Money. That word means many different things to different people. Money—or even the thought of money -stimulates various emotions.  Some positive. Some negative. 

Take a moment right now and write down the word ‘MONEY’.  Now, underneath, write out every word that comes to your mind when you think of ‘MONEY’, INCLUDING EMOTIONAL WORDS related to your thoughts regarding money.

Use this reflection to take a deep dive into a study of money—and the entire concept of Collecting What You Produce in this article series for The Profitable Dentist Magazine.

Money and Psychology?  Do They Go Together?

Psychology is the science of human behavior.  A behavior is something you can see, hear, or feel touch you. In your practice, money is (1) seen physically—and it is experienced emotionally in the mind’s eye of both you and the patient.  Money is talked about, so these discussions can be (2) heard, and the impact of money does (3) touch everyone involved—both the person paying and the person being paid.  So, it is felt, or experienced. Therefore, the psychology of money– its impact on human behavior– is seen, heard, and felt.   

There aren’t many things that are as personal to a human being as “money”.  In fact, some people are more protective about and take better care of their money than they do their teeth.  Would you agree?  

People work hard for their money.  It is with money that they sustain life.  They put food on the table, a roof over their heads, gas in the car.  A person’s basic needs are met by things that are purchased with money.  Money is the vehicle by which safety and security are obtained, in many ways.  Without safety and security, a person is placed into a state of fright and “insecurity” which leads to a state of disequilibrium.  No one can function at full capacity in that kind of state.  Neither a team member nor a patient can function at full stride, nor can they make major decisions when money is a major issue of concern.

And so, it is to everyone’s benefit that we face this topic, issue, area of concern called “MONEY” and learn how to turn this area of concern into a comfortable pathway to health, happiness, and stress relief.  

A Healthy Work Environment

Practices that are financially healthy are—usually—happier.  Practices that are constantly under financial constraints are—usually—stressed.  This stress, when left unbridled, can harm the interpersonal relationships of people on the team.  It can negatively affect feelings toward patients.  It can affect treatment planning—and, thus, every system down the line.  When one system begins to falter, there is a domino effect—all other systems begin to falter, as well. 

Money is, in one way or another, related to most every area of the practice—and to the people within it. 

Consider the following:

1. Money has paid for dental school, hygiene school, CDA and RDA courses, certifications, business courses, continuing education, licensures.
2. 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
3. Money is paid for equipment and supplies without which you cannot function.
4. Money pays salaries, taxes, and benefits.  People cannot work without being paid—and that includes the dentists.
5. Patients pay for and you receive compensation for services provided.
6. Team members have feelings about money—feelings about the worth of the services being provided; feelings related to conversations about money with patients; feelings about how much they are paid, about asking for a raise, about their financial worth to the practice.
7. Money is the medium that people exchange for their dental care.  They place a “value” on the care they are receiving.  
8. Sometimes money isn’t collected expediently, and collection efforts are put forth.  This can, for some people, be difficult and/or avoided.
9. With a well-managed practice, financial goals can be set and accomplished and appropriate rewards for work well done can be distributed.
10. Money is a measure—a way to monitor many aspects of the health and well-being of your practice.  When goals are accomplished, celebrations occur, and appreciation can be expressed.
11. 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.
12. Money is one part of security and freedom.  
13. Money is an important part of providing for one’s family.
14. Money is a vehicle.
15. 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 to be beneficial to your patients.  If you are not financially sound, everyone loses—you, your team, your patients, your families, and your community. 
16. Money isn’t bad.  You can and deserve to Collect What You Produce.

Can You Develop a Healthy Relationship to Money?  

Yes.  Might it take some work?  Perhaps.  Remember that money is a vehicle.  It’s not money that you want or need.  It’s what money will do for you.  It is a vehicle.  Therefore, take some time to consider what is important to your life and to your ultimate happiness.  For example.  If you say, “We need to increase our production. We need to see more patients or do more treatment.”  Peel the layer of that onion and look deeper.  Why do you want to produce more?  Is it the increased revenue, the actual money to be exchanged that will bring you pleasure?  What will you gain from the increase?  Will you get to:

• Do more of the procedures your love to do?
• See more patients accept treatment and get healthier?
• Pay the bills on time?
• Have more take home money for your family needs?
• Take more time off to spend with family or on personal interests?
• Buy a house?
• Pay off debt?
• Fund your kid’s college?
• Pay your team in a more equitable manner?
• Fund a retirement program for you and your team?
• Buy that boat that you have yearned for so that you can fish more often—or whatever?

In this list of possible reasons for wanting to increase production, it isn’t the money that is the “goal”.   The money—the increased production– is the means to the end:  the vehicle.   The ultimate goal could be health, family, quality time, stress relief.  It could be any or all of these things or others.  It isn’t the money that is the goal.  It’s those things that enhance your life:   health, physical well-being, family, communion with nature, peace, security, etc.  These are examples of motivators that are substantial and relevant to life.  Motivators are unique for each person.  What are your motivators?

Money:   Exchange of Value

Money is an exchange of value.  Patients receive the value of health, well-being, improved appearance, keeping their teeth for a lifetime, comfort, function.  Life enhancing benefits.  You receive money as the patient’s part of the exchange.  Money is a moveable entity. It flows from one person to another: or one business to another.  

In his article entitled Philosophy of Money, published in Philosophy of Economics magazine, Alla Sheptun says: 

“Money is a thing which, irrespective of its material or symbolical form, has its own mode of moving from one person to another and this particular mode of moving makes money into a means of social interaction, into a medium of communication.  This is the source of the immense value of money for society.” 

Money’s value to you and to your patients lies in the fact that it serves as an exchange of value for life enhancement.  Both you and your patients benefit from an equitable exchange of value, which occurs when you feel good about the money you receive for services rendered and your patient feels good about the investment, they have made in you and in your care.

Create A Healthy Work Environment

Many components are imperative to truly CREATE A HEALTHY WORK ENVIRONMENT.  One component is financial health.  When the finances of a practice are healthy—bills can be paid, investments can be made in continuing education, equipment and facility can be upgraded, team members can be well compensated—and so can the doctor.  Those motivators you just identified can be accessed.  Financial stress is well under control.

And just the opposite happens when finances are NOT HEALTHY.  Financial stress results.  Financial stress can be agonizing and depletes energy—energy that is better invested in caring for oneself, family, teammates—and patients!!  When stress becomes so overwhelming that is causes either psychological (emotional) or physiological difficulties, it is termed “distress”.  The definition of “distress” is “unpleasant feelings or emotions that impact your level of functioning—sadness, anxiety, distraction.   Distress, when left uncontrolled, can harm the interpersonal relationships of people on the team.  It can negatively affect interactions with patients.  It can impact treatment planning—and, thus, every system down the line.  As I said earlier, when one system begins to falter, there is a domino effect—all other systems begin to falter, as well.  (Jameson, 2016) This, of course, just adds “insult to injury” by causing even more ‘distress’.

You already know this—but when a person is stressed-out–or in a state of distress at work—they often take that home with them.  Then, distress has a negative impact on the home environment and the people there—the family.  Not good.  American Dental Association Surveys indicate the number one source of stress for dental families is financial stress.  No surprise.  Right!

Is there an Answer?  Yes.   First, identify your own “stressors”.  A “stressor” is something that causes stress.  Once you have identified that “stressor”, begin to plan how you will deal with it, resolve it, overcome it, eliminate it.  And take action to do so.

Goal:  to have a healthy, happy life—and to have a healthy, happy practice—one that is productive, profitable and one that has stress well under control!!  There is resolve to any situation you have that is causing you stress.  Reach out to find the solutions.  Successful people and successful practices are the ones that identify problems and commit to finding solutions.  The solutions will lead you to health and happiness.  

Create a Healthy Work Environment as a part of a healthy, happy life—whatever that means to you.  The decision—the choice—is up to you.  Begin now.  Take that first step.

Jameson, PhD, Cathy. (2016) Creating a Healthy Work Environment.  Editide. Marshfield, VT.