Dental Unscripted | Getting into Ownership and Practice Management Insights

Joining us on this Podcast Episode are some incredible guests who are shaping the future of dental practices.
We have Nicole Yount, an executive coach and ortho specialist at Next Level Consultants, sharing her expertise on integrating orthodontics into general practice.

Also joining us is Nick Greenfield, the CEO of Candid, introduces us to Candid Pro, a clear aligner system designed specifically for general dentists, promising predictability, efficiency, and profitability. And from Tacoma, Dr. Arvind Petri, a seasoned dentist who has transformed his practice with Candid Pro, offers a real-world perspective on how this partnership has been a game changer for his business.

The episode kicks off with some really exciting news. We explore how CandidPro is tailored specifically for General Practitioner Dentists, offering a unique blend of technology and expert support that reduces the number case of office visits, enhances patient compliance, and ultimately boosts your practice's bottom line!

CandidPro is specifically designed to help general dentists deliver predictable outcomes, work efficiently, and drive more profit per case. We’ll hear from Nick Greenfield about the value this clear aligner system can bring to practices of all sizes and get a first-hand account from Dr. Petrie, who has already earned over $600k in revenue working with CandidPro.

Learn More about  our SPECIAL OFFER by visiting the link below and connecting with Candid
Start your CandidPro experience with over 30% off your first 3-4 cases and experience the difference!
https://www.candidco.com/nxlevel

Whether you're a startup looking to incorporate orthodontics from day one, or an established practice aiming to expand your services, this episode is packed with insights on how to leverage this innovative partnership to grow your practice. We'll discuss the importance of team training, clinical confidence, and how Candid's system can be a cornerstone in your practice's success story.

0:00 Intro
2:00 Introducing CandidPro Guest speakers
7:10 What is Candid?  and Candid's Market Impact
9:44 Why CandidPro is a Game Changer: Predictability and Efficiency
12:30 A Dentist's Experience w/ CandidPro clear aligners
17:18 Typical Pitfalls GPs Face Offering Clear Aligner Therapy
26:08 How Does CandidPro Increase Revenue compared to Competition
35:22 Candid's Partnership in Empowering Docs w/ Clear Aligner Therapy
38:04 Team Integration: Rally the Troops Implementing Clear Aligners Therapy
43:33 Why CandidPro is the Clear Solution.

This latest episode with hosts Mike Dinsio and Paula Quinn, along with guest Dave Dahler from Menlo Transitions, discuss the nuances of finding the right practice to buy.  We deep dive into the complexities of partnerships with brokers and the importance of networking. This episode is packed with insights for current and aspiring dental practice owners.

Reach out to Connect with Dave Dahler - tell him you saw the show!
[email protected]
O. 480-290-7720
D. 614-315-5065 (Call or Text)

Navigating a Practice Acquisition:
Learn about the different pathways to acquiring a dental practice, including direct networking and working with brokers.

The Role of Partnerships:
Understand the pros and cons of entering a partnership, with real-world advice on managing expectations and planning for the future.

How To Prepare to Purchase:
Gain clarity on how production affects financing and what to prepare in terms of financial documentation.

Interacting with Practice Brokers:
Get tips on how to effectively engage with brokers, ensuring you're ready with the right questions and expectations.

Finding a Practice That's a Good Fit:
Discuss how to assess if a practice matches your clinical skills and business vision, beyond just the numbers.

Whether you're looking to buy, start up, or manage a dental practice, this podcast offers practical advice from seasoned professionals in the field. Don't miss out on more unscripted discussions that could help shape your path to successful dental practice ownership.

Tune in, subscribe, and join the conversation on how to make your dental practice journey a success!

0:00 Introduction to Dental Unscripted
02:30 Welcome David Dahler Dental Practice Broker
03:35 Finding a Dental Practice
05:04 Networking Strategies
08:41 Using Dental Practice Listings to Find a Practice
10:42 Challenges w/ Dental Practice Partnerships
27:53 How to Approach a Broker
40:20 Preparing Your Records Before Buying
47:49 Working with a Team of Advisors

Don't forget to LIKE, COMMENT, and SHARE this episode if you find it valuable! What are your thoughts on loan structuring for a dental practice?

