Selling your practice: when, why and how

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Although I often speak to young dentists about the ins and outs of setting up their practice, I also enjoy talking to my contemporaries about the process of leaving their practice.

Dental-consultant-Kevin-CoughlinAt the Excellence In Dentistry conference taking place April 27-29 in Destin, Florida I’ll be giving a number of talks including one on the steps to take when preparing to sell a dental practice.

Here are a few of the points I’ll cover:

  1. When should you start the process?

This requires some finesse but in general, the sooner the better. It’s a two-way dance between you and any potential buyers. You want to sell to someone who’s going to be successful and will treat your patients well. The buyer will want to evaluate all aspects of the practice from the demographics of your patient base to the vintage of your equipment. They may even want you to stay on awhile to help them learn the ropes of running your practice.

  1. How do you know if you’re ready and able to sell?

This is a very personal decision and there are many factors involved. Discussions with your wife or husband come first, then your partners in the practice if there are any. More importantly you need to answer the big questions, are you ready to hang up the drill? Are you ready to let your practice go?

  1. Can I use a simple formula to determine what I might sell my practice for?

There are so many factors that go into determining the selling price of a practice. Some include the actual dental office.  However many extend far beyond that to demographics, client base and the location of the office.

There are other factors of course and I will cover them in my talk at the conference.

I look forward to discussing this with my colleagues at the Excellence In Dentistry conference. If you haven’t already registered I encourage you to do so by clicking here.

If you can’t make the practice and you’d like to speak to me about the hows and whys please get in touch.

Finding Excellence in Dentistry

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Dental-consultant-Kevin-CoughlinMuch of my professional life these days involves working with dental practices on how to deliver superior customer service while increasing profits.

It’s engaging and invigorating work. But It’s good to recharge the batteries and meet with my professional contemporaries in an environment where my core message can reach many people at once.

The Excellence In Dentistry conference taking place April 27-29 in Destin, Florida is an excellent example. It’s a way for dental professionals of all stripes to make presentations on their areas of expertise. For my part, I’ll be speaking on Practical Systems For Same Day Dentistry at the conference.

Others will delve into a wide range of topics including:

  • ​Sleep Apnea
  • Oral Surgery
  • Removables
  • Overhead Control
  • ​Hygiene/Productivity
  • ​Implants
  • Marketing
  • PPO Negotiations
  • Back Pain/Neck Relief
  • Staff Mgmt/Hiring
  • ​Endo
  • Hygiene/Perio
  • Practice Management
  • ​Efficiency
  • ​Financial Planning

As a dental speaker, it’s an honor to have my experience and successes showcased to others in the profession who might be struggling with where to take their practices in this increasingly competitive landscape.

In any business, it’s easy to get stuck in your own systematic method of addressing problems. Pulling on different levels of expertise from across the country can shake the figurative cobwebs and open eyes to new ways of doing things. So the best part about this conference, for me, will be the opportunities I get to discuss issues in the dental industry with contemporaries with a wide variety of viewpoints.

If you haven’t already registered I encourage you to do so by clicking here.

Meet your front desk receptionist: the most important person in your Practice…

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Dental Practices can’t just phone it in

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Your front line team members are the first client/customer facing representatives anyone comes into contact with when they call or enter your dental practice. Hopefully you’ve trained them to be both empathetic and professional. Let’s say you’ve gone a step further and they are also well – versed on best practices surrounding customer care. That’s it, you’re done!

Not so fast.

What happens where they’re engaged with a real life customer and the phone rings? Is your answering system as good as your staff? If not, then you have a big hole that needs a filling.

First off, the phone should be answered within four rings. If staff are too busy to do so, let it go to the answering system. Nobody wants to hear, “this is Dr. Smith’s office. I’m going to have to put you on hold.”

If it isn’t possible for any member of your team to grab that phone call within four rings, your message has to be the next best thing to speaking to a real person.

