Success Strategies for Dental Practice Owners

Suzanne Ebert, a dedicated dental professional, faced significant challenges in private practice when unexpected health issues compelled her to sell her successful dental practice after eleven years. Reflecting on this difficult period, she emphasizes the importance of ensuring a smooth transition for the incoming dentist to maintain patient and staff satisfaction. Ebert’s experiences underscore the complexities of private practice management and have fueled her commitment to supporting other dentists as the vice president of dental professional career services at the American Dental Association (ADA). Her journey highlights the multifaceted nature of private practice, advocating for the importance of professional support networks and the recognition that different career paths can suit different individuals in the dental profession.

Here’s what to expect this episode:

·Establishing and launching a private dental practice requires perseverance, self-belief, and a clear sense of purpose.

·Student debt significantly impacts new dentists’ ability to start their own practices.

·Thorough research and preparation are essential when selling a private dental practice to ensure a successful transition.

·Dental school graduates often lack business education, highlighting the importance of mentorship and guidance.

·Balancing clinical skills with providing a positive patient experience is crucial for success in dentistry.

·Young dentists should evaluate different career paths in dentistry based on personal goals and mentorship opportunities.

Connect with Suzanne Ebert

https://www.linkedin.com/in/suzanne-ebert-907670174/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Jeff Carter, a seasoned dentist turned dental office designer, has profound insights into the importance of creating spaces that foster patient comfort and trust. His transition from dentistry to design has equipped him with a unique perspective on how the quality of a facility can influence the overall success of a practice. Alongside Jeff, Renee Moe, a renowned architect specializing in unique dental facilities, brings her extensive background in healthcare to the partnership. Renee’s experience in managing numerous healthcare projects has shaped her understanding of the need for welcoming, functional, and aesthetically pleasing spaces that balance the needs of both patients and staff. Together, Jeff and Renee share a mutual perspective on the power of intentional design to enhance the patient experience, emphasizing that visionary individuals who invest in unique design concepts can significantly increase cash flow and success in the dental industry.

Here’s what to expect this episode:

• Office design influences patient anxiety levels and overall experience in healthcare facilities
• Creating a welcoming space boosts patient trust and confidence
• Collaboration, tailored projects, and 3D design tools lead to successful dental design outcomes
• Engaging design professionals and navigating construction processes are crucial in creating functional dental offices
• Functionally complex dental office design ensures efficient operation and a patient-centered experience
• Facility sizing and planning are crucial to avoid costly relocations and invest wisel
• Dentists are becoming real estate owners to generate additional income

Connect with Jeff Carter:

https://www.linkedin.com/in/jeff-carter-5362273b/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Tricia Casasanta, who transitioned from a career as a dental assistant to a leader in dental

practice management, offers a compelling perspective on the essential components for successful practice operations. With her extensive experience as a dental hygienist and now a consultant, she underscores the importance of effective leadership, strategic hiring, and robust onboarding systems to foster a cohesive and productive workplace culture. Casasanta advocates for a focus on personality traits and learning capabilities during the hiring process,

recommending specific interview questions to ensure candidates are well-suited for the dynamic environment of dental practices. Moreover, she highlights the significance of financial strategies, such as PPO negotiations and understanding Medicare Advantage plans, alongside leveraging Key Performance Indicators (KPIs) to make data-driven decisions, thereby adapting to the evolving landscape of the dental industry.

Here’s what to expect this episode:

• Effective hiring practices and comprehensive onboarding systems are crucial for navigating staffing challenges in dental practices.
• Team engagement and cohesive systems are essential for sustaining growth and achieving long-term success in dental practices.
• Understanding motivation levels and articulating the values of the practice can enhance team performance.
• Optimizing network participation and negotiating contracts effectively can significantly increase revenue for dental practices.
• Business strategies may need to adapt to accommodate the impact of Medicare Advantage program participants on insurance trends for dental practices.
• Patient retention and long-term relationships are key factors in understanding the lifetime value of patients in dental practices.
• Data-driven decision-making through Key Performance Indicators (KPIs) is crucial for identifying areas of improvement and tracking progress towards goals.

Connect with Tricia Casanta:

https://www.linkedin.com/in/triciacasasantaperformanceplus/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Eric Giesecke, the CEO of Planet DDS, is a leading proponent of cloud-based software solutions for dental practices, drawing on his engineering background and Harvard MBA to pioneer advancements in the field. Since acquiring Planet DDS in 2015, Giesecke has emphasized the transformative advantages of cloud-based systems, such as the standardization of processes and patient experiences across multiple locations, as well as a reduction in IT maintenance needs. He believes that the scalability offered by these solutions allows dental practices to expand seamlessly, evidenced by examples of significant growth within the industry. Under his leadership, Planet DDS has emerged as a frontrunner in the transition to cloud-based dental practice management, offering centralized platforms for improved efficiency and cost-effectiveness.

