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The National Average Salary of the Dental Practice Owner Is Too Low; Let’s Raise It!

Edited 2021

Dental Practice Owner Salary Is Too Low

According to the U.S. Bureau of Labor Statistics, the average salary of a dental practice owner in the United States is just over $160,000. This salary might seem high compared to the national average, but when you consider what it takes to become a Dental Practice owner, and the responsibilities that come with it, the average Dental Practice Owner Salary is too low. Truthfully, Dental Practice owners are worth every penny and then some.

Owning and operating a Dental Practice is a tremendous challenge. The national average salary for a marketing manager is $70,000, an office manager and a researcher, $80,000, and a financial manager, $120,000 per year. While a great Dental Office Manager can make a huge difference to a Dental Practice Owner’s workload, the final responsibilities and decision-making for the office, ultimately lies with the Dentist.

If the national average is too low, what can be done to increase the annual Dental Practice Owner Salary? Simply put, produce more dentistry! Afterall, this is a dental office, and our primary product is Dentistry!  We have some great ideas to help Dentists do just that.

1.  Know Your Numbers!

To increase your  Dental Practice Owner Salary, know all your numbers!

I cannot impress this upon you enough! And I don’t mean just your daily production, you need to know it all. Does your software create a morning huddle that gives you: A. the days production as it relates to your goals? B. Does it tell you what treatment is incomplete on patients in your Dental Practice today? C. How about telling you what treatment is incomplete on the relatives of today’s patients?  Can you imagine what having this information at your fingertips can do for you, the Dental Practices Owner?

This small piece of information can significantly raise the annual salary of any Dental Practice owner. Who can help you do this? Dental Intelligence  can!!

2. Marketing

To increase your Dental Practice Owner Salary, you need to market!

Cartin Coaching recently  told me every Dental Practice needs two full-time employees working on marketing. Don’t have enough Dental Professional employees to handle marketing at this level? Why not outsource your dental insurance issues to Dental Office Support and free up at least one individual to work on marketing?

Dental Office Support will verify insurance coverage, file your claims, and post payments to your patients’ accounts! You don’t need to eliminate the Dental Professional handling insurance in your Dental Practice, you just need to reassign them to do your marketing.

3.  Eliminate Credit Card Fees

To increase your Dental Practice Owner Salary, eliminate credit card fees!

Some of you are paying too much money for the convenience of taking credit cards. There’s a company who provides this convenience at no charge to the practice. Enter Doc Pay. Doc Pay charges the patient and there is no fee attached to your Dental Practice. Think about how much money you pay in credit card fees throughout the year. Why not put that money in your pocket?

Now the basics…

4.  Create a Beautiful Dental Office!

To increase your Dental Practice Owner Salary, presentation is everything!

One of the first things to consider is renting vs. owning your building. I recall my very first associateship; he had a building that housed two separate dental offices. He owned the building and told me it was the key to making the most money possible. Do you want to have the responsibility of building maintenance or would you rather leave that to someone else?

Maybe you rent and you’re tight on space, and your office feels tight and cluttered. Or perhaps your office isn’t in an ideal location to serve your target clientele. It might be time to consider a larger space or relocating to an area that will help you attract your ideal patient. If you can’t afford to upsize or relocate, you might consider sharing a space with a specialist or another general practitioner.

If you’re comfortable in your space, that’s great! But when was the last time you remodeled? Is your carpet worn or dirty? How about the marks on the wall where the tube head has hit the wall too many times? Keeping your Dental Practice looking clean, presentable, and professional presents your business as a trustworthy, high-quality dental experience, and will keep your patients coming back again and again.

5.  Provide the Right Services

To increase your Dental Practice Owner Salary, produce the Dentistry that creates passion!

While most general dental offices provide similar services, it's important to determine what sets you apart from other practices. What procedures do you enjoy doing over others? Most of us have an area of dentistry that we prefer, and services we’re simply better at than others. However, are there other procedures you could consider offering? Perhaps there’s some new technology you could invest in. Have you considered a Cerec, or how about a scope that speeds up endodontic procedures?

I recall my mentor telling me he was going to gently push me in all the right directions. My mentor was a periodontist, and I was a former dental hygienist, so I had a very strong and busy dental hygiene department. He introduced me to some of the finest cosmetic instructors in the United States. I got very interested in cosmetic dentistry and implants and invested a lot of time and money getting good at it. That investment allowed me to refer less desirable procedures to specialists while not having to sacrifice overall revenue for my practice.

6.  Provide Convenience & Amenities for Your Patients!

To increase your Dental Practice Owner Salary, create convenience for your patients!

When it comes to any business, convenience is essential. When patients go to the dentist, they don't want to just be treated well, they want to be offered convenience and ease in seeking treatment.  Have you considered the option of online appointment booking software? Do you have specific time set aside to quickly provide care for emergencies? How about non-traditional, business hours one or two days of the week? This provides convenience for patients who don’t like to miss work.

When I was in private practice, we provided several “comfort treats” or amenities for our patients: blankets, pillows, hand wax treatments, a coffee bar with protein bars and juice. The restroom had three canisters with toothbrushes, floss, and toothpaste for their convenience. Patients that were in the office for longer appointments were scheduled in the morning and lunch was provided following treatment. This type of experience will not only improve your overall client experience, but you can also charge a little extra as a luxury practitioner, which will help increase your dental practice owner salary.

Dental Intelligence allows patients to pay their bill from their phone. How convenient is that!

7.  Have the Right Staff

To increase your Dental Practice Owner Salary, create a warm culture for the Team and your patients!

One of the most important components to dental practice success is the staff. Your responsibilities and stress level as the practice owner will decrease significantly if you can assemble the right dental team. Your dental office manager, treatment coordinator, dental assistants and hygienists must be fully trained in exactly how you want your office to look and feel.  Your older carpet and location pale in comparison to the importance of the dental office culture and how your patients feel while they are in the care of your dental professionals.

And don’t forget training opportunities for your staff. Investing in them not only gives the staff member a sense of confidence, but it also gives the appearance that the entire team is more educated, more knowledgeable. This in turn creates greater confidence in your dental practice, greater patient loyalty, and an increase to your dental practice owner salary.

Conclusion

It’s been said that dentistry is one of the top ten most ethical and trusted professions in the U.S. Making sure you find the right staff will be critical in running a successful dental practice. To find the right staff and qualified professionals, consider becoming a member of Dental Staffing today! Browse resumes and applicants and find the right fit for that open position in your practice.  When you become a member, our Partners mentioned here today will give you special offers to help you, the  Dental Practice Owner, increase your annual salary.

These are some of my top known, but often forgotten, tips that can keep your dental practice growing for years. If you think your Dental Practice could use some tips, but you’re not sure where to start, you’re in luck. With over 40 years of experience in the dental industry, Dr. Marynak is available to answer your questions and if she can’t answer them, she’ll find someone who can. Just reach out to her today and schedule your no charge consultation and we will get you pointed in the right direction!

 

 

60 Minute Complimentary Consultation

When you spend your time and energy dealing with non-clinical issues such as insurance, employee turnover, accounts payable and receivable, you can’t enjoy the work you were trained to do. At DentalStaffing.org, our consultation will work with you to identify the issues and give you solutions for moving forward. Then you can start running your practice instead of your practice running you.

[Click Here to Schedule a Consultation at No Charge To Your Practice]

 

 

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"Being totally honest with oneself is a good exercise."
- Sigmund Freud