The Shared Practices Podcast - Archives

PUW 7

Practice Under Water | Mystery Guest "Rock"

Interested in 1-on-1 coaching?

• Email [email protected] or [email protected].
• Tell us about yourself, your business goals, where you are currently in your practice at and where you would like to be in the next year.
• Send us your information to see if we would be a good fit for you!

To get today's practice Practice By Numbers dashboard snapshot, click the following link:

https://pages.convertkit.com/f0d9fa2c7e/891325bc90

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

Today, Matt and I are going to give you differing opinions about our mystery guest Rock and how he should move forward in their practice. George believes he is going to win on this episode, so let's see how well he fares in this instance!

Our mystery guest Rock is very different from our other guests as he only purchased his practice a month ago. He has boiled down his vision where he wants to go in his practice, and besides that, he is a long time listener and fan of Shared Practices and Practice Under Water. Yes, we are blushing!

Rock tells Matt his history and how he has come into his space. He wanted stability, as his brother, who has been a dentist for several years, really struggled getting his practice off the ground. Rock started off working at a community practice and at this job, he was forced to expand clinically and wear many hats as a specialist wasn't always around. In his new practice, he found that he is more on cruise control, referring patients out for different procedures. The dentist who sold to Rock is working with him as an associate until he decides to retire.

Rock's new practice consists of six operations with two full-time hygienists, brining in around $1.5 million per year. He feels that overhead is a bit high, however; many team members have been there for over a decade, which factors into the high overhead.

Digging in, Matt finds that Rock is terrified he is going to "steer the ship underwater" and he wants to keep the practice alive and well. His long-term goal is to expand his clinical skill set for his own benefit, not just profitability. Rock isn't interested in growing his office past one doctor at the current time as he feels that growing into the multi-doc model is more stressful and would reduce his quality of life. He considered buying a practice where one doctor was running $2 million a year doing a variety of procedures and working three to four days a week with 40% overhead and would eventually like to be at that level.

Listen in to find out how Matt and Rock come up with three different options for Rock to move forward and expand without a lot of the chaos, of which he isn't a fan. Rock's biggest goal is to bring in a moderate to high amount of money, without sacrificing his family time, and having enough quality time to feel good all around without a bunch of stress.

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. Vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way to success?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group

PUW 6

Practice Under Water | Mystery Guest "David"

To get today's practice Practice By Numbers dashboard snapshot, click the following link:

Click Here to get today's Practice By Numbers dashboard snapshot

Interested in 1-on-1 coaching?

• Email [email protected] or [email protected].
• Tell us about yourself, your business goals, where you are currently in your practice at and where you would like to be in the next year.
• Send us your information to see if we would be a good fit for you!

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

Today, Matt is going to lead our interview, and we start off by asking George if he would be an owner right out of college again. He attributes his success on being a practice owner because he didn't have the safety of working at practice before he owned his own business. He has learned that he had a hard time being comfortable with new clinical practices, similar to our feature mystery guest on our show today.

Our mystery guest David wanted Matt and George to take a deep dive into his office to find out where he could improve his practice. He is a recent grad and purchased a practice fresh out of dental school. David obtained a smaller office as he didn't know how to run a practice, and he wanted a business he could make quick, easy, changes to the practice. He believes he has a lot of room to improve as he doesn't have a mentor or family members who are dentists.

David spills how uncomfortable he was when he first started his practice, with patients commenting that he looked too young to be a dentist. His life motto is "I don't want to work harder than I have to," and he feels that ownership gives him the freedom and flexibility for the lifestyle he wants to lead. David says that he likes to use the free resources online, although he is slow to reach out more to mentors, however; when he does reach out, he receives beneficial information to apply to his practice.

Digging in, Matt finds the reason why David isn't reaching out to mentors is because of pride, not wanting to bother other people or take up too much of their time. His long term goal is to have a partner to work within his business. He believes having a two-partner office would give him more freedom, especially on vacation.

Listen in to find out how David was burned in his transaction when he bought his new business and how he dealt with the fallout of his seller stealing over $15,000 of equipment and how he feels he is doing his first year of practice.

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. Vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way to success?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group

PUW 5

Practice Under Water | First Mystery Guest "Jane" Part II

Interested in 1-on-1 coaching?

