By Stephen Trutter
4.8
4949 ratings
The podcast currently has 22 episodes available.
Stephen Trutter, CEO of Ideal Practices, welcomes special guest Brian Hanks, founder of The Gentle Buyer Advocates and author of *How to Buy a Dental Practice*, to dive into one of the most debated topics in the dental world: Should you start a new dental practice or buy an existing one? Together, they explore both avenues, weighing the advantages and challenges of each.
**Key Points Discussed:**
- Common misconceptions about buying a dental practice.
- Key considerations for starting a practice from scratch.
- The importance of practice ownership for career control and financial freedom.
- Why timing and location matter for both buying and starting.
- The role of patient retention and growth in both scenarios.
- Critical financial insights for both options, including how to avoid costly mistakes.
**Links and Resources Mentioned:**
- *How to Buy a Dental Practice* by Brian Hanks (Available on Amazon)
- Practice Purchase Podcast with Brian Hanks
- [Ideal Practices Website](https://howtoopenadentaloffice.com)
**Calls to Action:**
- Ready to take the next step in your dental career? Tune in now to learn whether buying or starting a practice is right for you.
- Check out Brian Hanks’ book *How to Buy a Dental Practice* for a deeper dive into the acquisition process.
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In this episode, Stephen Trutter talks with Stacy Peters, Director of the Startup MBA for Ideal Practices, about the crucial role business systems play in dental startups. While many dentists are confident in their clinical skills, running a successful practice demands mastery of the business side as well.
*Key points discussed:*
- The importance of business systems in dental startups
- How to avoid common pitfalls that lead to struggling practices
- Real-world examples of dentists who built thriving businesses with the right systems
- Financial guidelines and team accountability
- Patient experience and its direct link to practice success
*Links and resources mentioned:*
- [Startup Practice Blueprint Course](StartupPracticeBlueprint.com)
- [Ideal Practices Website](https://www.idealpractices.com)
*Calls to action:*
If you’re ready to take your dental startup to the next level, join the Startup Practice Blueprint course to learn from experts like Stephen and Stacy on building a solid foundation for long-term success.
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- Insurance credentialing vs. negotiating: Learn the difference between these two essential processes and how they impact your dental practice.
- The importance of having experts assist with insurance credentialing to ensure accuracy and efficiency.
- Timelines: Credentialing can take 3-6 months, so start the process as soon as you secure your real estate.
- Credentialing strategies, including in-network vs. out-of-network, and how to decide what's best for your startup.
- Tips for negotiating fee schedules and knowing when it’s worth paying for a negotiating service.
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**Introduction:**
Welcome to today's episode, where Stephen Trutter is joined by Steve Burns, a senior advisor with over 30 years of experience in dental equipment and technology. Together, they explore how dentists can make smart equipment purchases for their startups, ensuring that investments align with both their clinical vision and financial constraints.
- **Key Points Discussed:**
1. The importance of budget management when choosing dental equipment.
2. How to navigate promotions and avoid being oversold by vendors.
3. The benefits of phasing in technology over time, focusing on what adds immediate value.
4. How showrooms and vendor relationships can impact decision-making.
- **Links and Resources Mentioned:**
- Ideal Practices Startup Practice Blueprint course
- Manufacturer promotion websites
- Recommendations on internal scanners and phased technology adoption
**Calls to Action:**
Sign up for the **Startup Practice Blueprint** course to dive deeper into creating a successful dental startup, and explore more insights from industry experts like Steve Burns.
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Introduction to the Topic: Welcome back, associate dentists! If you're on the fence about whether to pursue a startup or an acquisition, this episode is for you. Today, we're diving into the David vs. Goliath story of dental startups versus corporate dentistry, offering insights on how you can make your dream practice a reality even in the face of big corporate competition.
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In this episode of "The Startup Dentist," host Stephen Trutter dives into the critical topic of dental real estate. With real estate decisions being one of the most significant financial commitments for dental startups, Stephen provides essential insights to help you avoid costly mistakes.
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Links and Resources Mentioned
Calls to Action
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Choosing between starting a new dental practice or acquiring an existing one involves weighing the freedom and creativity of a startup against the immediate functionality and existing patient base of an acquisition. Each path offers unique benefits and challenges that must align with your personal goals and professional aspirations.
Interested in more detailed insights and experiences from dental professionals who have walked both paths? Tune into the full episode.
