Collect What You Produce: The Psychology of Money Part 2
Money is, in one way or another, related to most every area of the practice—and of the people within it. Consider the following:
- Money is paid for dental school, hygiene school, CDA and RDA courses, certifications, business courses, continuing education, licensures.
- Money was involved with the purchase or the building of the practice and/ or is paid monthly for the rent or lease of the facility
- Money is paid for equipment and supplies without which you cannot function.
- Money pays salaries, taxes, and benefits. People cannot work without being paid—and that includes the dentists.
- Patients pay for and you receive compensation for services provided.
- Team members have feelings about money; feelings about how much they are paid, about asking for a raise, about their financial worth to the practice.
- People on the team have feelings about the worth of the services being provided; feelings related to conversations about money with patients; feelings about what insurance will cover versus what the patient must pay out of pocket.
- Money is the medium that people exchange for a value that they are receiving.
- Sometimes money isn’t collected expediently and collection efforts are put forth. This can, for some people, be difficult and/or avoided.
- With a well-managed practice, financial goals can be set and accomplished and appropriate rewards for work well done can be distributed.
- Money is a measure—a way to monitor many aspects of the health and well-being of your practice. When goals are accomplished, celebrations and acknowledgements can be made and appreciation can be expressed.
- Some people think that their worth is in direct proportion to the amount of money they make. Other people think that they are not worthy of being paid for the services they provide—or don’t think they deserve to be paid well.
- Money is one part of security and freedom.
- Money is an important part of providing for one’s family.
- Money is a vehicle.
- Money is not the reason you are a healthcare provider. However, without money and a financially sound business, you cannot provide the care and treatment you believe are beneficial to your patients. If you are not financially sound, everyone loses—you, your team, your patients, and your community.
- Money isn’t bad. You can and deserve to Collect What You Produce.