“It is no secret that dentists have the reputation of being ineffective at business and investing. The 200,000 dentists in North America face challenges like they have never seen before,” Permack says. “A crowded market, corporate dentistry, insurance companies, aging practices, unstable economic conditions and generational differences are all changing the face of the industry. They are concerned about the future and worried about financial, physical and emotional health.”.
Permack’s experience shows that dentists are highly intelligent but the “system” is stacked against them. Dental schools by virtue of their mandate, have an understandable natural focus on teaching clinical rather than business skills. The perception about dentists business acumen if unfair and discriminatory.
“During their time in dental school they were never taught the basic building blocks of business or the soft skills of what it takes to run a practice.
Unfortunately, the fundamentals of brand, marketing, sales, production, human resources, finance, accounting, real estate and others core essentials are not taught to – dentists. “The sad thing is that they have never been taught the skills of leadership, negotiation, relationships building, networking and influence. Dentists tend to learn from the school of hard knocks or from their colleagues who share their anecdotal journey with the accompanying filters. This leaves them in a vulnerable position which impacts their bottom line and lifestyle,” Permack says.
Dental students are approached by banks, accounting firms, dental supply firms and investment advisors in their last two years of school. Many students are ill equipped to have these important conversations.
“Over the years many of my clients have confessed without reservation they wish they learned business essentials.”
Education focused on the dental business through online courses, live seminars and coaching can significantly improve the success of their business.
“Once dentists gain the business knowledge they need, it can allow them to have peace of mind around operating their practice with confidence and success. Our clients not only learn all aspects about business and soft skills, but they learn so much more about themselves after working through a program of discovery. This transforms their practices and their lives with a dividend of enhancing patient outcomes.”
Michael is a business advisor to dental professionals with an MBA from the Ivey School of Business. He is a twenty-one year brain cancer survivor who dedicates himself to healthcare practitioners as a way of giving back to the healthcare community for saving his life. Michael has worked with dentists for the past fifteen years and mentors his clients on the importance of core business essentials and the soft skills required to be confident in business so at to be able to run a successful practice. He currently sits on the board of directors for the Canadian Cancer Society.
To learn more about Michael Permack, please visit his website at: www.michaelpermack.com