Dental Lease Inflation: How You Can Protect Yourself

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Unfortunately, price rises are a fact of life. No matter how carefully you try to cap your dental practice’s expenses, they will go up year over year. Still, there are steps you can take to protect yourself from costs soaring out of control. For many dental practices, the building lease is among the biggest expenses. It is also one of the expenses that is most vulnerable to dramatic price hikes. Here’s how to protect yourself against dental lease inflation.

Know the Terms

Dental leases, like other commercial leases, can be structured in a few different ways. Some leases require you only to pay the rent and utilities, with a clause that allows rent to be recalculated each year. Others, known as triple net leases (or nnn leases), charge a lower rent price in exchange for the tenant paying not only the utilities, but also the estimated costs for property taxes, maintenance, and building insurance.

Landlords often prefer triple net leases, as they pass the variable costs of property ownership through to the tenant. A triple net lease can also result in a cost savings for the tenant as compared to a traditional lease. However, like traditional leases, triple net leases generally have provisions for rent increases year over year.

It is important to understand what type of lease you are signing, so that you know what to expect. Different types of leases can lead to skyrocketing costs in different ways.

Negotiate Caps

Since dental leases are generally multi-year in duration, typically between 5 and 10 years, a bad lease can leave you stuck for a long time. Negotiate a cap on the amount that your lease payment can rise each year. In a triple net lease, experts suggest capping the increase at 6 percent per year. For a traditional lease, you might settle on a dollar figure instead.

Be Willing to Walk Away

Starting a dental practice is an expensive and time-consuming endeavor. It can be tempting to jump on a lease with favorable starting terms, under the assumption that your practice will grow year over year. It can also be tempting to buy an existing practice without consideration for whether the building lease is currently at, above, or below market value, or what the future terms are.

Whether you are buying an existing practice or starting from scratch, though, your building lease can be a significant factor in whether your practice becomes and remains profitable. Negotiate hard, and never be afraid to walk away. The right property for your practice is out there, and it is far better to take the time and energy to find it from the outset than to get locked into a bad lease.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

Should you embrace corporate dentistry?

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I’ve been a general dentist for over 35 years. Long enough to see the business evolve and change into something that would have been unrecognizable when I started.

In my mind it began with the expansion of third party dental insurance in the early 80s and the promise of more access for patients, more money for procedures.

In the beginning dental insurance wasn’t a huge expense for insurance companies to offer. Today between private and government programs somewhere between 60 and 80 percent of people are now covered under some sort of third party insurance program.

By those numbers alone, you can tell that there are a lot more growth opportunities than at any time in the past.

So it should be no surprise that as of 2016 corporate dentistry has become the fastest growing segment of the industry – growing at almost 40 to 45% each year.

This monolith of corporate dentistry can generally be broken down into two categories; Dental Service Organizations (DSO) and Managed Service Organizations (MSO).

What’s important for dentists understand is the relationship between DSOs, MSOs and venture capitalists or equity type firms. When a venture capital company or equity firm has dollars invested or actual ownership in these corporate entities, there can perhaps be a conflict of interest.This conflict of interest is brought about because in many cases, equity firms have a much shorter lifespan for investment. In general, dealing with the dental profession, the goal is to triple or quadruple their money in a three to seven year timeframe, before selling that business to look for other investment opportunities.

As a patient looking for dental care or as dentist looking to either invest in Dental Service Organizations, sell their practice to a Dental Service Organization or perhaps even join a Dental Service Organization, it’s critical to understand some of the fundamental dimensions that underlay the purpose and function of MSOs and DSOs.

On this point let’s be clear. A venture capitalist provides capital with the goal of turning that capital into profit as quickly as possible.

There are two ways to work with MSOs and DSOs.

The first is similar to a franchise model. In this case the dental office assumes the branding and processes of the the senior entity in the relationship and there are a specific set of guidelines, rules and regulations that must be followed to maintain the relationship.

In this case the public certainly knows who’s involved and understand what to expect from these practices.

