Success Strategies for Dental Practice Owners

Matthew Odgers is a seasoned San Diego-based attorney recognized for his acumen in dental transactions within the dentistry field. With a rich background including eleven years of legal experience, studying political science and international law in China, and working at a war crimes tribunal in the Netherlands, he has spent the past seven years particularly dedicated to dental law. Odgers strongly believes in the importance of experienced legal representation during dental transactions, considering these to be significant, intricate deals that necessitate specialized knowledge. His perspective is shaped by his extensive experience representing both buyers and sellers in the dental industry, and ensuring fair terms for associates. He also emphasizes the need for advanced negotiation of exit strategies, especially when selling to Dental Service Organizations, to safeguard the seller’s interests in unexpected circumstances. This underlines his overarching viewpoint that astute legal expertise is crucial for navigating the complexities of dental transactions and securing favorable outcomes for all involved parties.

Here’s what to expect this episode:

• DSOs often receive higher valuations but may require sellers to work back for a couple of years post-sale, impacting dentists’ decision-making process.
• Understanding personal goals and objectives in the transition process is crucial for achieving desired outcomes in dental practice transactions.
• Negotiating fair terms in business transactions is essential for maintaining goodwill, preventing future issues, and achieving long-term success in professional relationships.
• Conducting due diligence on buyers in rollover equity transactions is crucial to ensure financial outcomes, equity realization, and alignment of cultural fit and treatment philosophies.
• Legal representation challenges in dental practice acquisitions can arise when attorneys take a rigid approach, bill hourly, and prioritize billable hours over the fairness of the deal.
• Selling a dental practice to a DSO involves negotiating exit terms, considering health issues, and understanding varying requirements and approaches of different DSOs.
• Transition Planning for practice owners involves mapping out the ideal transition plan, considering factors such as valuation, timeline, personal goals, and long-term objectives.

Connect with Matthew Odgers:

https://odgerslawgroup.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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

Jake Goates is a seasoned professional in the field of dentistry, with a career spanning over eleven years that began in sales and marketing before he specialized in dental practice marketing. Jake’s perspective on dental practice marketing is shaped by his extensive experience, having consulted with approximately 5000 dental practices. He believes in the importance of differentiation and branding in a competitive market, and emphasizes the need for practices to carve a unique identity to attract and retain patients. His approach involves establishing marketing budgets, setting goals, and holding teams accountable for converting leads into appointments, aiming to empower practices to grow and succeed in the complex world of dental industry marketing.

Here’s what to expect this episode:

• Proper phone call handling in dental practices enhances communication with potential patients and streamlines appointment scheduling.
• Coaching staff on call answering and lead follow-up can significantly boost appointment scheduling success rates.
• A structured follow-up process, including calling back missed calls twice within the first two days, greatly impacts patient engagement and retention.
• Managing patient leads effectively can increase new patient appointments without increasing marketing spending.
• Transparent data analysis and a systematic approach to patient onboarding processes are key to maximizing marketing efforts.
• Understanding the lifetime value of a patient is crucial for long-term marketing returns.
• Diversifying marketing strategies with a mix of digital and non-digital approaches is effective in reaching and engaging with a wider audience.

Connect with Jakes Goates:

http://www.goatdmc.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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

Samantha Watkins is a seasoned marketing professional who transitioned from dermatology to specialize in dental marketing strategies. Watkins’ perspective on dental marketing strategies is strategic and personalized, emphasizing the importance of understanding the unique needs and goals of each dental practice. Her approach is rooted in her diverse experiences, which include leading marketing efforts for numerous dental practices and focusing on individualized patient experiences. Watkins believes in starting with the basics, such as having a website and social media presence, before investing in more advanced marketing tactics. She also stresses the importance of managing expectations, being honest with clients about what is achievable, and setting realistic goals and KPIs to measure success over time. Her expertise in content creation, social media, reviews, and website development has contributed to the rapid growth of dental offices under her guidance.