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Starting a new dental practice is an exhilarating journey, filled with opportunities and, unfortunately, numerous potential pitfalls. Many dentists embark on this venture with a DIY mindset, only to encounter unforeseen challenges that can hinder their progress—or worse, jeopardize their business. In our latest podcast episode, "How to Avoid the DIY Pitfalls of Dental Startups," we peel back the curtain to learn the critical strategies that can help you avoid common mistakes and set a solid foundation for your practice.
Understanding the Risks of a DIY Approach for Dental Startups
The allure of doing it yourself, especially in the initial phases of setting up a practice, is strong. You might think that handling everything from real estate transactions to interior design and marketing might save costs. However, this approach often leads to compromised outcomes. Without specialized knowledge in areas like dental office design, marketing, and practice management, DIY efforts can quickly become costly missteps.
Learning From Your Fellow Dental Practice Owners
Take Dr. Ben’s story for example: with the success of his practice, he managed to pay off the looming pile of debt from his student loans within just a few years of opening his practice. What a ginormous weight lifted off his shoulders!
How did he pay off his dental student loans? Well, his success wasn't due to cutting corners, but through strategic planning and understanding where to allocate resources effectively.
His story is a testament to the power of aligning practice, profits, and purpose.
Growth vs. Savings: Striking the Right Balance in Dental Startups
One of the key points I want you to take away from this episode is the importance of focusing on growth-oriented strategies rather than just cost-cutting. While it's essential to maintain a budget, under-investing in critical areas like technology, marketing, and space can limit a practice’s potential and lead to greater expenses down the line. Like I always say “No one has ever saved themselves into a million-dollar practice”
A perfect example: opting for a slightly larger space might seem expensive initially but can dramatically increase operational capacity and revenue potential over time.
The Value of Professional Guidance for Dental Startups
DIY projects might give you a sense of control, but professional guidance is invaluable. Experts who specialize in dental startups can help you navigate complex decisions, from choosing the right location to investing in the right technology. They can also steer you clear of common missteps that many new owners make, saving you from costly errors and helping accelerate your path to profitability.
Marketing: Your Gateway to Patient Growth
A significant focus of the episode is on the importance of robust marketing strategies from day one. Many new practice owners underestimate this aspect, thinking of it as an afterthought. You know those posts in the dental facebook groups “Hey, I’m opening my practice next week! What do you all do for marketing?”
WHAT?! Next week?! I seriously lose sleep over these posts.
Why? Because after nearly 1000 dental startups, I KNOW that effective marketing is crucial for attracting and retaining patients. And for marketing to be effective, it doesn’t start the day before you open your doors.
Investing in professional marketing guidance can yield a high return by building a strong patient base quickly, but it’s also about having a true strategy. Something that takes you through the highs and lows of startup life. And it starts 6-9 months BEFORE you open.
So, as you venture into the world of dental practice ownership, remember that the decisions you make early on can define your path forward. While the DIY approach may seem appealing, I wanted to record this episode so you know the exact missteps you need to avoid.
And if at the end of the day, you decide a DIY isn’t the path for you, you’ll also understand how the professional guidance and strategic investment in growth can set you apart from the competition and pave the way for a successful and profitable practice.
Remember, your dream practice does not have to be a daunting endeavor filled with trial and error.
With the right strategies and support, you can create a thriving business that lives up to your vision
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Welcome to the Startup Dentist Podcast! In this episode, we dive into three key elements essential for launching a successful dental practice: practice, profits, and purpose.
However, our discussion goes beyond the basics. We explore how crafting a robust profit strategy is pivotal for practice success. I share actionable strategies for ensuring financial viability, from effective marketing to implementing efficient systems and fostering strong leadership within your practice.
Yet, the true essence of practice ownership lies in its sense of purpose. Beyond monetary gains, real success stems from positively impacting your community and finding personal fulfillment in your work.
I share strategies for ensuring financial viability, including effective marketing, implementing the right systems, and cultivating strong leadership within your practice.
But perhaps the most fulfilling aspect of owning a practice is the sense of purpose it brings. Beyond financial rewards, I believe that real success comes from making a positive impact on your community and finding personal fulfillment in your work.
Throughout the episode, I share inspiring stories of dentists who have found fulfillment through practice ownership, underscoring the potential for personal and professional growth in this path.
As we wrap up, I encourage you to subscribe and engage with the podcast for continuous learning and inspiration. Your dream of owning a successful dental practice is within reach, and I'm here to help you achieve it.
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The podcast currently has 22 episodes available.
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