• Email [email protected] or [email protected].
• Tell us about yourself, your business goals, where you are currently in your practice at and where you would like to be in the next year.
• Send us your information to see if we would be a good fit for you!

To get today's practice Practice By Numbers dashboard snapshot, click the following link:

https://pages.convertkit.com/f0d9fa2c7e/891325bc90

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

Today we are picking up from PUW Episode 04 with Jane. She is a female entrepreneur who asked to be on the show for a deep dive into her new business. She was interested in finding out what pieces of her practice weren't performing as well as she would like them to perform. Jane currently doesn't track her numbers like she should and wanted to know what she is missing in her practice.

Digging in, I find that Jane is treating very well and she is in the top 10% for several factors, but she doesn't believe she is doing well. She talks about getting past "being productive equals being extremely busy." She does minimal marketing as her practice is booked out well in advance. Jane admits to being a phenomenal owner, but a terrible associate. She is banking over $145,000 a month in production with her overhead being $35,000 a month (see bonus PDF for this episode). Jane chats about building outsmart and having low overhead to increase revenue.

Listen in to find out what Jane can do to bring her practice closer to $1.5 million in revenue.

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. Vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way to success?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group

PUW 4

Practice Under Water | First Mystery Guest "Jane" Part I

Click Here to get today's practice Practice By Numbers dashboard snapshot

Interested in 1-on-1 coaching?

• Email [email protected] or [email protected]
• Tell us about yourself, your business goals, where you are currently in your practice at and where you would like to be in the next year.
• Send us your information to see if we would be a good fit for you!

Being Extremely Busy Doesn't Equal Being Productive

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

Today we interview a female entrepreneur who asked to be on the show for a deep dive into her new business. We'll call her Jane. She was interested in finding out what pieces of her practice weren't performing as well as she would like them to perform. Jane currently doesn't track her numbers like she should and wanted to know what she is missing in her practice.

What are some of Jane's most significant challenges? Finding competent staff, specifically excellent front desk personnel. She is experiencing high stress from a lot of turnover in her practice just one year into her business. Jane's business encompasses eight practices, and she would eventually like to bring in an associate or partner. Multiple locations appeal to her because of the quantity of passive income, which comes with multi-practice ownership.

We converse about Jane's ideal practice, her vision of maximizing her practice, and how she feels as if she is carrying her entire practice on her shoulders. Model and me - what is the ratio of each affecting her success as an owner?

Listen in to the next episode, PUW Episode 05, to find out how Jane can take her practice to 1.5 million dollars.

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. A vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way to success?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group

PUW 3

Making Lemonade Out Of Lemons with Dr Ike Urling

We are excited to have our first real episode with a client on Practice Under Water! This weeks episode we have a story of perseverance with Dr Ike Urling. Dr Urling was hoping to buy a practice straight out of school but had a couple opportunities fall through the cracks. Its refreshing to hear a story that a practice doesn't just fall in place but some hard work and dedication was needed to make the right opportunity. Dr Hariri and Dr Urling five into how they used Practice By Numbers and some outside perspective from Dr Hariri to drive decision making to turn a small practice into a thriving one!

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. A vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group

PUW 2

Practice Under Water

Click here to access the sample practice from today's episode

Practice Under Water brings together dentists and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

Get your notebook and pen out for this packed-full-of-information episode! Today we are having an informative conversation with Rohit, one of the founders of Practice By Numbers software. Practice By Numbers is a game-changer for the business side of your practice.

Rohit's background is in engineering; and, while he was working as an engineer, his wife opened her own dental practice. Rohit supported his wife while she was building her practice, assisting her with the numbers side of the business. He would spend many hours figuring out the financials for her practice. Rohit realized there was a need for software to automate the business side of dentistry and developed Practice By Numbers in 2016.

Are you ready? We are taking you on a Practice By Numbers dashboard journey, where we will delve into why Rohit chose the metrics for his software, how the dashboard is set up and how valuable Practice By Numbers is for your dental practice.

We converse about collections, scheduling, and how to look at the numbers. Learn how you can be proactive and measure metrics in your business. Three positions we look at with this software are: Where you are, where you want to be, and how can you take action to get there. With these metrics, you can now project your future earnings for your practice. We walk you through real examples and how you can build your practice with this fantastic software. After using Practice By Numbers, you'll wonder how you ever practiced without it!