The second group is a little bit more of a gray area. It’s the same type of corporate relationship with the dentist. However the branding remains unchanged. Ie Dr. Smith & Jones Dental Office stays the same.

The public doesn’t necessarily know the ownership and operating structure and may think the office locally owned, managed and operated.

In the end you’ll find the same pressures in each instance. Over time more and more efficiencies will be found in order for the corporate interest to maximize its return.

This type of business relationship isn’t for everyone. But if you want to be able to shake the stress of ownership and simply work as an employee these are certainly options to pursue.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

4 Steps to Better Patient Communication Through Technology

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Technology is evolving at lightning speed, and your dental practice must change with the times. You’re probably already using new dental technologies, such as 3-D scanning or laser surgery, but are you leveraging new technology to improve your communication with patients? Here are 4 simple steps you can take beyond setting up a website and social media pages.

Online Appointment Scheduling

In general, people are moving from calling or visiting companies to conducting business online. Obviously, there is no such thing as online dentistry. But why force patients to move offline altogether to handle the business aspects of their visit? A stunning 77 percent of patients are looking for the ability to book, change, and cancel their appointments online.

Online appointment scheduling can help increase patient buy-in by giving them a sense of control. It also lets them book at their convenience rather than having to call during office hours. It can even convince a nervous or hesitant patient to go ahead and book, rather than giving her the chance to talk herself out of making the call.

Online scheduling also helps to keep costs down, since your staff is freed from spending extensive time on the phone making, changing, and cancelling appointments. You can still provide a personal touch by sending out confirmation emails, texts, or phone calls. You can also give patients the option to call if desired.

Automated Appointment Reminders

People today are busier than ever, and it is easy to forget about an upcoming dental appointment. Take advantage of technology by sending out automated appointment reminders by text, email, or phone. It is easy to customize these communications to each patient, and even include a link to the page on your website where you explain the procedure the patient will have to follow. Your patients will feel valued, and you will likely see a decrease in no-show rates.

Provide Visuals

Communication is essential inside your office as well. Digital radiography and 3-D scanning technologies have numerous benefits, but one you might not have thought of is the ability to help you educate patients on their diagnosis and treatment options. People learn in different ways, and providing a visual image can not only help visual learners understand their condition, it can also spark a conversation with those whose learning style is more auditory.

Gain Feedback

Your former and current patients are a highly valuable resource that can help you discover what you are doing right and what needs to be tweaked. Sending out surveys by email or text message is an easy way to encourage patients to provide this essential feedback. You can send the exact same survey to every patient, or tailor it according to the patient’s demographics and the procedure(s) that he or she had done.

Technology is revolutionizing modern dentistry, but many dental practices are not yet maximizing its capacity to improve human communication. With a bit of effort, you can deepen two-way communication with your patients to create a better experience for everyone.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

Easy Ways for Dental Professionals to Give Back to the Community

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As a dentist, you are a caring and compassionate professional. You care for your patients, your team members, and your colleagues. You probably worry about people from time to time, such as a pediatric patient going through tough times at home or a staff member whose spouse is in ill health. You probably also care a great deal about your community, but you might not know how best to show it. Here are 5 easy ways to give back to your community.

Donate to Charity

There are numerous dental charities, each with a slightly different focus. Oral Health America focuses on targeted oral health campaigns. The American Academy of Cosmetic Dentistry Charitable Foundation (AACDCF) rebuilds the smiles of adults who have survived domestic violence. Healthy Smiles Healthy Children provides pediatric dental care to children whose families cannot afford it. Research these and other dental charities, and then make a donation to the one that resonates the most with you.

Conduct a Free Community Dental Day

Whether you hook up with an organization such as Dentistry from the Heart or go it alone, a free community dental day is a wonderful way to directly impact lower-income people in your local area. Decide in advance which services you will offer, such as cleanings, fillings, and oral cancer screenings, and prepare for a crowd. You might also consider making it a day of fun with giveaways, lunch, and other exciting events.

Host a Food Drive

Food pantries are always in need of donations. Consider partnering with a local food bank to collect donations at your office. You can increase participation by giving a small discount or other reward to patients who bring in nonperishable foods.