Here’s what to expect this episode:

• Authentic relationships are key in marketing and social media strategies for dental offices. Discover how to build genuine connections with your patients in our latest podcast episode!
• How can patient referral programs benefit dental practices? Discover the key strategies and benefits in our latest podcast episode!
• Maintain authentic relationships in commercial interactions. Discover how to build trust and credibility in our latest podcast episode!
• Why is it important to tailor marketing strategies to different office locations? Discover the key factors and strategies in our latest podcast episode!
• How crucial is it to monitor and address reviews for dental practices? Discover the impact of online reviews on dental practices in our latest podcast episode!

Connect with Samantha

Watkins:

https://www.linkedin.com/in/samantha-watkins-mba-b20394129/

Connect with Stan

Kinder:

https://www.everythingdso.com/

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

Eric Pastan is a seasoned professional with over two decades of experience in the dental industry, having started his career by investing in and establishing a dental office in Boston. His perspective on consulting and investment banking services is shaped by his diverse experiences, including his role as the director of management consulting at Skytail, a boutique investment bank and consulting firm, and his successful expansion of his own dental practice to 45 locations across multiple states. Pastan emphasizes the importance of hiring professionals with industry-specific expertise and believes in a customized approach to consulting, introducing clients to multiple options that best fit their organization’s goals and needs. He advocates for creating a team of third-party vendors to guide and support clients throughout the growth and scaling process, viewing consulting as a pathway to help entrepreneurial business owners achieve their desired goals and measure performance along the way. Skytail assists dental and aesthetics business owners in growing, scaling, and selling their businesses. Companies like Skytail specialize in helping businesses in specific industries navigate the complexities of growth, scaling, and eventual sale. Their expertise can be invaluable in achieving business success and maximizing valuation.

Here’s what to expect this episode:

• Learn how to identify choke points and implement systems for success
• Create a culture of accountability and establish job descriptions
• Focus on building a strong business foundation and consistently analyze performance
• Engage legal representation experienced in transactions
• Hire professionals like lawyers and accountants for a smooth process
• Have a coach, consultant, or mentor outside the practice for a different perspective

Connect with Cedric Lewis:

https://www.linkedin.com/in/eric-pastan/

Connect with Stan Kinder:

https://www.everythingdso.com/

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

Cedrick Lewis is an entrepreneurial dentist known for his successful multi-site group practice in Hawaii. With a background in working at a DSO in Oregon, he gained valuable insights into efficient dental practice management. Transitioning to ownership in Hawaii, Lewis focused on high-end dentistry and market domination, emphasizing the importance of continuous talent recruitment for effective group practice expansion. Despite early financial challenges, he demonstrated resilience and resourcefulness, leveraging opportunities as an associate doctor to develop a unique business model. Through acquiring a dental practice in Honolulu and implementing innovative strategies, Lewis has established himself as a leader in the field, valuing collaboration with fellow professionals for mutual growth and success.

His perspective on group practice expansion is shaped by his experiences, starting from his time at a DSO in Oregon where he gained insights into efficient dental practice management, to his transition to ownership in Hawaii where he focused on high-end dentistry and market domination. Lewis believes in a growth mindset, emphasizing the importance of continuous learning, collaboration, and being solution-based. Despite facing early financial challenges, his resilience and resourcefulness have led him to develop a unique business model, acquire a dental practice in Honolulu, and establish himself as a leader in the field. His vision for the future involves further expansion, potentially merging with partners to create a larger organization where everyone can work and grow together.

Here’s what to expect this episode:

• Implementing extended hours and service industry concepts in dental practice can lead to significant growth and patient satisfaction.

• Transitioning from a solo practice mindset to a business-oriented approach in dentistry involves shifting focus from individual work to team growth and business development.

• Building a successful group practice involves attracting and retaining talent across various roles within the organization.

• Implementing bonus systems based on behaviors and performance can incentivize employees and drive company culture.

• By designing bonus plans that align with desired behaviors and outcomes, businesses can motivate their employees to excel in specific areas, ultimately leading to improved performance and success in the long run.

