While you’re in dental school, you have a lot to learn about the field, but you also need to learn about the business side of a dental practice.While seemingly unrelated to your direct studies, business courses can provide you with essential information to help you successfully run a practice — especially if you want to open your own at some point in your career.
Here are three reasons why you should consider seeking a business education:
1. Dental Practices Are Businesses
Like any other business, each practice requires revenue, profit, and growth to be successful. In addition to the dentistry skills you’ll have, knowledge of the business administration aspects of a practice will benefit you in the long run.
For example, knowledge of metrics for business success, awareness of legal considerations, personnel management, and much more are all part of the skills that dentists may acquire through quality business education.
This knowledge plays a bigger role in succeeding as a dentist than many people realize at first. Often, once dentists get into the field, they start realizing that there is a plethora of administrative information and business skills they need in order to improve their practice.
2. Your Business Acumen Affects Your Practice’s Decisions
A strong business background can help propel your practice to future success. Unfortunately, this also means that by not having a business education, you may be deprived of information and background knowledge you need to make wise business choices.
A lack of understanding business management could lead you to a number of issues, including:
- Hiring the wrong people.
- Mismanaging your current dental practice staff.
- Incorrectly handling finances.
- Misunderstanding legal guidelines.
- Inaccurately creating a business plan.
These concerns can be detrimental to your dental practice, making a thorough business education critical for a successful career.
3. Business Education Can Improve Your Soft Skills
In addition to formal protocols and standards, business education can help you learn a number of soft skills, including time management, interpersonal skills, and more.
Soft skills are particularly important when you're cultivating relationships with patients and want to help them feel at ease. Especially with patients who have dental anxiety, soft skills help you make them feel as comfortable as possible. The better you are at creating a relaxing environment and keeping them calm, the more likely it is that they will come back to you.
These skills also matter for managing and interacting with your dental practice's staff. Soft skills are a great way to help your staff members feel valued, so you can cohesively work together and run a successful dental practice.
Navigating Your Career After Dental School
When you finish dental school and any other formal business education you may pursue, you likely have a number of questions about your upcoming career. While your training will be more than sufficient for some of these decisions, it is important to have a strong team of advisors as well. Individuals like CPAs, attorneys, and financial and insurance advisors can all help guide you through your first few years post-graduation and well into your established career.
Our in-depth post-dental school survival guide helps you navigate some of the decisions you'll need to make, answer some common questions, and discuss key concepts concerning your career’s success.