Are you ready to take a refreshing and practical look at the business side of your career? In this episode, I sit down with Dr. Shahin Safarian, a seasoned dentist, entrepreneur, and coach who urges private sector dentists to embrace financial literacy. Shahin's insightful perspective draws a connection between understanding key financial metrics and improving both patient care and business efficiency, a concept often overlooked in the profession.In the second half of the episode, we delve into the pressing need for innovation in dental practices. Not just the technical aspect, there's an often ignored realm of lead generation, patient engagement and operational optimization that can propel your practice to new heights. Dr. Shahin softens the intimidation factor around modernizing workflows and systems in such a traditional profession, making it sound not just attainable, but also essential.What You'll Learn in This Episode:The importance of understanding the financial metrics of your dental practiceHow to achieve a minimum net of 30% from your practiceThe connection between financial health and patient care qualityHow to enhance lead generation and patient engagement in your practiceThe essential role of the dentist as a business ownerThe benefits of upgrading your systems and operationsDon’t let the finances of your dental practice intimidate you. Dive into this conversation with Dr. Shahin and start making informed financial decisions for your practice today!Sponsors:For high quality AND affordable dental supply options, visit The Dentists Supply Company(TDSC) website today! Our listeners get a special deal - 25% off on orders over $500 - Just type in the special code: TDM25 at checkout for your exclusive offer. AND if you're a member of your state's Dental Association, you may be eligible for additional savings upon providing your ADA number. Click or copy and paste the link here to save today! https://www.tdsc.com/You can reach out to Dr. Shahin Safarian here:LinkedIn: https://www.linkedin.com/in/drshahinsafarian/Facebook: https://www.facebook.com/DrshahinsafarianInstagram: https://www.instagram.com/drshahinsafarianMentions and Links: Services/Tools:SolutionreachIf you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041Episode Transcript (Auto-Generated - Please Excuse Errors)Michael: Hey, Shahin, so talk to us. What's one piece of advice you can give us this Monday morning? Shahin: Well, first of all, thanks so much for having me. I appreciate the time and the opportunity. this notion we're talking private sector, we're talking practitioners that want to stay in the private sector.So we're not talking DSOs, we're not talking DPOs, we're not talking multiple practices and. multiple associates and 25 or 30 plus employees in a single small business, in a single dental practice, small business in the private sector. What you need to focus on is you need to focus on your financial numbers.The health of your business trumps everything else. and the more old school or, or seasoned dentists that, you know, got licensed in the eighties and the nineties, and maybe even a little bit later, Their thought process is that we need to focus on the patients and the patients come first. Well, I tend to say, yes, patients certainly have value when you're working in your business, but when you're working on your business, everything, is trumped by the health of your business.And that comes from your financial numbers. So If you are a private dentist in the private sector, you want to focus on understanding your financial numbers. And that's really most important because if you have a healthy business, you'll be much better capable and able to take care of your patients in your community at the highest quality possible.If you're in a stressed environment and you have financial stress in a business. And you have to try to meet payroll. You have to try to pay rent. It becomes a lot more complicated as far as the efficiency and patient experience of what, um, your patient and your community will experience at your practice.Michael: Okay. So then, break it down for us. What's the health benefit? And what does it healthy look like? Shahin: Yeah. So, you know, there, there's a lot of notions as far as what you need to net out of a practice. Ideally, you want to net at least 30 percent as a private practitioner or more. ideally you want to get, I mean, even some of the more seasoned dentists that really understand how to efficiently run their business.they're over 50 percent on their net, from their practice. So if you are in a practice, it's a million dollars. Do you want to be in a situation where you're netting 200, 000 or you're netting 400, 000? That comes a lot from the practical components of how much ...
