The healthcare industry exhibits high profitability, and dentistry is no different as a whole. The dental industry has benefited from favorable demographic trends, technological advances and attention given to the importance in oral hygiene over the past five years.
But running a successful practice isn’t easy. It requires a lot of hard work, dedication by each member of your office staff, and maybe a few steps outside your comfort zone.
Nobody knows the dental industry like the professionals who move it forward every day. We’ve tapped into a pool of dental industry specialists with unique perspectives, to ask for their expert advice on four questions:
- What it the single biggest opportunity in dentistry today?
- For a Dentist with a typical practice, what is the one thing that they can do to make the practice more valuable?
- What separates the best operators from the average dental practice owners?
- What is the best advice you’ve ever given or been given?
What is the proper response to life-long lagniappe?
I’ve got family on my side and my wife’s side in rural America. When I tell them that my main business is representing healthcare organizations and governments in real estate lease negotiations, I can tell what they’re thinking: You really get paid for that?
We take it for granted, but commercial real estate brokerage is a great business. It isn’t very capital intensive. There’s rarely pressure on commissions, everyone (usually) understands the model and it is (almost) infinitely scalable.
As an SIOR, a leader in the market, and business owner, what is the proper response to that? One option is to be thankful to live in a time and place where this business is possible. Another is to milk all you can out of a good situation. A third is to look for opportunities to share some good fortune through charitable giving.
I’d like to propose a few other options that perhaps hadn’t occurred to you—at least initially. I’d like to propose using our gifts within the community, within our organizations and within our households.