The Business of Dentistry Author(s)/Editor(s): Rattan, Raj and Manolescue, George This book explores the interface between clinical dentistry and the management of a modern dental practice. It covers a range of business areas, including the principles of financial management and the use of financial ratios and indicators in relation to practice profitability. There will be an overview of modern marketing techniques including the concept of branding. Contents: Chapter 1 What Business Are We In? (Raj Rattan) Chapter 2 Success Factors (Raj Rattan) Chapter 3 Patient-centered Care (Raj Rattan) Chapter 4 Perception is Reality (Raj Rattan) Chapter 5 Marketing (Raj Rattan) Chapter 6 The Basic Principles of Finance (George Manolescue) Chapter 7 Fee-setting (George Manolescue) Chapter 8 Understanding Your Accounts (George Manolescue) Chapter 9 Investment and Protections (George Manolescue) Appendices Index ISBN: 1-85097-058-0 978-1-85097-058-3 , 9781850970583 153 pp; 45 color illus Preface Writing this book presented us with a challenge and a dilemma. The challenge was to adopt and adapt general business principles and make them relevant to dentistry. The dilemma was that we had more material than we could possibly hope to include given our editorial brief; it was a dilemma not of commission but of omission. The remaining titles in the General Dentistry and Practice Management volumes of the Quintessential Series will examine some of the areas we have chosen to exclude from this particular test: risk management and dento-legal issues, quality assurance, teamwork, information technology and practice management. Success in the world of business relies on effective and strong leadership – a theme which recurs in many modern texts on business management. According to Ridderstrale and Nordstrom’s bestselling book, Funky Business, “leadership and management are more important than ever before” and the “keys to competitive advantage”. Their perspective is people-centered – “the most critical resource wears shoes and walks out of the door around five o’clock every day”. This book also draws its inspiration from the Chinese concept of Guanxi. “Guan” means “close together” and “Xi” means “relationship”. Guanxi, then, is essentially about relationship management – widely recognized to be a key determinant of business performance. It is a prime example of one-to-one marketing and of customer relationship management (CRM). CRM has been defined as “the implementation of business strategies that identify and manage customers to derive maximum long-term value from that relationship”, and it requires a “customer-centric business philosophy that is often a change from the traditional product-oriented nature of many businesses”. Don’t let the jargon mislead you – the principles are as old as civilization itself. Above all, we must recognize the most valuable aspect of the dental profession – that of being allowed to treat patients. The business of dentistry will reap rewards for those who recognize this for the privilege that it is and whose business is nourished by high ethical standards. Contrary to popular belief – and despite the spate of recent high-profile failures in the corporate world – success in business does not require abandoning high ethical standards. According to The Institute of Business Ethics, “a business that doesn’t invest in building trust will, over time, be rejected by the markets, by investors, by its customers and above all by its own people – its employees”. We must remember that ethical considerations are inseparable from, and inextricably linked to, the business of dentistry. Raj Rattan