Business Basics for Dentists

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.

Table of Contents:
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

About the Author :
The authors 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.