Get Off the Dental Treadmill Podcast: Great Dentistry by Dentists Who Lead

Should associates have actual ownership? Let's start there. I think before you even go there, whether they should or shouldn't, I think you've got to question, what's the motive? Why do I want to give up equity in my business/practice? What am I getting in exchange for that? So by giving up equity in my business, I'm diluting my own position. I think a lot of times, doctors who have associates are bringing equity to the table because they believe that their associate is going to leave them and compete with them, and that their desire is to own something.

Eric is currently the director of Business Development for North American Dental Group, a Group practice that has amassed just under 200 practices in its short 10 years of existence. In this role, he is responsible for the acquisition growth for the company, as well as doctor retention and doctor/partner business development. In his prior role at Henry Schein Dental, Eric created the business solutions department for the company inclusive of Business Education, Business Services, and Business Consulting. He is frequently on stage speaking for study clubs, associations and large conventions and has authored several periodical articles about the business of dentistry featured in DE, Sidekick, Trainer Magazine, and Forbes.

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Today I want to talk to you about the four building blocks of any successful practice. There are four building blocks upon which all privately owned businesses are founded. They exist whether we pay attention to them or not. Most of us can't take the time to see this because we're stuck on the treadmill too busy trying to make money. So let's unpack these. And we'll give you an understanding of why these are so important to grow your practice and grow practice that makes money while you are not there.

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I hope we don't have staff because staff is an infection.  One of the  things we've experienced in this is that staff sometimes is a result. Sometimes it comes from the way that we as leaders treat them and how we view them. Do we view them as smart and motivated, or do we view them as stupid and lazy or somewhere in between where they're just not going to do anything unless I tell them to do it?

Sameer Bhasin, VP of Alliance at CareCredit, is dedicated to working with dentistry’s key opinion leaders and leading educators.  One of Sameer’s key initiatives is to gather the latest insights, ideas and practical tools presented at dental meetings and conventions, so he can help the doctors and their teams increase “recommended” patient care.

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Let's start with the dark side, where you were before you felt like you got your freedom, both you and your husband and your practice, just kind of paint a quick picture of that.  So the dark side was where my husband had a dental practice and I was his office manager. But I had bigger and better plans for us. He started to have bigger and better plans for us instead of sitting status quo, grinding it out day after day. So that was the start of our awareness that this is not where we want it to be.  

Shelley Renee has over 30 years’ experience in managing dental practices. The knowledge and skills gained through hands-on experience have shaped her current success as a sought-after practice management speaker and consultant.  She works with dentists who want to get systems in place and build a dream practice.  Regardless of the starting point, Shelley leaves you with the peaceful, productive and profitable practice you have always wanted. 

http://www.shelleyrenee.com/

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I wanted to figure out how to build a practice where I can get off the treadmill and make more money in less time.  And this can actually be fun.  Isn’t making money while you’re not there counter logical?  Everyone knows that the dental industry is hard.  It’s hard on the body.  Obviously we need to make money, but at the same time, we need to focus on not only the goals of the practice, but ways that we can make money when we're not in the office and build towards that.

How easy is it?  Things to think about when opening more locations.

As current President and CEO of the DEO, Jake works exclusively with emerging-market group dental practices by building a community of like-minded group practice owners. Jake gives group practice leaders the resources and support they need to move from disjointed “dots on a map” to unified, thriving dental group enterprises by “Thinking like a CEO.”

I'd like to talk about how you find those rare, great, rock star team members.  Let me start by saying they aren't rare, I believe that somewhere around 80%, or perhaps even more of the people who are in dentistry would be rock stars and great team members, if we either allowed it or required it.

This is about highest common denominator standards. Go back to the podcast right before this one to learn more about each HCD versus LCD practices.  I'll remind you in this podcast that managers manage with policies that's the lowest common denominator mindset and leaders lead with principles that's the highest common denominator, mindset. And everything a manager does with policies drags people to the bottom.

Today we're going to speak with Eric Nuss about things to think about before opening another practice location. And for those of you who aren't thinking about opening another location, don't tune out. Because I'm going to guarantee that that 80 to 90% of this will apply to you whether you ever open another location or not. Because the reality of it is, if you're going to open a second location, the first one should be humming.

Are you stuck in your practice? Not thinking about taxes? Why is it we spend time planning for vacations, car purchases, and stuff like that, but typically have little communication with our CPA throughout the year?  We might meet with them maybe in February or March but are you really optimizing that relationship to reduce your tax bill?