Connect with Cedrick Lewis:

https://www.kokuasmiles.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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

Today on Success Strategies for Dental Practice Owners, host Stan Kinder talks with guest William Barrett. William is the Chief Executive Officer of Mandelbaum Barrett PC. He has over 20 years of experience representing a wide range of businesses with a unique specialty in mergers and acquisitions. He provides strategic advice to companies and organizations of all sizes from formation to dissolution and every stage in between. He is known for the personal attention that he gives his clients and the energy he brings to every deal. Bill has a reputation as a deal maker who knows how to be creative and get things done.

Barrett’s perspective, shaped by his extensive experience and expertise, is that his firm is well-equipped to provide comprehensive legal guidance to dental practice owners during transitions, covering various aspects of their professional and personal lives. His firm’s expertise spans 28 different areas, including business and personal matters related to dental practice ownership, and they have successfully handled transitions in almost all 50 states. With a track record of helping over 1000 doctors execute transitions over the past 24 years, Barrett’s firm has demonstrated its national reach and ability to navigate local laws and statutes.

Join Stan Kinder and William Barrett on this episode of the Success Strategies for Dental Practice Owners podcast to learn more about legal guidance for dental practice owners during transitions.

Here is what to expect on this week’s show:

•   Importance of early preparation

•   Consideration of personal goals

•   Why professional guidance is crucial

•   Tradeoffs between DSOs and Doctor-to-Doctor deals

•   Complexity of the transition process

Connect with William Barrett:

https://www.mblawfirm.com/professionals/william-s-barrett-ceo/

Connect with Stan Kinder:

https://www.everythingdso.com/

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

Today on Success Strategies for Dental Practice Owners, host Stan Kinder talks with guest Mark Murphy. Mark Murphy is a highly experienced professional in the field of dental practice management and the role of dental service organizations. With a career spanning over three decades, he has been involved with Fortune Management and currently serves on their board. As the CEO of Sequoia Private Client Group, a boutique wealth management firm, Mark has successfully implemented Fortune Management strategies in dental practices, leading to significant growth in their bottom lines. He has also co-founded OraCare, a company that provides a mouthwash used by numerous dental practices. Mark’s expertise in business strategy, critical thinking, and financial advising has made him a trusted advisor to dentists and doctors, helping them create multigenerational wealth and achieve financial abundance.

The podcast episode discusses the significance of culture and the influence of Dental Service Organizations (DSOs) in dental practice management. It emphasizes the importance of fostering a positive workplace culture to attract and retain talent. Additionally, it highlights how DSOs have changed the industry by requiring dentists to become business-savvy CEOs. The rise of DSOs has also impacted practice valuations and created new opportunities. Small DSOs and private practitioners can compete with larger ones by leveraging services like negotiating higher fees and securing buying deals.

Join Stan Kinder and Mark Murphy on this episode of the Success Strategies for Dental Practice Owners podcast to learn more about how to evaluate a DSO partnership.

Here is what to expect on this week’s show:

• Culture and people investment
• DSO’s entrepreneurial impact
• Disruption in practice transition
• Leveling the playing field
• Strategic partnership with DSOs
• Long-term business planning

Connect with Mark Murphy:

https://www.northeastprivate.com/team/mark-b-murphy-clu-chfc

https://www.linkedin.com/in/mark-b-murphy-813b105

Connect with Stan Kinder:

https://www.everythingdso.com/

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

In this episode, Stan Kinder welcomes Kirk Teachout, a successful figure in the dental industry known for managing his wife’s dental practice and turning it into a thriving business. This transformation led Kirk to establish a coaching business to guide other dentists and practice owners towards similar success. The conversation begins with the host expressing his intent to expose the audience to thought leaders who can provide valuable insights and advice for achieving success in their respective fields. Kirk shares his unconventional journey from the music industry to the dental sector, emphasizing the skills he acquired in marketing and audience engagement that he later applied to his wife’s dental practice. Despite having no prior business experience in dentistry, Kirk and his wife took a leap of faith and bought a practice in a rural area, only to face the unforeseen challenges of COVID-19 shortly after. This situation forced them to reevaluate their business strategies and led to innovative approaches that significantly increased their productivity and collections, even when reducing their working days.