Educate Schoolchildren

Help set up local children for a lifetime of excellent oral health by taking your message into the local schools. Prepare a short, kid-friendly talk on the basics of dental anatomy and oral hygiene, along with the role of a good diet in maintaining oral health. Bring some small, fun giveaways such as toothbrushes and stickers, as well as refrigerator magnets or other branded items.

Take a Mission Trip

There are numerous organisations, both religiously affiliated and secular, that provide health care including dentistry in remote regions. Seek out a group that fits your practice’s vision, and then take your skills to a foreign country for a few days.

Of course, these are just a few ways to give back. Don’t forget to tap into your own personal interests, as well as those of your team members. You might choose to build sets for (or even star in!) a play at the local community theater, donate time or money to a local homeless shelter, or sponsor a kids’ baseball team. Whatever you choose, make sure it feels authentic to you and fits with your practice’s mission, vision, and values.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

Interviewing Potential Dental Staff: What You MUST Know About the Legalities

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A personal interview is an essential part of the hiring process, but conducting interviews is not as easy as it seems. It is vital to ask open-ended questions, such as, “tell me about your favorite part of your previous job,” rather than closed-ended questions, such as, “did you enjoy your previous work?” It is also important to set candidates at ease and encourage them to open up. Yet it is all too easy to stray into illegal territory in a job interview, even when you think you are simply being friendly. Here is what you need to know.

Protected Classes

You are probably already aware that you must follow fair, non-discriminatory hiring practices. In fact, you should note in your job ads that you are an equal opportunity employer (EOE). This means that you do not discriminate on the basis of marital status, age, gender, national origin, religion, ethnicity, disability, or other protected class. This includes avoiding questions on these topics during the interview.

Innocent Questions Gone Awry

Unfortunately, innocent “getting to know you” questions can lead to big trouble if they reveal information about a candidate’s protected class. For example, you should never ask where the candidate was born, his or her birthday, names of the candidate’s spouse or children, or even the origin of an unusual first or last name.

Instead, stick to questions that are genuinely related to the job. For example, it is fine to ask if the candidate can provide proof of the right to work in the United States. If fluency in multiple languages is an asset in the position, it is acceptable to ask about other languages. Asking whether the candidate is able to perform the essential functions of the job, with or without reasonable accommodation, is fine. If the job requires extensive travel or weekend work, feel free to state that and ask whether the candidate is able to fulfill those duties.

The goal of hiring laws is not to prevent you from gathering enough information to determine whether the candidate is the right fit for the position. The goal is to keep employers from discriminating against employees or applicants. Keep this basic tenet in mind at all times, and how to phrase questions during the interview should become clear. Another key way to protect yourself against claims of employment discrimination is to ask each and every candidate the exact same questions in the exact same way.

Other Potential Pitfalls

How you conduct the interview matters as well. Avoid taking any photographs of candidates unless there is a specific job-related need (and then be sure to photograph ALL applicants). Do not take notes that refer to any physical characteristics or other personal details. Focus on the knowledge, skills, and abilities of each candidate as they relate to the specific job opening, and maintain equal professionalism with all.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

8 SEO Tips All Dentists Must Follow

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SEO, or search engine optimization, is absolutely vital to ensuring your website’s visibility. No matter how well-designed your site may be, it does you no good as a marketing tool if no one can find it. SEO boosts your search rankings, ensuring that people who are looking for a dentist in your area can find you. Here are some quick and easy SEO tips that all dentists should follow.

Keep It Fresh

One of the easiest ways to boost your SEO is to regularly update your content. Start a blog and add new posts at least once a month. Also review your various web pages now and then to make sure the information is accurate, relevant, and up to date.

Do Your Homework

Research keywords to see what people are searching for. Develop a list of potential keyword phrases, and then run them through Google’s Keyword Planner at https://ads.google.com/home/tools/keyword-planner/. You will need to create a free account, but this helpful tool provides you with quite a few insights to help you decide where to focus your attention.

