Beyond the Drill: Why Knowing Your Dental Practice Inside and Out is Essential

Many dentists pride themselves on clinical skill - and rightfully so. Crafting a beautiful crown, delivering precise treatments, and maintaining high standards of care are all cornerstones of the profession. But here's a question that's equally critical to your long-term success: how well do you know the business side of your practice?

In today's environment, it's not enough to be a great dentist. You also need to be a thoughtful business owner - or risk falling behind in an increasingly competitive field.

The Reality: Running a Practice Means Running a Business

Picture this: in any small business, there's a marketing team, a finance department, HR, operations, and sales. In your dental practice? You're responsible for all of these - on top of delivering excellent clinical care.

It's no wonder that many dentists either feel overwhelmed or choose to focus solely on the clinical. But here's the truth: dentists who succeed financially and operationally tend to be those who embrace both sides of their role.

Key Practice Insights Every Dentist Should Know

If you want to keep your practice healthy, here are some core questions you should be able to answer:

• Patient metrics: How many active patients do you have? Are you gaining or losing patients?
• Staffing and costs: Are your staffing expenses in line with industry benchmarks?
• Financial performance: What's your average billing per patient? Are your production and expense levels on target?
• Hygiene productivity: How efficient is your hygiene team? What's the per-hour production?
• Marketing impact: Where do your new patients come from? Are you leveraging social media and digital tools effectively?
• Competitive position: How does your practice stack up against others in your area?

Why Business Knowledge Drives Value

The number of dentists in Canada is rising at a rate far outpacing population growth. That means fiercer competition, more pressure on fees, and - eventually - more practices vying for the same pool of buyers when it's time to sell.

Practices that are well-run, with clear data and smart planning, stand out. They not only perform better financially but also command stronger valuations at sale.

The Opportunity: Sharpen Your Business Skills

Many dentists eagerly pursue clinical education - but business knowledge often takes a backseat. The good news is, you don't have to go it alone. There are countless resources:

• Consultants, accountants, appraisers
• Peers and professional groups
• Industry publications and webinars

Making even small improvements in your business knowledge can lead to:

• Greater profitability
• Lower stress
• More control over your practice's future

Your Next Step: Get Independent, Expert Guidance

At Meridian Sales & Appraisals, we work with dentists who want to better understand the true value and performance of their practice. Contact us today for your practice appraisal or a confidential consultation - and take control of your practice's business health.

Alan Rustom