1 00:00:03,333 --> 00:00:10,133 Host Track: : Welcome to Shared Practices 2.0. This is our second client update since the 2 00:00:10,133 --> 00:00:11,593 Host Track: : podcast has relaunched. 3 00:00:11,753 --> 00:00:17,293 Host Track: : And I'm excited because I think we get in trouble when we share the success 4 00:00:17,293 --> 00:00:22,173 Host Track: : stories because we set a fairly high bar for ourselves and for our listeners, unfortunately. 5 00:00:22,553 --> 00:00:26,913 Host Track: : People are like, I've only had 50% growth in the first year after buying a dental 6 00:00:26,913 --> 00:00:29,473 Host Track: : practice because they've heard too many of these episodes. 7 00:00:29,953 --> 00:00:35,073 Host Track: : So I apologize to our audience ahead of time. We have a pretty awesome journey 8 00:00:35,073 --> 00:00:39,793 Host Track: : from pre-purchase, finding the right practice, and first year of growth. 9 00:00:40,133 --> 00:00:45,253 Host Track: : So the jealousy, it's okay. But if you buy right, if you buy with growth in 10 00:00:45,253 --> 00:00:49,433 Host Track: : mind, it unlocks quite a bit of potential and is pretty incredible. 11 00:00:49,673 --> 00:00:54,393 Host Track: : So I'm going to introduce my co-host today, Danielle, one of our amazing coaches. 12 00:00:54,473 --> 00:00:55,173 Host Track: : Danielle, how's it going? 13 00:00:55,173 --> 00:00:58,673 Track 3: It's going good. Yeah. It's always good on a Monday morning. 14 00:00:59,273 --> 00:01:02,393 Track 3: I'm not in a hotel. No, I'm in my home office. 15 00:01:02,393 --> 00:01:07,553 Host Track: : Finding Wi-Fi and weird corners. So tell us a little bit about our guest today. 16 00:01:08,053 --> 00:01:11,053 Track 3: Okay. So this is Dr. Jim Simpson. 17 00:01:11,693 --> 00:01:16,573 Track 3: He and I went through the buyer rep program together. 18 00:01:17,153 --> 00:01:21,153 Track 3: And then he jumped into this journey of coaching with me. 19 00:01:21,353 --> 00:01:28,873 Track 3: We've been on this journey for just under a year together and his office is amazing. 20 00:01:29,193 --> 00:01:33,973 Track 3: His growth has been tremendous. We've implemented and done a whole lot of things. 21 00:01:34,193 --> 00:01:39,613 Track 3: And I don't want to share too much about his story or his office because he's 22 00:01:39,613 --> 00:01:43,813 Track 3: sort of in this really weird situation right now, which is kind of a cool thing. 23 00:01:43,953 --> 00:01:48,933 Track 3: So I want him to be able to share what all of that is. But he's an amazing doctor. 24 00:01:49,093 --> 00:01:51,353 Track 3: He's an amazing boss to his team. 25 00:01:51,653 --> 00:01:55,593 Track 3: And I think that that, I'm going to say leader, he's a leader in his office. 26 00:01:55,993 --> 00:01:58,633 Track 3: And so he's been amazing to work with. 27 00:01:59,373 --> 00:02:00,633 Host Track: : Awesome. Jim, welcome to the show. 28 00:02:01,413 --> 00:02:03,733 Guest Track:: Thanks for having me. And thank you for the great words there. 29 00:02:03,853 --> 00:02:04,933 Guest Track:: You're welcome. Appreciate it. 30 00:02:05,153 --> 00:02:09,653 Host Track: : She's great at being a hype man. I'm just like, okay, a little pump here at 31 00:02:09,653 --> 00:02:12,473 Host Track: : the beginning of the session. So tell us a little bit about yourself. 32 00:02:12,713 --> 00:02:15,313 Host Track: : When did you graduate? What area of the country are you in? 33 00:02:15,753 --> 00:02:18,633 Host Track: : And just a smidge of kind of your pre-ownership journey. 34 00:02:19,253 --> 00:02:23,153 Guest Track:: Yeah. So I am from a somewhat more rural area in Northern Kentucky, 35 00:02:23,433 --> 00:02:28,573 Guest Track:: not too far outside of a big city, but graduated dental school in 2015. 36 00:02:28,873 --> 00:02:34,193 Guest Track:: And then I started working as an associate for larger group practice with a 37 00:02:34,193 --> 00:02:36,033 Guest Track:: doctor that I actually kind of mentored with. 38 00:02:36,233 --> 00:02:39,633 Guest Track:: He mentored me while I was going through school and even before I got into dental school. 39 00:02:39,853 --> 00:02:45,013 Guest Track:: And I stayed with him for pretty much close to eight years in the city. So... 40 00:02:45,512 --> 00:02:47,652 Guest Track:: That's towards the end. Yeah, go on. 41 00:02:47,752 --> 00:02:50,572 Host Track: : Well, I was going to say class of 2015. So, you know, first off, 42 00:02:50,792 --> 00:02:52,072 Host Track: : very good, very good year. 43 00:02:53,352 --> 00:02:56,692 Host Track: : But I eight years at one office. 