands of dollars to the dentist’s debt. Many dentists are aware of the focus on electronic health records as part of the American Recovery and Reinvestment Act of 2009. This legislation proposes to give incentive payments to “healthcare providers” who install certified digital electronic health record systems. However, there is a catch. “Uncertified” digital systems will not qualify for any incentive funds. According to the Certification Commission for Healthcare Information Technology, which is the organization responsible for certifying all electronic health records in the U.S., there are currently no certified electronic health record products for dentists! To quote a CCHIT communication manager, “We have not gotten into dental yet, and it is not on the horizon.” To complicate matters further, a study in the Journal of the American Medical Informatics Association reports that computerized record keeping systems for dentists are currently incomplete and difficult to use. The study also reports that while 85% of all dentists in the United States use computers in their offices (billing, scheduling), only 1.8% have a complete computer based record system. Two large problems appear to
be delineated, data fields and delineated data categories. While many paper based records contain 20 categories and 363 data fields, computerized formats have an average of 15 categories with only 174 data fields. Particular problems appear to exist with periodontal and “hard tissue” charting. Of 28 conditions related in a paper perio chart, only six could be charted in the reviewed computerized systems! Patient privacy is also an issue. While it is possible for anyone who obtains access to a patient’s paper record
The patient record/charting system is just one of the essentials that a new dentist must have day one.
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CONTINUED ON PAGE 30 >>
Carol Tekavec CDA RDH is President of Stepping Stones to Success, a consultant to the ADA Council on Dental Practice, and lecturer with the ADA Seminar Series on Record-Keeping and Insurance. Still practicing clinically, she may be contacted at 800-548-2164 or www.steppingstonestosuccess.com.
h!FTER THE 0RACTICE 3TART 5P TRAINING ) FEEL BETTER AND MORE CONlDENT ABOUT OPENING MY DENTAL PRACTICE &OR ANYBODY THINKING ABOUT OPENING HIS HER OWN DENTAL OFlCE THIS TRAINING IS A MUST ) RECEIVED A TREMENDOUS INCREASE OF KNOWLEDGE ABOUT DENTAL MANAGEMENT .OW ) KNOW THE GAME PLAN v
0RACTICE 3TART 5P 0ROGRAM
continued from page 12
But there is another factor that may require a keen eye to evaluate: Will the patient base “like� the associate? If he/she is from the area, shares some key demographic traits with a large segment of the population, or shares something in common with them, it is likely that they will.
Economic Health of the Community
s $AYS ONE ON ONE TRAINING s 0REFERRED TIME TO MONTHS PRIOR TO OPENING s MONTHS OF FOLLOW UP SUPPORT AFTER THE TRAINING OR ONCE YOU ARE IN YOUR NEW PRACTICE s 4RAINING LOCATION ,A *OLLA #! OR 9OUR #ITY s 4RAINING AND 3UPPORT -ATERIALS s HOURS OF !'$ #% #REDITS 6IEW COURSE CURRICULUM AT
WWW MCKENZIEMGMT COM CONS STARTUP HTM -ENTION THIS AD AND RECEIVE A HOUR $6$ 3ET 2EALIZING 4HE 0RACTICE S 4RUE 0OTENTIAL BY 3ALLY -C+ENZIE WITH YOUR ENROLLMENT
TRAINING MCKENZIEMGMT COM
26 WWW.THENEWDENTIST.NET
Market Research
SUMMER 2009
This includes many important factors. Pay attention to the trends. For example, is the area gaining new housing? What is the turnover of population? It will be much higher when there are renters. Is the Median Household Income going up or down? And how about housing prices? And what about employment? You want to know the direction of change in a practice area more than any static figure. “Livability� of the Community To be specific, we never recommend anyone practice in Phoenix, Arizona who has not gone through at least one summer there. And someone from New England may have a problem with the overall ambiance of a practice in a small Alabama town. It has nothing to do with demographics. It has everything to do with those little things that make life enjoyable or as annoying as a hang-nail. Some of the “Livability� factors include restaurants, wine lists, liveentertainment, sports teams, and schooltest scores. We often ask our clients, “What will you miss if you leave your current hometown?� So, before you sign on the dotted line, do the research and make sure the “opportunity� is, indeed, the right one for you.
THE STRENGTH TO HEAL while
gaining experience and a renewed sense of pride. There isn’t a more rewarding place to practice dentistry than the Army or Army Reserve. You’ll find patient diversity, state-of-the-art technology and facilities, and challenges you’ll find nowhere else. And, when you’re part of the Army Reserve, you can practice in your community and serve when needed. Making a difference is a daily bonus. To learn more, call 888-262-4069 or visit healthcare.goarmy.com/info/e920.
©2009. Paid for by the United States Army. All rights reserved.
