Do dental schools teach the business aspect of dentistry?

[Neil45]

Like how to run a dental practice? I have absolutely no idea how to run a business and have never taken any business courses. Is this something you are taught at dental school, or do you have to learn it on your own?

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[crazy_sherm]

It probably depends on the school, but in most part, no. We only had one class on it for 3 quarters that was mixed in with jurisprudence. We learned some basics of filling out a proforma and writing a business plan, which is barely scratching the surface.

 

[210116]

Not sure about other schools, but at my dental school (MUSC in Charleston, SC) we had a "practice management" class but it mainly dealt with deciphering lingo and law of contracts, taxes, and corporations... which is an important step because you will face this when you start your own practice or associate with an already-established dentist. However, we had very little education if at all on the actual business of running a practice. What I learned in dental school was only from part-time faculty or guests lecturers who did an occasional seminar on staff and patient management. So, if you can, take business classes in college or look for continuing education classes on practice management while in dental school.

Mike

 

[DMDreaming]

I've worked for almost 2 decades as a dental assistant. When I decided to apply to dental school I was given a lot of advice by the dentists I have worked with. One bit of advice kept repeating itself. They all said they wished dental schools would prepare dentists better in the area of business. I did a bit of research when I applied and don't think this has changed significantly since their time in DS (with the exception of the DDS/MBA offered at a few DS).

 

[yeti]

IMO this is such an underserved need. In the private practice setting you are running a business and if you can't do that adequately then who cares how good your clinincal skills are. One reason I got a business major. Business sense runs the world...well the real world outside of academia.

 

[JamieMac]

Obtaining a business major may help you somewhat, but it is hardly a substitute for experience. Having earned majors in finance and accounting, and then going out into the "real world" for 10+ years, I can tell you first hand that I didn't know much compared to what I learned out of school. Experience will be the best teacher...hands down. If you can get with a good mentor who really knows how to run a practice, and he/she is willing to really work with you on all aspects of running a successful practice...you're golden.

 

[ItsGavinC]

Everybody is correct, this is one area where nearly every school is sorely lacking. All schools could do a much better job in this aspect.

 

[SugarNaCl]

VCU changed about 2 years back or so from my understanding. Now when you have patients, it IS run like a business from what I hear from upperclassmen just for this reason. I don't know the details though. I know it is fairly new.

 

[blankguy]

It sounds like you learn it from the people that hire you as an associate.

 

[TempleDMDKrazd]

i actually don't want to lag myself a year while at the same time over work myself trying to do a DMD/MBA program in 5 years. i'm just going to do the DMD and then work at an associateship for a few years while probably taking night classes for an MBA (during the associateship).

 

[anamod]

Not one patient cares if you have an MBA. And unless you plan on setting up a chain of office I think an MBA is a complete waste of time. Spend that time learning something like implant placement that will make you more money in the long run.

 

[Typo]

No.

 

[SMCohen]

Not one patient cares if you have an MBA. And unless you plan on setting up a chain of office I think an MBA is a complete waste of time. Spend that time learning something like implant placement that will make you more money in the long run.

The purpose of getting the MBA is not to attract patients - it is to help you run your practice better. Management education is a very good investment, whether you choose to take the MBA route or just take individual courses. Being a dental practitioner is only half the job you have, if you own your own practice.

 

[anamod]

The purpose of getting the MBA is not to attract patients - it is to help you run your practice better. Management education is a very good investment, whether you choose to take the MBA route or just take individual courses. Being a dental practitioner is only half the job you have, if you own your own practice.

I do agree to an extent but I don't think for one minute I would be making more money right now if I took classes or had another degree. I have learned on the job and a great deal from dentaltown.com. I just think unless a school gears the course strictly for dentistry it is a waste of time. But this is just my opinion.

 

[JMJRDH1]

I have a decade of dental experience as a hygienist and front office worker as well as a Masters of Healthcare Administration. I have worked in every type of office from high-end cash only to medicaid production mills. I cannot put into words the difference that real world experience has made for me and, if all goes as planned, my future practices.