44 00:02:56,692 --> 00:03:01,052 Host Track: : I remember in the original season one of shared practices, we had someone on 45 00:03:01,052 --> 00:03:07,332 Host Track: : who talked about the fact that if someone is an associate for more than seven years, 46 00:03:07,512 --> 00:03:12,892 Host Track: : the likelihood of them making the jump to ownership drops off more drastically 47 00:03:12,892 --> 00:03:14,752 Host Track: : because it's just like making good money. 48 00:03:14,752 --> 00:03:18,372 Host Track: : Life is good you're settled you're comfortable so 49 00:03:18,372 --> 00:03:21,432 Host Track: : you know i think that's awesome that you made the jump despite 50 00:03:21,432 --> 00:03:25,652 Host Track: : having a good thing going and having a good relationship and it sounds like 51 00:03:25,652 --> 00:03:30,172 Host Track: : an opportunity that was worth sticking around for eight years what was the moment 52 00:03:30,172 --> 00:03:34,752 Host Track: : for you if you remember that you decided okay like it's time i want to do my 53 00:03:34,752 --> 00:03:40,552 Host Track: : own thing or was this just something you always knew and it was just now now you're ready yeah. 54 00:03:40,552 --> 00:03:45,012 Guest Track:: So i actually remember that episode. And I knew I was approaching that timeframe too. 55 00:03:45,252 --> 00:03:49,352 Guest Track:: And originally, obviously in dental school, I think everybody has the goal of 56 00:03:49,352 --> 00:03:50,512 Guest Track:: ownership at some point. 57 00:03:51,032 --> 00:03:54,352 Guest Track:: Because I had this established relationship already, I knew I definitely wanted 58 00:03:54,352 --> 00:03:55,932 Guest Track:: to at least go get some experience with them. 59 00:03:56,132 --> 00:03:59,872 Guest Track:: And it was a great associateship. I had a lot of really good experiences, 60 00:03:59,912 --> 00:04:03,472 Guest Track:: got to learn a lot of as far as from dentistry and from the business aspect. 61 00:04:04,012 --> 00:04:08,512 Guest Track:: I would say towards the end, within the last two years of being there, 62 00:04:08,872 --> 00:04:12,692 Guest Track:: I started to... I don't know, I guess I just wanted more and got tired of like, 63 00:04:12,752 --> 00:04:15,472 Guest Track:: I don't know, clocking in essentially and doing the same thing, 64 00:04:15,652 --> 00:04:17,692 Guest Track:: like the lack of responsibility almost. 65 00:04:18,312 --> 00:04:20,672 Guest Track:: And then there were, you know, there were some other changes that were happening 66 00:04:20,672 --> 00:04:23,872 Guest Track:: and it was kind of like, I think it's time to, for the next step. 67 00:04:24,232 --> 00:04:28,072 Guest Track:: And then oddly enough, I was out of town visiting one of my friends and we had 68 00:04:28,072 --> 00:04:29,912 Guest Track:: just been like talking about the whole situation. 69 00:04:29,992 --> 00:04:35,152 Guest Track:: And I'd been looking a little bit for a practice and a hygienist I knew messaged 70 00:04:35,152 --> 00:04:37,592 Guest Track:: me about a doctor from my hometown. 71 00:04:38,492 --> 00:04:40,032 Guest Track:: And that was kind of the start of it. Yeah. 72 00:04:40,152 --> 00:04:43,092 Host Track: : Did the hygienist know that you were looking or was it almost like out of the blue? 73 00:04:43,752 --> 00:04:45,652 Guest Track:: She didn't know I was looking. Yeah. It was kind of out of the blue. 74 00:04:45,812 --> 00:04:48,652 Guest Track:: She's, she messaged me a few times in the past. We never worked together or 75 00:04:48,652 --> 00:04:50,812 Guest Track:: anything, but we were pretty good friends from college. 76 00:04:51,072 --> 00:04:54,512 Host Track: : Okay. Okay. Nice. So I love that. 77 00:04:54,612 --> 00:05:00,852 Host Track: : You know, I think that oftentimes there's just this sense of like, I want to call the shots. 78 00:05:01,032 --> 00:05:03,952 Host Track: : I love that you're just like bored. You're, you're, you were sitting there, 79 00:05:04,092 --> 00:05:08,012 Host Track: : this is a good gig, but at the end of the day, I want to do things my way. 80 00:05:08,372 --> 00:05:10,552 Host Track: : And that's part of the essential... 81 00:05:11,905 --> 00:05:15,865 Host Track: : Drive behind ownership is not only is there financial benefits, 82 00:05:15,865 --> 00:05:19,665 Host Track: : but you can have your own thing and really make the decisions. 83 00:05:20,025 --> 00:05:23,345 Host Track: : And there's something about making the decisions, even if they don't go the 84 00:05:23,345 --> 00:05:28,185 Host Track: : way you want them to, but you made the decision and you get to own the consequences, 85 00:05:28,185 --> 00:05:31,125 Host Track: : good and bad, and reach your potential. 86 00:05:31,365 --> 00:05:37,405 Host Track: : So super exciting. That's awesome that you didn't really have to grind for years 87 00:05:37,405 --> 00:05:39,225 Host Track: : to find this good opportunity. 