ALL
Systems G0 Recall for the Text-Savvy Patient & Practice
M
ost likely you are among the millions that rely on text messaging, Twitter, email, and Facebook as your preferred methods of routinely communicating with family and friends. What you may not realize though is that your patients are using these same tools just as much as you may be for both personal and professional communication. While yesterday’s practices long relied on phone and fax, today’s modern dental offices are integrating instant messaging and social media tools into their everyday patient communication systems. And, in the process, they are streamlining practice efficiency, reducing no-shows, curbing cancellations, filling open appointments, and enhancing doctor/patient relationships, one emoticon at a time. The numbers paint a convincing picture. Nearly 90% of your patients – 88.7% to be exact – would like to point and click their way to your office, respond to your messages, and confirm appointments using these tools. According to Internet World Stats, nearly 1.5 billion people regularly access the Internet. As of June 2008, more than 75% of the North American population was online. From 2000 to 2008, the percentage jumped nearly 130%.
comfortable with this mode of communication. What’s more, those responding to text messages do so far more quickly than they respond to voicemail. According to a survey conducted by Opinion Research Corp. (ORC), a text is far more likely to elicit a quicker response than voicemail. Adults 30 and older are twice as likely to respond within minutes to a text message as compared to a voice message. If your practice has large numbers of working professionals, it’s virtually guaranteed that the vast majority prefer communicating using email or text messaging. Moreover, most working professionals keep their calendars on their computers, iPhones, and Blackberries. They’ll know immediately if they can keep that appointment and so can your practice. Saving the schedule from no-shows and last minute cancellations offers one of the best arguments for making the most of today’s communication methods. Everyone wants
“Nearly 90% of your patients — 88.7% to be exact — would like to point and click their way to your office, respond to your messages, and confirm appointments using these tools.“ And it doesn’t stop there. We’ve seen an explosion in text messaging. According to a Nielson Mobile survey released in Sept. 2008, U.S. mobile subscribers sent and received on average 357 text messages per month, compared with making and receiving 204 phone calls a month. The number of messages sent and received today has increased 450% in the last two years alone. It’s clear that Americans have jumped onto the text messaging bandwagon. What about older patients? According to the New York Times, boomers are turning to social media in droves. More than 60% of boomers are avid consumers of social media like blogs, forums, podcasts and online videos. That’s up from roughly 40% a year ago. The U.S. Census Bureau reports that 57% of 50- to 64year-olds have children ages 18-24. With those kids away at college or living in different cities, these parents are texting to stay in touch. Therefore, many older adults are completely 28 WWW.THENEWDENTIST.NET
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patients in the chair at the appointed hour, after all, that translates into more money for the practice. This is where patient communication services come in. If you are considering a patient communication package for your practice that uses text messaging and email, look for a few key characteristics. The package should be able to synchronize with practice management software to identify upcoming appointments as well as patients who have not been in the office for more than 12 months. In addition, you should be able to select when you want the email and text message reminders to be sent to patients, perhaps you would like reminders sent two weeks as well as two days before an appointment. In addition, you should look for companies that keep you in the loop daily as to which patients have responded and confirmed and which patients may need additional CONTINUED ON PAGE 32 >>
Ready to Own a Practice? Unsure Where to Start? Let Matsco guide you from plan to success! s Custom financing to meet your needs s Planning tools to manage your progress s Practice expertise to support your success
Contact us today for your complimentary practice transitions newsletter:
XXX NBUTDP DPN %2 5/% If you have immediate financing needs, call your Financing Officer at 888.937.2321 Matsco is the only practice lender selected especially for ADAÂŽ members and endorsed by ADA Business Resources.
ADAŽ is a registered trademark of the American Dental Association. ADA Business ResourcesSM is a service mark of the American Dental Association. ADA Business Resources is a program brought to you by ADA Business Enterprises, Inc., a wholly owned subsidiary of the American Dental Association. Š2009 Wells Fargo Bank N.A. All rights reserved. Matsco is a registered trademark of Wells Fargo Bank N.A. All practice financing is subject to credit approval.
Digital vs. Paper Records continued from page 24
to view private information, computerized formats can be “hacked.� In October 2008, more than 300,000 dental records at the University of Florida College of Dentistry were broken into by an “unauthorized intruder.� Information stored in these records included names, addresses, birth dates, and Social Security numbers, as well as health data that should have been confidential. Expenses associated with computerized systems are another problem. Some estimate the price of a typical practice management system, with patient records included, in the $30,000 to $40,000 range. There are some “stand-alone� web-based patient forms that are less; however, these applications may or may not operate with the other billing and accounting systems within the office. This brings us to a final concern. Currently, electronic records are far from universally compatible. A patient’s electronic record in one office may not be transmittable to another dentist, physician, or health plan system. It comes as no surprise that until there is a standard-
ized format available for a reasonable price, many dentists appear to be resisting full scale digital conversion. For the new dentist, it is usually a dollars and cents dilemma. Add thousands to existing debt or purchase an inexpensive yet comprehensive paper system. Not surprisingly, many opt for paper. What should you look for in a paper record? Here’s a checklist: Quick and easy documentation of diagnosis, treatment plan (per tooth and per case), and progress notes. Updateable and “pro-active� medical history (yes/no answers instead of “circling�). Section for the patient’s “chief complaint� or the reason the patient has come to the office. Section for the status of the teeth/existing conditions. Section for the status of the patient’s periodontal condition. Section for documentation of soft tissue and cancer exam. Price per record under $2.00. Remember, office and dental supplies should be no more than 7% of total office overhead. A comprehensive paper record can help keep your costs down. While a computerized chart may be somewhere in your future, a paper chart may be able to get you started right..right now.