First, the answering system should allow patients a choice. They should be allowed to leave their name and phone number along with a request or question.  Alternately, the caller should be able to opt to stay on the line and wait. But if they do so, it is vitally important they are reminded every 30 seconds that you haven’t forgotten about them and that someone will be with them shortly. If, after two minutes, they are still waiting, they should have an additional option to leave a message. Here is where you differentiate yourself by promising to return the call within 15 minutes. Why is this important? That 15 minutes buys your time before they call another practice to set up an appointment.

Still not convinced about the importance of this seemingly minor issue? I’ve got a simple test for you. Do you remember the last time you were put on hold for a long time? Did you call back? I would guess you might have moved onto another provider.

We are all busy. But that doesn’t mean you don’t have time for clients. How you treat someone when you are busy speaks volumes about how much you would value them as a customer.

If you want to talk about how I can transform your dental practice into a customer service dynamo, please get in touch.

The most important person in your practice is the first and last one to see your patients

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So you’ve got a dental office with technicians and great patient care specialists. Who’s the most important person in your business?

The answer is surprising to some. The surprise is that it’s not you. It’s actually the front-desk person. They are a patient’s first and last point of contact. They set the tone for the patient’s experience at your practice.

young-dentist-opening-a-practice

Female patient coming to dental surgery check-up appointment reception

He or she must possess patience, knowledge, grace under pressure, and the ability to show empathy, along with being efficient and effective.

When recruiting for this crucial position, the following skill sets are of key importance:

∙ Sales skills

. Telephone skills

∙ Gathering and interpreting data

∙ Patient orientation

∙ Developing and providing information about a comprehensive treatment plan

∙ Reviewing financial options for the patient to receive care and treatment

∙ The ability to generate reports to assess the success and progress of your business team

∙ Review and make necessary adjustments to procedures and processes through daily, biweekly, weekly, or monthly meetings and discussions

 

As you can see, this is a position that goes well beyond “receptionist.” Your front desk person has to wear many hats throughout the day, and it all starts with how they answer the phone.

If you want to talk about how I can make your dental practice a dynamo in customer service, please get in touch.

Guidelines​ ​for​ ​building​ ​an​ ​effective​ ​team

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To​ ​me,​ ​T.E.A.M.​ ​means​ ​“together​ ​employees​ ​achieve​ ​mastership.”

It’s​ ​a​ ​convenient​ ​acronym.​ ​But​ ​it’s​ ​more​ ​than​ ​that.​ ​In​ ​order​ ​for​ ​it​ ​to​ ​work​ ​leadership​ ​has​ ​to
make​ ​sure​ ​its​ ​team​ ​has​ ​the​ ​tools​ ​to​ ​succeed.​ ​Training,​ ​education,​ ​attitude​ ​and​ ​money​ ​are
the​ ​building​ ​blocks.​ ​Take​ ​away​ ​any​ ​of​ ​those​ ​elements​ ​and​ ​your​ ​team​ ​is​ ​just​ ​a​ ​gathering​ ​of
paid​ ​employees.

What-are-the-factors-of-successful-leadership

Medical team of three professional woman at dental surgery portrait

Experience​ ​has​ ​taught​ ​me​ ​that​ ​people,​ ​who​ ​both​ ​want​ ​and​ ​need​ ​employment,​ ​are​ ​the​ ​ideal candidates​ ​for​ ​building​ ​a​ ​great​ ​team​.​ ​I’ve​ ​seen​ ​how​ ​people​ ​who​ ​hate​ ​their​ ​jobs​ ​and​ ​those who​ ​don’t​ ​need​ ​their​ ​jobs​ ​are​ ​never​ ​really​ ​fully​ ​committed​ ​to​ ​them.

