Business Basics for Dentists

Dr. David Willis combines his experience as a practicing dentist, educator, MBA, and certified financial planner in this breakthrough text about managing a dental business. Rather than a checklist of steps for success, Business Basics for Dentists describes business, economic, marketing, and management principles and explains how to apply them to the dental practice. Dental students and new practitioners will learn how to use the core strategic and operational business philosophies to develop an effective dental practice. He provides the essential elements of a business course--management principles, economics, business finance, and financial analysis--without bogged down in too much detail. These are then related specifically to various aspects of running and managing a dental practice, including office communications, billing, inventory, and marketing the practice. All aspects of practice transition are approached: career opportunities, buying a practice, starting a new practice, multi-practitioner arrangements, practice valuation, and planning and developing a practice. Last, Willis included personal financial planning to ensure that the dentist is also planning for his own finances and retirement beyond the bounds of the practice.

Table of Contents

Preface vii

About the Companion Website ix

Section 1 Personal Financial Management 1

Chapter 1 Personal Money Management 3

Chapter 2 Personal Insurance Needs 15

Chapter 3 Planning for Retirement Income 29

Chapter 4 Reducing the Personal Tax Burden 43

Chapter 5 Estate Planning 53

Section 2 Business Foundations 59

Chapter 6 Business Entities 61

Chapter 7 Basic Economics 73

Chapter 8 The Legal Environment of the Dental Practice 87

Chapter 9 Financial Statements 101

Chapter 10 Basics of Business Finance 111

Chapter 11 Business Taxes and Tax Planning 129

Chapter 12 Management Principles 141

Chapter 13 Planning the Dental Practice 147

Section 3 Dental Office Success Factors 159

Chapter 14 Financial Analysis and Control in the Dental Office 161

Chapter 15 Maintaining Production 173

Chapter 16 Maintaining Collections 199

Chapter 17 Generating Patients for the Practice 213

Chapter 18 Gaining Case Acceptance 229

Chapter 19 Controlling Costs in the Practice 241

Chapter 20 Promoting Staff Effectiveness 247

Chapter 21 Maintaining Daily Operations 277

Chapter 22 Managing Risk in the Office 319

Section 4 Practice Transitions 353

Chapter 23 Career Planning 355

Chapter 24 Employment Opportunities 361

Chapter 25 Practice Ownership 369

Chapter 26 Practice Transitions 379

Chapter 27 Valuing Practices 395

Chapter 28 Securing Financing 403

Chapter 29 The Business Plan 411

Index 419