You probably know doctors who try to find fixes outside of their practice, blame circumstances around them, or make excuses for why they aren’t doing better. Maybe it’s you? This is not what independent private practice ownership is about. Instead, it’s about being aware of invisible profit thieves and changing your mindset, so you take control and “practice on purpose.” Then, you can manage your practice as effectively as possible to increase profits and improve your lifestyle.
Protect yourself from the three invisible profit thieves
There are three thieves that may be stealing profits from your practice.
No. 1: Inflation
The cost of goods sold on your profit and loss statement is rising. If you keep everything the same, you will make less money tomorrow than you do today.1 Instead, stop seeing more employees, patients, time, etc., as the solution and achieve more with less. Lay out your rules of engagement. Instead of fighting the clock and pinching pennies, rework the cash flow formula and the way money moves through your practice. Slow down; take more time with patients and educate them on their future health. Offer more value, increase your fees, and have less time available so that there is a higher demand for your services. By protecting yourself in this way, you can see a complete reverse against the rising costs of inflation and begin to see rising profits.
No. 2: The insurance dynamic
Insurance payments for procedures are going down while costs increase.2 This means that you are at the mercy of the insurance game. Without a new approach, you may discover that there are no profits left, because they won’t pay enough to cover the actual costs of the procedures you’re being paid to complete.
Look at insurance a new way and change your mindset. Know that you can offer dentistry without any consideration whatsoever of the patient’s insurance. If patients have insurance, then they probably have some form of income. You and your patients want alternatives to what their insurance provides, so don’t let the insurance (or the patient) dictate how you run your practice. Instead of making assumptions about the value of certain types of insurance, lead and reprogram patients to see their overall health. Give them back the responsibility of making their own decisions based on what they deserve.
Then, instead of an insurance decision, it turns into an investment in reducing the risk for long-term health problems and a need for dentistry. You can provide direct care for patients without letting insurance requirements dictate their health.
No. 3: Your team members
We all know that it is difficult to find enough people who want to show up and work, let alone actually want careers. Yet, they demand more money because of the current employment environment,3 so you pay more for the same (or less) production. Your practice costs and payroll rise while your reimbursements diminish.
The good news is that you can do radically better with fewer employees. Dentistry is not volume-based factory work. The idea that you just need “bodies” doesn’t cut it anymore, and “bad” employees can be worse than no employees at all.
We all want great team members and to pay them more than they can get anywhere else. But if you want to attract and retain great people, it’s not just about “clocking in.” It’s about doing meaningful work, making a difference, and creating a better experience. This way, you can cultivate and build better patients, deliver life-changing dentistry, and command better fees. With higher profits, you can pay great team members more and need fewer days and hours in the practice to achieve your goals.
It’s tough out there, but it doesn’t have to be
Now you are aware of the invisible profit thieves. To stop them, change your mindset and engineer your practice to make the math work in your favor. Take current circumstances crashing down around you, choose a different path, and practice on purpose. Then, you can take control of your finances and team members to grow your practice and experience great pride in the patient experience you provide now and in the future.
Editor’s note: This article originally appeared in Perio-Implant Advisory, a chairside resource for dentists and hygienists that focuses on periodontal- and implant-related issues. Read more articles and subscribe to the newsletter.
References
- Current US inflation rates: 2000-2025. US Inflation Calculator. https://www.usinflationcalculator.com/inflation/current-inflation-rates/
- Rakshit S, McGough M, Cotter L, Claxton G. How does cost affect access to healthcare? Peterson-KFF Health System Tracker. April 7, 2025. https://www.healthsystemtracker.org/chart-collection/cost-affect-access-care/
- State of the global workplace. Gallup. https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx
