Doctors and dentists receive years of training to practice medicine, but little guidance in running a business or managing personal finances. Yet owning a practice and wisely handling the financial rewards that can come with it are key to many medical professionals’ success.
“One of the many things that you're not taught in dental school or in specialty programs is how to run a business," says a New Jersey-based dentist and board-certified prosthodontist, who asked to remain anonymous. “And really, we are businesses."
Hudis also teaches at the University Of Pennsylvania School Of Medicine, where in addition to training future dentists in dental science, he addresses the importance of financial management. “What I often say to my students is that a bad business decision today can likely create much more discomfort for you than a bad clinical decision," Hudis says.
Fortunately, support is available. Just as patients seek medical professionals for health issues, doctors and dentists can turn to financial professionals to help them make decisions for their businesses.
American Express has Specialists who work hand-in-hand with Card Members to identify their business’s needs and connect them with solutions. Here's a look at a few scenarios in which it may make sense to seek out help from a financial partner.
1. When Time and Attention Are Limited.
After years of medical school and clinical training, it’s understandable that few doctors and dentists return to the classroom to get MBAs.
Many choose instead to learn finance by doing.
One board-certified ophthalmologist in New York, who asked to remain anonymous, took this route. “I really went out and started reading about it,” he says.
Then he tried different investments and financial techniques. That proved educational, but not always enjoyable. “The trial-and-error part was very painful," he notes.
Seeking out support from a trusted financial partner like American Express can help ensure that business owners are equipped to make the most advantageous decisions the first time around. American Express Specialists can support Corporate Card Members by connecting them with financing tools that can help them make all sorts of financial decisions every day. They can help a practice owner understand how best to simplify their expense management tools, take advantage of Corporate Membership Rewards® program1, if enrolled, and more.
2. When Making Major Purchases.
Like all business owners, doctors and dentists have to spend money to make money. Regular monthly expenses for medical suppliers and lab bills can reach tens of thousands of dollars. And practitioners are regularly courted by medical-technology firms to invest in devices that may cost well into six figures.
While healthcare professionals may be confident when deciding whether expenses are medically advisable, they are often less so when deciding how to pay. The decision to put lab bills on a Corporate Card, lease expensive equipment or take out a line of credit to consolidate high-interest loans can be as important to the health of a practice as a clinical decision is to a patient's well-being. That’s where the backing of a professional can help.
For a Corporate Card Member facing this sort of decision, an American Express® Specialist might point them toward a customizable Card reporting tool offering analysis and insight into their practice’s finances. For instance, American Express @Work® Reporting2 can give healthcare professionals access to corporate management information online around the clock, so Card Members can make well-informed decisions when making significant purchases.
3. When Looking for Savings and Efficiencies.
For medical professionals looking for opportunities to save money and streamline their practice’s payments, American Express Specialists can connect them with a suite of solutions that fit their specific needs.
One of the many things that you're not taught in dental school or in specialty programs is how to run a business. [...] And really, we are businesses.
–New Jersey-based dentist and board-certified prosthodontist, Anonymous
For a business owner particularly concerned with driving efficiencies and saving valuable time, a Specialist might direct them toward the ExpenseIt Pro app from Concur®3, which allows Corporate Card Members to digitize invoices, track expenditures, and automate payments, whether they’re in the office or travelling to an industry conference.
4. When Financial Health is a Priority.
The timing of seeking out financial support is ultimately driven by the desire of an individual doctor or dentist to control their own business expenses. “When do you hire a financial advisor or a practice-management consultant?" Hudis asks. “When you want to get better at understanding and managing your business."
“I often speak to younger colleagues, and they'll ask me, 'so when do I [engage] somebody like that?' Hudis adds. “And I say, ‘the first day that you want to improve your financial health.'"
Terms and Conditions
1. Enrollment in the Corporate Membership Rewards program is required. Only the American Express® Corporate Green Card, American Express® Corporate Gold Card, and Corporate Platinum Card® from American Express are eligible to enroll in the Corporate Membership Rewards program. The Program Administrator is charged a $90 annual enrollment fee for each enrolled Corporate Green and Gold Card Member. A program fee is not applied for the Corporate Platinum Card®. Get one Corporate Membership Rewards point for every dollar of eligible purchases charged on enrolled American Express® Corporate Cards. Eligible purchases are purchases for goods and services minus returns and other credits. Eligible purchases do NOT include fees or interest charges, balance transfers, cash advances, purchases of travelers checks, purchases or reloading of prepaid cards, or purchases of other cash equivalents. If the Corporate Card Member is transferring from an existing Membership Rewards program to the Corporate Membership Rewards program, the Card Member will have 30 days to use any existing Membership Rewards points before they are forfeited.
The redemption value of Corporate Membership Rewards points varies according to how you choose to use them.
For the full terms and conditions for the Corporate Membership Rewards® program please visit americanexpress.com/corporatemrterms for more information. Participating Corporate Membership Rewards partners, available rewards, and point levels are subject to change without notice.
2. Use of American Express @Work® is restricted to employees, contractors and/or agents that the Company, and its representatives designate for the sole purpose of performing online account queries and maintenance, including accessing and/or creating reports relating to the Company's American Express® Corporate Card programs. @Work is available to all companies with an American Express Corporate Card program.
Enrollment is required. To enroll in @Work please contact your American Express Representative or call 1-888-800-8564.
3. Expense® and ExpenseIt for Corporate Card Members to access ExpenseIt. Upon company enrollment, Corporate Card Members can access ExpenseIt directly through the SAP® Concur® mobile app on their mobile device. When logged into the SAP® Concur® mobile app, they will see an ExpenseIt camera icon on the bottom of their home screen. If this is not visible, they should turn ExpenseIt on directly in their Settings. Once turned on, ExpenseIt will automatically generate expenses from captured receipts.
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