Like the rest of the world, dental practices and their staff were blindsided by the COVID-19 pandemic. Between mandatory shutdowns and changes in practice operations, dental staff has had to be resilient both professionally and personally. With the promise of a new year and vaccines on the horizon, now is as good of a time as any to put your dental staff first to ensure they retain with the practice. Here’s how.

Personal touch

The best way to help your staff is to get to know them better. What struggles or obstacles have come up for certain staff members? Rather than jump to conclusions or assumptions, have an honest talk with each staff member to see what you could be doing differently during this time to support them. Or better yet, send an anonymous survey to staff members for honest feedback.

Incentives

The best way to track performance is to set goals and work together to track how everyone is doing. Offering incentives or some kind of buy-in helps keep staff motivated and on track with company performance. In turn, you will begin to see productivity increase and turnover decrease.

Fair pay

As a way to cut corners, some dental practices don’t allow a clinical team member to clock their time until the first patient arrives without paying for setup time or if a patient is a no-show. If a dental practice isn’t paying staff for the work they do, they will find a dental practice that will.

Return on investment

Paying for continuing education credits is not just a benefit for the employee. Your patients, team and practice will all be better for it. And as a bonus, you’ll be able to write off any costs as a business expense.

Honesty

Honesty really is the best policy, and establishing a dental practice in which staff feels comfortable sharing their dream or even preferred setting looks like is worth asking. Even if changes can’t be made in the immediate future, it will make staff feel heard and set the tone that their contribution is valued to help grow your staff members and the practice.

What’s next?

Contact the experts at Professional Transition Strategies to learn more about how your dental practice stands up to the rest.

Business owners who put off retirement during the last recession are now being faced with the same question: Will COVID-19 interrupt my retirement plans? Even though the economic fallout is still unfolding, banks are still lending and credit hasn’t seized up. In a recent article for The Street, Professional Transition Strategies Founder and President Kyle Francis says, “with careful planning, retirement is possible now.” Here are the key takeaways.

Business recovery

It would be an understatement to say dental practices were hit hard during the pandemic. While the American Dental Association (ADA) reports revenue is down in total, many practices have managed to turn a profit in the five months since they have been allowed to open up again after catching up with the pent-up demand. However, practice expenses are up as patient visits need to be spaced out and the need for extra cleaning costs and personal protective equipment continues to rise. “Planning your next move starts with projecting when your business will recover, so your pandemic retirement plan should include your best estimate of a recovery timeline,” Francis advises.

Planning process

The wait-and-see plan didn’t work out well for businesses trying to recover after the economic crash of 2008. “Business owners slogged through a slow recovery, but too many didn’t take the crucial step of being ready to move fast once the economic situation shifted to more favorable conditions,” according to Francis. “If you’re planning to retire soon, don’t make that mistake; have a plan in place so you’re ready when the first green shoots appear.” The best way to assess revenue, staffing levels, customer traffic, and more is through a valuation of your dental practice.

Future needs

Above all, having a plan in place will help in “knowing where you stand and what is possible can help you stop worrying about things you can’t control and address the factors where you do have influence,” Francis says. Now is the time to ask yourself who you see taking over your dental practice — someone with a similar business approach to you, a current employee, or simply the highest bidder? Additionally, financial advisers are advising dentists to hang up their proverbial hats in anticipation of an increase in capital gains tax while also considering dental practices have the upper hand when it comes to renegotiating a lease, rental rates, or other concessions as commercial real estate takes a hit during these uncertain times.

What’s next?

As Francis says, “Begin with the end in mind” and contact Professional Transition Strategies to start paving the way for your retirement now.

With 2020 finally in the rearview mirror, now is as good a time as any to show your dental team why and how much you appreciate them. To say this past year has been trying on the dental practice would be an understatement, and it’s never too late to express your gratitude to those who stuck it out and even helped to make things better. With so much of the time spent on patient care, here’s why it’s also important to let your dental team know what they do matters.

Why

A survey conducted online by Harris Interactive for Glassdoor showed employers can retain 53% of their employees longer if their bosses showed more appreciation. A big budget or fancy perks will only keep talented employees on board for so long, but 81% of the more than 2,000 employees surveyed said they’re motivated to work harder when their boss shows appreciation for their work rather than responding to a demanding boss out of fear of losing their job.

How

Even a small gesture like a personalized email genuinely thanking a specific employee can go a long way. Undoubtedly, a lot of new protocols had to be put into place as a result of the COVID-19 pandemic, and recognizing those individuals who helped to get the team up to speed can feel especially meaningful. Pointing out specific actions taken around the office can make an employee feel valued and empowered heading into the new year beyond a general thank you to the whole office at the end of the day.

From whom

A genuine thank you doesn’t always have to come from the owner of the dental practice. In fact, it can feel just as good to hear from a colleague that the work you’re doing around the office matters to the rest of the team. Praise can even be directed at the dentist of the practice to let them know you feel appreciated and taken care of. Whether it’s a written note or verbal compliment, a few words can go a long way in terms of the long-term investment in your whole team, especially in a clinical setting the focus is typically on patient care.

What’s next?

Contact the experts at Professional Transition Strategies to learn more about how to keep your dental practice thriving in the new year.