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Get the Keys to a Successful Practice Transition at SmileCon

Posted by ADA Practice Transitions Team on 9/28/22 7:15 AM

The ADA Practice Transitions team is heading to SmileCon in Houston! If you’re thinking about your own practice transition, make sure to stop by Booth #1640, right in the ADA Member Center, to get all your practice transition questions answered. You can even schedule a one-on-one meeting with one of our ADA Advisors to talk through your own transition goals and plan. 

Schedule a Meeting
And if you know you’re ready for a change but don’t yet have a plan — make an appointment. Our Advisors are experts at helping you think through your preferences and priorities. A quick conversation can help you start taking your next steps with confidence.

Everyone who stops by our booth walks away with something — and we’ll even give you a key to try to unlock an On-The-Go Prize Pack.

While you’re planning your SmileCon agenda, be sure to check out these sessions from ADA Practice Transitions experts:

(5143) Beyond Salary: Negotiate the Best Contract for Your Goals

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Practice Profile: Learn and Grow in this Mountain Associateship

Posted by Betsy Krekling, ADA Advisor on 9/23/22 7:30 AM
Join this busy, fee-for-service practice to learn a wide range of dentistry! The practice encompasses prevention, surgery, and restorative, from simple fillings through complex full-mouth rehabilitation. Current technology includes PrimeScan, CBCT, Laser, Digital Imaging, EagleSoft, Reciprocating Endo, Digital Dentures, and Aligners.
 
You’ll love working with a dedicated team and top-of-the-line equipment while learning from an expert in implantology. While the ideal candidate will have completed a one- to two-year GPR, AEGD, or other postgraduate program, ambitious new graduates are welcome if they are willing to work hard to learn advanced dental procedures and patient care. You’ll have the opportunity to build a patient base, and income!
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Topics: practice profiles

Practice Profile: 100% Fee-for-service, 100% Digital, 100% Ready to Grow

Posted by Betsy Krekling, ADA Advisor on 9/9/22 8:45 AM

Fulfill your dental dreams in this fantastic 5-operatory practice that’s ready to grow with your ambition! This well-run practice is 100% fee for service and all digital, with loyal patients and strong ties to the local community. 

The practice has built this loyalty through care that is patient-centered rather than production-centered. The seller stresses, “We treat patients, not teeth! We get to know each patient as best we can before any treatment. We are unique in our personal touch, time, and attitude.”

Right now, the practice is only open four days a week, with physical space and demand that can easily scale to your desires. The seller notes, “This practice will produce $1 million gross with a little effort. We are not an insurance practice — we are 100% fee for service.”

Plus, the physical space is fresh, attractive, and welcoming. 

The owner is motivated to sell, but he’s also motivated to help the buyer succeed, explaining, “I am flexible and want to help you get started while I back out over the next couple of years.” This combination of mentorship and support should help retain patients long after the sale. 

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Topics: practice profiles

Retaining Your Dental Staff Through the Great Resignation

The Great Resignation has reached dentistry — especially as hygienists choose not to return to the profession. In fact, a study co-authored by the American Dental Hygienists’ Association and the American Dental Association found that the COVID-19 pandemic has resulted in a contraction of about 3.75% of all hygienists, representing a loss of approximately 7,500 hygienists nationwide. 

The result is a scramble for qualified staff. The ADA’s Health Policy Institute reported that as of July, 74% of private practice dentists say that it is now “extremely challenging” to recruit qualified dental hygienists, and another 19% say it is “very challenging.” Similarly, 84% of dentists say it is extremely or very challenging to recruit dental assistants. 

That’s why it’s essential that owner dentists take steps to retain their most valuable resource: long-tenured, knowledgeable staff who have built trust with patients. 

Why hygienists are leaving the workforce

When dental practices closed at the start of the COVID-19 pandemic, many staff were sent home. Even as practices began reopening, many of the 98% of practicing dental hygienists who are female found themselves juggling childcare challenges. Dental work has no “remote” option, and dental schedules inherently lack the flexibility to pivot when a child has to stay home unexpectedly due to a COVID exposure. 

