General

Weekend Reading for Dentists (June 22-23)

Posted on by Brian Hanks

Ready, Fire, Aim: It’s OK to Fail
(Craig Presti – Dental Economics)

Author Graig Presti reminds dentists of the benefits of failure and why it’s okay to try new ideas, even if you don’t have every detail perfectly planned. The natural course of events for dentists is to be meticulous in diagnosing, treating and following up on the health of patients. When those same perfectionist habits carry over into the business side the dental practice, Presti points out that “you’re no longer able to create forward movement or be productive.”
Estimated read time: 4 min.

Embezzlement in the Dental Practice
(Wendy Askins – DentalTown Magazine)
Author Wendy Askins covers some scary statistics about fraud and embezzlement in dental practice. Wendy says that three out of five dentists will be embezzlement victims in their career. Did you know the average loss is more than $100,000, and that the average employment tenure of the embezzler is five years? Wendy covers three main areas to protect yourself. I thought her second suggestion, around electronic backups, was especially helpful.
Estimated read time: 7 min
Doctors, It’s Time to Push Back on PPO’s
(Bill Rossi – The Profitable Dentist Magazine)
Author Bill Rossi walks through the basic economics of thinking critically about how many insurance companies to be in-network with. Bill talks through some interesting statistics that might be counterintuitive to many dentists. He shows that new patient flow actually decreases the more insurance providers you are in network with. I’m always partial to articles that provide actual phrases to use with patients, which this one includes. This article is full of helpful advice on making the best insurance decisions for your practice.
Estimated read time: 6 min
Why I Can’t Own My Own Practice
(Earl Douglas – Dental Entrepreneur)
Author Earl Douglas takes a tongue-in-cheek approach to dismantling many of the myths that newer dentists cling to, about why they can’t own a practice. Although the tone is generally sarcastic, the information is good with a heavy emphasis on the basic truth that the finances generally work in favor of owner-doctors. If you want to read (or send to a friend!) and article to show why you can own afford to own a practice, even with all those student loans – this is a good one!
Estimated read time: 8 min
Your Dental Practice is Like a Bookstore…
(Chris Salierno – DentistryIQ)

Author Chris Salierno draws a comparison between dental offices and bookstores, who (with the sole exception of Barnes and Noble) have been decimated by the commoditization of the industry. While not a perfect analogy, bookstores don’t have the same rigid requirements for new market entrants that dentists do, the overall point is a good one and worth thinking about. Chris asks how you are going to differentiate yourself from other practices, and the large consolidated practices that can offer more competitive pricing. This article advocates understanding what motivates YOUR patients. Solid advice.
Estimated read time: 3 min

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Brian Hanks

Brian Hanks is an author, advisor, certified financial planner specializing in helping dentists evaluate and acquire a dental practice of their own. Brian developed his dental practice acquisition framework to help dentists navigate the complex and overwhelming process. Brian's book, How to Buy a Dental Practice: Find, Analyze, Negotiate, and Purchase the Right Dental Practice for You, details the basic pitfalls that new dentists often make, and lays a roadmap for a successful acquisition. His consultancy, Dental Buyer Advocates, provides hands-on guidance and expertise for evaluating practices, negotiating with sellers, closing on a practice, financing, transitioning a practice from the seller to the new buyer's management, and much more. Brian has a business management degree from BYU, a finance MBA from University of Michigan, and a CFP certification from Northwestern University. He lives in Salt Lake City, Utah with his family and serves dentists nationwide. See Brian's 27-point dental practice acquisition checklist: https://www.dentalbuyeradvocates.com/dental-practice-acquisition-checklist/ Learn all about the process of buying a practice: https://www.dentalbuyeradvocates.com/buying-a-dental-practice/