Guest author: Jen Cox, Prime Practice

Transitioning from being an employee dentist to owning your own dental practice is a rewarding yet challenging leap. Many new practice owners are unprepared for the complexities of business management that accompany practice ownership. Jen Cox, an experienced consultant from Prime Practice, highlights three common challenges faced by new dental practice owners and offers strategies for overcoming them.

1. Hiring and retaining the right team

One of the biggest hurdles for new practice owners is building a reliable team. According to Jen, many owners fall into the trap of panic hiring, trying to quickly solve staffing problems. However, this can lead to long-term issues down the road. Hiring the right people from the outset and having a structured approach to onboarding and training are key to building a successful team.

Retention is just as important as hiring, and Jen emphasises that having a team retention strategy is essential. Creating an environment where employees feel a sense of autonomy and growth opportunities will help you become an employer of choice. This reduces the constant strain of recruitment and keeps your practice running smoothly.

2. Mastering the business of dentistry

Running a dental practice isn’t just about providing excellent clinical care, it’s about managing a business. Many dentists enter ownership without the necessary business acumen, and this can be a major oversight. The business side of dentistry includes everything from managing finances and staff to understanding marketing and patient retention strategies.

Jen points out that a common mistake is to focus solely on bringing in new patients without addressing internal processes. She compares a practice to a bucket - marketing can fill the bucket with patients, but if there are "leaks" in your processes, you’ll lose them. Focusing on patient retention systems, such as an effective recall strategy, is just as important as attracting new patients.

3. Developing a solid business plan

Another area where new practice owners struggle is in creating a robust business plan. A solid business plan that includes financial projections, patient retention goals, and hiring timelines is important for reducing stress and ensuring the long-term success of the practice. Many owners rush into hiring an associate dentist too early, which can strain finances.

By taking the time to map out when your practice will break even and setting clear benchmarks for success, you can alleviate some of the pressure and make more informed decisions.

In summary, Jen stresses the importance of approaching dental practice ownership with a structured plan and a long-term vision. Hiring, retention, and managing the business side of things are essential components to get right from the start. With these strategies in place, you can build a practice that’s both profitable and rewarding.

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