Write Naturally

Long gone are the days of “keyword stuffing,” or trying to shove your keyword phrases in as many times as possible. Write high-quality, authoritative content that sprinkles in your chosen keyword phrase as it naturally fits. Choose one keyword phrase per page.

Use Title Tags and Meta-Descriptions

Your keyword phrase should appear in the title tag for the relevant web page. Also write a short meta-description for each page that quickly summarizes the main content and includes the keyword phrase.

Don’t Change Domains

Choose a domain name that you like, and don’t change it when you update your website. Domain age and the reputation that your domain builds over time can boost your SEO.

Keep It Local

Claim your Google My Business page and make sure it is complete. Also list your site on Yelp and similar directories. Ask for patient reviews. Make sure you have a local phone number, not just an 800 number, and be certain that your business name, address, and phone number (NAP) are identical across all listings.

Gather Backlinks

You can create your own backlinks by linking to your website from your Twitter, Facebook, and other social media pages. To really boost your SEO, though, you will also need backlinks (sometimes known as citations) from other websites. These websites should be well established and credible, and trusted by Google. You can gather backlinks by reaching out to other sites and offering to trade links, as well as by providing guest blogs to them.

Build a Sitemap

Create a sitemap, which is simply a detailed list of all the pages on your website. If you are unsure how to do this yourself, reach out to your webmaster for help.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

How to Hire Dental Employees You Want to Keep

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Starting a dental practice can feel daunting, as you try to work your way through a mountain of paperwork and order just the right equipment and furnishings. In an effort to save time and trouble, some dentists rush through the process of hiring office personnel. Yet your people are absolutely vital to the success of your practice, and hiring sub-par employees could be an expensive mistake. Here are some tips for hiring dental employees you will want to keep for the long haul.

Take Your Time

Whether you are starting a new practice or your most experienced hygienist just moved out of state, the pressure is always on whenever a position is open. Still, it is crucial to slow down, conduct a lot of interviews, and think through how different candidates would fit into your practice.

Write a Complete Job Description

Step back and take a critical look at the open position. What technical skills are required? What about soft skills such as communication and compassion? How is the position classified? What are the essential functions that the employee will provide? What are some secondary functions that occasionally need to be performed? The more information you provide, the easier it will be for both you and the candidate to assess that person’s fit.

Advertise the Position

Write a compelling ad that explains not only what the position is, but why your practice is an excellent workplace. Place ads on your website and social media pages, and also reach out to your network. Your patients, staff members, or colleagues might know someone who would be a perfect fit.

Customize the Cover Letter and Interview Process

Ask for a cover letter with each application. This allows you to assess each candidate’s writing and communication skills and get a sense of his or her personality. Ask for a few specifics, such as a short paragraph on why the candidate wants to work for you and what he or she brings to the table.

Develop a list of interview questions in advance, and ask each candidate the same things. Remember to keep it professional, sticking only to topics that affect the workplace and steering clear of such personal matters as hobbies, religion, politics, or family. Focus on the person’s career progression and how the position fits into it. Also consider asking some hypothetical scenario-based questions. Pay close attention not only to the answers candidates give, but also their behavior and body language.

Consider calling back finalists for an hour or two of job shadowing. This allows candidates to get to know your practice and your existing staff, and it allows your existing staff members to act as additional eyes and ears in assessing the candidates. Be careful not to have prospects perform any actual work, though, or you could be on the hook to pay them.

Check References and Validate Credentials

Attach a release form to each application that gives permission for you to check references and credentials. In a dental practice, you can’t afford to hire someone who was fired for negligence or whose professional license was revoked. Though the majority of applicants are truthful, your business could be on the line if something slips through.

Onboarding

Your new staff member is part of a team, so it is essential that your current staff members are comfortable with your hiring decision. It is also vital that you provide full onboarding support to help the new staff member make a successful transition.

