How to Safeguard Your Dental Business For the Long-Haulby Dr. Ron Arndt
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:
- 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.
- 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.
- 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”.
- 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.
- 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!