January 24, 2024

Ep 16: From Clinical Skills to Business Acumen: Bridging Dentistry and Business

44 minutes

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/

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