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 Edition describes 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.

James L. Harrison is an Associate Professor in the Department of Comprehensive Dentistry at the University of Louisville School of Dentistry in Louisville, Kentucky, USA.

David O. Willis is a retired Professor at the University of Louisville School of Dentistry in Louisville, Kentucky, USA.

Charles K. Thieman is a healthcare consultant in Louisville, Kentucky, USA.

Preface

Section  Chapter

Section 1: Career Planning 

 Introduction Introduction 1   

 Career Planning 1

 Employment Opportunities 2

 Practice Ownership 3

 Practice Transitions 4

 Valuing Practices 5

 Securing Financing 6

Section 2: Personal Financial Management

 Introduction Introduction 2

 Personal Financial Management 7

 Personal Insurance 8

 Retirement Planning 9

 Personal Taxes 10

 Estate Planning 11

Section 3: Business Foundations

 Introduction Introduction 3

 Economics 12

 Business Entities 13

 Legal Environment 14

 Financial Statements 15

 Basics of Business Finance 16

 Business Taxes 17

 Management Principles 18

 Planning the Practice 19

Section 4: Dental Office Success Factors

 Introduction Introduction 4

 Financial Analysis 20

 Maintaining Production 21

  Duty Delegation 22.1

  Scheduling Patients 22.2

  Dental Fee Management 22.3

 Maintaining Collections 23

  Patient Financial Policies 23.1

  Office Collection Policies 23.2

 Generating Patients for the Practice 24

  Generating New Patients 24.1

  Managing Continuing Care 24.2

 Gaining Case Acceptance 25

  Communication in the Office 25.1

  Case Presentation and Acceptance 25.2

 Controlling Costs in the Practice 26

 Promoting Staff Effectiveness 27

  Selecting and Hiring Employees 27.1

  Compensating Employees 27.2

  Motivating Employees to Perform Well 27.3

 Daily Operations 28

  Office Operations 28.1

  Office Accounting Systems 28.2

  Instrument Management 28.3

  Office Supply and Lab Management 28.4

  Dental Insurance Management 28.5

 Managing Risk in the Office 29

  Office Risk Management 29.1

  Regulatory Compliance 29.2

  Quality Assurance 29.3

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.