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Episode 437

The Ideal Practice Size

Host: Gary Takacs | Published Date: May 27, 2020 | Listening Time: 01:03:57

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In today’s episode, Gary Takacs and Naren Arulrajah discuss the six specific goals that should be achieved to determine the ideal size for your dental practice. 

Gary shares how he discovered these six goals, on his journey in achieving his first target at LifeSmiles Dental Care, which was 2 million dollars solo. This helped him discover the answer to the question often asked, ‘’what is the ideal size for your practice?’’

Since Gary believes in a growth-oriented practice, he shares insights with his listeners, on why the formula for figuring out the ideal practice size is incorporated into growth as a part of its culture. 

He further reviews

  • What financial independence is
  • Why should a dental practice focus on its growth rather than the size
  • Why is the solo doctor practice model becoming more challenging to be successful with
  • Why Gary prefers the 3-days doctor week model at his practice

In today’s Q&A segment Gary answers the questions: 

  1. How do I know when to add an associate doctor?
  2. How large can a practice become with just one dentist?
  3. Can a practice become too large?
  4. Is the concept of a boutique practice an effective practice model?

This episode will help you gain a lot of information that you can use to set goals as you start developing your practice towards its ideal size. 

Do you have a question you would like Gary to answer in the next episode’s Q&A Segment? Ask Gary now!

Tune into our podcast today to learn of the six most important goals that will help you determine the ideal size for your practice.

TIME STAMPS: 

  • 00:25 > Introduction for today’s episode
  • 01:00 > Announcement on one-day MBA
  • 02:49 > second announcement on Ekwa marketing
  • 05:44 > Naren’s introduction to the episode
  • 06:27 > Gary’s insight on what is the ideal size for a dental practice
  • 06:55 > 6 Goals for a Thriving Dental practice
  • 09:56 > why achieving these goals are possible.
  • 11:17 > what is financial independence
  • 12:13 > Why you need to have a goal that’s at least 6 digits 
  • 13:36 > Having a practice that has growth as a part of its culture and the reason 
  • 15:20 > How Gary at his practice has always strived to achieve double digits growth. 
  • 17:42 > High performance people never coast. 
  • 21:54 > What’s possible with a Solo dentist practice working 4 days a week with a nice strong hygiene department.
  • 25:53 > If you are growing a practice just for the sake of growth and your overheads are actually going up, then growth is not serving.
  • 27:23 > The more success you have, the more opportunity you have to do charitable things for people in your community. 
  • 29:53 > Why Gary thinks that the solo doctor model/practice is becoming a challenging model to be successful with.
  • 31:54 > Why Gary likes the 3-days doctor week model & its benefits.
  • 32:54 > Could a solo dentist get to a 3 day doctor week?
  • 35:19 > Download the Homework
  • 38:34 > Why I wanted to approach growth to stay ahead of the CPI 
  • 40:19 > Q&A Segment:
    • 40:19 > Question 1: How do I know when to add an associate Doctor?
    • 47:39 > Question 2:   Gary, in your experience how large can a practice become with just one dentist?
    • 53:25 > Question 3: Can a practice become too large?
    • 53:45 > Question 4:  Is the concept of a boutique practice an effective practice model?
  • 44:30 > How will the digital marketing that Ekwa does help?
  • 46:28 > Number one reason why associate-ships fail.
  • 1:00:5 > Schedule a Free strategy Marketing Meeting with Ekwa

Download the Homework assignment given by Gary Takacs

Resources

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Gary Takacs

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!
Connect with Gary Takacs on Linkedin
Podcast Assistance by Jodey Smith, Rodecaster Expert