88 00:05:40,465 --> 00:05:45,105 Host Track: : How early on did you start working with us on on the buyer's representation 89 00:05:45,105 --> 00:05:50,585 Host Track: : services versus like kind of knowing is this a good opportunity or not what 90 00:05:50,585 --> 00:05:51,665 Host Track: : was that timeline for you. 91 00:05:52,265 --> 00:05:56,165 Guest Track:: So well so early on so i would say like two years before i had the the call 92 00:05:56,165 --> 00:06:00,085 Guest Track:: i was like i was casually looking but not not very aggressively and so i was 93 00:06:00,085 --> 00:06:02,405 Guest Track:: kind of looking at a couple different places trying to decide what i wanted 94 00:06:02,405 --> 00:06:07,025 Guest Track:: i was used to i don't know producing i guess a decent bit and i was deciding, 95 00:06:07,285 --> 00:06:11,785 Guest Track:: do I want this practice that are harder to find that already has that annual 96 00:06:11,785 --> 00:06:14,105 Guest Track:: revenue or do I want something that I can help grow? 97 00:06:14,465 --> 00:06:18,485 Guest Track:: And then when this came along, looking at the numbers, I'd met with the doctor 98 00:06:18,485 --> 00:06:21,445 Guest Track:: a few times, actually, before contacting you guys. 99 00:06:21,565 --> 00:06:25,425 Guest Track:: Went through schedules and just talked to him. He really wanted to find somebody 100 00:06:25,425 --> 00:06:29,085 Guest Track:: that was particularly from the area, hometown. 101 00:06:29,705 --> 00:06:34,985 Guest Track:: And so going in, seeing his schedule and looking through the numbers with him, he was very open. 102 00:06:35,765 --> 00:06:39,145 Guest Track:: Then I would say it was probably like three, four months after kind of talking 103 00:06:39,145 --> 00:06:41,365 Guest Track:: to him. It was very, very casual in the beginning. 104 00:06:41,685 --> 00:06:46,685 Host Track: : Well, and the relationship building of this, of like, you're from the area, 105 00:06:47,165 --> 00:06:49,125 Host Track: : there's an inherent trust and desire. 106 00:06:49,265 --> 00:06:51,605 Host Track: : You've got to leg up on anyone interested in this practice. 107 00:06:51,805 --> 00:06:55,765 Host Track: : And I think that's the way that you have to treat these off-market deals where 108 00:06:55,765 --> 00:06:57,705 Host Track: : it's a relationship with the dentist. 109 00:06:59,625 --> 00:07:03,165 Host Track: : Sometimes our listeners get into this mode of like, I need to know the numbers 110 00:07:03,165 --> 00:07:08,025 Host Track: : before I pursue anything further, before I really talk with this dentist. 111 00:07:08,245 --> 00:07:13,185 Host Track: : But just being patient and building a relationship and being open to that possibility, 112 00:07:13,405 --> 00:07:15,285 Host Track: : it might take an extra month or two. 113 00:07:15,445 --> 00:07:20,745 Host Track: : But if you're kind of courting them the correct way, and they're open and transparent, 114 00:07:20,745 --> 00:07:25,745 Host Track: : every time you ask for a little bit more, they're not withholding information or guarded, 115 00:07:26,205 --> 00:07:28,865 Host Track: : then eventually you get to the point where like, okay, let's get serious about 116 00:07:28,865 --> 00:07:31,325 Host Track: : this. So you start working with us, 117 00:07:31,988 --> 00:07:38,508 Host Track: : When you got that report back, the full detailed analysis of the practice, what stood out to you? 118 00:07:38,788 --> 00:07:42,868 Host Track: : And then I'll ask Danielle if she remembers anything from that after you respond. 119 00:07:43,368 --> 00:07:48,328 Guest Track:: I would say just as far as some of the numbers go, his overhead was pretty fantastic. 120 00:07:48,328 --> 00:07:52,088 Guest Track:: He had about 60%. And then revenue was good. 121 00:07:52,468 --> 00:07:56,608 Guest Track:: I'd say he was doing, I don't know, close to 700,000 or so. And his schedule 122 00:07:56,608 --> 00:07:58,168 Guest Track:: was fairly light, four days a week. 123 00:07:58,428 --> 00:08:03,488 Guest Track:: And the area, I already knew the area, obviously. it's it's rural but it's it's 124 00:08:03,488 --> 00:08:08,088 Guest Track:: developing very rapidly the only dentists that are out there are the same like 125 00:08:08,088 --> 00:08:09,908 Guest Track:: three dentists that were there when i was a kid. 126 00:08:09,908 --> 00:08:10,688 Host Track: : Nice um. 127 00:08:10,688 --> 00:08:12,448 Guest Track:: So i knew that i knew the potential was definitely there. 