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SECURING YOUR PRACTICE IN CHALLENGING TIMES
by Audra Morris and Haylee Davis
Even as we find ourselves with vaccinations available for nearly everyone , cases decreasing and mask mandates lifting , the undeniable mark left on the world by COVID-19 is evident , including inflation and other economic consequences that have followed the pandemic . Securing dental practices has never been more important . Two glaring things to address in this market are human resource needs and rising costs related to inflation .
In addition to a workforce unique to that which existed pre- COVID , the United States is currently experiencing the worst inflation in nearly 40 years . No industry goes untouched by this type of inflation , particularly dentistry . Costs are rising in nearly every facet of our society which means the cost of supplies , labs , etc ., are rising right along with the increased wage needs from team members . If you haven ’ t seen this yet , you will !
A common expression from private dental practice owners is the reality that affording to provide what the “ post-COVID ” and inflation-effected workforce demands is challenging , if not impossible . Consider these steps to help demystify being the employer and business owner needed in this challenging market .
Provide your team with competitive compensation . It is critical for practice owners to educate themselves on current market rates for team members and take the initiative to bring salaries in line with market rate . While the cost of doing so may seem impossible , remember , not only do your valuable team members deserve for you to have their back by paying them market rate for their services , but it is also expensive when good team members leave . In addition , team members who leave will be replaced with team members demanding market rate , potentially costing the practice dearly in lost time and resources searching for new employees . If you have valued team members you wish to retain , be the one to take the step to offer them compensation they deserve . The increased team morale and patient retention from seeing familiar faces you will gain from taking this step far outweighs the increased compensation .
Offer benefits . In this market , team members need and expect to have jobs where benefits such as health , dental and vision insurance , 401 ( k ) and paid time off are included in the compensation package . It may seem that extending this is not possible , but it is ! Consider partnering with a staffing agency or other third-party employer which provides benefits and additional desired elements to employees . This can be the best of both worlds for the employer and employee because often agencies are more suited to provide desirable benefits to its DHCPs , which will relieve a practice owner from having to shoulder the costs of such benefits . Many practice owners don ’ t realize they can still maintain management influence over their teams while using staffing agencies or third-parties to provide reasonably priced benefits . Reach out to someone and learn more – your team will thank you !
Ergonomics matter , especially now . DHCPs have never been more aware of how their work environment is impacting them because they have more choices for employment than ever before in their careers . Be mindful of ways to reduce the physical strain of delivering clinical dentistry and offer resources to reduce the pressure .
Make team member growth a priority . While providing continuing education in full for an entire dental practice team can be costly , there are many methods by which some education can be provided at a minimal cost . Seek out low- or no-cost virtual CE and bring your team together over a meal to participate in education which aligns with the practice mission , attend local , inexpensive CE courses – which saves on hotel and travel cost , etc .
Commit to a healthy workplace . Don ’ t underestimate the value of a healthy , fulfilling workplace resulting from solid leadership and a clearly expressed and planned mission and vision . Remember , as an employer , if you want to retain and to attract a solid team , give people a reason to want to work for you . Regularly ask yourself , “ Would I want to work for me ?”
Evaluate practice fees . As the cost of DHCP wages and other expenses related to delivering dental care increases , the fees to deliver care must be evaluated . It is more important than ever for practices to evaluate fees and bring them in line with current market rate . Hire a professional to help set fees to match the area and expenses specific to the office . This same professional can also help prepare patients for increased fees or needed changes
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