If you don’t write your own definition of success, someone else will write it for you. And that’s a problem.
Most doctors go through their careers without truly defining what success looks like for them. They’re stuck in a reactive mode, responding to outside pressures – from patients, the industry, insurance companies, even their own team. When you don’t take control of your practice and your life, the world around you will decide your fate.
But here’s the great news: you have the power to take control and it starts with adopting an ownership mindset.
When you look at the challenges you face as a practice owner, it’s easy to see them as threats. The pressure of running a business, balancing patient care, managing a team. It can feel overwhelming.
But the truth is, every threat you face is also an opportunity in disguise.
As Napoleon Hill said, “In every adversity lies the seed of an equal or greater opportunity.” And that’s what today’s conversation is all about.
The reason you’re here is that you’re not just a dentist – you’re a responsible owner. You’ve already made the decision to embrace the role of ownership, and now it’s time to take full advantage of what that mindset can do for you.
Embracing the Ownership Mindset
It’s not easy to move beyond simply doing the dentistry. Most doctors spend their time in the chair, focused on clinical work, believing that this is where their value lies.
However, here’s the reality: your clinical hours are your least valuable hours.
Think about it. On average, the dentistry you do in the chair might be worth $500 to $1,000 an hour—maybe more if you’re in a specialty. But that’s not where the real value is.
The ownership mindset teaches us that your greatest value comes from what you do outside of the clinical chair. It’s about leveraging your time to make every hour, every patient interaction, every business decision worth more.
The Hierarchy of Value: Understanding What Time Matters Most
Here’s the hierarchy of time that every ownership-minded doctor needs to understand:
1. Clinical hours: Yes, these matter. But they are the least valuable because they tie your income directly to your time.
2. Non-clinical practice hours: This includes treatment planning, team training, and systems management… activities that enhance your practice’s efficiency and raise the value of every clinical hour.
3. Business development hours: This is where the magic happens. When you invest in business development (creating systems, building patient experiences, marketing, and growing your practice), you’re making every other hour worth more.
Right now, as you engage in this conversation, you’re working on business development. This is far more valuable than any time spent in an operatory.
4. Personal time: Your personal, family, health, and self-care time are the most valuable hours of all. Why? Because if you’re not taking care of yourself, your health, and your personal well-being, you won’t have the energy or the mental clarity to lead your practice effectively. When you prioritize this time, it has a direct, positive impact on your entire life – both in and outside the practice.
When you embrace an ownership mindset, you stop measuring your success based solely on how many patients you see or how many hours you work. Instead, you focus on how you’re investing your time in ways that multiply your results. Ownership is about working on your business, not just in it.
Ownership Means Seeing Opportunities
As an owner, there are no real threats – only opportunities. Every challenge is a chance to improve, grow, and innovate. Whether it’s a change in the market, pressure from insurance companies, or even a tough patient interaction, an ownership mindset looks at these challenges and asks, “How can I turn this to my advantage?”
The mistake many doctors make is falling into a victim mentality. They think they’re at the mercy of external forces (the economy, the industry, the team, the patients).
But this mindset keeps you on defense. It makes you reactive instead of proactive.
Rather, you should always be on offense. You’re thinking ahead, planning, and controlling the game. You’re looking at every situation as an opportunity to redefine success on your terms.
You’re not just accepting what comes your way; you’re creating the future you want.
Take Full Advantage of Practice Ownership
Here’s the bottom line: most doctors aren’t taking full advantage of what practice ownership can provide. It’s not just about owning a practice. It’s about using ownership to create real freedom: freedom in your schedule, in your finances, and in your life.
That’s why you became an owner in the first place, to have control over your life, not just to add more stress to it. Yet, too many doctors get stuck doing dentistry, forgetting that ownership gives them the power to build something far bigger than themselves.
Others may see challenges and crumble under pressure, but you? You see growth. You see a chance to elevate your practice, your team, and your life.
Define Your Success, Own Your Future
Here’s what you need to remember: If you don’t define your own success, someone else will.
That’s why it’s so critical to embrace the ownership mindset. Don’t let others dictate what success looks like for you. Take control of your practice, your time, and your future.
Success isn’t something that just happens. It’s something you create. And when you choose to do just that, you have the power to write your own definition of success – one that leads to more profit, more freedom, and more fulfillment.
It’s time to stop reacting and start creating. It’s time to step into the full potential of practice ownership and build the practice (and life) you’ve always wanted.
Respectfully,
Scott J. Manning, MBA
