Just a Couple of Dentists

We SOLD to a DSO and Lived to Tell the Tale (Part 1)

In Part 1 of this episode of "Just a Couple Dentists," we dive deep into our journey of selling our dental practices, a process that has been years in the making. As we reflect on our experiences, we share the challenges, decisions, and strategies that led us to this pivotal moment in our careers.
We start by discussing the initial emotional turmoil surrounding the decision to sell. With one of us feeling burnt out from managing the practices and the other focused on developing a new software venture, we realized that our passion for dentistry was waning. Despite our practices generating around $3 million a year in production, the stress of daily operations was taking its toll. We emphasize the importance of ensuring that any decision to sell was not purely emotional but based on solid financial reasoning.
As we outline our approach, we detail the steps we took to prepare for the sale. This included analyzing our practices' financials, exploring different selling options—such as selling to a private dentist versus a Dental Service Organization (DSO)—and understanding what DSOs look for in a practice. We highlight the significance of having a clear plan for our next steps post-sale, as well as the importance of maintaining profitability during the transition.
Throughout the episode, we share insights on how we optimized our practices for sale, including managing costs, scaling down hours, and ensuring our practices were attractive to potential buyers. We discuss the factors that make a practice appealing to DSOs, such as growth potential, payer mix, location, and the number of doctors at each location.
We also recount our initial attempts to sell the practices ourselves, which led to some humorous and eye-opening moments. Realizing the complexities of the process, we decided to enlist the help of a broker who had a proven track record in the industry. We discuss the criteria we used to select the right broker and the importance of finding someone who aligned with our goals and values.
We then outline our specific goals for the sale, including the option for a quick exit, favorable financial terms, and the ability to maintain autonomy in our practices post-sale. We emphasize the need for transparency and a strong reputation in the DSO we chose to partner with.
This episode is packed with valuable lessons for anyone considering selling their dental practice or navigating the complexities of the dental industry. Join us as we share our journey, the ups and downs, and the insights we've gained along the way. Whether you're a fellow dentist or simply interested in the business side of dentistry, there's something here for everyone.

Working Interviews: Genius or Total Disaster?

In this episode of "Just a Couple of Dentists," we dive into some hot topics that have been stirring up discussions in various dental Facebook groups. 
We kick off the conversation by addressing a controversial question: Should dentists pay for their hygienists' license renewals? I share my perspective that it’s not the dentist's responsibility to cover these costs, as the license belongs to the hygienist and is essential for their employment. Eric agrees, emphasizing that this practice could lead to complications if the hygienist decides to leave shortly after the renewal.
Next, we tackle the contentious issue of working interviews for dentists. I express my strong opposition to this practice, arguing that it undermines the respect and trust that should exist in the dentist-patient relationship. Eric shares his experiences with working interviews, noting that while they can provide insight into a candidate's interpersonal skills, they often create an awkward environment that doesn't accurately reflect a dentist's capabilities. We discuss the potential pitfalls, including billing complications and malpractice concerns, ultimately concluding that better interviewing techniques could replace the need for working interviews.
The conversation then shifts to the ongoing debate about 1099 versus W-2 classifications for dentists. We break down the IRS criteria for determining employment status and highlight the risks associated with misclassifying employees to save on payroll taxes. Eric and I agree that many practices are skirting the issue, which could lead to significant penalties if audited.
We also touch on a recent ADA resolution allowing foreign-trained dentists and dental students to perform hygiene without a license, which has sparked concern among hygienists about job security. While I express skepticism about whether this will effectively address the workforce shortage, we both agree that the dental profession must adapt to changing circumstances.
Finally, we discuss the policies surrounding team members clocking in for various scenarios, such as office lunches, personal dental work, and cleaning family members' teeth. We emphasize the importance of clear expectations and written policies to avoid misunderstandings and ensure fairness in the workplace.
Join us for this engaging discussion as we navigate the complexities of dental practice management and share our insights on how to foster a positive and productive work environment. Whether you're a dentist, hygienist, or part of the dental team, there's something in this episode for everyone!

We Saved $20,000 Doing THIS (And You Can Too!)

