Insurance for your dental practice is as important as insurance for your vehicle. This dentist learned the hard way and wants to educate his peers.
Setting up for success means something different to everyone. But when it comes to running a private dental practice, I advise those in the field to focus on preventive maintenance. As a dentist, you impress upon patients the importance of prevention relative to treatment. You advise patients to address minor problems before they turn into more painful and expensive issues. It’s time to apply these same principles to managing your business.
I met with Dr. Eric Studley, an expert in dental practice management, who understands the quintessential role that planned maintenance plays in running a dental practice. While he has held countless titles, including clinical associate professor, GP director and director of practice management and ergonomics at New York University College of Dentistry, Dr. Studley had to reinvent his career due to a disability that prevented him from practicing dentistry. He had to sell his successful practice in Brooklyn, New York, while he pursued treatment. He wound up in litigation with his disability insurer, which resulted in a settlement that barely covered his legal expenses.
Forced on a new dental path
This struggle defined Dr. Studley’s career path. No longer able to practice dentistry, and feeling strongly that nobody should have to go through what he did to ensure a livelihood that took more than a decade to build, Dr. Studley pivoted into insurance. Once again, he built a successful practice. He’s been named one of Forbes Top Financial Security Professionals, best in the state of New York for 2022 and 2023.
Eric S. Studley and Associates Inc. represents dentists from residency to retirement, ensuring they carry the protection they need to flourish in the face of the challenges and risks. When Dr. Studley was the director of ergonomics at New York University College of Dentistry, he offered valuable insights about injury prevention to dentists nationwide. He’s positioned himself as the industry leader in proactive professional maintenance regarding the business of dentistry.
Dr. Studley discussed how ingrained it is in people to insure their vehicles. People are careful to purchase a proper policy before they drive their new car off the lot. But when it comes to protecting ourselves, we often downplay the importance of insurance, focusing more on growing our investments rather than safeguarding them. It’s imperative to do both—to grow and protect your assets simultaneously.
As with anything investment-related, there is no one-size-fits-all approach. Every dentist needs malpractice insurance and disability insurance, as well as some type of whole life insurance policy. But innumerable variables call for myriad solutions. So where does one begin?
How to choose the right insurance
A logical first step is to ask for recommendations from colleagues, particularly ones who have had to make a claim and were satisfied with the result. Regardless, be sure to seek out a seasoned insurance representative who works primarily with dentists. Getting the right agent is paramount to getting access to the best policies at the most economical price. Feel free to reach out to Eric S. Studley and Associates Inc. if you would like to schedule a consultation.
The key with insurance is timeliness. The entire premise behind financial preventative maintenance is to get the appropriate policies in place before you need them. I asked Dr. Studley what advice he had for private practitioners if they want to be more proactive. His answer resonated with me. The employees he’s worked with since he started his insurance business 20 years ago have stuck by his side to this day.
His beliefs regarding insurance and injury prevention extend seamlessly into cultivating his staff. He brought them aboard knowing their worth, and he does everything in his power to make certain they know how much they’re valued. He treats them as partners, which means he eagerly shares the successes of the company. Not only are they financially compensated with competitive salaries, bonuses, and profit sharing, but he often sends champagne and entire dinners to their homes to celebrate their accomplishments.
How to retain your emplpyees
Dr. Studley and I come from the same school of thought regarding employee retention—make employees partners so they succeed directly in proportion to the business. Replacing and retraining employees is a drain on a company’s financial health. Constant vacancies are also taxing on staff morale. When you find an excellent scheduler, a file clerk, a hygienist, or an office assistant, don’t assume they’re can be easily replaced.
Furthermore, don’t assume that they’ll stick around just for the money. If they come for money, they’ll easily leave for money. Proactive care is as important to retaining your employees as it is to carrying adequate insurance. Don’t wait until your star employees hand in their resignations before you woo them back. That’s like trying to floss away a cavity. It’s too late. Give them reason to stay from the get-go. Let them grow your business on your behalf because they know what’s in it for them when they succeed.
I respect dentists because of their willingness to put everything on the line for the sake of proper patient care. They’re among the most selfless people I know. Ethics are drilled into them from their first day of school, and it never leaves them. In keeping with the theme of care, I coach those who work with me to care as much about their business and employees as they do their patients.
Have the right insurance in place and review it yearly to close any gaps that arise as your business matures. Consider those you hire as lifelong partners. Be selective with who you bring on board. Make them stakeholders and always treat them as such. It’s wonderful that you can count on insurers to have your back, but it’s even better when you’ve cultivated a staff who has your back.
Editor’s note: This article appeared in the July 2023 print edition of Dental Economics magazine: https://www.dentaleconomics.com/money/article/55036464/practice-preventive-care-for-your-dental-business.
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Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.