Management Tips

Practice Transitions Part 3: Traditional Sales and Mergers

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Maryam Beyramian, DDS

In part 2 of transitions, we discussed distressed sales where the practice owner is not the sole decision maker, hence causing the due diligence process to be unpredictable and accelerated. Traditional sales, however, allow the purchaser more freedom to gather and analyze the information over a period of time in order to determine if this practice is the right “fit.”

Traditional Sales

In a traditional dental sale, the practice owner(s) has autonomy in the entire process of the sale. As varied as dental practices can be, so can transitions of each practice. 

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The Topic No Dentist Wants To Talk About: Embezzlement

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Mindy Salzman

When talking to groups of dentists about embezzlement, I have noted their first instinct is to deny that it has ever happened to them. Current statistics, however, show that at least 60% of all dentists have already been the victim of embezzlement at least once. In a group of seminars I conducted in Australia and New Zealand, one dentist admitted to being a victim 3 times.

There are published lists of red flags, seminars offered, numerous articles in magazines, and books written on the topic, but the number of incidents keeps climbing. Of 10,000-plus dentists invited to a recent webinar on the topic, only 38 actually attended. Why the denial or lack of interest? Perhaps it is an embarrassment. It shows that you have not been minding the store. Maybe you are not aware it has occurred. In most cases, embezzlement is brushed under the rug and you move on to the next office manager who comes along.

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Practice Transitions, Part 2: Distressed Sales

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Maryam Beyramian, DDS

In the first part of this 4 part series, we discussed the basics of all practice transitions, the numbers and our emotional need. In this article, we will look at an outside-of-the-norm type of sale, the distressed sale.

Distressed Sales

Distressed sales of dental practices can occur for a variety of reasons. The owner dentist may have a disability, or even death; or they might be going through a personal transition, such as a divorce, and may need to sell the practice quickly. It also may be possible that the owner dentist may be in financial difficulties due to the lack of control of overhead. Whatever the reasons for a distressed sale, the sale needs to happen quickly.

Read more: Practice Transitions, Part 2: Distressed Sales

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Are you Happy With Your Dental Web Site Results?

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Mike Pedersen

Studies have been published that up to 50% of all dentists across the country do not even have a Web site. If you are in this demographic, this article won’t be relevant to you, but you can definitely get some takeaways from it, when you get your Web site done. For those of you who do have a Web site for your dental practice, I ask you one simple question. Are you getting the results you had hoped for when you launched your Web site?

This is a question either you or your marketing person should be asking on a monthly basis. The reason being is you invested money into the design of your Web site and, as a responsible business owner, you need to see a return on investment from it. Unfortunately, a big majority of the dentists I speak to have no idea if their Web site is getting them new patients, or even phone calls to their practice. This is the “kiss of death” to your dental practice online.

When evaluating the performance of your dental Web site, have these goals in mind.

Read more: Are you Happy With Your Dental Web Site Results?

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Practice Transitions, Part 1: Practice Evaluation

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Maryam Beyramian, DDS

The process of acquiring a new practice can become overwhelming. In this 4-part series, we will look at different practice transitions, including distressed and traditional sales, associate buy-in and buy-outs, and practice mergers. For this first part, we will discuss the basics of all practice transitions, the numbers and our emotional need.

Regardless of the type of purchase—traditional, distressed, or transitional—the basic elements of the evaluation process will remain consistent, evaluation of the numbers: new patient flow, hygiene recall, production and collection, and accounts receivable. The fifth, and possibly the most important factor to consider, is personal and emotional needs. What kind of patient population do I want to treat? Not necessarily, where do I want to practice, but what demographic am I most interested in treating? The physical location of a practice may not necessarily determine the type of dentistry you will be practicing. The demographic of the population, age, income status, and dental IQ will determine your practice’s tone. Each transition type will meet different emotional wants and needs of the dentist and for this reason not all practice transitions are the right type of transition for every dentist.

Read more: Practice Transitions, Part 1: Practice Evaluation

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Power Educating Principles Used In Cosmetic Dentistry: Ten Steps to Building Your Elective Cosmetic Dentistry Practice

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Harvey Silverman, DMD

A good educator is an individual who imparts information and knowledge while using outstanding communication skills. Think back to when you were in college. You probably remember having a professor who had that special gift of sharing information where they not only educated, but inspired. That is the context that I want to address your ability to power educate.

When you are ready to take your cosmetic dentistry practice to the next level, follow these simple suggestions and you will be creating more meaning and significance when you educate patients about the benefits associated with cosmetic dentistry.

1. Never assume patients know what you know. Don't take for granted that patients know even the most fundamental techniques used when providing elective cosmetic dentistry services. Some may, most do not. Take an extra minute to make sure your patient is on the same page as you are.

Read more: Power Educating Principles Used In Cosmetic Dentistry: Ten Steps to Building Your Elective Cosmetic Dentistry Practice

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Noninvasive Veneers Solve Smile Problems in One Visit

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Harvey Silverman, DMD

In the last edition of Silverman On Smiles: Cosmetic Dentistry SOS,I described the art and science behind effectively co-diagnosing cosmetic dentistry needs. In this article I want you to sharpen your co-diagnostic ability to solve a cosmetic dilemma – in this case it was one that required immediate attention

This patient came into my office and told me that he wanted to improve the appearance of his teeth (see figures 1 and 2). He was excited because he was getting married. He was a very friendly, outgoing individual who wanted to have a nicer smile for the wedding.

Let's take a closer look at his teeth and decide how you could help him solve his problem.

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How To Provide Patients With The Optimum In Smile Enhancement, Part 2

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Harvey Silverman, DMD

In the last edition of Silverman On Smiles: Cosmetic Dentistry SOS I shared a valuable technique to co-diagnose and expand your elective cosmetic dentistry practice. Let’s look at another clinical case and see how you might combine your cosmetic dentistry internal marketing and management skills that you are fine-tuning to provide this patient with her dream smile.

Case Study

In the last article, my patient was treated with noninvasive veneers back in 1987. Now let’s fast forward to 2010. This will be an easy case for you to diagnose. The patient, below, presented with an old discolored composite on her maxillary left central incisor. What simple procedure would you recommend to enhance her smile? Here’s a close-up photo of her teeth.

 

What elective cosmetic dentistry needs to be done

 So, what treatment does she need to have done? If you were doing a cosmetic consult with her would you suggest tooth bonding, a veneer or would you even recommend having a crown placed on her left central incisor?

Read more: How To Provide Patients With The Optimum In Smile Enhancement, Part 2

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The New Direction In Cosmetic Dentistry, Part 1

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Harvey Silverman, DMD

In the last edition of Silverman On Smiles I addressed how to co-diagnose patients’ elective cosmetic dental needs. In the next 2 articles I am going to share a valuable technique that will teach you how to enhance that process.

Start With A Desire To Provide Non-Invasive Cosmetic Dentistry

I have been privileged to train/coach cosmetic dentists from Miami to Minneapolis and New York to Los Angeles for more than 20 years, helping dentists learn how to be the best cosmetic dentist possible. The lesson I can share with you is that dentists anywhere can incorporate these cosmetic practice-building techniques into their daily routine if they truly have an “eager desire.” What’s your level of interest when it comes to providing the best in elective cosmetic dentistry services to your patients? If it is high, you will like this article. If it needs to be reignited, I hope that this can flame your interest in providing non-invasive elective cosmetic dental services.

Read more: The New Direction In Cosmetic Dentistry, Part 1

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