Commitment,​ ​loyalty,​ ​trust​ ​and​ ​a​ ​desire​ ​to​ ​work​ ​are​ ​the​ ​ingredients​ ​for​ ​fantastic​ ​employees
who​ ​become​ ​integral​ ​parts​ ​of​ ​amazing​ ​teams.​ ​And​ ​at​ ​the​ ​risk​ ​of​ ​sounding​ ​somewhat​ ​agist​ ​-
and​ ​having​ ​been​ ​a​ ​former​ ​member​ ​of​ ​this​ ​cohort​ ​-​ ​​ ​I’ve​ ​found​ ​people​ ​in​ ​their​ ​20s​ ​go​ ​through
so​ ​many​ ​of​ ​their​ ​own​ ​changes​ ​that​ ​the​ ​odds​ ​of​ ​them​ ​still​ ​being​ ​with​ ​your​ ​team​ ​into​ ​their​ ​30s
is​ ​not​ ​great.​ ​That​ ​doesn’t​ ​mean​ ​you​ ​shouldn’t​ ​give​ ​young​ ​people​ ​opportunities.​ ​But​ ​do​ ​so
knowing​ ​that​ ​your​ ​job​ ​is​ ​probably​ ​seen​ ​as​ ​a​ ​stepping​ ​stone​ ​to​ ​something​ ​bigger​ ​and​ ​better.

The​ ​average​ ​dental​ ​office​ ​will​ ​have​ ​fewer​ ​than​ ​ten​ ​employees.​ ​That​ ​works​ ​in​ ​the​ ​owner’s
favour.​ ​Managing​ ​and​ ​coaching​ ​a​ ​small​ ​staff​ ​provides​ ​excellent​ ​opportunities​ ​for
mentorship​ ​and​ ​skills​ ​development​ ​while​ ​also​ ​delivering​ ​exceptional​ ​service​ ​to​ ​the​ ​patients.
But​ ​that​ ​tidy​ ​size​ ​comes​ ​at​ ​a​ ​price.​ ​Fewer​ ​staff​ ​means​ ​difficulties​ ​in​ ​times​ ​of​ ​family
commitments,​ ​illness​ ​and​ ​such.​ ​However​ ​when​ ​you​ ​have​ ​a​ ​real​ ​TEAM​ ​they​ ​pull​ ​together
and​ ​help​ ​each​ ​other​ ​out​ ​-​ ​so​ ​that​ ​your​ ​patient​ ​experience​ ​doesn’t​ ​have​ ​to​ ​suffer.

Another​ ​quality​ ​I​ ​look​ ​for​ ​when​ ​building​ ​a​ ​team,​ ​is​ ​a​ ​person’s​ ​marketing,​ ​sales​ ​and
business​ ​experience.​ ​Knowing​ ​the​ ​field​ ​of​ ​dentistry​ ​is​ ​a​ ​nice​ ​but​ ​not​ ​necessarily​ ​essential
skill​ ​for​ ​an​ ​employee​ ​to​ ​have.​ ​​ ​If​ ​forced​ ​to​ ​choose​ ​between​ ​someone​ ​who​ ​is​ ​knowledgeable
and​ ​one​ ​who​ ​has​ ​great​ ​sales​ ​and​ ​management​ ​skills,​ ​I​ ​will​ ​always​ ​pick​ ​the​ ​latter.​ ​Clinical
skills​ ​can​ ​be​ ​taught;​ ​teaching​ ​management​ ​and​ ​sales​ ​are​ ​much​ ​more​ ​difficult.

That​ ​doesn’t​ ​mean​ ​your​ ​team​ ​should​ ​be​ ​devoid​ ​of​ ​dental​ ​experience.​ ​You​ ​will​ ​always​ ​need
to​ ​have​ ​individuals​ ​with​ ​a​ ​background​ ​and​ ​knowledge​ ​of​ ​the​ ​dental​ ​business​ ​and​ ​dental
hygiene.​ ​I​ ​would​ ​be​ ​lying​ ​if​ ​I​ ​said​ ​it​ ​is​ ​easy​ ​to​ ​find​ ​such​ ​individuals;​ ​in​ ​fact,​ ​it​ ​is​ ​extremely
difficult.​ ​In​ ​some​ ​cases,​ ​it​ ​may​ ​appear​ ​impossible,​ ​but​ ​it​ ​can​ ​be​ ​done.