Dental Unscripted Host :
Michael Dinsio is a dentist's buyer representative, helps dentists buy dental practices step-by-step through the acquisition process. With over a decade of experience and more than 500 dental transactions, Michael is a key opinion leader in the dental industry. This program helps walk dentists through the process of becoming a dental practice owner via dental practice acquisitions. If you would like a free consult with Michael or would like to work with Michael in the future visit his webpage. ⁠https://www.nxlevelconsultants.com/buyer-representation.html

🏦 Huntington Bank is a regional bank based in Columbus, Ohio, with a history dating back to the post-Civil War era.1 In 2017, former employees from Mike and Luke's previous employer joined Huntington to develop a unique dental lending program. Luke has been working in dental lending for over 15 years. He describes the dental industry as resilient and constantly evolving, making his work engaging. Contact Luke here: http://calendly.com/lukeakapper He can work with you to understand the best options for you.

This episode emphasizes that rates 📈 are complex and influenced by various market factors, not solely individual credit scores. They are tied to indexes like prime rate (influenced by the Fed) and ten-year treasuries (influenced by market demand).  Due to market volatility, the discussion stresses the importance of rate locks. A rate lock provides a ceiling on the interest rate for a specific period, protecting borrowers from potential rate increases.

0:00 - Episode Introduction
2:23 - Mike introduces Luke from Huntington Bank
5:27 - Resilience of dental lending, Emphasizing the stability of the dental industry.
7:18 - Understanding loan rates
9:06 - Federal Reserve rate vs other indexes
11:13 - How banks "broker cash" - Market demand determine loan rates.
15:49 - The volatility of rates and the importance of rate locks.
18:30 - Loan structure, importance over just looking at interest rate.
21:53 - Defining "loan structure", term length, interest-only periods, and loan amount.
23:09 - "Practice Pulse", offering post-loan support to new dental practice owners.
28:34 - Loan amounts, particularly in the context of practice valuations
37:53 - "Modified startups" or "Jumpstarts," allowing for financial flexibility.
40:28 - The challenges that come with owning a dental practice & profit margins
48:57 -Trend of practice "buy-ins" & an "incremental buy-in loan" for a structured transition.

Loan Structure vs. Interest Rate: 
The conversation shifts to the importance of loan structure. While rate is important, the podcast emphasizes that structure is even more critical for long-term success. Structure encompasses various loan features beyond the interest rate. Luke defines structure as "all the other stuff that really isn't your interest rate," including the length of the loan term, interest-only periods, and other supporting features.

Key Elements of a Loan Structure:
Three key elements of structure: loan amount, length of the term, and interest-only periods (or graduated payment periods, especially relevant for startups). Michael Dinsio reiterates that rate is less important than these structural elements in ensuring the borrower's financial well-being.

Prioritizing Loan Features:
Mike suggests the order of importance as:
1) Loan Amount
2) Length of Term
3) Interest Rate
4) Interest-Only Period

Luke Kapper agrees, adding the value of Huntington Bank's "Practice Pulse" program, which provides post-loan business support and consulting for up to two years. Luke explains the Practice Pulse program, a free service included with Huntington Bank's loans. Michael emphasize the importance of thorough planning and utilizing available resources, such as Huntington's Practice Pulse program or consulting services, to navigate the challenges of practice ownership.

Cash Flow and Post-Acquisition Challenges:
The conversation emphasizes the importance of sufficient cash flow after the acquisition. They discuss common post-acquisition challenges that require cash, including staff raises (almost a certainty), marketing expenses (often neglected by previous owners), and accounts receivable (AR) fluctuations, which can create a 90-day cash crunch. Michael emphasizes the importance of thoroughly planning and utilizing available resources, such as consulting services like Next Level Consultants, to navigate the challenges of practice ownership. He stresses that while dentists have low default rates, this doesn't guarantee financial success. Many owners may struggle to generate substantial profit despite meeting their loan obligations.

