Provide: The Path to Owning It

"Only fools rush in."

It's not just a wise dictum about falling in love.

It's also great advice for startup dental practice owners about hiring the right people.

In today's competitive employment market, it's more important than ever to align your values with employees, offer them competitive compensation packages, and create room for them to grow.

How do you make time and build a plan for this amid all the other work of opening a new practice? That's where today's guest comes in.

Maritza Duran is the founder and CEO of MDent Consulting Services. With over 20 years of management experience, Maritza started her career as a dental assistant and worked her way up to regional manager of the group. Since founding MDent, Maritza and her team have focused on helping dentists successfully start or acquire practices, from securing financing to filling schedules and everything in between. She is also a certified body language trainer, leadership coach and adjunct faculty professor at Temple University. 

In this episode, we'll discuss:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

David Harris has one of the most interesting jobs in dentistry.

When office managers, staff members, or business partners steal from dental practices, it's his job to uncover the embezzlement, stop the crime, and document the evidence needed to fire and convict the perpetrators.

After doing that job for more than 30 years, he's seen and done it all.

Today, David is the Chief Executive Officer of Prosperident, the world’s largest firm investigating financial crimes committed against dentists.

As a licensed private investigator, a Forensic Certified Public Accountant, and a Certified Fraud Examiner, he is the author of two books on embezzlement, and a frequent presenter at regional, national, and international dental conferences.

We'll ask him:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Be honest. Are you sick of hearing about the "seller's market"?

In current market conditions, it doesn't seem likely that will change any time soon.

If you're hoping to achieve financial independence by purchasing a healthcare practice, it's absolutely critical to put forward an offer that appeals to sellers and gets you to "accepted".

In this episode, we're talking with Nick Elliston, a managing partner with Total Practice Solutions Group, which specializes in veterinary hospital sales and appraisals. His areas of expertise include appraisals, commercial real estate, financing, contract negotiation, and consulting. During his 15-year tenure, Nick has successfully closed $500M+ in veterinary acquisitions, including the sale of his own hospital. 

We'll ask him:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

From fresh-out-of-dental-school to mid-career-earner to aspiring-retiree, each phase of a dentists' career is unique.

Each phase requires a different approach to wealth management (if a dentist plans to thrive in their professional and personal lives).

Picking a winning financial strategy doesn't start with finding the right balance between your 401k and your Roth — according to today's guest.

Instead, it starts with defining your relationship to money: what are your needs, your priorities, and your goals?

Tim McNeely is a leading advisor to dental entrepreneurs, a Certified Financial Planner and a Certified Investment Management Analyst. He has a passion for helping dentists succeed in all stages of their careers, and is also the host of The Dental Wealth Nation podcast, a best selling author and a keynote speaker.

We'll ask him:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

As a new dental associate, you can be forgiven if employment contracts make your head spin.

They can be long, dense, and packed with terms that non-lawyers have never heard of.

Before you breeze through your employment contract like it's the Instagram terms-of-service, remember—this document could shape the trajectory of the rest of your career!

In this episode, we're bringing in a ringer to help dental associates decode employment contracts and lay out some basic expectations for their first associateship.

Hillary Harms Becchetti is the founder of Pine Lake Dental Law & Transitions in Minnesota. Pine Lake is a full service transition company and law firm performing around 60 dental transitions per year, and they also provide dentists with associate contract review and employment law consulting. 

We'll discuss:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Building relationships with patients can be one of the most rewarding parts of owning a healthcare practice.

(Or, for veterinarians, also building relationships with the patients' owners...)

What happens when you decide you want to expand your practice into multiple locations? Will you still have the time to dedicate to connecting with patients? How will you foster the kind of culture you want in your new locations?

Dr. Mike Robinson, VMD has learned the answers to these questions and more on his road to becoming the owner of multiple animal hospitals in North Carolina.

He began working as an associate at Cabarrus animal hospital in North Carolina in 2011, and a few short years later, he found himself in a position to purchase the hospital. Then in 2019, he opened a startup clinic in Harrisburg and in 2022 bought a third clinic in the same area. He’s currently in the process of completing a ground-up construction project which will be the future home of both Harrisburg hospitals.

In this episode, we'll ask him:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Growing a healthcare practice is a journey.

If you want to be successful, it helps to start with a destination in mind.

Thankfully, other providers have been down these roads and have learned from the decisions that ultimately led them to where they wanted to be.

In this episode, we're going to share their journeys so you don't have to learn those same lessons the hard way.

Dr. Richard Low is CEO at Shared Practices, a consulting firm that helps dentists nationwide buy and scale their practices through coaching, from single-doctor locations to multi-doctor large practices.

Dr. Low started Shared Practices as a podcast to help young dentists buy and run their own successful practices, and it quickly became the No. 1-rated dental podcast. And in 2021, Shared Practices Group was founded as the fastest-growing implant group in the nation, with 23 locations and another 15 planned by the end of 2023. 

We'll discuss:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

When starting a healthcare practice, it's easy to get caught up in the details – the who, what, where, and when of opening your practice, so to speak..

But have you stopped to think about the "why"?

According to this week's guest, Stephen Trutter, too often the "why" of practice ownership is an afterthought – if it's considered at all.

As CEO at Ideal Practices, a dental consulting firm that’s opened more than 3,000 practices, Stephen knows a thing or two about the topic.

Throughout his 17 years in dentistry, Stephen has personally guided more than 850 startup practices. He preaches what he calls "the three Ps of practice ownership: practice, profits and purpose."

In this episode, we'll discuss:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

For many practice owners, their business is their life's work – a true personal and professional investment.

So when the time comes to sell, it's crucial for owners to maximize the return on their investments – we’re talking decades of procedures, critical business decisions, and long days.

What many sellers don't realize is that the decisions they make in their final months as owners can have an enormous impact on the value they realize from the sale.

In this episode, we're talking to Thad Miller, an industry leader with more than 25 years of business experience and the creator of ddsmatch.com, which helps more than 8,000 dentists across the country find a seller. The site has more than 1,200 sellers to choose from, with almost $250 million in assets under transition management.

Thad also manages dvmmatch.com, which offers the same services to veterinarians.

Tapping into his deep well of knowledge, we'll discuss:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Buying or selling a healthcare practice is usually one of the biggest financial decisions of a doctor’s life.

It can be accompanied by stress, uncertainty, and even conflict.

Since it's something most people do only once (maybe twice), the laws and best practices that govern practice transition can be unfamiliar or confusing.

In this episode, we're joined by Dr. Lee Maddox, who has more than 20 years of experience as a healthcare attorney.

Dr. Maddox practiced endodontics and maintained two offices in Orange County, California, for five years. During this time, his practice increased production by an incredible 700%.

In his post-provider life, he's been providing legal services to dentists since 2001, helping thousands of doctors with their transition needs and general ledger services. He's been in the dental transition business as a practice broker from 2010-2018 and practices law full-time to support dentists, veterinarians, and other medical professionals.

Together, we'll discuss:

Are you ready to take control of your future and start building your legacy? Visit ⁠getprovide.com/start/the-path-to-owning-it to pre-qualify⁠ for financing in as little as two minutes, with no impact on your credit score.

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.