Money Matters Newsletter #27

It is back to school week for children in the CBC system in public schools. My children's school has been chaotic this week but the teachers and students are settling down to a routine. The Head Teacher has a Commander personality which means he is extraverted, intuitive, thinking and judging. Those with this personality type rule by fiat and instill discipline by spreading fear. They often get their desired results but some of their direct reports will definitely not love their abrasive nature.

What is your personality type and what is your leadership style? You are the leader of every clinical, administrative and financial procedure in your clinic. We are 12 days into 2024. How many meetings have you had with your teams and have you read and started actioning the resolutions of those meetings?

2024 is a game changer year. I posit that you need to review your dental practice management practices. I suggest that you pay attention to the following

1. Review your contracts with staff, suppliers, service providers and third party payers. If possible renegotiate better terms in light of changed macro-economic and micro-economic realities on the ground. Leases for rental premises need to be looked at afresh. Some landlords have agreed not to increase rent in order to cut down on non occupancy of their business premises. Your landlord could be one of them. You will only find out if you ask.
2. Get your compliance documentation in order - Pay for display and file the plethora of licenses that are required to run your practice. Start preparing your accounts in readiness to file corporate and personal income tax
3. Enter a customer experience enhancement phase - patients expect to be informed in real-time, they want low friction encounters at every stage of the patient journey through your clinic. Get your staff trained, get a better CRM system, improve your scheduling, wait and chairside times. Do what it takes.
4. Enhance your soft and business skills - young(er)) dentists in the work-force can be ebullient when they feel their rights have been infringed, Be better equipped to negotiate and resolve disputes. Entitlement complex is rampant.
5. Upskill your team - You pay a NITA levy for each employee. Ensure that all clinical, dental assisting and other staff go on upgrading courses. I know a senior general dentist who is going for an endodontic course next month.

You became a dentist to thrive. This is the year to correct the challenges that 2023 may have visited on you and your clinic. I wish you all the best.

My Linkedin articles for dentists this week

a. 2024 pre and post internship

b. Why dentists and other professionals should be on Linkedin

c. 2024 Your DSA's and other staff have goals?

d. 2024 Patient workflow and retention

e. 2024 Roadmap for big goals

Events

a. Aligning for success in the dental industry for dentists Cohort 2- Feb 7 2024. To enrol send your name and AFS(D)2 to https://wa.link/ybw3bv

b. Aligning for success in the dental industry for dental assistants and paradentals Cohort 2 - Feb 8 2024. To enrol send your name and AFS(DSA2) to https://wa.link/ybw3bv

c. Customer experience for dental front office staff and dental assistants - February 10, 2024.To enrol your staff send their names and CX (DSA) to https://wa.link/ybw3bv

d. AEEDC conference and exhibition - Feb 6 - 8 2024, Dubai, UAE

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