As a result, many hygienists began to exit the profession entirely. An August 2021 study found that 74% of hygienists not working had left the profession for voluntary reasons. Of those, 37% say they decided to retire.  

Some of the remaining hygienists are leveraging the shortage to find jobs closer to home or negotiate for greater flexibility, higher pay, or better benefits. As of June 2022, 79.9% of practice owners had raised pay for their dental hygienists within the past year — with 18.1% reporting increasing wages by 10% or more.

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Topics: Real Talk

5 Years Out: Prep Your Practice for an Eventual Sale

If you’re a few years out from retirement, now is the time to start preparing your practice for an eventual sale. Taking the time to thoroughly prepare will streamline the transition for everyone, helping improve patient and staff retention. Careful preparation may even result in a higher valuation, as your practice will appear well cared-for and more organized.

And if the unexpected should happen and you’re forced to sell sooner than planned, you won’t be starting completely cold. 

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Topics: Real Talk

Practice Profile: Learn from a Lifelong Learner in this Busy Associateship

Posted by Betsy Krekling, ADA Advisor on 8/26/22 7:45 AM

This busy practice is bursting at the seams! Join as an associate to help deliver top-notch care to a great university community, with an opportunity for equity when you’re ready.

With 7 operatories, this well-established practice has plenty of space and the latest technology, including a Kodak CBCT scanner, a Cerec scanner, and an XL milling unit. But since the owner’s father retired, patients are now waiting months to get in. As an associate, you’ll be busy right from the start — with mentorship that helps you learn and grow.

The owner is dedicated to lifelong learning and active in organized dentistry and a study club. She says, “Dentists have a commitment to keep our knowledge and skills current by seeking self-enhancement through perpetual learning. By doing this, we will evolve professionally through evidence-based practice and technological advances rather than stagnating in our beliefs. I envision that I will always continue learning, not only from textbooks and journals, but from interactions with other members of the healthcare team, my patients, and their families. I want to learn each day, and apply what I’ve learned to improve my skills as a dentist. I am confident that I am a better dentist than yesterday, and I will be an even better dentist tomorrow than I was today.”

The practice delivers general dentistry, plus endodontics, prosthodontics, orthodontics, and cosmetic procedures, serving the entire community. The owner explains, “Dentistry is an honorable career, and is much more than just a job to earn a paycheck. My mission is to proudly provide nonjudgmental care to those in need regardless of race, spiritual beliefs, lifestyle choices, financial status, or disability. I believe I have a responsibility to provide dental care to those who are unable to afford care because every person is deserving of the benefits of a healthy mouth. I feel my team members are my family and we make decisions together for the overall benefit of the patients that we serve.”

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Topics: practice profiles

5 Years Out: Planning for Life after Retirement

Too often, people retire and then wonder, “Now what?” For years, work has shaped their days, months, and years. They plan vacations when things will be slow or schedule family events around their practice’s needs. 

When they retire, they have nothing but time — and no meaningful way to fill that time. Sometimes this can lead to depression or frustration.

So how do you avoid this trap?

Here are some ways to start cultivating your retirement lifestyle before you stop working.

(See also: How to Sell Now and Retire Later

Think — and talk — about your interests

Think about the things you enjoy doing, in every realm of your life. Travel, golf, woodworking, painting, spending time with your family. Is there a cause you wholeheartedly support that you wish you could spend more time with? Or maybe you’ve always dreamed of visiting every single national park. 

Talk to your spouse and family. What do they want to do with retirement? Your partner may remind you that you absolutely loved your annual summer trips to the lake, before life got too busy. Maybe it’s time to take another visit. You may even think about living there a few months of the year once you retire!

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Topics: Real Talk

Practice Profile: Make a Great Living in this Mission-Driven Clinic

Posted by Betsy Krekling, ADA Advisor on 8/19/22 7:15 AM

Looking for a full-time, (very) well-paid associateship where you can work with children and make a difference? This community pediatric dental clinic needs YOU! Pediatric experience is preferred, but not mandatory, as the senior dentist is happy to mentor!