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Insurance
continued from page 7 and can produce cost savings, but be careful to check out the reliability of the company that stands behind the offer. Since you do have several options, and you will likely receive offers from many sources, take time to shop around. Find the insurance company that has specialists who understand new dentists, know the right questions to ask, and can guide you toward decisions that match your needs as well as your priorities. Editor’s Note: This article does not constitute legal or financial advice. Please seek professional input as appropriate to your situation.
Accounting 101 continued from page 18 Pro. QuickBooks does have an online version. However, its capability is not as complete as the QuickBooks Pro version. The chart of accounts is the most important part of your QuickBooks. The financial reports are built on the organization of these accounts. In my book, Getting The Most Out of QuickBooks In Your Practice, I make the following recommendations: 1. Keep the chart of accounts simple, using words you understand.
2. Do not use accounting numbers. They can be available for your CPA to use but then you can turn them off. Most of us think with words, not numbers. 3. Create a chart of accounts for financial analysis. The Practice Management Chart of Accounts included in the book makes this easy to do. But why should you bother with accounting software at all? Why not just hand over your financial receipts to your CPA? A dental practice is a professional business. All businesses need to know how they make money and where it is spent. Successful businesses know exactly where it goes, and to whom, for cost effective evaluations, at any given moment. The practice owner should know his/her business better than any other person. Ultimately, QuickBooks is the best solution for dental practices. While most dentists do not want to be accountants, they need to be business owners. Moreover, all practices need an easy to manage accounting program, which is why dental software companies recommend QuickBooks. If the accounting software is easy to use, the practice’s financial data is accurate and can be managed in a timely manner!
Leasing Space? Because you need to do it right‌ “George Vaill’s expertise and wealth of knowledge in lease negotiations is most impressive.â€? — Dr. Jeanne Salcetti, Colorado Springs, CO
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SUMMER 2009
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Text-savvy continued from page 28 follow-up from your office. The system also should allow patients to opt out if they would prefer to no longer receive the emails or text messages. Not only can these patient/practice communication systems address much needed recall issues, they can be production life savers when last minute cancellations threaten to send production into a tailspin and staff scrambling to fill punch bowl size gaps in the schedule. Look for a communication system that allows you to instantaneously contact specific patients on an “As Soon as Possible� list via email or text message. And that hole can be filled in a matter of minutes. Explore the full range of electronic communication services avail-
Generations continued from page 22 side, their culture of readily-accessed information has given many Millenials a demanding attitude. Since they grew up with a bombardment of electronic entertainment, they are bored easily if they’re not being mentally stimulated. Millenials are used to praise and may mistake silence for disapproval. They need to know what they’re doing right and what they’re doing wrong. And they want performance feedback whenever they want it, meaning at the push of a button.
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7E LL HELP YOU DEVELOP YOUR PRODUCT APPLY FOR A PATENT HELP GET THE PRODUCT MANUFACTURED AND GET IT TO THE MARKETPLACE 7E LL PROVIDE YOU WITH MANAGEMENT GUIDANCE TECHNICAL ASSISTANCE AND lNANCING FOR PRODUCT DEVELOPMENT AND GROWTH $ENTCUBATOR ,,# IS COMPRISED OF SOME OF THE BEST AND BRIGHTEST MINDS IN DENTISTRY A COMMITTEE OF SEASONED DENTAL ENTREPRENEURS WHO HAVE PROVEN MARKET EXPERIENCE READY TO HELP YOU TURN YOUR IDEA INTO A SUCCESSFUL DENTAL PRODUCT COMPANY
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Each generation sees things differently from the generation preceding it, as well as the generation succeeding it. Generational diversity is one of the factors that will make your office an environment of harmony or a battleground. Those differences can cause stress, frustration, and conflict. However, they also can become a source for creativity and productivity. When a team includes people from various backgrounds, and all those perspectives are utilized, the team is more effective. As the dental leader, it is your job to help your employees to accept divergent perspectives, to teach them that the whole is greater than the sum of its parts, and that no one person or group has all the answers. This appreciation of diversity allows everyone to contribute and be a part of the growth of your practice.
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