Host: Dr. Tanya Sue Maestas
Guest: Dr. Naved Fatmi
Edited By: Candy Velez CRDH
Welcome back to another episode of Dental Fuel, the podcast that delves into the rarely discussed middle stages of dental practices—the mistakes and learnings that shape success.
In this episode, we are thrilled to have Dr. Naved Fatmi return to share his valuable insights. Today, we’re focusing on a critical aspect that often gets overlooked: the financial pitfalls in the pursuit of continued education and technological advancement in dentistry.
Key Takeaways
- Assess the true motivations behind significant investments in technology and continued education.
- Balance technological adoption with financial prudence to maintain both high-quality patient care and business health.
- Select CE courses that align with both current skills and future goals, recognizing the shift from clinical expertise to business management as your career progresses.
- Understand personal limits and professional aspirations to effectively manage the scale and scope of your practice.
- Embrace entrepreneurship with a clear understanding of its demands and rewards, tailoring your practice’s growth to your personal satisfaction and professional objectives.
The Allure and Risks of High-Tech Investments
Dr. Fatmi discusses the seductive appeal of the latest dental technologies and the comprehensive range of procedures that dentists can offer. He explains,
“You’re spending a ton of money. You’re buying the latest implant systems, the motors, all the rotary instruments for endo, Botox, and Juvéderm.”
These investments, while indicative of a practice’s commitment to modernization and comprehensive care, also introduce substantial financial risks. Dr. Fatmi underscores the pressure to stay competitively equipped, which can lead practitioners into financial commitments without an adequate return on investment.
He advises careful evaluation of each technology’s impact on the practice’s core services and patient outcomes before making such significant investments.
Reflecting on the Real Motivations
One critical question Dr. Fatmi raises about these investments is their true motivation.
“Is it really for the patient or are you doing it to self-fulfill?”
…he asks. This introspection is vital for ensuring that the primary focus remains on enhancing patient care rather than fulfilling personal ambitions or merely keeping up with industry trends. Dr. Fatmi believes that losing sight of this can lead to a misalignment of practice resources, potentially diluting the quality of patient care and leading to financial inefficiency.
Balancing Expertise and Financial Health
Dr. Fatmi emphasizes the importance of balance, both in skills and financial outlay.
“You got to just narrow back to practicing to the standard of care at the highest level,”
He advises that maintaining a focus on established, reliable treatments that deliver consistent results is crucial for long-term success. This approach not only secures a high standard of care but also stabilizes the practice financially by avoiding unproven or unnecessarily expensive new procedures.
Dr. Fatmi points out that the allure of new technologies should not distract from the core competencies that build a practice’s reputation and patient trust. This approach ensures high-quality patient care and protects the practice from unnecessary financial strain.
Choosing the Right CE Courses
In his discussion with Tanya Sue Maestas, Dr. Fatmi reflects on the pivotal CE courses in his career. Initially focused on the clinical aspects of dentistry, he later shifted towards entrepreneurial skills as his confidence in clinical practice grew.
“As you evolve as a practitioner; your needs for learning evolve too,”
…he remarks. This evolution is a strategic shift that emphasizes the importance of aligning educational pursuits with career stages and goals, thus maximizing the benefit of each educational investment in terms of both skill enhancement and practice growth as his comfort with clinical work solidified. This evolution underscores the importance of personal and professional growth in maintaining a sustainable practice.
Entrepreneurship in Dentistry
Exploring the entrepreneurial side, Dr. Fatmi shares his journey of managing multiple practices.
“It’s not the number of practices for you, it’s the number of chairs, the number of profitability margin,”
Highlighting the importance of focusing on operational efficiency and profitability rather than mere expansion. His experience stresses that understanding economic principles and business management in dentistry is just as important as clinical expertise for sustainable practice growth.
Conclusion: Thought Leadership
Dr. Fatmi’s journey and insights provide a comprehensive roadmap for dentists at various stages of their careers. Whether integrating new technologies, expanding your practice, or selecting CE courses, the key lies in thoughtful decision-making that prioritizes patient care and financial sustainability.
His advice encourages a balanced approach to professional development, ensuring that advancements in dental practice are both innovative and practical.
Tune into this enlightening episode of Dental Fuel for a deeper dive into these topics and more wisdom from Dr. Fatmi. Remember to subscribe for more insights and follow us on Instagram @dentalfuel and @ignitedds. Join our dental community at igniteds.com for exclusive resources and networking opportunities.
