Some people believe that dentistry is a great job but a poor business. Dentistry is fundamentally different from other businesses in that the success of the practice is largely dependent on the owner/Dentists production. For most Dentists, if you aren’t working you aren’t making an income. It doesn’t have to be that way.
Witness a client of mine from Idaho. He’s a young Dentist who understands business and has developed a business model of owning multiple practices. His story is an example of how dentistry can be a great business.
This client purchased his first practice in Idaho and proceeded to take a practice in need of TLC and began developing it into a strong practice. He started by creating a Mission Statement and a set of Core Values. These served as the foundation to build upon.
Once he had his Mission Statement and Core Values he could then test any decision against the Mission and Core Values. If a decision matched, then he’d consider it. If not, then the answer was no. This process is beautiful in its simplicity.
Once his Idaho practice was beginning to achieve its potential, he set out to purchase another practice. He looked for practices in areas of the country that were underserved. He found his next practice in New Mexico, some 1,044 miles from his Idaho practice. He was ‘coloring outside of the lines’ of conventional thinking.
Before closing on the purchase of his second office, he found a young Dentist who shared his vision and we excited about the opportunity. Many young Dentists are not able to purchase a practice early in their career because of the amount of student loan debt and lack of income history. He found an awesome young Dentist who shared his vision and Core Values.
Technology makes owning two practices some 1,044 miles apart a realistic proposition. His office manager in the Idaho practice manages both practices. She has remote access to the computer system in New Mexico and can manage the day-to-day activities from Idaho.
The New Mexico Dentist and Team were able to learn from the Idaho practice and they quickly copied the successful systems and training that were working so well in Idaho. The New Mexico practice was thriving to the point that a second Dentist was hired within 6 months of purchasing this practice.
Now, he has excellent practices in Idaho and New Mexico. They both have exceeded expectations and are continuing to grow and develop to full potential. I recently spent two days with my client and his Team and I’m very excited about the progress.
We still have work to do, but both practices are taking great care of their patients, providing a stimulating work environment for the Team and both practices are profitable. In fact, I was so intrigued with his story that I just interviewed him for an upcoming episode of my Thriving Dentist Show audio podcast. Stay tuned, you’ll love listening to this episode. Keep Smiling!