128 00:08:12,448 --> 00:08:18,328 Host Track: : I i love the developing edges of large metros where it's like you like the suburbs 129 00:08:18,328 --> 00:08:23,228 Host Track: : are expanding and you're like the next town out and and so it's like there's 130 00:08:23,228 --> 00:08:29,888 Host Track: : only one place that growth is going to go and you know that like over the next 5 10 15 20 years, 131 00:08:30,268 --> 00:08:34,768 Host Track: : there's just like a net influx of people who are building, who are commuting, 132 00:08:35,128 --> 00:08:38,288 Host Track: : the community is getting built up, like new stores are going in. 133 00:08:38,508 --> 00:08:44,008 Host Track: : And so being like, it's that perfect storm of like, okay, I know what is here, 134 00:08:44,168 --> 00:08:47,928 Host Track: : the competition here, and the growth that's possible here. 135 00:08:48,268 --> 00:08:50,648 Host Track: : That's awesome. Danielle, do you remember anything from that early, 136 00:08:50,968 --> 00:08:53,668 Host Track: : kind of looking at the practice before purchasing? 137 00:08:53,668 --> 00:09:00,488 Track 3: Yeah, so I truly love looking at the demographics of a specific area because 138 00:09:00,488 --> 00:09:04,768 Track 3: I like knowing what type of person are we going to have in this area? 139 00:09:05,008 --> 00:09:06,748 Track 3: What is the growth going to look like? 140 00:09:08,008 --> 00:09:13,588 Track 3: And then to the practice information, how many patients are actually there right 141 00:09:13,588 --> 00:09:15,388 Track 3: now that we have to work with? 142 00:09:16,748 --> 00:09:20,668 Track 3: System-wise, like what systems are we going to put in place right when we walk 143 00:09:20,668 --> 00:09:25,068 Track 3: in the doors that maybe haven't been in place in the practice that we can see 144 00:09:25,068 --> 00:09:26,968 Track 3: just from the reports that were given to him. 145 00:09:27,148 --> 00:09:30,628 Track 3: So I think for me, those are the things that I look at right away. 146 00:09:30,948 --> 00:09:36,668 Track 3: And that's a little bit of the special stuff that I want him to share with you 147 00:09:36,668 --> 00:09:38,568 Track 3: guys about what's going on there. It's pretty cool. 148 00:09:39,164 --> 00:09:43,824 Host Track: : Well, one more anatomy piece, Jim, how many ops was the practice? 149 00:09:44,144 --> 00:09:49,184 Host Track: : Did you buy the real estate? Is it freestanding? Is this in a complex visibility, 150 00:09:49,344 --> 00:09:52,104 Host Track: : that kind of stuff? Tell us about the actual physical practice. 151 00:09:52,744 --> 00:09:55,904 Guest Track:: Yeah. So I wasn't unfortunately able to buy the real estate off the bat, 152 00:09:56,204 --> 00:09:59,764 Guest Track:: hopefully down the road, but it is a five op freestanding building. 153 00:09:59,784 --> 00:10:04,244 Guest Track:: It's right next to a little strip mall and it's off basically the main road 154 00:10:04,244 --> 00:10:07,344 Guest Track:: that goes straight through town and connects it to all the major highways. 155 00:10:07,344 --> 00:10:09,804 Guest Track:: So as far as visibility goes, it's fantastic. 156 00:10:10,364 --> 00:10:13,684 Guest Track:: I have a sign that's fairly close. The city won't let me put it actually on 157 00:10:13,684 --> 00:10:15,424 Guest Track:: the road, but it's close enough. 158 00:10:15,744 --> 00:10:20,124 Guest Track:: We cleaned up a lot of the landscaping and the amount of people early on that 159 00:10:20,124 --> 00:10:23,724 Guest Track:: were saying they didn't realize it was even a dental practice was kind of mind-blowing. 160 00:10:24,364 --> 00:10:27,424 Guest Track:: His sign was kind of his name and the script was all kind of goofy. 161 00:10:27,524 --> 00:10:28,544 Guest Track:: Couldn't really read it from the road. 162 00:10:28,544 --> 00:10:34,604 Host Track: : So it's amazing how like the emphasis on like fancy font was like, 163 00:10:34,764 --> 00:10:38,964 Host Track: : you know, that that's what was important 30 years ago when when that sign went 164 00:10:38,964 --> 00:10:43,244 Host Track: : went up and it's like, no, I want this like cursive, you know, like I'm a dentist. 165 00:10:43,604 --> 00:10:51,244 Host Track: : Give me the cursive versus can someone tell I respect and also hate the signs 166 00:10:51,244 --> 00:10:52,504 Host Track: : that are just like dentist. 167 00:10:52,504 --> 00:10:55,684 Host Track: : Like yes they commit to like no i'm 168 00:10:55,684 --> 00:10:58,784 Host Track: : not going to like pretend that i'm anything other than 169 00:10:58,784 --> 00:11:03,624 Host Track: : a dentist and it's like dentist and phone number and just like pure utilitarian 170 00:11:03,624 --> 00:11:08,844 Host Track: : sign for for a dental office i i couldn't do it but i i respect those who have 171 00:11:08,844 --> 00:11:13,284 Host Track: : like the gumption to just put it out there that way um so you know upgrade the 172 00:11:13,284 --> 00:11:16,124 Host Track: : landscape upgrade the sign you're you're on the, 173 00:11:20,495 --> 00:11:22,975 Host Track: : Would you have the ability to expand if you wanted to? 174 00:11:23,655 --> 00:11:26,355 Guest Track:: That's something I've been looking at. And I think it would be pretty difficult 175 00:11:26,355 --> 00:11:31,595 Guest Track:: when the current layout, which is one of the current issues we have is we need another operatory. 