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. A vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group

PUW 1

Nothing Is off the Table, You Can Have Anything You Want

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, Dr Hariri and Dr Guarino will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error.

Dentistry can be a tough career on a daily basis. We all struggle through issues which hold us back, and, with Practice Under Water, our guests will be anonymous. This lends our guests to tell all, give confidential information about the inner workings of their practice. We want this show to be open and uninhibited for you to receive the best takeaways from each episode. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

What is your job? Be honest and declare what you want. Your coach should have your back and be there for you to support you and move you forward. Calling you out on what you need to do to make your practice work well is their job.

We talk back and forth about holes in our practices, how we worked through our decisions, and why you can leave scarcity behind with a coach. How do you know you're ready, especially with hygiene? Making uncomfortable decisions is the next step to being a leader in your practice. Accepting less than excellent results doesn't lead to growth. Get through your discomfort to get to your goals. Make significant changes by tying them to identity. See your actions through this lens.

Would you like to be a guest on the show?

Copy and paste these questions on the email.

Email [email protected]

or

[email protected]

Tell us:

1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
2. Goals for your practice
3. Vision where you would like your practice to be, where you would like to go
4. Where do you believe you are falling short in your practice?
5. How are you getting in your own way?
6. Why isn't the practice performing the way you would like?
7. What would you like coaching for?

Episode 4-42

Trials, Tribulations, and Growth of Practice Ownership with Dr Megan Timm

To follow up or flashback episode last week, we brought Dr Megan Timm back on for an update episode! We love how bold she was buying two practice's straight out from school and we needed to hear how things were going. Dr Timm was very candid throughout sharing about her growth and speed bumps along the way. Quite a few pearls were giving about buying A/R, having crucial conversations, and getting staff to buy in.

Bio

Megan (Vogel) Timm grew up in Williamsburg, Iowa. She is a 2010 graduate of Williamsburg High School, after which she attended Mount Mercy University and received her Bachelor's of Science in Biology. Dr. Megan then received her DDS from The University of Iowa College of Dentistry. Because she loved growing up in a small town, Megan was thrilled to have the opportunity to return home in Eastern Iowa.

Show Resources

Smiles Iowa

Episode 4-41

Flashback! Dr Megan Timm Buying Two Practices Fresh Out of School

We are going back in time to highlight a fantastic story of courage from a fresh grad buying two practices right out of school. Dr Megan Timm pulls off this feat with some resourceful-ness that only true entrepreneurs have. Dr Timm also gives one of the greatest pearls on financing. It's so mind blowing that we had to bring it back again!

Resources

Smiles Iowa

USDA Loan

Episode 4-40

Marketing Is Everything with Vicki McManus

I'm excited to talk to Vicki McManus at the Productive Dentist Academy Event; recording live in front of a workshop class here at the event. The audience has a list of marketing-related questions piled high and ready for Vicky's answers!

The first question is about review services. What is the best and most cost-effective option? Make sure to vet any paid service before you purchase the service. If you have a paid service, you can funnel your reviews through the service. Two vital components: service must be via text, and we like, and use Swell.

Next, how can you get your team members on board with your marketing program? Give customer service that "Wows!". Create a buzz in your practice, make sure it's patient-centric, and the energy from your practice flows out into the community. Ask for referrals and testimonials from your current clients. Allow team members to be an ambassador and speak about your practice. Vicki recommends hosting two community events a year, such as a patient appreciation party.

Lastly, how do you balance the marketing when it comes to brand management? Make sure you understand your brand and what you stand for. Vicky suggests being known for comprehensive care under one roof. Membership plans are becoming very popular with dental patients. She recommends a membership plan which rewards healthy patients — marketing lifestyle and the benefits of your patient's life.

Bio

Vicki practiced clinically as a dental assistant for 13 years and continued her education in marketing, finance, and business management. While practicing, she saw an opportunity to arise within dentistry in the area of marketing and running a business. Dentists and healthcare providers all over the country were owning and operating their practices but knew little about running a successful business. She saw a need and came up with a business plan to fill that need better more effectively than other marketing companies.

Today, as the CEO of two rapidly growing companies in the industry, she is proud to say that she is "All in!"

Show Resources

Vicki McManus Website

About Vicki McManus

Vicki McManus on LinkedIn

Productive Dentist Academy

Contact Productive Dentist Academy