Why financial management is important in dentistry?

by Dr. Muhammad Yasir Israr

Dentistry is a noble profession, providing health care services regarding the oral cavity. But let’s not forget why people choose to go into the dental field like any other profession. The hope that their hard work will be financially rewarding. Once you are done with your graduation and post-graduation, depending on your choice, at the end of the day, it will come down to launching and running your dental clinic. And like any other independent business, it’s paramount that it be taken with a more cautious approach than other jobs of the medical community since the progress or regress of your clinic will depend not only on your skills but also on how to handle your financial capabilities.

The knowledge that you are keeping your spending under control and plenty of reserves to extract from gives you a sense of confidence in being in the right direction while running your clinic.

It’s of utmost importance that the materials you buy, the staff you hired to the general decoration of your dental office, are comparable to how you plan to run your setup. It’s not feasible if you are employing the latest gadgetry in dentistry while seeing a minimal number of patients, and that too in charging them less. This can also lend perspective to whether your clinic needs another receptionist or assistant when the existing one can perform their duty with ease. Materials used from the choice of the composite to the company of implants must be thoroughly evaluated. It would negatively affect your finances if you employ the latest nanotech composite from 3m, and your patient is not willing to pay more than for an amalgam restoration.

With an understanding of your expenditure, you can also give thought to what changes you want to make in your practice in terms of patient flow, working hours, the choice of office location, as well as your staff strength and productivity. Having a poor knowledge of financial balance would jeopardize and stress your practice, no matter how hard you worked, and it would be a constant hustle figuring thing out on the move. It can be quite demotivating to figure out why the clinic is continuously facing loss; you are not getting the ideal finances you dreamt of while starting your career, and the effect it can have on your work-life balance.

-The author is contributing writer at Dental News and can be reached at Follow Yasir on Instagram:@dr_yasirisrar

July 13, 2020

ONE COMMENT ON THIS POST To “Why financial management is important in dentistry?”

  1. imtiaz ullah says:

    very informative , motivative and helpful .
    yes , every one should have a balance of the patients flow , working hours , skills improvement and getting income by using
    the products according to the clinic situation
    for the patients.

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