How to Safeguard Your Dental Business For the Long-Haul

by Dr. Ron Arndt

Tips on How to Increase Team Accountability
Dentistry is a business and as such requires you, as the doctor, to think, act and behave like a CEO. That means the accountability lies solely in your hands. I encourage my coaching clients to hire professionals to assist them – but I insist that my clients have the final accountability, responsibility and control.

Here’s how to protect your dental practice:

  1. Understand your tax returns and financial statements: Ask questions on items that are unclear. You don’t have to know how to file complicated tax returns, but be able to define each line on your statement.
  2. Have an eye out to spot unusual problems: Be knowledgeable on the overall procedures in your office, especially the ones where you have no explicit involvement. You can discover discrepancies fast and take action.
  3. Monitor employees: Make periodic inquiries to alert staff to the fact that you have internal controls and reminds them that you operate your business as a “tight ship”.
  4. Maintain computer controls (private passwords and internal record of access): This insures that you are the only one with access to ALL the practice information. Never give any one staff member access to everything – only what is necessary for them to complete their tasks.
  5. Implement a non-disclosure agreement (NDA): Remind a departing employee during your exit interview that such agreement is in effect. This serves as a deterrent to the sharing of finances, sensitive information and patient confidentialities.

Bottom line: Delegate effectively, but always be in a position to take back the reins. Business is business!

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