Moving From the Dance Floor to the Balcony: The Importance of Seeing the Bigger Picture When Running a Private Practice

Moving From the Dance Floor to the Balcony: The Importance of Seeing the Bigger Picture When Running a Private Practice

When you lead a dental, medical, or veterinary practice, it is incredibly easy to get swallowed
up in the day-to-day minutiae and lose sight of the bigger picture. Practice owners oftentimes
are faced with so many micro-decisions that they simply do not have enough hours in the day to
engage in long-term, macro lens planning. And ultimately, this can prove to be a huge downfall.
In this blog, we will discuss the benefits of big picture thinking when running a private
practice—and why you may want to have a partner who can guide you, help you spot
opportunities, and be there to act as an advisor when strategizing on key decision making
related to practice growth, talent acquisition, and other important business functions.

Wearing All of the Hats Isn’t the Best Strategy

Every business requires two different types of people to succeed in the long-term—a person to
focus on the day-to-day and a person who views the business through a 30K-foot lens. The
latter of these two is the business leader who is constantly looking for new opportunities,
plotting the course of the company, and engaged in ideation. The former is in the trenches,
ensuring staff members are doing what they need to and ensuring productive and efficient

It is really hard to live in both of these roles as a private practice leader. Throw in the need to
see patients and ensure positive outcomes? Well, there are not enough hours in the day.
What’s more, is that your energy and attention across all of these demands requires skills and
ways of thinking that may not come naturally to you.

The Overlooked Aspects of Running a Private Practice

When you opened your practice, you likely did it because you are passionate about helping
your patients achieve positive health outcomes. After all, that’s what you spent years in school
for. What you didn’t count on was what actually goes into running a practice. For instance, faculty likely didn’t instruct you on:

  •  How to hire, train, retain staff
  •  Marketing the practice and growing your patient base
  •  Acquiring equipment
  •  Ensuring a positive cash flow and sound financial practices
  •  Taxes, regulations, compliance, and other legalities

Those are just a handful of the things that go into running a successful private practice—and we
haven’t even touched on the need to ensure quality patient care and service!

So, how does one do all of those things, manage patient flows, and then find the time to look at
the business strategically? Speaking from experience, most private practice owners cannot do
all of these things simultaneously, and it’s the bigger picture that gets left to the wayside.

And unfortunately, when you get bogged down in the weeds of practice administration… the
practice suffers, and patients might look elsewhere for help.

How a Business Consultant Can Help

Operating a private practice is about more than just practicing dentistry, medicine, or veterinary medicine—and no matter if you are a veteran practitioner, or just starting out, the business side can be overwhelming. However, when you partner with a business consultant who is well-versed in the challenges practitioners face, your private practice stands to benefit in a variety of ways, including:

  • Office efficiency is increased: A business consultant can help identify issues related to
    unclear processes or procedures, outdated or ineffective technology, inefficient patient
    flow structures, and scheduling issues. They can help save you time and make your
    office run more seamlessly, which translates to improved revenues.

  • Optimize cash flow and accounts receivable: Let’s face it, you didn’t get into private
    practice to handle debt collections or spend hours dealing with insurance companies. A
    business consultant can examine your financial processes to ensure positive cash flow
    and prevent common A/R issues that plague medical offices from occurring.

  • Acquire and retain the best talent: Hiring and managing staff is time-consuming and
    costly. A business consultant can assist with creating job descriptions, identifying
    candidates, conducting interviews, and training.

  • Manage HR issues: The moment you hire your first employee you are no longer simply a
    medical practitioner—you are now an employer and responsible for having an HR
    strategy. A business consultant can help develop a successful HR strategy that leads to
    efficient teamwork, employee satisfaction, and a boosted bottom line.

  • See the big picture: Partnering with a business consultant can help you identify and
    articulate your goals and strategically plan for the future while also enabling you the
    time to ensure your patients are taken care of and satisfied.

LenDRgroup Consulting Can Be Your Partner

Those bullet points are only the tip of the iceberg when it comes to managing the business side
of a private dental, medical, or veterinary practice—and we are experienced in helping private practice owners institute and sustain day-to-day business practices while also advising and consulting with you on how you want to grow your practice, achieve short and long-term plans, and create a roadmap to attain financial success.

Reach out to LenDRgroup Consulting today and set up a consultation with a member of our
team. We are passionate about helping dental, medical and veterinarian practice owners run
their businesses, plan for the long-term, and make dreams become a reality.