5 Actionable Steps to Build a Successful Business by Dr. Bao-Tran Nguyen And Dr. Nate Jeal

Dr. Bao-Tran Nguyen and Dr. Nate Jeal are a superstar dentist duo who currently own and run multiple practices. With over ten years of dental industry experience, this couple has bought, built and sold multiple practices. In addition to being successful dentists, Dr. Nguyen and Dr. Jeal are also successful entrepreneurs. They started their Fast Growth Practice program that provides private advising services for all doctors looking to grow their practices.

Dr. Jeal and Dr. Nguyen believe that many practices struggle to thrive because doctors aren't taught how to run a business in school. "A university will teach you how to be a good doctor, but you won't learn how to run a practice," Dr. Nguyen says. "You need to learn the business side of dentistry if you want to build a successful dental practice."

Here are five actionable steps to build a successful dental practice, according to Dr. Nguyen and Dr. Jeal.

Handpick Your Team

For Dr. Nguyen and Dr. Jeal, their most painful and instructive failure was losing managers in five locations, all on a single day. This experience taught them that they need to "hire better and fire quicker" and to communicate more effectively with their employees.

When choosing new people to join their team, this couple often searches for self-motivated, results-oriented individuals who are willing to learn and grow together with them.

Pay Attention to Practice Culture

"Every patient who enters your practice feels the practice culture," Dr. Jeal points out. "When your staff are content and provided for, their satisfaction shows in every interaction with patients."

This dentist duo points out that learning how to create a healthy practice culture is as crucial as learning dentistry. "Employees want to enjoy coming to work every day. Some ways you can build good practice culture are by holding regular team-building meetings or exercises, holding one-on-one meetings with key staff members to inspire through leadership, and creating an internal culture club," Dr. Jeal advises.

Lower Financial Barriers

Dental treatments can sometimes be quite expensive. When patients have flexible financing options, they'll be more inclined to accept treatment recommendations and return for follow-up care.

Dr. Jeal and Dr. Nguyen made sure to lower the barrier of entry in all their practices. They offer patients flexible payment options and low down-payment rates. As a result, they build a better relationship with their patients and have an opportunity to start more cases than their competitors.

Authority Marketing

Dr. Nate Jeal and Dr. Bao-Tran Nguyen realized that authority marketing is the best method for practice growth. "With authority marketing, you get to show all your potential patients that you are experienced in what you do. You build trust and relationships by telling your story," Dr. Nguyen says. "Your practice profile can be curated to stand out from all the rest."

Understand How Scheduling Impacts Value

Many dentists don’t realize that their schedule is what prevents them from growing their practice. “A dental scheduling system can do more than just allow you to book appointments,” Dr. Jeal says. “When well planned and executed, scheduling to maximize the value of each provider’s time is possible and will create better flow, maximize productivity, and decrease stress both for your patients and your staff. The end result will be superior customer service that not many practices can offer.” Dr. Jeal and Dr. Nguyen recommend developing a block scheduling system that accommodates high value opportunities while ensuring access to care for all.

All those dreaming of growing their practice but intimidated by risk of failure can turn to Dr. Bao-Tran Nguyen and Dr. Nate Jeal for advice. You can also sign up for the Fast Growth Practice program to learn advanced strategies for running a business and ensure success for your practice.