The day to day management of payroll, equipment failure, patient issues (treatment, cancellations, compliance etc), employee issues (good help really is hard to find), INSURANCE ISSUES (this is a monster all its own) overhead expenses and sooooo much more can easily consume all of your time, and you still have to practice dentistry somewhere in there!

I am only a first year dental student, but I know a lot about running a dental office. I just don't know how much of the business aspect of dentistry could be added to the four DDS/DMD degree given the already packed curriculum that would make a real impact on one's ability to manage a dental office. It seems like there is just too much to teach in too little time.

Maybe there should be some sort of live, in-office practice program where dental students treat patients in a real running office to see the whole operation in action.

I would love to hear Dr. Jeff's opinion on this one!!

 

[SMCohen]

I agree that nothing beats first-hand experiences, when it comes to running a dental office; however, not many people have the priviledge to learn the business aspect of dentistry in a well-run office. For those that are not naturally business-minded and are not able to get first-hand knowledge, management education gives you a different skills set that can help you run a better practice and make sound business decisions, such as evaluating the worth of different practices, if you're planning on purchasing one.

 

[JMJRDH1]

I agree that nothing beats first-hand experiences, when it comes to running a dental office; however, not many people have the priviledge to learn the business aspect of dentistry in a well-run office. For those that are not naturally business-minded and are not able to get first-hand knowledge, management education gives you a different skills set that can help you run a better practice and make sound business decisions, such as evaluating the worth of different practices, if you're planning on purchasing one.

But do you thtink that spending years and $$$$ in school is really worth it? Especially when their direct relationship to running a dental office is somewhat limited? I agree that those not naturally business-minded should do something, but an entire degree in business just doesn't seem worth it.

As far as evaluating practices for purchasing, you will need an expert accountant/professional practice evaluator to determine the worth of your potiential practice purchase.

 

[DOCD4DMD]

Many schools dont even bother teaching buisiness management or if they do it is a quick class that doesnt help. UNLV has a great buisiness management class for 2 semesters. A general dentist comes in and teaches us about the real world. It is an excellent class about finances, insurance, fraud, how to treat customers and employees, etc. But then again at UNLV you have to deal with all the other classes like 3 semesters on a class called ethics but never talks about ethics.
anyway, your best bet is associating or having a great mentor to help teach you the basic principles of running a buisiness.

 

[DrJeff]

After literally today having a 2.5 hour lunch with the accountant that handles my office, I can unequivically say that dental school doesn't prepare you for the business side of dentistry. The number of nuances that can be taken with respect to classifying expenses, depreciation schedules, etc, etc, etc is vast and often can be quite complex to get you the best possible tax scenario😱 And just remember that with many practices grossing 7 figures, just a change of 1 or 2% could either make you another $10,000+ or COST you an additional $10,000+

 

[rose786]

..

 

[DrJeff]

So if the school doesn't teach you this stuff, who will? Does everyone just start off as associates to learn? It would seem like that's not enough to teach you to run your own practice, unless one spends the first few years on their own making/losing money as they teach themselves. It seems like a gamble.

Most of the business side of dentistry actually won't end up being accomplished by you, but by a team of employees and/or consultants(accountants, attorneys, practice management advisors, etc) that you'll gradually assemble. Some dentists will do it all them selves, but the reality that sets in ofetn is that inorder to spend X number of hours a week with your hands in peoples mouths generating billing, you'd also have to spend close atleast 50%(if not more) time above and beyond that per week handling the business side of things. Plus, while you as the business owner will ultimately make the final descision, you may find out that others can provide you with advice that can greatly benefit your bottomline.

One of the big ways that you'll expand your business side of dentistry tends to be through continuing education, and that may be in the form of a lecture, or even discussions with your colleagues/former classmates about what they're doing, etc, etc, etc.