There​ ​is​ ​an​ ​old​ ​adage​ ​in​ ​business​ ​that​ ​for​ ​every​ ​$10,000​ ​you​ ​pay​ ​a​ ​person,​ ​​ ​you​ ​should
spend​ ​a​ ​month​ ​to​ ​find​ ​the​ ​RIGHT​ ​person.​ ​What​ ​that​ ​means​ ​is​ ​that​ ​if​ ​you’re​ ​going​ ​to​ ​pay
someone​ ​$50,000​ ​a​ ​year,​ ​you​ ​should​ ​be​ ​willing​ ​to​ ​spend​ ​five​ ​months​ ​on​ ​the​ ​hiring​ ​process.
I​ ​can’t​ ​emphasize​ ​that​ ​enough.​ ​It​ ​is​ ​a​ ​critical​ ​step​ ​in​ ​accomplishing​ ​your​ ​goal​ ​of​ ​developing
the​ ​ideal​ ​dental​ ​business.​ ​Not​ ​selecting​ ​the​ ​right​ ​individuals​ ​when​ ​putting​ ​together​ ​your
team​ ​will​ ​result​ ​in​ ​an​ ​enormous​ ​cost​ ​to​ ​you​ ​and​ ​your​ ​organization​ ​over​ ​the​ ​long​ ​run.

If​ ​this​ ​sounds​ ​like​ ​a​ ​lot​ ​of​ ​work​ ​-​ ​it​ ​is.​ ​But​ ​it’s​ ​the​ ​kind​ ​of​ ​work​ ​that​ ​if​ ​done​ ​right,​ ​will​ ​be​ ​pay dividends​ ​every​ ​day​ ​you​ ​open​ ​your​ ​doors.

The journey from believing to achieving business success

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Are you a believer or an achiever? Do you cruise through your day believing you’re doing a good job or do you actually have a strategy to make it happen?

I read statistics recently that showed 92 percent of CEOs believe they deliver excellent customer satisfaction. The reality however, showed that only about 8 percent actually hit that goal.

The 92 percent may be true believers.  But belief in itself doesn’t deliver anything other than a false sense of achievement. Making the leap to actually producing results requires something I call the 3Ds: design, develop and deliver.

So how do you do this?

First, take your final product and divide it up into the elements needed to design a complete customer experience. Then hone and further develop and refine that complete customer experience on an ongoing basis. Remember it’s not a ‘do and done’ thing: it requires attention and adaptability to influences both within and without the organization.

Finally, you and your team have to deliver.

Every. Single. Time.

Failing on that third ‘D’ makes everything else pointless. I’ve seen this happen again and again. And the result is wasteful spending on advertising, additional sales staff, acquisitions, products and gimmicks all in a desperate attempt to achieve a goal that is not clearly defined or understood.

Would you set out on a road trip without a map and travel plans? Of course not. So why would you do it in business?

The key is to make the connection between profits and your customer satisfaction experience. Many managers don’t understand this connection and spend their time squeezing staff and customers in pursuit of fast profits over long term success.

They never understand that a satisfied customer base is actually the best street level marketing team a company can have. Customers talk to their friends and colleagues and rave about your service at their dinner tables, social gatherings and family events. These advocates have a level of access and a credibility that no salesperson could ever match. What’s more, they’re free to you if you deliver a great customer experience.

Of course the opposite is true. Deliver a mediocre or poor customer experience and your business will suffer. Instead of talking your business up, people will ask their friends, family and colleagues for suggestions on where to find a better experience. So you’ve not only lost that one customer – but everyone else they talk to.

When developing that customer experience, look at all of it. From your appointment system to the cleanliness of your washrooms to the magazines in your waiting room, all of it is about delivering the ideal customer experience.

Design, develop and deliver. Turn that into your business mantra, your business culture and you’ll see the results in your bottom line.

If you’re a dentist or other healthcare professional and you’d like to discuss how to lead a business that works for you please get in touch.

Is your business in the good profit or bad profit game?

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In dentistry as in most businesses, how your business operates says more about your company than you might suspect.

The culture of your workplace reflects your company values. If staff attend carefully to patients instead of rushing them in and out, then you have a more healthy culture.