Provide essential forms ahead of time to avoid bogging down your new employee in paperwork. Set up a well-defined training schedule that includes time to get to know both the staff and the systems. Clear your own schedule as much as possible to give you time to check in throughout the first days and weeks rather than leaving the new employee feeling stranded. No matter how skilled a new staff member may be, the first few days at a new practice are always stressful, and feeling supported can help your new employee start down the road to success.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

6 Ways for Dentists to Boost Workplace Happiness

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Happy employees not only mean happy patients, but they can actually significantly improve your bottom line. Yet it can be tough for busy dentists to figure out how best to increase employee morale. Here are 6 easy ways to boost your staff’s workplace happiness.

Communication

Dental staffs work very closely with each other, but that doesn’t automatically translate to open communication. Set the tone by making yourself more approachable. Institute an open-door policy. Implement both scheduled and impromptu check-ins with staff members, in which you seek genuine feedback on everything from staff policies to patient care. Encourage your team members to speak up, and they will start to feel more valued.

Break Time

A busy dental office is a successful one, but it is vital to take breaks during the day. While a quick lunch in the back may be a necessary evil now and then, it should never become the norm. Promote an office culture in which everything shuts down for a full lunch hour. Whether your employees choose to go out to eat together or take the time for personal errands or even a nap, they will return refreshed and better able to focus on the job at hand.

Celebrations

A party boosts everyone’s morale, not just the guest of honor’s. Get into the habit of celebrating work anniversaries, birthdays, graduations, and other important milestone events. If you’re not much of a party planner, assign this task to the most social person in the office. Even small things like cupcakes for the entire team and a gift card for the celebrant can make your employees feel special.

Raises and Promotions

Develop a clear, transparent path to raises and promotions. This shows your team that you have nothing to hide, and it holds you as well as them accountable. Today’s workers are far more likely to feel good about your practice, and to stick around long-term, if they see a way to achieve their goals. You can also give small bonuses, such as an extra paid day off, to those who reach certain milestones within the company.

Take It Out of the Office

A dental practice is, by definition, a sterile place. While you can certainly add some life to the office with upgraded seating and artwork, it can still be hard to truly relax in the office. Get to know your employees as people and lower their stress levels by taking the entire staff out now and then. Hold staff meetings in a local coffee shop. Invest in team building by treating everyone to a monthly escape room, mini-golf tournament, or other group event. Get everyone out of the office and having fun.

Partner Up

Reach out to local businesses close to your office and ask about reciprocal employee discounts. Your staff will love feeling like part of the community, and you will get new patients for your practice. You will also build your local reputation, and you will have great new perks to advertise to potential new employees. It truly is a win-win.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.

Beyond the Bridge: Building your dental practice with new and alternative services

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I’ve worked as a dentist for 4 decades. The business has change considerably during that time.

The path to success used to be very straightforward. You would go to school, study hard, gain clinical expertise and then open a practice.

It would be an oversimplification to say that it was easy. Running a business never is. But it was a business model that most of us could figure out.

Fast forward to today and everything has changed. Dentists are getting squeezed from every direction. Patients now see themselves as customers and expect to be treated as such, insurance companies are getting stingier with their schedules and we are being forced into competition with well funded and aggressive Dental Service Organizations (DSO) and Managed Service Organizations (MSO).

Any one of these is enough to keep you up at night. And when you take them together it can seem completely overwhelming.

Dentist have two choices. The first is to continue business a usual and hope nobody notices.

The second is to adapt to the new environment and begin offering new and complimentary services and procedures that are a natural fit for our skills and expertise.

Welcome to the new era of “Spa Dentistry”

It’s certainly not a term you hear a lot. And it requires a lot more than offering warm towels, relaxing music and simple massages. In my definition it means expanding your services to include more cosmetic and beauty solutions to clients. When you think about it, adding services like Botox and Dermal fillers into your practice is a natural extension of what you do and fits well with the cosmetic dentistry model.

Adding to your existing clinical skills through additional training opens the door to an expanded practice as well as a completely new revenue stream. Your patients already trust you and believe in your skills. Offering them new services in a familiar environment makes it easy for them to “give it a try.” And the best part is that these are full fee treatments, so you don’t have to worry about dealing with insurance companies.