In this episode of our podcast, we dive deep into the evolving landscape of payment processing in dental practices, particularly focusing on the surcharging and dual pricing models.
We explore the historical context of credit card surcharges, tracing back to the 1950s and the regulatory changes that have shaped how businesses handle credit card fees. I share insights from my own experience, revealing how our office is currently implementing these practices and the challenges we've faced along the way. We break down the differences between surcharging and dual pricing, discussing the psychological implications of each approach and how they can impact patient interactions.
As we navigate through the complexities of these payment models, we also touch on the practicalities of integrating them into our existing systems, such as Open Dental and Flex. I recount the feedback from my office managers regarding the implementation process and the importance of clear communication with patients about their payment options.
The episode also highlights innovative ways to increase revenue in dental practices without overwhelming staff or patients. We discuss the potential of charging for AI-assisted x-ray interpretations, the merits of offering desensitizing treatments, and the idea of tiered membership packages that provide added value to patients.
Towards the end, we brainstorm creative ideas for enhancing patient experience, such as post-treatment care packages and VIP membership tiers that offer exclusive benefits. We emphasize the importance of transparency and patient comfort in these transactions, ultimately aiming to improve practice profitability while maintaining a positive patient experience.
Join us as we unpack these topics, share our experiences, and explore how dental practices can adapt to the changing financial landscape while providing exceptional care to their patients.

We Used JEDI MIND TRICKS to Get Everyone to Say YES!

In this episode of our podcast, we dive deep into the fascinating world of influence and the power of persuasion, particularly in the context of dentistry. We kick off the discussion by reflecting on a recent episode of the podcast "My First Million," which sparked our curiosity about the origins of the common dental practice of brushing twice a day. To our surprise, we learn that this habit was not rooted in scientific studies or recommendations from dental associations, but rather the clever marketing strategies of Claude Hopkins, a prominent advertiser in the 1920s who worked with Pepsodent toothpaste. His innovative approach to marketing transformed dental hygiene practices across the country.
As we explore the power of marketing and influence, we draw connections to our own experiences in dental practices. We reminisce about a course we took years ago on the principles of influence, based on Robert Cialdini's work, and how these principles can be applied to improve patient acceptance of treatment. We discuss the six original principles of influence—reciprocity, commitment, social proof, authority, liking, and scarcity—and introduce a new seventh principle: unity.
Throughout the episode, we share practical examples of how we've implemented these principles in our practices. For instance, we discuss the effectiveness of giving patients goodie bags at the beginning of their appointments to create a sense of obligation to accept treatment. We also highlight the importance of getting patients to verbally commit to their treatment plans, as this can significantly increase their likelihood of following through.
We delve into the concept of social proof, discussing how we can leverage patient testimonials and reviews to build trust and encourage new patients to choose our services. The principle of authority is examined as we consider how to present ourselves as experts in our field, while the principle of liking emphasizes the importance of building rapport with patients quickly.
As we wrap up our discussion, we touch on the principle of scarcity, emphasizing the need to create a sense of urgency in scheduling appointments and accepting treatment. Finally, we explore the idea of unity, discussing how fostering a sense of community within our practices can enhance patient loyalty and engagement.
This episode is packed with insights and actionable strategies for dental professionals looking to improve their practice through the power of influence and marketing. Whether you're a seasoned dentist or just starting out, there's something valuable for everyone in this conversation. Join us as we unpack these principles and share our experiences in the ever-evolving world of dentistry.

The CRAZY Story of How We Bought Our First Dental Practice!

In this inaugural episode of "Just a Couple of Dentists," hosts Eric and Alex dive deep into their personal journeys in the dental field, sharing the highs and lows of practice ownership, and the lessons learned along the way.
Eric and Alex reflect on their decision to start a podcast after years of navigating the complexities of dental practice ownership. They express their desire to cut through the noise and fluff often found in dental advice, aiming to provide real, actionable strategies based on their experiences.
The hosts share their backstory, detailing their paths from dental school to practice ownership. Eric discusses his military experience and the transition to civilian practice, while Alex recounts her journey of acquiring a practice in Newport Beach, California. They candidly address the mistakes made during this acquisition, including the challenges posed by a difficult retiring dentist who undermined their efforts and created a toxic work environment.
Throughout the episode, they emphasize the importance of due diligence when purchasing a practice, sharing insights on what to look for and what red flags to avoid. They discuss the significance of location, visibility, and the demographics of the area, as well as the impact of inherited staff dynamics on practice culture.
The hosts also touch on the importance of marketing and patient acquisition, reflecting on their experiences with low new patient counts and the need for effective branding. They highlight the lessons learned from their first practice, which ultimately paved the way for their successful startups.
In closing, Eric and Alex encourage listeners to embrace the challenges of practice ownership, reminding them that every experience—good or bad—contributes to their growth as dentists and business owners. They invite listeners to join them on this journey, promising to share more insights, strategies, and stories in future episodes.
Tune in to discover the realities of dental practice ownership and gain valuable knowledge that can help you navigate your own path in the dental world.