176 00:11:31,795 --> 00:11:36,875 Guest Track:: And there's just not really a good way to even add one, like feasibly, I think. 177 00:11:37,655 --> 00:11:42,415 Guest Track:: So that's something for future thought as far as what I'm going to do building 178 00:11:42,415 --> 00:11:46,095 Guest Track:: wise, because my end goal would be to have something a little bit larger where 179 00:11:46,095 --> 00:11:47,975 Guest Track:: I can have another full-time doctor with me as well. 180 00:11:48,495 --> 00:11:52,875 Host Track: : Well, and I don't know if you've listened to the new episodes on on SP 2.0. 181 00:11:53,695 --> 00:11:57,715 Host Track: : One of the things we're talking about is some some different pathways to the 182 00:11:57,715 --> 00:11:58,635 Host Track: : million dollar practice. 183 00:11:58,975 --> 00:12:03,295 Host Track: : And one of the practices is that, you know, new avatar that we're talking about 184 00:12:03,295 --> 00:12:05,815 Host Track: : maximizing for income, the smart solo. 185 00:12:06,115 --> 00:12:11,195 Host Track: : So how can I get to a million dollars take home in a five op ideally situation 186 00:12:11,195 --> 00:12:16,115 Host Track: : with a low overhead and doing that like on cruise control? It's like, 187 00:12:16,195 --> 00:12:19,895 Host Track: : okay, I can sustain this for as long as I want to. 188 00:12:20,275 --> 00:12:24,355 Host Track: : It sounds like this practice would be well set up for that. 189 00:12:24,475 --> 00:12:28,055 Host Track: : And in fact, one of the Facebook questions was like, what do you think is faster, 190 00:12:28,175 --> 00:12:32,475 Host Track: : doing a startup to that million dollar smart solo or doing an acquisition? 191 00:12:33,395 --> 00:12:37,435 Host Track: : And I mean, my default is that like the right acquisition, I think is going 192 00:12:37,435 --> 00:12:39,335 Host Track: : to give you the faster path. 193 00:12:39,475 --> 00:12:43,435 Host Track: : So we're not going to press you and ask if you're at that million dollar take 194 00:12:43,435 --> 00:12:48,515 Host Track: : home number. But I do want to talk about your growth over the first year. 195 00:12:48,695 --> 00:12:50,095 Host Track: : So you take over the practice. 196 00:12:50,515 --> 00:12:55,575 Host Track: : Tell us a little bit, how nervous were you and any bumps in that early first couple months? 197 00:12:56,315 --> 00:12:59,775 Guest Track:: Definitely nervous coming in because being an associate for so long, 198 00:12:59,915 --> 00:13:04,175 Guest Track:: I was definitely part of some of the business aspect, but I didn't know a whole lot. 199 00:13:04,355 --> 00:13:06,935 Guest Track:: I did have a lot of resources and people I could reach out to, 200 00:13:07,075 --> 00:13:10,195 Guest Track:: though, along the way, aside from just having Danielle, which was fantastic. 201 00:13:10,935 --> 00:13:13,995 Guest Track:: Coming in was a little bit slow, for sure. It was probably... 202 00:13:13,995 --> 00:13:17,415 Guest Track:: So when I started, he had one assistant. 203 00:13:17,795 --> 00:13:21,055 Guest Track:: And so hiring somebody right off the bat was obviously needed. 204 00:13:21,135 --> 00:13:24,915 Guest Track:: But the first few weeks, we were doing a lot of the background, 205 00:13:25,335 --> 00:13:28,015 Guest Track:: front desk paperwork, dealing with some of the insurance plans. 206 00:13:28,595 --> 00:13:30,855 Guest Track:: There weren't even a whole lot of those to deal with, thankfully. 207 00:13:31,355 --> 00:13:34,455 Guest Track:: But it was probably a good three to four weeks before I started seeing patients. 208 00:13:34,795 --> 00:13:37,835 Guest Track:: Because we were... And then we started... I would work two days a week and he 209 00:13:37,835 --> 00:13:41,415 Guest Track:: stayed on. He's still actually with me practicing on Monday and Tuesday. 210 00:13:41,695 --> 00:13:41,715 Host Track: : Oh, cool. 211 00:13:42,333 --> 00:13:46,373 Guest Track:: Which has been fantastic to have. But we were basically splitting that one assistant 212 00:13:46,373 --> 00:13:50,833 Guest Track:: until I could hire somebody, which was another just like the hygienist reaching 213 00:13:50,833 --> 00:13:52,293 Guest Track:: out to me about the practice for sale. 214 00:13:52,533 --> 00:13:57,993 Guest Track:: I had one of my old assistants contact me one night about another dentist in 215 00:13:57,993 --> 00:13:59,273 Guest Track:: town she was going to go interview for. 216 00:13:59,533 --> 00:14:02,653 Guest Track:: She got out of dental for a little bit. She was doing some other stuff, 217 00:14:02,733 --> 00:14:04,053 Guest Track:: but she wants to go back to hygiene school. 