The dress code on the islands is noticeably less formal than the mainland and that made for a wonderful experience on these beautiful islands. Aside from the incredible environment, though, we had some serious things to discuss. The recession has affected the state, everyone wants more new patients, and case acceptance is a little bit more of a challenge and collections as well.

Dentistry in Hawaii does have challenges, but when those challenges are overcome through effective practice management, the results will be spectacular. And that’s true whether your office is in Maui or Minneapolis!

It’s that time again for the Levin Group / Dental Economics Annual Practice Survey. Add your voice to the mix, so we can provide the most accurate picture of how our profession is performing in this challenging economy.

All that’s required is a few minutes. By participating, you’ll be ensuring that this year’s survey reflects the current state of dental practices.

Some say dentistry as a whole is rebounding from the recession. Others say the profession has a way to go. There’s only one way to know for sure—take the survey!

You’ll be doing yourself and your colleagues a valuable service.

Many dentists don’t focus on more than today. In the last two weeks, we’ve had four new clients enroll where the doctors were over age 63 with insufficient savings. They made the classic mistake of not funding savings or retirement plans until their children were out of college. Unfortunately, the perfect storm hit. Tuitions were due and the recession occurred. Their practices, like 75% of dental practices, were down between 7–16%. The ability of these doctors to fund their lifestyle was a huge challenge.

More doctors need to recognize that finding more effective ways to increase production, profit and referrals early in their career means their retirement won’t be fraught with anxiety. I always remember the old financial comparison: if a 20-year-old put away $2,000 a year for 10 years and then stopped and a 30-year-old put away $2,000 for 20 years and then stopped, the 30-year-old would never catch up to the 20-year-old in terms of savings. It’s an excellent life principle.

Unfortunately, these four doctors in their 60s, like many others, will now have to push harder and work years longer than they planned. Selling a practice as part of a retirement portfolio is an excellent strategy, but it’s only one strategy.

How prepared are you to retire with financial independence? How well are you doing with funding your savings and retirement plan?

I recently came across an excellent article on leadership in the Harvard Business Review. The author had spent many years riding horses and competing in show-jumping competitions. She argues that jumping a horse is the ultimate leadership experience and she may be right.

As a rider, you are in charge of 1,200 pounds of powerful animal hurtling toward a fence. The horse will jump—or perhaps not jump—depending upon your skills as the rider.

The author’s observations apply very easily to dental practices and team management:

1. “Be aware of the frame [of mind] you are in: emotional awareness and confidence are critical.” Your state of mind governs your horse's performance. If you don’t take charge, the horse will—and drag you around the jumping course in the process. At that point, you’re just a passenger. In the practice, we must be in charge. We run the practice. It can’t run us.
2. “Be mindful of nonverbal cues.” A rider’s body communicates with a horse. Something as simple as posture can spell the difference between a good ride and a terrible one. Nonverbal cues matter in practice as well. Whether it’s how you acknowledge team members throughout the day or the way you hold yourself during a case presentation—mannerisms send a signal.
3. “Lead from your core, it is your most important asset.” The most indispensible piece of equipment riders possess is not an expensive saddle, bridle or pair of spurs. It’s the riders’ spirit—the belief in themselves and their ability to lead. In practice, it’s not the technology in the office or the doctor’s clinical skills. As a leader, the most important “equipment” you possess is your faith in your mission and vision to lead your team toward achieving targets.

Jumping a course takes determination, patience and perseverance on the part of the rider. The leader of the practice requires those same skills.