Ownership vs. Associate Dentistry:
Michael also reiterates that practice ownership generally offers greater financial potential than being an associate, even during the initial transition period.

Dental Unscripted Host :
Michael Dinsio is a dentist's buyer representative, helps dentists buy dental practices step-by-step through the acquisition process. With over a decade of experience and more than 500 dental transactions, Michael is a key opinion leader in the dental industry. This program helps walk dentists through the process of becoming a dental practice owner via dental practice acquisitions. If you would like a free consult with Michael or would like to work with Michael in the future visit his webpage. ⁠https://www.nxlevelconsultants.com/buyer-representation.html

Welcome to Dental Unscripted, a podcast hosted by Mike Dinsio and Paula Quinn. This episode focuses on ground marketing, a strategy for building strong community connections and attracting new patients.

Michael Arias, a guest expert, defines ground marketing as a sophisticated approach to building trust and relationships before focusing on profits. He emphasizes the importance of genuine interactions and providing value to potential patients.

CHECK RESOURCES FROM MICHAEL ARIAS HERE!!!
The Ground Marketing Course
https://thedentalmarketer.lpages.co/the-ground-marketing-course-open-enrollment/
The Dental Marketer Podcast
https://thedentalmarketer.site/podcast
My Email List/ Newsletter: Unlock Guaranteed Growth - Rare Tactics & Deep Insights to Transform Your Practice, Every Week
https://thedentalmarketer.lpages.co/newsletter/

TOPICS DISCUSSED IN THIS EPISODE:
Disarm sales tactics by being inquisitive
Approach businesses with genuine interest in their operations and offer assistance.

Reciprocity
Provide value to businesses, such as free whitening or exclusive offers, to encourage referrals.

Building relationships
Focus on building rapport with business owners and employees through consistent follow-up and genuine interactions.

Targeting influencers
Identify key individuals in the community who can influence others and offer them special treatment to encourage positive word-of-mouth.

Interacting at Community Events
Use interactive tactics like creating a spread of gifts to choose from or offering exclusive incentives to keep attendees engaged.

Network with the Event Vendors
Offer them exclusive deals and incentives. Collect their contact information for future follow-up as well.

Effective follow-up
Implement a robust follow-up system to convert leads and nurture relationships.

This episode highlights the importance of consistency, persistence, and genuine care in building strong community relationships. By implementing these strategies, dental practices can effectively attract new patients and grow their business.

ABOUT THE HOSTS:
Whether you're a budding entrepreneur or a seasoned dental professional, this podcast is your go-to resource for valuable insights and practical advice. Subscribe now to stay tuned for exciting new episodes!  Michael Dinsio is a dental startup coach and/or a dental practice buyer's representative. Paula Quinn is a dental practice management consultant. Together they can help docs at any phase of their professional dental practice ownership journey!

Visit Michael & Paula's webiste at https://nxlevelconsultants.com/what-we-do

Dental Unscripted started out in 2019 with the idea of starting a podcast to help dentists learn about starting a dental practice from scratch. It was called Start Up Unscripted. After a year of walking dentists through the startup process, Michael Dinsio then started another podcast called Dental Acquisition Unscripted. Now after 4 years of podcasting we wanted to not only talk about getting into dental practice ownership but also how to run a successful dental practice. On this podcast Dental Unscripted Michael Dinsio, MBA and Paua Quinn, BSDH will discuss:

• The top 5 pitfalls of front office team members 
• financial literacy
• how to develop a health team culture in your practice
• Getting the most out of your hygiene department
• Tracing Insurance Claims
• The importance of Leadership
• The importance of Good Job Descriptions

Paula Quinn is a practice owner, long time hygienist, and dental consultant and joins up with Michael Dinsio on the show to help discuss and cover the dental practice management topics that help doctors as practice owners. Both Michael and Paula are available at https://nxlevelconsultants.com