218 00:14:04,433 --> 00:14:09,133 Guest Track:: And so when she messaged me, it was like right after I had posted for an assistant. 219 00:14:09,273 --> 00:14:12,433 Guest Track:: So I was like, well, how about me? Do you want to come in an interview with me. 220 00:14:12,653 --> 00:14:16,233 Guest Track:: And so she came in the next day, pretty much. And I started the following week. 221 00:14:16,353 --> 00:14:20,653 Host Track: : That's, I mean, when you can find good people early on, I think that's another big accelerator. 222 00:14:20,853 --> 00:14:25,473 Host Track: : It's like when you inherit a team that's not on board, that's like resistant 223 00:14:25,473 --> 00:14:29,213 Host Track: : to changes, and then you can't, you know, it like takes a while to turn them 224 00:14:29,213 --> 00:14:32,633 Host Track: : over and find new people to replace them. That really impedes your growth. 225 00:14:32,773 --> 00:14:35,433 Host Track: : So it's like to have someone who's already highly competent, 226 00:14:35,813 --> 00:14:39,873 Host Track: : bring someone on who's also great and that you can kind of train up and there's 227 00:14:39,873 --> 00:14:43,373 Host Track: : no resistance to the new stuff and the growth, I think is a big deal. 228 00:14:43,653 --> 00:14:47,873 Host Track: : So you mentioned that the old doc is staying on Monday, Tuesday. 229 00:14:48,073 --> 00:14:49,873 Host Track: : Are you then working Wednesday, Thursday, Friday? 230 00:14:50,433 --> 00:14:55,773 Guest Track:: I am there Tuesday as well. I just run one column. And then Wednesday, Thursday, Friday. 231 00:14:55,953 --> 00:14:58,673 Guest Track:: We added a half day on Friday. He wasn't doing any Fridays before. 232 00:14:58,873 --> 00:15:02,813 Host Track: : Okay. Beautiful. Because I mean, that's once again, we're talking about the 233 00:15:02,813 --> 00:15:05,773 Host Track: : low overhead that you know, you inherited with this practice, 234 00:15:06,033 --> 00:15:10,713 Host Track: : adding one day does not add anything to your fixed costs, you know, 235 00:15:10,813 --> 00:15:13,133 Host Track: : other than the AC bill that you're running that day or whatever, 236 00:15:13,313 --> 00:15:15,993 Host Track: : but you can add a significant amount of revenue. 237 00:15:16,153 --> 00:15:20,533 Host Track: : So between you and this other doctor, sounds like you've got a pace that is 238 00:15:20,533 --> 00:15:21,853 Host Track: : very sustainable for you. 239 00:15:22,233 --> 00:15:25,793 Host Track: : Was there any resistance on his part of like, if he was used to running one 240 00:15:25,793 --> 00:15:31,273 Host Track: : assistant, you know, having a little bit busier of a Monday for him, how has he handled that? 241 00:15:31,393 --> 00:15:34,693 Host Track: : Has he liked it? Or is he just like, hey I'm going to do my pace I'm going to 242 00:15:34,693 --> 00:15:37,073 Host Track: : do my thing on Monday you do your thing Tuesday through Friday. 243 00:15:37,671 --> 00:15:41,211 Guest Track:: Yeah, I pretty much let him keep his schedule the way he wants it. 244 00:15:41,451 --> 00:15:44,631 Guest Track:: And Monday, he still just has his one assistant and two hygienists. 245 00:15:44,791 --> 00:15:48,631 Guest Track:: So when I came in, there was eight hygiene days. Every day was two hygienists. 246 00:15:49,011 --> 00:15:53,671 Guest Track:: And then within three months, I think it was January, I brought in another full-time 247 00:15:53,671 --> 00:15:58,191 Guest Track:: hygienist and we opened up the Fridays, which then allowed me to add basically 248 00:15:58,191 --> 00:16:02,491 Guest Track:: four and a half hygiene days because one of the other hygienists wanted to work Fridays as well. 249 00:16:02,891 --> 00:16:06,091 Guest Track:: But as far as his schedule, yeah, he comes in Monday, does his thing normal. 250 00:16:06,251 --> 00:16:09,251 Guest Track:: Tuesday is the same thing. I'm just there. I kind of keep a lower schedule. 251 00:16:09,431 --> 00:16:10,911 Guest Track:: I try to keep it more productive. 252 00:16:11,291 --> 00:16:14,971 Guest Track:: And then I help out with the hygiene so he's not too swamped having an extra 253 00:16:14,971 --> 00:16:16,611 Guest Track:: hygienist than he's used to. 254 00:16:16,771 --> 00:16:22,211 Host Track: : I mean, I love this. This is like immediate eight to like 13 hygiene days or 255 00:16:22,211 --> 00:16:25,271 Host Track: : maybe even more because if one of those added the Friday as well. 256 00:16:26,051 --> 00:16:31,171 Host Track: : Danielle, what are your recollections of this first six months and any of the 257 00:16:31,171 --> 00:16:36,231 Host Track: : bumps, the early successes, coaching moments that you wouldn't mind sharing? 