Detroit is a bustling, rapidly growing city, home to students, young professionals, athletes and a variety of businesses. Unfortunately, it is also home to communities that may be struggling to make ends meet, putting their health care needs on the backburner due to high treatment costs and lack of access. The more I witnessed this dilemma, the more I wanted help give these individuals the care that they normally could not afford.
For established dentists and dental students alike, dealing with stress is an occupational hazard. A survey conducted by the ADA in 2015 found that 75 percent of dentists experience moderate to severe levels of stress. In addition, a 2017 report from the American Psychological Association identified health care, money and the economy to be key drivers of stress among Americans overall.
I’m frequently asked what advice I would give to a new dentist. I compiled this list based on my years of experience advising dentists on their personal and practice finances and hearing, “I wish someone had told me this sooner.” These pointers should help you make thoughtful financial decisions, largely without regret.
As a dental student, you may already be carrying significant student loan debt. Paying down that debt requires income — cash flow that may best be generated by opening or buying into your own practice upon graduation. New dentists and those about to graduate often feel caught in a vicious circle when they perceive that debt may deny them a practice loan and prevent them from moving forward in their career.
Finances tend to be the largest concern for young professionals today. While it can be difficult to save and invest money in the first few years out of school, the earlier you start saving, the better off you will be in the future. It’s important to understand some of the basics when it comes to investing.
In this episode of Let’s Talk, Christian Pearson, National Director of Dental Partnerships at Treloar & Heisel speaks with Stephen Trutter, Director of Consulting & Partner at Ideal Practices, a national consulting firm focused on the needs of private practice dentistry.
Of all the responsibilities in the dental office, one of the most important is building patient relationships. The entire success of the practice depends upon the result of our ability to understand your patients as individuals, recognize and respond to their needs/wants and your ability to guide them to an informed decision that is in their own best interest. The dental school tends to focus on the technical aspects every dentist should have; however strategies on how to effectively communicate with patients isn’t always a focus in the curriculum.