Kirk delves into the specifics of his successful practice management, highlighting the importance of efficient scheduling, treatment acceptance, and building trust with patients. He recounts how the practice was able to maintain high production levels by optimizing their schedule, even with a reduced number of working days. Kirk also discusses the remarkable increase in collections they experienced by focusing on efficient practice operations and patient trust. Furthermore, he shares an insightful anecdote about an associate who, under their guidance and system implementation, significantly increased her daily production. This experience validated the effectiveness of their methods and encouraged Kirk to extend his knowledge through coaching. The episode transitions into discussing the strategies Kirk employs in his coaching business, emphasizing scheduling efficiency and treatment acceptance as key areas of focus.

Here’s what to expect this episode:

• Innovative Scheduling and Efficiency: Listeners will learn about the importance of scheduling efficiency and how innovative approaches to practice management, such as reducing working days, can lead to increased productivity and collections without sacrificing the quality of patient care.
• Focus on Treatment Acceptance: The episode highlights the significance of building trust with patients and focusing on treatment acceptance. Kirk Teachout emphasizes that a high treatment acceptance rate, achieved through effective communication and trust-building, can significantly enhance a practice’s success.
• Resilience and Adaptability: The story of how Kirk and his wife navigated the challenges of COVID-19 shortly after purchasing their practice demonstrates the importance of resilience and adaptability in the face of unforeseen circumstances, and how these qualities can set the stage for unprecedented growth.
• Strategic Business Decisions: Kirk’s approach to insurance management and practice ownership, including his transition towards a fee-for-service model and his decision to keep the practice small for simplicity and effectiveness, provides valuable insights into making strategic business decisions that align with one’s personal and professional goals.
• Empowering Leadership and Team Dynamics: The episode underscores the necessity of strong leadership and investing in team training. Kirk discusses how nurturing a positive office culture and investing in team development can lead to a more efficient, harmonious work environment, ultimately reflecting in the practice’s success and patient satisfaction.

Connect with Kirk Teachout:

https://thesevenfiguredentist.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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

In this episode, Dr. Michael Goldberg, a seasoned dentist and founder of both a group practice in New York City and the consulting firm Practice Perfect Systems, delves into the critical role of business acumen in the success of dental practices. Despite his outstanding academic achievements in dental school, Dr. Goldberg quickly recognized that clinical expertise alone was insufficient for professional success. He underscores the importance of business skills, a facet often overlooked in dental education, drawing from his own experiences and his family’s business background. Dr. Goldberg’s transition from practicing dentistry to consulting reflects his passion for practice management, evident from his early efforts to establish a business basics program for practitioners. Throughout the podcast, he shares success stories from his consultancy work, illustrating the transformative impact of effective practice management, the right staffing, and efficient systems on the success of dental practices.

The discussion also touches on broader industry trends and challenges, such as the noticeable shift in practice ownership patterns among female dentists and the amplified business difficulties faced by dental practices in the post-COVID-19 landscape. Dr. Goldberg highlights the importance of innovative patient acquisition strategies, like building collaborative relationships with physicians, and provides insights into the evolving role of Dental Support Organizations (DSOs) in the industry. These organizations have become pivotal for dentists who prefer focusing on clinical work over managing the business aspects of their practices. Concluding the podcast, Dr. Goldberg emphasizes the importance of continual education and the utilization of external advisors or coaches. He advocates for dentists to actively seek advice and guidance, regardless of their chosen practice model, to enhance performance and achieve sustainable success in the increasingly complex and competitive field of dentistry.

