Safeguarding the Future: A Guide for Dental Practices

The last several years have brought into sharp focus just how unpredictable life can be. So, now more than ever, it’s smart to have a game plan – an overarching strategy aimed at safeguarding both your professional and personal endeavours.

As such, Patient Plan Direct has created this comprehensive guide which outlines a range of steps to support you on your strategic journey to safeguarding your future.

Cultivate Patient Loyalty through Trust

Building a successful private practice extends beyond marketing; it’s about fostering trust. Focus on creating trust from the first point of contact, through email communication, front-of-house interactions, and consultations.

Consider implementing automated thank-you messages and personalised videos to reinforce trust. Building a loyalty programme encourages monthly membership fees (along with referrals), forming the foundation of a robust and enduring practice.

Invest in Leadership Development

As a leader, invest in self-awareness, and understand your strengths and weaknesses. Extend this practice to your team, identifying their unique skills and knowing when to delegate tasks. Leadership isn’t just about expertise; it’s about empathy and small gestures that make a difference.

Delegate responsibilities efficiently, matching tasks with team members’ strengths. By recognising and utilising individual strengths, you not only boost team morale but also enhance overall business performance.

Define a Clear Vision and Align Your Team

Future-proofing your practice necessitates a clear vision that permeates through every facet of your business. Engage your team in creating a vision, values, and mission that everyone can rally behind. You should also consider incorporating elements beyond financials, such as mental health and environmental, social, and governance (ESG) considerations.

Recruitment and retention, which is one of the biggest challenges facing the industry right now, thrive on a well-defined vision and mission. This involves ensuring that job descriptions accurately reflect job responsibilities, and that the daily tasks performed by individuals are closely connected to their performance appraisals and goals. Future-proofing is about consistently sharing and discussing your practice’s goals in a two-way dialogue. This active communication fosters alignment and draws people closer to your envisioned future.

Secure External Support

Successfully juggling the numerous responsibilities of a dental practice requires external support. Seek partnerships with companies or organisations that can assist, such as accountants, to alleviate some of the burdens and allow you to concentrate on your strengths.

Explore dental practice plans with providers such as Patient Plan Direct, who offer a range of cost-effective solutions for practices looking to launch a plan, transfer from another provider or convert from NHS to private dentistry. External guidance provides peace of mind, allowing you to focus on growth and entrepreneurship.

Implement Strategic Treatment Caps

In the fast-paced world of private dentistry, consider introducing treatment and clinician time caps. Savvy patients are well-informed, often requesting treatments that could potentially challenge your practice’s capacity. By setting reasonable limits, you ensure a sustainable workload for your team, preventing burnout and maintaining profitability.

Calculate operating costs per surgery per day and establish caps that align with these figures. This may be considered an unconventional approach, but if done in the right manner, can safeguard your team’s well-being and ensure sustained success.

Envision Retirement in Your Business Plans

Future-proofing involves not only business success but also preparing for life after work. Take the time to envision your retirement goals and integrate them into your business plans. Collaborate with specialist organisations like Wealthwide, to align your retirement vision with your practice’s financial and operational strategies. Wealthwide is part of the PPD Partner Network – they offer tailored financial planning services to aid dentists in gaining a comprehensive understanding of their financial landscape, empowering them to maximise life’s opportunities. By developing and implementing a flexible strategy, they establish the groundwork for stability, enabling you to embrace life with greater assurance and tranquility, making informed choices along the way. Your Business Development Manager will be able to provide you with further information should you be interested.

Recognise the interconnection of personal and business finances in dentistry, especially when considering the goodwill value of your practice in retirement planning. A thoughtful approach to personal and business finances ensures a fulfilling retirement beyond the confines of your practice.

Ready to take the next step? Connect with the Patient Plan Direct team to explore tailored solutions that align with your practice goals. Your future success starts here.

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