Here’s what to expect this episode:

• Cloud-based software enables dental practices to grow and standardize processes, reducing IT burden and aiding in scalability.
• Integrated tools for managing patient relationships and marketing are essential in practice management software. 
• The dental industry is shifting towards cloud-based solutions like Aptris for X-ray digital information.
• Change management is a challenge when transitioning to new systems, requiring investment in relationships and benefits communication.
• The evolving landscape of practice management software is moving towards integrated platforms and open architecture for seamless integration of technologies.
• Integrating AI functionality into dental practice management software aims to enhance workflows but requires cautious assessment and verification.

Connect with Eric Giesecke:

https://www.linkedin.com/in/eric-giesecke-5657513/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Erin Fraundorf is an innovative orthodontist who has redefined the traditional practice model by emphasizing both the functional and aesthetic aspects of orthodontics through a direct-to-consumer approach. Recognizing the artistry and relationship-building potential in the field, Fraundorf leverages social media and influencer partnerships to reach a predominantly adult clientele, particularly focusing on niche markets such as brides and their partners. Her perspective underscores the importance of aesthetics in orthodontic care, believing that everyone desires a straighter and more beautiful smile, which she addresses by integrating successful services like a whitening studio into her practice. By collaborating with wedding industry professionals and targeting specific audiences, Fraundorf not only adapts to but thrives in the competitive market, setting her apart from conventional orthodontic practices.

Here’s what to expect this episode:

• The importance of blending aesthetics with orthodontic practices in treatment for both functional and aesthetic components.
• The challenges faced by orthodontists in starting their own practice, particularly in navigating the business side without formal training.
• The increasing interest in teeth whitening services over orthodontic procedures, reflecting a growing demand for cosmetic dentistry among adults.
• The crucial need for financial management in dental practices, especially for young practitioners facing high levels of debt.
• The trend towards a shift in the dental industry focusing on self-care and patient experience, aiming to make dental care more holistic and comfortable.

Connect with Erin Fraundorf:

https://www.linkedin.com/in/erinfraundorf/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Rohini Agarwal, originally a dentist in the corporate sector, has successfully navigated the transition to owning her own practices in Oregon and Texas, where her innovative marketing strategies have significantly amplified her success. She emphasizes the importance of hands-on marketing efforts, personally managing SEO, flyers, and Facebook marketing with her husband, while leveraging patient referrals and word of mouth to attract 50 to 60 new patients each month. Her practice focuses on cosmetic and aesthetic dentistry, employing strategic approaches like bilingual communication and accommodating operational hours, including Saturdays, to cater to a diverse patient base and enhance accessibility. Agarwal’s dedication to patient-centered care and comprehensive dental services, such as Invisalign and implants, reflects her commitment to improving patients’ confidence and self-esteem through enhanced aesthetics.

Here’s what to expect this episode:

• Transitioning from corporate dentistry to independent practice allows for prioritization of patient care over productivity and continuity of care.
• Buying an existing dental practice provides a smoother transition into ownership with ready-made infrastructure, while starting from scratch offers long-term control and rewards.
• Implementing targeted marketing strategies, including bilingual communication, can attract new patients and foster growth within a diverse community.
• Operating with extended hours, including Saturdays, accommodates working patients and enhances flexibility and accessibility to dental care.

Connect with Rohini Agarwal:

https://www.linkedin.com/in/rohini-agarwal-740530122/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Susanne Mariga, a renowned CPA and fractional CFO, is a strong advocate of the Profit First

system, which empowers seven to nine-figure entrepreneurs to prioritize profitability from the get-go. Drawing on her extensive experience at prestigious firms such as Arthur Henderson and KPMG, she guides her clients in setting up separate bank accounts for profit, owner’s pay, taxes, and operating expenses. This strategic allocation encourages business owners to manage cash flow effectively and make intentional financial decisions, ensuring they are rewarded for their hard work. Through her Profit Talk podcast and collaborative efforts with experts like Stan Kinder, Mariga provides practical advice and strategic tools, urging entrepreneurs to start small by transferring just 1% of revenue into a profit account to build a financially sustainable future.

