How Investing in Your Dental Practice and Real Estate Can Save Your Career

How Investing in Your Dental Practice and Real Estate Can Save Your Career

Dentists face many risks due to the nature of the job. From legal concerns to health risks and finances, some endless hazards and troubles plague the profession. The upside is that dentistry is also a well-respected profession with excellent income potential.

As you’re probably aware, hiding from risks and hazards won’t get you very far. When it comes to risks, your best bet is to become familiar with them so that you can mitigate and minimize them as much as possible.

Beyond managing the risks of the dental profession itself, seeking an outside source of income can help. One example is investing in real estate, which will provide stable, passive income and peace-of-mind. However, in the meantime, what should you be most concerned with?

For dentists, the top risk is your health. According to a recent report on unhealthy jobs, general dentist comes in second place only to dental hygienists. Why? Dentists face risks such as exposure to disease and infections, exposure to radiation, and also spend a lot of time sitting, which can reduce your lifespan.

Minimizing Your Risk

Best practices in dentistry can help you reduce your risk significantly. Hand-washing, using the proper protective wear and sanitation practices can considerably reduce the risk of spreading disease and infections. Proper operation of x-ray equipment also ensures that you don’t expose yourself unnecessarily to radiation.

Here are some other suggestions to help you minimize your risk:

Designate A Risk-Management Point Person

Either hire or designate someone on your team to serve as the risk-management point person. This person can work proactively to discover areas where risks aren’t being avoided and offer suggestions for how to improve. Not only can this person help notice health risks but they may also be in charge of mitigating legal risks. The other staff in the office should take concerns related to risks to the point person who will address the issue through meetings, changes in procedures and other appropriate measures.

 

Charts

Make sure your whole staff is on board with procedures by posting charts and lists around your office. These friendly reminders can help make sure that all staff members are following the protocols that will improve everyone’s safety.

Prepare For the Worst  

Having insurance and an emergency savings fund is essential for any business owner. Dentistry is no exception. Make sure your personal and business insurance policy covers the risks you face as a dentist. With an emergency savings fund, you can also foot any unforeseen expenses. This may even save your business!

No profession is without risk. As a dentist, make sure that you protect yourself and your business by mitigating the health risks you face on a daily basis, as well as investing in an outside contingency plan. Owning real estate, especially with the help of a reputable property management team, can provide supplemental income without the risks your career brings.  

Download Our Complimentary E-Book: Eight Commercial Real Estate Investment Tips for Success that Every Dentist Needs to Know.

By |2018-10-31T15:35:08+00:00November 1st, 2018|Commercial Property Investment, Real Estate Tips & Tricks|Comments Off on How Investing in Your Dental Practice and Real Estate Can Save Your Career

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