Is your dental office feeling the squeeze? Rising costs and staffing woes are plaguing practices nationwide. But fear not, you’re not alone! Here are 5 key signs your dental practice needs a refresh, along with solutions to get you back on track:

1. You’re Struggling to Find Staff:

• Having trouble filling hygienist, assistant, or even front office manager positions? You’re not alone. The 2023 Dental Economics survey found hygienist shortages are at a staggering 79% in the Midwest! This can seriously impact your practice’s efficiency and production.

Solution: Rethink your recruitment strategy. Offer competitive salaries and benefits, and consider flexible scheduling options.

2. Patients Aren’t Coming in as Often:

• Short staffing can lead to longer wait times and a decline in patient care timeliness. Additionally, inadequate front office coverage can lead to communication breakdowns and missed appointments.

Solution: Streamline your scheduling and communication processes. Invest in technology that can automate tasks and keep patients informed.

3. Your Profitability is Taking a Hit:

• DeStefano (2023) reports that practices with staffing shortages experienced a 10% drop in collections in 2023. This could be due to reduced patient flow, inefficient billing processes, or outdated fee schedules.

Solution: Analyze your current fee structure. Consider raising fees by 5% annually to keep pace with inflation. Don’t be afraid to renegotiate with insurance providers, and consider alternative payment models like membership plans.

4. You’re Stuck in a PPO rut:

• While PPO plans offer predictable patient traffic, they often come with limitations on fee increases. This can leave your practice struggling to maintain profitability.

Solution: Explore alternative payment models like fee-for-service or membership plans. These models often offer more flexibility when it comes to setting fees. Also, make sure to contact your PPO payers and request a fee audit for your area. Use these ADA resources for help. This link will open to resources on renegotiating a contract and how to terminate relationships with payers. ADA Insurance Contract Support

5. Your Fees Haven’t Budged in Years:

• Inflation is a reality, and your fees need to reflect that. The 2023 Dental Economics survey found 65% of practices raised fees in the past year.

Solution: Conduct a thorough cost analysis and update your fee schedule accordingly. The survey provides a fee table by region as a helpful reference point.

Bonus Tip:

• Check out the 2023 Dental Economics Fee and Staffing Survey and our other blogs for even more insights and resources! Dental Economics 2023 Fee and Staffing Survey

 

So, you’re considering adding an associate dentist to your practice. You’re not alone! Many dentists explore this path to expand capacity, grow their practice, or plan for succession. But how do you know if it’s the right decision, and how do you ensure a successful outcome?

This three-part blog series examined the critical considerations for building a thriving dental associateship.

 

Part 1: Reasons to Hire 

We began by examining the common reasons dentists consider adding an associate. We also discussed evaluating your practice’s capacity before adding another provider. This evaluation involves both operational efficiency and the number of active patients you have. Industry experts suggest a dentist can typically manage 1,000-2,000 active patients.

 

Part 2: Timing Considerations

In Part 2, we explored the financial considerations of hiring an associate. Determining your practice’s profitability is a crucial first step for timing your hire. Your break-even point, the minimum revenue needed to cover your costs, is a key metric to master. Sufficient resources, including space, equipment, and staff, are also essential for a smooth transition.

 

Part 3: Finding the Right Associate

Part 3 focused on finding the perfect fit for your practice. We emphasized the importance of carefully crafting a job description that outlines the desired skills, experience, and personality traits, then explored the critical compensation component. Several compensation models exist, including salary, commission, or a combination. Clearly defining the associate’s compensation avoids future misunderstandings.

 

Next, we explored associate contracts, which are complex legal documents. We advise consulting an attorney to address all aspects of the working relationship, including compensation, benefits, termination clauses, and restrictive covenants.

When you are ready to interview, develop open-ended questions to delve into the candidate’s goals and work style. Be alert for red flags that might indicate a mismatch in expectations, and be careful to ask lawful questions.

 

Finally, we explored the offer and negotiation phase when the owner presents a formal employment offer. Provide a written offer outlining the job description, compensation package, and contract terms. Expect negotiation and be prepared to discuss and compromise on some terms.

 

Overall, careful planning is vital to a successful associateship. By evaluating your practice, developing a clear hiring strategy, and negotiating a well-defined contract, you can increase your chances of finding the right associate and building a thriving partnership.

 

Ready to take the next step? Consider referring to the resources provided throughout this series for additional guidance or contact us when you’re ready. We have also created a step-through graphic guide to assist you on your journey to successful associateship.