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(Man, blogging is hard!)  Also, Associate and Partner Contracts
First, happy 4th of July week everyone! We've got incredible weather here in Minneapolis (for once!). Hope you and your loved ones can enjoy some time off. We wanted to share this post due to several recent encounters with multi-doctor practices where there was a solo owner and one or more...  Read More
You are the Educational Elite
Dear Doctor, Did you know that as a dentist you are in the top 2.94% of educated people in the country? As we get further along in our practice lives, it is very common to forget all of the hard work and sacrifice that it took to get those three letters after our names. For most of us, our DDS or...  Read More
Consultant Tip: Go for Your Dreams
Dentists go to great lengths to try and build their practices. They invest a tremendous amount of time and money to become dentists and set up a practice by getting through college, dental school, and continuing education courses. They invest heavily in office space, dental equipment, office...  Read More
Actions and Words of the Dental Team Can Increase Cancellations or Prevent Them-Tip #4
Tip #4- Don't Break Agreements With Patients. As I share how actions and words of the dental team may increase or prevent cancellations, I can’t leave out this one on breaking agreements with patients. I see practices calling patients to move up their appointments as they try to fill open...  Read More
The Toothcop Weighs In On the Tulsa Dentist Story- A Must Read for Every Dentist!
I waited to write about this story for a long time. I didn't want to jump on the hype band wagon. Every dental blogger out there is writing about this story. Then I realized, I have a different take. This is the real story that needs to be told. This is long, so print it out and read it at your...  Read More
The Future for Solo Practitioners
Inasmuch as it may seem like there is a groundswell of dental "groups", dentists of all ages looking to buy/own/grow their own practices should be viewing the prospective wave of Boomer retirees as a net-positive on every level. Yes, the economy has been poor. Yes, school-related debt is as high...  Read More
Consultant Tip: Referrals and New Patients
Many new patients are referred by successfully handled new patients. When you start something new, you try to talk all of your friends into doing the same thing so you will feel you are doing the right thing. For this reason, the new patient is most interested in his dental care and more likely...  Read More
Is Your Overhead Over Your Head?
As a follow up to my post regarding the next most influential factor on practice valuation is non-real estate overhead - i.e. your staffing, lab, and supply choices. Common Topics: Tenured Staff - It is not unusual to encounter practices with highly tenured staff that have received fixed wage...  Read More
Dental Practice Valuation Methodologies
The most common industry vernacular for expressing the valuation of a dental practice is as a percentage of annual receipts (collections) - e.g. "...I sold my practice for XX% of my receipts for the last twelve months..." Now, inasmuch as this is the long-standing tradition of discussing...  Read More
Practice Valuation & Equipment Decisions
We get it - doctors like technology! That being said, there is a not so delicate balance between equipment decisions and the valuation of a practice. Items to consider: - One of the common misconceptions is that building a practice awash in high-buck technology - e.g. CAD/CAM, cone beams,...  Read More
Distractions at the Dental Office Front Desk
Distractions at the Dental Office Front Desk Distractions at the front desk in dental offices can be common. Since this area is responsible for creating and maintaining a full and productive schedule for the practice, it is important to not have other team members pulling front desk staff away...  Read More
Owner Occupied Real Estate
For many doctors, owning your own real estate can be an effective tax strategy over the arc of a career. That being said, we encounter an endless number of practices involving owner-occupied real estate that becomes a stumbling block upon transition or retirement. Items to consider: -...  Read More
Insist Upon High Ethical Standards in Your Practice
It is impossible to achieve your goals and dreams without also having high ethical standards in all operations of the office. Any staff member that exercises low ethical standards is like a team member who keeps fumbling the ball. The other team members have to fight like crazy to get it back and...  Read More
Reduce Broken Appointments
I believe that practices have a lot more control over broken appointments than they ever realized. Many practices are running on automatic and not taking time to educate patients and look at the patient's indicators before scheduling and during confirmations. 1) Educate the patients when the...  Read More
Consultant Tip: Key Computer Reports
Computer Reports tell you what is happening in your practice and they will help you find missed opportunities based on facts. Knowing your score is important when it comes to managing your business. I recommend that you utilize the following reports from your computer software to keep your...  Read More
Real Estate Choices - The Most Common Transition Challenge
Having analyzed countless dental practices, the most common theme among the more "challenging" valuation discussions we encounter is the relative impact of real estate decisions on practice valuation. Location and visibility, while very important, aren't often nearly as important as making the...  Read More
To Blog, or Not To Blog
This post is hopefully the first of many. Most doctors are involved in a practice sale (transition) maybe once or twice in their careers. We do it daily. The purpose of this blog is to share hard won, real world experiences - good and bad - with solo practitioners for purposes of assisting...  Read More
 Consultant Tip: Actions and Words of the Dental Team Can Increase Cancellations or Prevent Them- Tip #3
Tip #3- Use Good Verbal Skills at the Time of Scheduling Not using good verbal and communication skills at the time of scheduling can contribute to patients not committing to an appointment. They may even schedule the appointment and call back later to say they are not coming. This is an...  Read More
Consultant Tip: Actions and Words of the Dental Team Can Increase Cancellations or Prevent Them- Tip #2
Tip #2- Know that a large portion of broken appointments begin chairside. As we evaluate broken appointments and track down exactly what was done prior to the appointment day, what was said and what was left off, we see that many of the broken appointments should have never occurred. Most could...  Read More
Consultant Tip:  Actions and Words of the Dental Team Can Increase Cancellations or Prevent Them - Tip #1
Tip #1- Stop making patients think cancellations are normal. Be more proactive. I think we all agree that broken appointments are not good for the practice. Through our investigations into the causes of broken appointments, we’ve discovered many times they could have been avoided if the...  Read More
Increasing Your Bottom Line
The easiest way to increase your bottom line is to not have open time in your schedule which is achieved by eliminating broken appointments and controlling your schedule. For every broken appointment and time left open on the schedule, your bottom line decreases to that degree. This is true for...  Read More
Consultant Tip: Handling Patient Complaints
Since dental practices deal with all kinds of people, there will be complaints from time to time no matter how well organized you are and/or how skillful your team. Hopefully you hear about them so you can handle them properly and get the patient happy and coming back in the future. Ignoring...  Read More
Actions of a Successful Dental Office
I’m often asked what successful offices have in common... They have a good solid ethical team, with a great attitude. There is a strong leader, they are organized and have real world systems that give more predictability and consistency. The office runs like a well oiled machine. There are few...  Read More
Building Your Practice with Emergencies and "Emergencies"
An emergency, according to the American Heritage Illustrated Encyclopedic Dictionary, is “an unexpected situation or sudden occurrence of a serious and urgent nature that demands immediate action.” When quotation marks (“ “) are placed around a word, it means the word is...  Read More
An Important Thing to Know
You do not win friends and influence patients when you use criticism, authoritative attitudes or high-pressure sales talk. You do win friends and influence patients when you really care about them and when you follow the rule be yourself. It is an interesting fact that people will respond to you...  Read More
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