258 00:16:36,711 --> 00:16:40,331 Track 3: Yeah. I like that Jim laughs because he knows probably what I'm going to say. 259 00:16:40,691 --> 00:16:48,671 Track 3: We have had a lot of conversations and they happened early on up until last 260 00:16:48,671 --> 00:16:54,071 Track 3: week about what do we want to do next? 261 00:16:54,311 --> 00:17:00,191 Track 3: Because he has this really great organic growth that a lot of offices don't have. 262 00:17:00,511 --> 00:17:06,011 Track 3: And when I say organic growth, I mean like 50 to 70 some new patients a month. 263 00:17:06,351 --> 00:17:09,131 Host Track: : With no marketing spend, I'm guessing. 264 00:17:09,651 --> 00:17:10,651 Guest Track:: Zero marketing. 265 00:17:10,671 --> 00:17:12,871 Host Track: : Oh my goodness. How incredible. Yeah. 266 00:17:13,311 --> 00:17:20,491 Track 3: It's so great. But then we're sort of like, you bring up that new avatar. 267 00:17:21,151 --> 00:17:29,171 Track 3: And Jim is really in this position where he wants to be this producer doing different dentistry, 268 00:17:29,271 --> 00:17:33,011 Track 3: but we can't get him out of the chair with like fillings and we can't get him 269 00:17:33,011 --> 00:17:38,211 Track 3: out of the chair with these other things that are taking up a lot of time and all of the exams. 270 00:17:38,491 --> 00:17:41,411 Track 3: And so it's really trying to figure out what the next step is. 271 00:17:41,611 --> 00:17:48,211 Track 3: And then we're talking about a new space or expanding into this other op. 272 00:17:48,331 --> 00:17:53,091 Track 3: So there's so many choices around just the fact that he has this like huge organic 273 00:17:53,091 --> 00:17:54,751 Track 3: growth and we've had it since the beginning. 274 00:17:54,771 --> 00:17:57,271 Track 3: And it's something that we can't shut off. 275 00:17:57,451 --> 00:17:59,611 Track 3: It's just people keep coming, right? 276 00:17:59,871 --> 00:18:03,651 Host Track: : It's a problem. You're just like, this is our biggest problem is the new patients 277 00:18:03,651 --> 00:18:05,191 Host Track: : like pounding our door down. 278 00:18:06,451 --> 00:18:09,391 Host Track: : I can't imagine how many of our listeners are just like, shut up. 279 00:18:09,511 --> 00:18:10,891 Host Track: : Like, I don't want to listen to this. 280 00:18:11,611 --> 00:18:17,391 Track 3: But the vision really is to cut back clinically, to be able to do the dentistry 281 00:18:17,391 --> 00:18:25,251 Track 3: that he wants to do, to do more implants, to to implement sedation cases, to do things like that. 282 00:18:25,351 --> 00:18:29,611 Track 3: And so it's really hard sometimes to, we talk a lot about that, 283 00:18:29,731 --> 00:18:32,491 Track 3: like, how do we get here with what we're, 284 00:18:33,040 --> 00:18:38,000 Track 3: currently doing at the office? How do we get to that goal when we currently 285 00:18:38,000 --> 00:18:41,800 Track 3: have just tons of people coming in in the space that we have? 286 00:18:41,940 --> 00:18:44,940 Track 3: So that really has been an issue from the beginning. 287 00:18:45,360 --> 00:18:48,180 Track 3: And then getting the team involved 288 00:18:48,180 --> 00:18:52,580 Track 3: with what it looks like to make that dentistry a possibility for him. 289 00:18:52,800 --> 00:18:55,720 Track 3: So there's a lot of working parts in his office. 290 00:18:56,160 --> 00:19:00,320 Track 3: And like I said in the beginning. Everyone is so amazing, but we're really trying 291 00:19:00,320 --> 00:19:03,280 Track 3: to make his vision a reality for him. 292 00:19:04,120 --> 00:19:08,060 Host Track: : Well, and the question I'm going to ask here in a minute is about, 293 00:19:08,260 --> 00:19:13,040 Host Track: : you know, you mentioned that you didn't have to deal with too many insurances. 294 00:19:13,260 --> 00:19:16,940 Host Track: : So Jim, tell us about the insurance mix. How much is fee-for-service? 295 00:19:17,160 --> 00:19:18,280 Host Track: : How much is insurance driven? 296 00:19:18,940 --> 00:19:23,620 Guest Track:: Yeah, I would say probably 60, 40, 40% being fee-for-service. 297 00:19:24,140 --> 00:19:28,160 Guest Track:: The insurances are all PPOs. There was five plans when I came in, 298 00:19:28,260 --> 00:19:31,460 Guest Track:: and then one of them was not paying any out-of-network. 