Got an email from my friend David Phelps of Freedom Founders fame (www.freedomfounders.com). He wanted to informally visit over the phone and interview me about exit strategies and the general state of the union when it comes to selling your practice. I wanted to list 6 quick questions that I was asked and just a short response from me for each of ...
Read MoreMost of the time we think of January first as being the start of the year. Most of our practices operate on a fiscal or financial start and finish on the calendar year. We start our goals, diets, and new outlooks on the start of a new year. One exception is the academic school year. You start school around September of one year and finish that ...
Read MoreAllow me to try and be more objective this week and mention the good points and the not so good points about DSO’s. THE UPSIDE ARGUMENT FOR JOINING A DSO: Decreases the amount of time that a dentist spends running the business. Minimizes the doctor being the actual leader of the practice. A non-dentist can indirectly own equity in ...
Read MoreMost dentists are unaware that DSO’s in one form or another have been with us for 30 years. Yet, today, DSO has become the buzzword for dentistry’s future with experts predicting that 80% of the dentistry being done in 10 years will be from DSO’s. Currently DSO’s own or control about 17% of practices in the US and are growing about 15% ...
Read MoreIt’s not surprising, but the last few weeks have revealed a new insurance attack occurring all across the US. It’s not surprising because this happened a decade ago with Medicine, and even farther back in Pharmacy and Vision. Over the last few years we’ve seen Delta Dental instituting a unilateral lowering of reimbursement and moving Premier ...
Read MoreLet’s be honest, shift happens. It happens to me and it happens to you. Sometimes the world can be pretty shifty. Shift is defined as a slight change in position, direction, or tendency. We’ve been talking about climate change in the new Dental Economy and the ultimate demise of the independent dental practice. What’s it going to take to ...
Read MoreWhen you write an article, you are not always sure that your words adequately express your intent. In this last series of articles, I have tried to point you in the right direction when we look at the trends of our Dental Economy as well as provide a historical perspective of what came before. I received dozens of emails and texts after my last ...
Read MoreThis quote’s origin is uncertain, but it was included in a letter written in November 1773 by Benjamin Franklin: A 244-year-old statement that is as true today as it ever was. Dentistry is a profession acting like sheep with the inevitable outcome of the death of Dentistry as we know it. In our case, the wolves are insurance companies, national ...
Read MoreA new graduating class of about 6,000 wannabe dentists will hit the market by June. All of them will be looking to make a name and a career in a profession that pays well as a result of the time and money they invested in an education. There will be some naturals that just seem to have the “it” factor and they will do incredibly well. The ...
Read MoreThis is a message to all of the doctors who feel like they are just not reaching that level of practice they always thought that they would have. Secondly, I want every senior dental student and new graduate to also take heed in what follows. If we go back to the beginning, the first day of dental school, you can remember that the future was ...
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