In addition to Botox and Derma fillers, some other treatment options to consider include:

  • Radiofrequency treatments (RF) to tighten the skin around the face and neck. Each treatment takes only 5-10 minutes and maintenance is every 4-12 months.
  • Laser treatments to remove red and brown spots on and/or around the face, spider veins, unwanted hair and tattoos as well as scar tissue or wrinkles. Each treatment takes between 25-60 minutes and usually can be completed in 2-4 visit with each visit scheduled 4-6 weeks apart.
  • You can also use both RF and Laser to remove unwanted adipose tissue under the chin, sub mental area inner and outer thighs and abdomen.  These treatments usually can be completed in 2-6 treatments scheduled 6-8 weeks apart and each session lasting between 25-60 minutes.
  • Hydra facials, which replenish the youthfulness of the skin in 30-40 minutes taking years off your patients skin and is maintained by a follow up visit every other month.
  • Kybella injections in the sub mental area to remove unwanted fat or adipose tissue causing the dreaded double chin.
  • PDO sutures or what is commonly referred to as a lunchtime facelift almost instantly taking years off your face.

The majority of our patients want to improve their looks. With our focus on teeth we are leaving a lot of business on the table for others to gram. Remember If they aren’t getting it from you they will find an alternate service provider take care of their cosmetic needs.

Our business is changing quickly. You don’t have the luxury to wait around and “see what happens.” Your competition is coming for you and you need to be ready to adapt to the changing marketplace now or you may soon find yourself out of it all together.

How to Build Links on Your Dental Practice Website

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If you have even a basic understanding of SEO (search engine optimization), you are probably aware of the importance of inbound links from credible, authoritative websites. What might be less clear, though, is how to obtain those links. Here are a few suggestions for building links on your dental practice website.

Create Shareable Content

You will never get links if there is nothing to link to. Your first step is to develop unique, interesting, shareable content. Talk about new techniques. Discuss the steps for common procedures such as fillings and root canals. Compare and contrast different treatments for the same issue, such as braces vs. aligners or veneers vs. dental bonding. Help people solve common problems by giving information about toothaches, options to replace a missing tooth, and how to properly brush and floss. Make sure you follow best practices for including an image and targeting relevant keyword phrases.

Tap Your Network

Do you refer patients to certain specialists, such as an oral surgeon or an orthodontist? Ask those professionals if they would be interested in trading links. Also contact your dental supply and equipment companies with the same question. Everyone in your network is (or should be) working on their own website SEO, so trading links is a win-win.

Conduct Backlink Analysis

Find out where your competitors are getting their links, and then reach out to the same or similar websites to request links. If you provide strong, fresh, regularly updated content on your website, trading links with you can be valuable to other companies as well.

Join Directories and Third Party Review Sites

List your website with your Chamber of Commerce, Better Business Bureau, and other local sites. Also search for professional dental organizations and directories that accept free listings. Be careful about paying for directory listings, as many do not drive enough traffic to be worth the cost.

Also establish a presence on popular third party review sites such as Yelp. Ask your patients to write quick reviews on your chosen sites, and be sure to respond quickly to all reviews, comments, and questions.

Guest Blog

Guest blogging for high-traffic websites is an excellent way to quickly generate links while simultaneously introducing your brand to a wider audience. Make sure you choose websites where you will add real value, such as dental sites. You can also angle your writing to sites that don’t seem relevant at first glance. For example, dentistry and sports have little in common, unless you write an article on common sports injuries to the teeth and oral structures. Make sure to build a link to your website into your article unless your chosen site has a different protocol.

Create Press Releases

A press release typically contains a link to your website, plus press releases are often picked up by local, regional, and even national news outlets, all of which are potential sources for additional links. Whether you are offering a limited-time promotion or just acquired a new piece of technology, there is always something newsworthy going on.

Ready to Get Started?

If you are interested in learning how to take your dental practice to the next level, please contact Ascent Dental Solutions today at 413-224-2659 to learn how Dr. Coughlin can help.