I'm not saying that you can't do it all yourself, but the reality is in many cases that the amoutn of time that you need to spend learning dentistry in d-school just flat out precludes the curriculum from giving you basically a "mini MBA" that many of us in dentistyr could greatly benefit from having. To make a curriculum change that would allow for adequate business education, you'd have to add in all likelyhood atleast another semester, if not a full year to d-school, and that just isn't appealing to a bunch of folks.

 

[dentist_to_be?]

My school told us they would teach us some business aspects, but I'm still holding my breath. I wouldn't count on them teaching you. Some schools give you the option of doing MBA. The thing is, nobody really has the money to start their own practice after graduating, you will became an associate first, and that is where you'll start to pick up on the business aspect.

 

[Neuro178]

I worry about hiring an accountant for a dental practice... One of my good friend's dad is a dentist, and he recently found out that his accountant had been stealing money from him somehow. Now his mom works as their business manager and handles all the finances.

My hope is to work with an experienced dentist as an associate and gain some experience there. Would taking a financial accounting class in college be a good idea? (I'm assuming it would be... just to get exposure to the world of economics.)

 

[DrJeff]

I worry about hiring an accountant for a dental practice... One of my good friend's dad is a dentist, and he recently found out that his accountant had been stealing money from him somehow. Now his mom works as their business manager and handles all the finances.

Must be some interesting arrangement with the accountant in that practice for the accountant to be skimming off the top. Usually in today's world of the business of dentistry. At month's end, or quarter's end, or whatever period of time the accountant balances the books, you'll e-mail a file to the accountant of that time periods income and expenses and their sub classifications (i.e this expense was dental supplies, this expense was lab supplies, this income was from insurance checks, this income was from cash payments, etc). The accountant, without access to any of your actual banks accounts will make reccomendations as to the current economic health of the practice and/or ways to improve how income and/or expenses are classified for tax purposes. Then you'll either decide to use or not use this information to make changes. Then, atleast in my office, if its reccommended that soem monies be moved around, you, not the accountant will do so. The only $$ that the accountant that handles my practice has access to, is the monthly checks we send in to that firm for their services.

My hope is to work with an experienced dentist as an associate and gain some experience there. Would taking a financial accounting class in college be a good idea? (I'm assuming it would be... just to get exposure to the world of economics.)

Doesn't hurt to take some basic accounting. But the real nitty gritty stuff, things like what's a better tax advantage for your practice, a LLC or an S-Corp status, what depreciation schedule on equipment purchases is currently available to me and what benefits and/or harm to the economic status of the practice comes with each, etc, etc, etc. That's where with how dynamic todays tax laws are, that a professional accountant whose job it it to know the latest laws are, verses you spending all the extra time to research and understand the tax code comes into play.

 

[HuyetKiem]

Doesn't hurt to take some basic accounting. But the real nitty gritty stuff, things like what's a better tax advantage for your practice, a LLC or an S-Corp status, what depreciation schedule on equipment purchases is currently available to me and what benefits and/or harm to the economic status of the practice comes with each, etc, etc, etc. That's where with how dynamic todays tax laws are, that a professional accountant whose job it it to know the latest laws are, verses you spending all the extra time to research and understand the tax code comes into play.

Most of those infos will be covered in practice management courses at many dental schools. Hiring a good accountant and tax lawer and let them do all those calculating jobs for you. You will be busy practicing dentistry, managing staffs and supply and dealing with the evil insurance companies everyday and will not have any time for anything else. Hiring a good office manager is a great start. 😀

 

[rose786]

...

 

[Thaxil]

This idea of working as an associate to learn the business side of dentistry does not make any sense. First of all, who wants to adopt a 30 year old? No one wants to spend time explaining thing after a long day and away from family. Also, the last thing dentist like to take about is how runs the business. The best way to learn is hand on experience. You need to have help (practice management consultants, good office manager, and good accounting).