Here’s what to expect this episode:

• The importance of having specific bank accounts for profit, owner’s pay, taxes, and operating expenses
• The Profit First System enables entrepreneurs to prioritize profits and manage finances intentionally
• The Profit First concept leverages the illusion of scarcity by using specific bank accounts to drive intentional profitability
• Dentists face financial challenges such as debt, retirement planning, and the need for prudent financial management
• Prophet Talk podcast offers real-world advice to help businesses increase profitability based on the Profit First concept
• Getting started by making a 1% transfer of revenue into your profit account helps build intentional profitability from day one

Connect with Susanne Mariga:

https://www.linkedin.com/in/susannemariga/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Kartik Antani offers insightful perspectives on Dr. Partik Antoni’s journey in dentistry,

emphasizing the significant influence of familial inspiration and strategic career choices. Acknowledging Dr. Antoni’s bold move from New Jersey to New Mexico, Kartik highlights the advantageous decision to acquire existing dental practices in underserved areas, which provided a robust foundation for growth. By leveraging established systems and engaging in partnerships with like-minded individuals, Dr. Antoni effectively navigated the complexities of expanding his practice, demonstrating astute business acumen. Kartik further underscores the

importance of cultivating a strong company culture and hiring based on personality and capability, which play crucial roles in maintaining patient care quality and successfully scaling the practice.

Here’s what to expect this episode:

• Acquiring existing practices through acquisitions allowed for immediate cash flow and utilization of existing systems.
• Strategic approach to each acquisition such as with a retiring dentist, associate-driven practice, and hygienist-owned practice.
• Transitioning from chairside practice to focusing on managing the business is crucial for scaling up dental practices.
• Identifying undervalued distressed dental practices can lead to profitability by implementing operational improvements.
• Establishing a positive culture within dental organizations is important for team alignment and patient experience.
• Hiring like-minded individuals and setting clear standards for accountability is crucial for the success of dental practices.
• Human capital is a limiting factor in the success of dental practices, emphasizing the importance of experienced personnel and external help.

Connect with Kartik Antani:

https://www.linkedin.com/in/kartikantani/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Sulman Ahmed, founder and CEO of Decadental, a DSO with over 200 practices across nine states, embarked on his journey in the dental field as an immigrant in the US, and rapidly progressed from college to dental school in Boston. Ahmed appreciates the growth of Dental

Service Organizations (DSOs) as an inevitable and accelerating trend, providing dentists with enhanced work-life balance, increased earnings, and an overall lifestyle improvement. His perspective, shaped by his early interest in practice ownership and an understanding of the challenges new dentists face in the current competitive market, highlights the importance of DSOs in offering financial stability and professional support, especially to those burdened by

debt. Ahmed firmly believes in the role of dentist-led DSOs in shaping the future of the dental industry and sees them as an enduring and influential force in the marketplace.

Here’s what to expect this episode:

• Acquisition and Expansion are key strategies for growing a DSO busines
• DSOs balance organic growth through de Novo locations with strategic acquisitions
• A generational shift in dentistry ownership is occurring. Changing perceptions towards Dental Support Organizations (DSOs) in dentistry.
• Dentists are essential in leading Dental Service Organizations (DSOs) to improve the quality of dentistry
• The growth of Dental Service Organizations (DSOs) has significantly impacted the dental practice landscape

Connect with Sulman Ahmed:

Dr. Sulman Ahmed – Deca Dental

Connect with Stan Kinder:

https://www.everythingdso.com/

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Kentucky Morrow, a seasoned investment professional with a background in healthcare, technology, and industrials, previously served as Vice President of Investment Banking at England & Company, where he advised middle-market companies on mergers, acquisitions, and raising growth capital. He is also the Co-Founder of Ralli, a CPG company focused on alcohol health and wellness, and serves on the board of Milk & Bull, a design agency for CPG

companies. Morrow holds advanced degrees from Johns Hopkins and Emory University. In this episode, Morrow discusses the challenges dentists face when considering Dental Support Organizations (DSOs), emphasizing the importance of due diligence, understanding the DSO’s culture, and balancing financial aspects with patient care. The conversation also explores the evolving role of technology in dental practices and the significance of equity rollovers, particularly for dentists nearing retirement.

Here’s what to expect this episode:     

• DSO Considerations for dentists contemplating joining a DSO. They emphasize the importance of due diligence, understanding the DSO’s culture, and evaluating the impact on patient care.
• Balancing Financials and Patient Care between financial aspects and the quality of patient care when deciding to partner with a DSO. The speakers stress the need for dentists to ensure that their values align with the DSO’s approach.
• Evolving Landscape of dental practices, driven by factors such as technology, and how these changes impact the way dentists approach their profession and business.
• Equity Rollovers: considering individual circumstances such as career stage and retirement plans. The value of equity is explored in the context of compounding over time and its relevance to different phases of a dentist’s career.
• DSO Growth Trajectory: highlighting the potential for capturing value through equity ownership as the DSO expands.

Connect with Kentucky Morrow

https://www.linkedin.com/in/kentuckymorrow/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices