Just How Much Business Sense is Required in Dentistry?

[ralphlaurenfan]

Hi,

I was wondering just how much business sense is required to be successful in dentistry. Can you still be successful even if you don't have the greatest business ideas? Actually, that's a stupid question because most dentists probably aren't Wharton grads or something, but in general, is it fairly easy to start your own private practice after working for a while?

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[dentalplan]

Best to ask some dentists in your area I'd imagine..

Most of the people on the pre-dental boards are dentist wannabees (but will become dentists nevertheless) who will tell you it is easy or hard (based of speculation) depending on if they want you to make money along with them or simply cut you out of the competition in order to take the money for themselves.

 

[ralphlaurenfan]

hmmm should the mods perhaps move this to the normal dental forum then?

 

[dentalplan]

Just rewrite the question in another thread lol?

 

[doc3232]

Business sense correlates at r = 0.95 with income.

 

[cybermech]

If you work at a managed dental clinic, you need "zero" business sense. All you have to do is show up to work.

If you're in private practice you will need to advertise and promote yourself. You will need to learn how to streamline your practice and convert people into patients.

The different can be hundreds of thousands of dollars... case in point, my dad works in a group practice with 2 other dentists. Those two dentists don't promote at all and merely rely on word-of-mouth. My dad has a top-3 Google-position website, ad campaigns, and TV public service announcement running frequently.

He produces more than the two of them combined... it just depends how much you want to make.

 

[Hawkeye7685]

If you work at a managed dental clinic, you need "zero" business sense. All you have to do is show up to work.

If you're in private practice you will need to advertise and promote yourself. You will need to learn how to streamline your practice and convert people into patients.

The different can be hundreds of thousands of dollars... case in point, my dad works in a group practice with 2 other dentists. Those two dentists don't promote at all and merely rely on word-of-mouth. My dad has a top-3 Google-position website, ad campaigns, and TV public service announcement running frequently.

He produces more than the two of them combined... it just depends how much you want to make.

So based on the fact that business sense is so important, would getting a DMD/MBA be the best course of action for somebody who is the first dentist in the family and honestly wouldn't really know where to start in regards to building a practice. I heard it can take an extra year but if the numbers are that substantial then it may be a strong investment. I can always part time as a dentist while finishing up my classes.

 

[tjdent]

So based on the fact that business sense is so important, would getting a DMD/MBA be the best course of action for somebody who is the first dentist in the family and honestly wouldn't really know where to start in regards to building a practice. I heard it can take an extra year but if the numbers are that substantial then it may be a strong investment. I can always part time as a dentist while finishing up my classes.

Id definitely consider it, especially if its free like at Temple. At some schools its going to be way overkill, like Penn or Columbia. There are a ton of CE courses and other resources that you can use so that may be the best option. If you're motivated to learn about it, Im sure you're good enough to teach it all to yourself.

 

[dent2009]

Id definitely consider it, especially if its free like at Temple. At some schools its going to be way overkill, like Penn or Columbia. There are a ton of CE courses and other resources that you can use so that may be the best option. If you're motivated to learn about it, Im sure you're good enough to teach it all to yourself.

I heard it's free at Temple as long as you finish the MBA. Otherwise you're responsible for the cost.

 

[Hawkeye7685]

That's the thing that makes it even more interesting to me. Brian said even if we have to stay a fifth year to finish up the coursework we don't have to pay any additional tuition. The fifth year is completely free aside from books and costs. I'm just wondering if you have to take the GMAT's to apply to the business schools. I too the DAT's, and another test is gonna be rough.

 

[Hopeful20]

"During your freshman year of dental school you need to apply separately to the Fox School of Business and Management and meet their criteria for acceptance. "

When I read that, I assumed that the process was a simple, "fill out paper works" kind of deal but I'm curious about the GMAT as well. Does anyone have any experience with this?

 

[54807]

So based on the fact that business sense is so important, would getting a DMD/MBA be the best course of action for somebody who is the first dentist in the family and honestly wouldn't really know where to start in regards to building a practice. I heard it can take an extra year but if the numbers are that substantial then it may be a strong investment. I can always part time as a dentist while finishing up my classes.

An MBA in vast majority doesn't focus on day to day operations of a small business. The good ones focus on business theory, and overaching concepts of supply chain management, information systems, financial theory, and vision of companies and industries.

These are hardly things you need when deciding between an office employee with X qualities and another with Y qualities.

An MBA is no walk in the park at good programs. There is a reason why they are paid well in the private sector, they are valuable and the acquisition of valuable skills is usually not easy.

Think of the number of CE courses and lunches you could buy your colleagues as you discuss their business policies in comparison to the cost at big name schools.

Also, at the heart of an MBA and business in general is providing a good or service to the customer with the goal of a PROFIT. Some would argue that mentality does not fit in a dental practice.

If you look at a bulk of the big production/profit offices I bet a bulk are due to hard work and great control of expenses and patient marketing and quality work. Not because some MBA is running it.

BUT, if you can get it without costs or minimal costs and you would like to do it, then go for it!! Like you said, you could work a bit on the side to make ends meet. An extra year over your life isn't anything, just have to make sure you will see positive personal, financial, intellectual results from it.

 

[dent2009]

... An extra year over your life isn't anything, just have to make sure you will see positive personal, financial, intellectual results from it.

If I remember correctly, it's not just another year. I believe at Temple, you take classes at night for 4 years after your 8-5 days in the dental lectures/lab. The 5th year gives you more time to finish the MBA if you couldn't during dent school. Giving up your nights to study/relax to attend more classes sounds tough. I certainly couldn't do it.

 

[cookand]

I have a hard time believing a MBA will better prepare you for PP. I would think an associate position would be much more beneficial. If opting for your own practice right out of school, there are ample CE classes that will be available to you at much less cost and time and much more beneficial(as the poster mentioned above).

 

[dent2009]

some people believe the more extra letters behind their names, the better.

 

[ziptree]

I have a hard time believing a MBA will better prepare you for PP. I would think an associate position would be much more beneficial. If opting for your own practice right out of school, there are ample CE classes that will be available to you at much less cost and time and much more beneficial(as the poster mentioned above).

I'm in private practice. Worked as an associate and waiting to take over the practice one day.

CE courses aren't enough in my opinion. Is it worth it to spend an extra year to get an MBA is up to each person; my clinic director used to be in practice management and has evaluated the practice I worked at and has helped me drawn up a 5-year plan to improve the practice if/when I do buy out the existing dentist. Of course, this is all at a price. I do wish I had more knowledge of the business world to help me out here and there.

As an associate at just one practice, you only have one view of how to run things: your owner's. Unless you associate at a variety of different offices, you'll have a limited view of operating procedures. A big issue is efficiency; I've seen offices that are less efficient than dental students to offices where a molar endo takes only 25-30 minutes, of course, up to clinical standards.