Here’s what to expect this episode:

• Importance of Business Skills in Dentistry: Listeners will understand that clinical excellence alone doesn’t guarantee success in dentistry. Dr. Goldberg emphasizes the crucial role of business acumen, strategic planning, and management skills, highlighting a gap often found in traditional dental education.
• Effective Practice Management Strategies: The podcast offers insights into practical strategies for improving dental practice management. Dr. Goldberg shares his experiences and success stories, demonstrating how proper management, staffing, and system implementation can significantly enhance a practice’s performance.
• Adapting to Industry Changes and Challenges: The discussion sheds light on the evolving landscape of the dental industry, especially post-COVID-19. It addresses challenges like changing workforce dynamics, including trends among female dentists, and the impact of economic shifts on practice profitability.
• Innovative Patient Acquisition and Collaboration Techniques: Listeners will learn about unique approaches to patient acquisition, such as building collaborative networks with physicians. This outside-the-box thinking for referrals and patient care coordination offers a new perspective on growing a dental practice.
• Understanding the Role of DSOs in Dentistry: The podcast provides valuable insights into Dental Support Organizations (DSOs) and their growing influence in the dental sector. It helps listeners comprehend why some dentists choose to work with DSOs and how these organizations can solve certain business challenges faced by dental practitioners.

Connect with Michael Goldberg:

https://www.kiddsteeth.com/meet-the-doctor

Connect with Stan Kinder:

https://www.everythingdso.com/

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

Dr. Lawrence Kotlow is a board-certified pediatric dentist—a specialist dedicated to treating children, from birth, infants, and toddlers. He is well known for his concern and understanding of mothers who wish to breastfeed. He is an internationally known expert on the diagnosis and treatment of abnormally attached lingual frenums, also known as tongue-tie. Dr. Kotlow sees infants as early as a day after birth for the revision of tongue-tie using laser surgery to eliminate the need to place infants in the operating room or the need for drugs for treatment.

In this episode, Dr. Lawrence Kotlow, a board-certified pediatric dentist, discusses his background and experience in the field of dentistry. He talks about his journey from pharmacy school to dental school and how he started his practice in Albany. Dr. Kotlow emphasizes the significant advancements in dental technology, particularly in the use of lasers, which have revolutionized pediatric dental care, making it less stressful for patients, staff, and dentists. He highlights the various types of lasers and their applications, such as soft tissue and hard tissue procedures, and how they have changed the way dental procedures are performed. Dr. Kotla also emphasizes the importance of training and understanding the physics behind laser dentistry for practitioners.

The episode delves into the challenges and rewards of adopting new technologies in dentistry, with a focus on the learning curve involved in mastering laser dentistry. Dr. Kotla shares his insights on the importance of staff, common-sense approaches to practice management, patient education, and spreading information about advancements in the field. He views dentistry not just as a vocation but as a hobby and encourages practitioners to enjoy what they do and choose the aspects of dentistry they are passionate about. The episode concludes with Dr. Kotlow discussing his efforts to bridge the gap between dentistry and the medical community, highlighting the systemic effects of dental issues and the need for collaboration between healthcare providers.

Here’s what to expect this episode:

• Enjoyment in Dentistry: The importance of enjoying your work in dentistry. They suggest that when you’re passionate about what you do, it makes everything else fall into place, despite the challenges that may arise.

• Challenges in Modern Dentistry: How dentistry has evolved with the internet and patient reviews, highlighting the impact of negative biases in the media. They also mention the influence of insurance companies on dental practices.

• Patient Experience: The concept of enhancing the patient experience in dental care. The use of technology, such as lasers and digital X-rays, is discussed as a way to make dental visits more pleasant and efficient for patients, especially children.

• Exit Strategy Considerations: Planning for an exit strategy from a dental practice. They advise practitioners to carefully consider when and how to transition or retire, taking into account their financial needs and the potential value of their practice.

• Balancing Work and Personal Life: The importance of maintaining a balance between work and personal life, especially as one gets older. The speaker mentions how personal and family factors can also influence decisions about continuing or transitioning in the dental field.

Connect with John Creekmur:

https://www.kiddsteeth.com/meet-the-doctor

Connect with Stan Kinder:

https://www.everythingdso.com/

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