This non-profit clinic started as a small practice with one operatory, donated equipment, and volunteers doing renovations. Today, it's grown into a 6-operatory, fully equipped, modern dental practice providing much-needed and appreciated dental care for almost 4,000 children throughout the local area.

You’ll thrive with hands-on mentorship from the senior dentist and work with fantastic patients in a mission-driven practice. Enjoy great benefits and input about your schedule.  Ideally, you’ll want to get involved in this fantastic, welcoming Maine community. 

The founder explains, “I feel drawn toward helping those in need and I believe that the desire to help people through dentistry is in a sense a calling. As such, in my 19th year of private practice as a general dentist (2011), I decided I needed to try to serve patients who were invisible to those of us in private practice who were limiting the number of Medicaid patients we'd see, due to drastically low reimbursement levels. With my husband's help, we founded the clinic with a mission to provide a comprehensive, caring dental home for every child who needs one. I believe I have a responsibility to our communities and to the profession to use my knowledge and skills for the greater good, as those communities supported my private practice for so many years.” 

“Having seen too much dental disease in so many little mouths, while knowing that PREVENTION is key, the clinic has a strong hygiene department. A goal is to instill prevention messages from the very beginning of the lifespan, in infancy, and even prenatally. Dentistry is an honorable yet humbling profession. I enjoy planting seeds to encourage young people to consider a career in dentistry. I also appreciate any opportunity to share knowledge and past clinical experiences with newer grads.”

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Topics: practice profiles

How to Retain Patients When Buying or Joining a Practice

Joining a new practice? Whether as a new owner or associate, you probably have a lot on your mind, including everything from using new materials or technologies to interacting with the assistants.

Add to your list potentially the most important thing of all: keeping existing patients coming in the door and getting them to refer their family and friends.

Patient retention is often considered key to a successful practice transition. New associates are hired because the current practice has more treatment than they can handle. And if you are buying the practice, patient retention is even more important. Did you know that the financing that the bank provided you was based on your ability to maintain (or better yet, grow) the current production numbers?

Set yourself up for success by doing the legwork to find a practice where you and the other doctor share a common approach in how you interact with the patients, staff, and community. In other words, you and the practice should share a philosophy of care.

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Topics: Real Talk

Practice Profile: Record-High Collections in a Water Wonderland

Posted by Betsy Krekling, ADA Advisor on 8/12/22 9:33 AM

You’ll love owning this spacious, light-filled, 6-operatory practice that’s next door to the best ice cream shop in town. And your pocketbook will too: this 100% fee-for-service practice is enjoying record-high production and collections. 

The seller believes strongly in teaching patients to maintain good oral health rather than simply filling holes in teeth. With this focus on lifelong learning, he has built a strong practice that includes general dentistry, some perio (tissue regeneration), orthodontics, and sleep apnea treatments. He’s ready to step away but willing to offer mentorship that helps the buyer get off to a great start.

The entire team embraces the seller’s philosophy: “Dentists should be oral physicians and not ‘tooth mechanics.’” This attitude, delivered by a caring team, has cultivated a patient base that feels like family and stays loyal. 

The team works hard while enjoying each other’s company with at least three annual team outings that have included miniature golf and ax throwing. They celebrate birthdays together and participate in community parades and health fairs. It’s important to the team that they give back to the community in many different ways, including through Volunteers for Dentistry and by providing care for underserved community members.

The Muskegon County, Michigan office spans 2,500 square feet, with six operatories and a doctor’s office. There’s also a full basement with a large lunchroom, plus a picnic table in the backyard and plenty of parking. The operatories have great natural light and face a green-hedged backyard where you might see deer, turkeys, opposum, and birds on the feeders, depending on the season. The office is just one block from the Muskegon River and two blocks to a lake. A park across the street makes for wonderful lunchtime walks or even fishing!

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Topics: practice profiles

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