In this week’s episode, Gary Takacs is going to share details that will help you decide if you need an associate dentist in your practice and how you can successfully integrate an associate dentist into your dental practice.
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We have also introduced a new segment in this podcast called the “Dental CPA Insight”, and in this episode, we have Kate Willeford sharing an insight.
Up until the early ’90s, 92% of the dental practices were solo dental practices. However, most practices have since shifted into the model of having partners and associates.
So, if you are a doctor who is currently in a solo practice, we would encourage you to listen to this podcast and find out why Gary thinks you and your dental practice might thrive by quitting the solo dental practice model.
In this podcast, Gary will talk about;
- The 2 reasons why the solo dentist model is under assault
- The 2 doctor practice model used at LifeSmiles and how it helps Dr. Paul & Dr. Tim achieve a work-life balance!
- Examples of how moving out of solo dentist practice and having an associate will help you and your practice thrive economically.
- Why it’s better to have an associate first and then later move on to being partners
- Reasons why a lot of dentists don’t want to own their dental practice
- Things you must avoid doing if you have an associate and why.
- The benefits of having an associate in your practice
- The 2 most common reasons for having an associate fail in a dental practice.
Hope you enjoy this podcast episode!
Time Stamps
- 00:00:26 – Intro
- 00:00:57 – Announcement
- 00:04:06 – An important statement on dentistry by Gary Takacs.
- 00:05:10 – Does a solo doctor format practice still work?
- 00:05:53 – 2 reasons why the Solo Dentist Model is under assault.
- 00:06:45 – Example of how moving out of a solo dentist format can help you and your practice.
- 00:09:30 – About the 2 Doctor Practice model used at LifeSmiles
- 00:10:34 – An earth bound example of how moving out a solo dentist practice model will help you.
- 00:12:46 – Why do you need to date before marriage?
- 00:14:09 – The results of a survey Gary takes at the dental school he teaches.
- 00:15:35 – A reason why dentists don’t want to own their practice.
- 00:16:31 – One of the things you want to avoid if you had an associate.
- 00:18:03 – The Benefits of having an associate
- 00:26:18 – Dental CPA Insights Tip by Kate Willeford on How to eliminate Tax projections
Q&A Segment
- 00:32:30 – Question 1 – Gary, I am too busy for just me as the Dentist in the practice but I’m not sure I am busy enough to support an Associate. How can I determine if I have enough demand for an Associate?
- 00:36:44 – Question 2 – Would it make sense to add a part time Associate if I’m not sure I am busy enough for a full time Associate?
- 00:38:54 – Question 3 – I currently have a very good Associate in my practice. What would be the advantages of my Associate becoming a Partner in the practice?
- 00:47:55 – Question 4 – Gary, I know you have a great deal of experience in your coaching work with practices that have added an Associate. What are some of the biggest mistakes you have seen Dentists make when adding an Associate?
Resources
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Gary Takacs
Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe. As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!