Dental Articles

The National Dental Practice Owner Salary 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 dental practice marketing manager, is $70,000 an office manager and a researcher, $80,000, and a dental practice financial manager salary is $120,000 per year. While hiring 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 a Dental Practice Owner do to increase the annual salary? Simply put, produce more dentistry! After all, this is a dental office, and our primary product is Dentistry! We have some great ideas to help Dentists do just that.

Key Numbers That Every Dentist Should Know

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:

  1. The days production as it relates to your goals?
  2. Does it tell you what treatment is incomplete on patients in your Dental Practice today?
  3. 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?

Awareness of key data obscured by your current system can significantly raise the annual salary of any Dental Practice owner. What can help you do this? Dental Intelligence can!!

Dental Intelligence is an all-in-one software toolkit designed to help grow your practice. It can analyze everything, automate your day, find hidden revenue, fill your schedule and so much more.

Marketing Your Dental Practice

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.

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…

Your Dental Office, Leasing vs. Owning

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.

Create a Beautiful Dental Office

To increase your Dental Practice Owner Salary, improve the appearance of your dental office!

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.

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, (Chairside Economical Restoration of Esthetic Ceramics), 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.

Provide Convenience and 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.

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

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.

Recruit the Right Staff

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

One of the essential components to dental practice success is the staff. If you, as the practice owner, can build a Dental Dream Team, your responsibilities and stress level will decrease significantly. 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 recruit the right team 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 of Dental Staffing, our Partners, many mentioned here, 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. Visit the contact page to reach out to her today and schedule your no charge consultation and we will get you pointed in the right direction!

 

 

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