 

Your people are your company’s greatest asset. In order to find continued success you need a hardworking, dedicated and motivated team. But if you do not have a great people-culture, it’s your responsibility to improve it.

I have been in this game a long time.  I have found that one of the key factors in  success has been the positive relationships with team members, leaders and managers have internally and also with patients. It doesn’t happen overnight. You have to cultivate this over time with excellent processes, procedures and outstanding communication.

Why bother?

Good relationships lead to what I call ‘good profits.’ This is a continuous revenue stream that comes from good customer interactions and relationships. In essence you’re building customer loyalty not on price, but service based on a personal touch. People want to stay with you. When this is done they will tell their friends and family members.

Of course the opposite can true. Bad profits are those revenues earned when you chase after every dollar and squeeze employees at every opportunity. They won’t like you. It will show in the way they act around patients and each other. As they say “you can’t fake authenticity.”

The result is patients don’t feel loyalty and they don’t return. Worse still they may also tell their friends about the experience they had. An unsatisfied customer is more than a missed opportunity – it’s multiple lost opportunities.

Unsurprisingly, what you need to do is treat your customers the way you’d want to be treated.

Good profits are earned when customers or patients continually come back for additional services and products and rave to friends and family about their excellent experience.

These customers become promoters of your business and they’re worth far more than any advertising dollars you’ll spend. People trust word-of-mouth and they are the most cost-effective growers of your business you’ll ever have.

The ultimate question is how do you create the appropriate processes and procedures? Start by measuring what makes your customer or patient satisfied and happy. This comes with quality assurance and quality assessment on every point of service. Review and improve your existing processes and procedures and focus on your customers and patients, plus team members, leaders and managers. All areas of an organization need constant improvement and that will come with continual organizational communication.

The goal is you want your team members and patients to (BLT) Believe, Like and Trust you and your organization.

So what does your business focus on: bad or good profits?

If you’re a dentist or other healthcare professional and you’d like to discuss how to lead a business that works for you please get in touch.

 

Dentistry is changing: do you know where you fit in?

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Dentistry as we know it is changing right before our eyes. The data is clear: fewer and fewer dentists are practicing as solo practitioners and more of us are moving toward group practice. While everyone has their own reasons, the biggest draw seems to be creating a better work-life balance.

 

patient-care-and-customer-service

It’s an understandable choice. On one hand your are expected to be an excellent healthcare provider, leader, and business person. While at the same time you have a family and all the obligations that come along with it.

For the majority of us who are not superhuman, something has to give. And most of the time the hit is taken on the family side of the ledger.

So it’s no surprise that many of us look to corporate dentistry – specifically DSO’s and or MSO’s – to even out the personal balance sheet.

Dental Service or Support Organizations or Managed Service or Support Organizations are markedly different from ordinary ‘mom and pop’ solo dental corporations.

The biggest benefit to the dentist looking for a bit of balance and structure is that MSOs come with built in processes, marketing, education and support that eliminate many of the headaches solo practices have to deal with.

But there is also a cost. That cost comes from the loss of control to equity partners, more interested in profits than patients. In many instances these groups are only in the game for 3 to 7 years after which the investment arm cashes in it’s chips and moves on.

At that point another group will step in with it’s own ideas about how things should be done.   

This invariably causes disruption and a lack of continuity within the organization. On the positive side process and procedures will be put in place that could perhaps reduce waste and control some costs. But that doesn’t entirely offset other factors such as additional layers of management, and an emphasis on short term profits at the expense of long term failure.

This isn’t an issue for discussion anymore. We must adapt and modify our practices and prepare team members and the public for these changes.

There is room for both business models. And the hope is that each model will force the other to become better not just in care but in service.

In the end patients are attracted to a particular dental practice based on their needs, finances and education. A majority will be moved by slick marketing, convenient hours and numerous locations. But others will value the continuity of care specialized services and BLT: an office they Believe In, Like and Trust.

If you’re a dentist and you’d like to discuss how to create a practice that works for you please get in touch.