Page 110 - The Dental Entrepreneur

The Dental Entrepreneur

Supplies

The supply business is about as competitive as it gets. Your consumable supply business is
substantial and for someone to have a career long relationship with you is substantial. One of
the trends today, is for the larger supply companies to get into all sort of support businesses.
Such as practice management software, web services, consulting services etc in order to
provide a value added proposition to you. The danger here is getting over extended, losing
focus as to what their core business is (supplies) and over promising. I can tell you for sure
that is what has happened on anything internet related. Web sites and all the orbits that
surround that cannot be done on a mass scale and maintain any effectiveness. This is a very
difficult space to get results in and most dentists have a miserable web presence because they
have been over promised. I would stay away from that for sure.

If you do not feel as if you need a relationship with someone that calls on you on a regular
basis, then you can certainly save a substantial amount by going directly to a discount
supplier. This is not for everyone but you can squeeze some dollars here if you put in the
effort. Like I said in the first chapter, the amount of direct involvement you put into your
practice will yield incremental cash saving that go directly into your pocket. That’s a personal
decision.

Review Every Check

This would seem to be the most common sense piece of advice of all but it still surprises me
the number of dentists who have lost substantial amounts of money from a variety of theft
angles right under their nose. When Wayne Newton, the biggest entertainer in Las Vegas
history filed for bankruptcy years back, he claimed to have never signed a check in his entire
career. I would be embarrassed to admit to being that stupid. Guess What? He signs every
one of them now. Embezzlement is real, it happens and the busier and bigger you become, the
tendency is for things to get out of control. There are also billing scams that are often
mistakenly paid to various marketing companies who look legitimate. Start by paying or at
least looking over your bills as they are paid, the more intimately you understand how and
where your money goes the healthier your business will be long term. And you are never too
big to sign your name, ever.

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