Page 30 - Bulletin Vol 26 No 2 - May - Aug. 2021 - Final

Article | Finance continued

reinforce why you spent all the time and money going through dental school. But, over time the demands of
running a business have encroached on your medical professional enjoyment. Spending 8-14 hours a day

caring for patients while scanning for errors, potential pitfalls, and opportunities across the practice
operation can wire the brain to spill into other areas of our lives unwillingly. It is not unusual to hear from
dentists they have on occasion thought of their time with family, friends, or leisure in terms of billable hours.

We can call it a disconnect or a lack of attention to the matter. Regardless, nothing is going to change by
waiving a magic wand. Sometimes awareness is curative, but likely you are going to need to embrace a
better and more balanced approach.

Time for a Revisit and Restart

If we wind the clock back and paint a picture of what you thought having your own practice would be like, it
could probably have contained things like:

• Creating a healthcare environment where patients are cared for at an exceptional level.
• Building a financially successful business that provides for your family and lifestyle.

• Attracting and retaining a staff that shares your values and patient centric ideals.
• Maintaining Leadership that has a pulse on the local market and how to grow the practice.
• Monetizing the practice to create personal wealth for enhanced lifestyle, retirement and leaving a legacy.

This list is not exhaustive, and the priorities differ from Doctor to Doctor; however, notice what is not on the
list:

• Rent space or Purchase?
• Running payroll. • Human resources challenges
• Accounts Payable and Accounts Receivable. • Managing 401k/retirement plans
• Managing Insurance Carrier payments. • Maintaining an Above Average Credit Score

• Analyzing and selecting: • Debt management
IT platform & technology bundles
Employee benefits
Various insurance requirements
Equipment

This list could go on and on ad infinitum, but you get the idea. Extraordinarily little of this was covered while
you were going to school. In addition to all the information bombarding us mentioned earlier, there is simply
no possible way to deal consistently with this overload. We can wrap it all up in one word. A word you do
not think about naturally, but it ticks in the back of your brain. You know it is there.
BALANCE!

Balance between your Life and your Practice. Balance when you are at the office, so you are exercising

your unique talent by limiting the tasks that pull you away from why you became a Dentist. Balance when
you leave the office, so you are not thinking about the office; focusing on your family and friends; eating

30 | Nassau County Dental Society ⬧ www.nassaudental.org