Increasing your income, finding financial freedom for dentists

Financial freedom is something that virtually everyone either wishes to pursue, is currently pursuing, or has managed to attain. Being a dental professional opens many doors for you to achieve the financial freedom you’re looking for, but the journey can still be a challenge.

You may feel as though you’re doing everything right  — managing your money and your practice well, keeping expenses down, seeking out the best orthodontic courses for general dentists to expand your services — and yet, you may find that financial freedom still feels out of your reach.

Attaining financial freedom for dentists may not always be fast or easy, but fortunately, the process itself is fairly simple. By implementing six key tips in your practice and staying committed to them, you’ll be well on your way to achieving your goal.

1. Know who to hire and when; know when to fire and how.

Your team plays a tremendous role in the success of your practice. It’s not just about their work ethic, chairside manner, or skills and knowledge; it’s about the whole package that culminates in a stellar patient experience. The machine that is your practice can only run properly if all of those moving parts are in order.

Of course, you are likely already aware that a solid team is essential, but don’t underestimate this importance. If you don’t know who to hire and when to hire them, or who needs to be let go and how to do that, your practice will suffer.

2. Develop and maintain effective systems for your practice.

Attaining financial freedom for dentists is next to impossible if their practice isn’t running smoothly. Even with the world’s greatest team, they’re ultimately only going to be as effective as the systems they’re working with. 

Additionally, you must offer an orderly set of systems if you want to keep this excellent team. If you don’t, they may leave for greener pastures.

Take a close look at all of your protocols for record keeping, balancing appointments, and best practices, and see if there’s anything you’re currently doing that may be hindering your practice. Consider how those elements can be improved.

3. Keep a close eye on your financials.

You may have your hands full with a million other responsibilities, but part of pursuing financial freedom for dentists is finding a way to manage those responsibilities and keep track of the business side of your practice. You can’t get lost in the day-to-day tasks and fail to keep an eye on what the numbers are looking like month-over-month.

There are ways to make this pursuit easier for you. You’re a dental professional, not a financial expert – but you can always hire one, or perhaps you can look into software that can help you with your accounting. 

This is also an area where creating effective systems can prove helpful — don’t neglect to develop a strong system for managing your finances, too.

4. Understand how to reach your audience.

On top of the daily running of your practice and the managing of your finances, there is also a marketing aspect of being a self-sufficient dental professional that’s crucial if you ever want to achieve financial freedom.

Marketing does not necessarily involve coming up with a creative slogan or jingle. But if you want to attract new patients, you do need to have a decent understanding of your brand, your audience, what your community is looking for in a dental professional, and how you can show them that you’re able to provide that.

If you don’t feel you have a knack for this sort of thing, you can always look into hiring someone who is professionally trained in marketing.

5. Remember that patient retention is key.

Ensuring you don’t lose patients probably seems like an obvious part of attaining financial freedom for dentists, but there is a bit more to this idea than meets the eye. 

Retaining patients not only provides consistent revenue; it also provides great PR. Long-time patients will undoubtedly recommend you to friends and provide you with the glowing reviews you need to attract more clients.

If you prioritize retaining patients, you give yourself the stability of regular revenue while also expanding your pathways to further revenue.

6. Expand the scope of services you offer.

General dentist orthodontics has experienced rapid growth in recent years. This is because today’s patient values the convenience that comprehensive care from a single dental professional has to offer. 

Looking into the best orthodontic courses for general dentists can be one of the simplest ways to grow your practice without necessarily even needing to expand your client base.

Looking for the best orthodontic courses for general dentists?

The American Orthodontic Society offers some of the highest quality orthodontic courses for general dentists. Take a look at our available courses today or call us at (972) 234-4000 to learn more about your options.