299 00:19:31,720 --> 00:19:36,860 Guest Track:: And so during the credentialing process, we ended up just dropping them anyways, which didn't hurt a lot. 300 00:19:37,020 --> 00:19:41,120 Guest Track:: A couple people left, but quite a few of them ended up trying to find new insurances 301 00:19:41,120 --> 00:19:45,580 Guest Track:: because since it's such a small town, everybody's so attached to the hygienists, 302 00:19:45,720 --> 00:19:47,420 Guest Track:: which was one of the good things when I came in. 303 00:19:47,620 --> 00:19:51,200 Guest Track:: They were pretty much fully booked out for six months, every single one of them. 304 00:19:51,260 --> 00:19:54,620 Guest Track:: If somebody had to call to reschedule, we couldn't get anybody in for you know 305 00:19:54,620 --> 00:19:58,000 Guest Track:: three four months at least which is was part of the driving factor for bringing 306 00:19:58,000 --> 00:20:00,080 Guest Track:: in the the additional hygienist okay. 307 00:20:00,080 --> 00:20:06,040 Host Track: : So a great mix to start off with and then you dropped insurance and saw very 308 00:20:06,040 --> 00:20:08,380 Host Track: : little drop in demand or patient flow, 309 00:20:09,455 --> 00:20:17,215 Host Track: : So this is such a great opportunity that if you want to, to renegotiate with 310 00:20:17,215 --> 00:20:19,735 Host Track: : insurances, possibly drop insurances. 311 00:20:19,975 --> 00:20:22,775 Host Track: : Danielle, what's been the conversation on that front? 312 00:20:23,075 --> 00:20:28,215 Track 3: So we've certainly talked about that. We are not quite there yet that that seems 313 00:20:28,215 --> 00:20:33,875 Track 3: to be an option. We have talked that maybe come the new year, 314 00:20:34,035 --> 00:20:36,135 Track 3: that conversation would come up again. 315 00:20:36,775 --> 00:20:40,495 Track 3: And I don't think it's the patient flow that we're afraid of losing. 316 00:20:41,135 --> 00:20:44,935 Track 3: Jim could step in here and say what that is. 317 00:20:45,135 --> 00:20:51,855 Track 3: But I think it's more the security behind it that if we do want to grow into a larger space, 318 00:20:52,015 --> 00:20:57,935 Track 3: which could mean purchasing something outside of where he is and not just expanding 319 00:20:57,935 --> 00:21:02,015 Track 3: that space, then having that comfort of what this looks like and the people 320 00:21:02,015 --> 00:21:04,955 Track 3: that are going to go with you needs to be there. 321 00:21:04,955 --> 00:21:07,415 Track 3: And so I can understand that hesitation and fear. 322 00:21:07,595 --> 00:21:11,035 Track 3: And so there's just working through this process. Like I said, 323 00:21:11,135 --> 00:21:14,655 Track 3: I think coming the new year, we have decided to have that conversation again 324 00:21:14,655 --> 00:21:15,875 Track 3: on what this would look like. 325 00:21:15,995 --> 00:21:21,075 Track 3: If we don't have availability in the office, it's really hard to say, okay, what do we do next? 326 00:21:21,235 --> 00:21:23,355 Track 3: We're jam-packed with people. What do we do? 327 00:21:23,575 --> 00:21:30,535 Host Track: : Yeah. Yeah. And with that, I think the episode drops this next Monday, 328 00:21:30,735 --> 00:21:33,215 Host Track: : a conversation between George and I, or maybe it's the Monday after, 329 00:21:33,795 --> 00:21:38,675 Host Track: : about this moment of you have a decision point. 330 00:21:38,675 --> 00:21:41,695 Host Track: : You've reached what is possible in one office. 331 00:21:42,055 --> 00:21:49,155 Host Track: : And do you push for growth now or do you push for overhead and income now? 332 00:21:49,415 --> 00:21:56,055 Host Track: : And so raising fees, dropping insurances, renegotiating insurances before you grow is 333 00:21:56,447 --> 00:22:00,927 Host Track: : Um, it does slow your growth because part of the reason you get so many new 334 00:22:00,927 --> 00:22:03,167 Host Track: : patients is that you are a network. 335 00:22:03,307 --> 00:22:08,647 Host Track: : And so if, if growth, rapid growth to the, your eventual size is your number 336 00:22:08,647 --> 00:22:12,827 Host Track: : one goal, then staying in network and just adding capacity is the way to go. 337 00:22:12,947 --> 00:22:16,307 Host Track: : If you're okay with slower growth and you want to optimize for income along 338 00:22:16,307 --> 00:22:20,447 Host Track: : the way, this is the moment to optimize, to drop insurances, 339 00:22:20,647 --> 00:22:22,107 Host Track: : renegotiate, raise fees. 340 00:22:22,107 --> 00:22:27,207 Host Track: : I know raising fees, like some people, there's like zero resistance to being 341 00:22:27,207 --> 00:22:28,447 Host Track: : like, okay, I'm going to raise fees. 342 00:22:28,627 --> 00:22:32,247 Host Track: : But there's also like a part of being a dentist and maybe this is only some dentist. 343 00:22:32,447 --> 00:22:35,527 Host Track: : I'm this way where it's like, sometimes you feel bad raising fees. 344 00:22:35,667 --> 00:22:37,807 Host Track: : Like, you know, it's a small town. 345 00:22:38,067 --> 00:22:42,287 Host Track: : There's a lot of dental needs. Like you don't want to have the reputation of 346 00:22:42,287 --> 00:22:43,227 Host Track: : being the greedy dentist. 347 00:22:43,907 --> 00:22:51,547 Host Track: : And so is there any of that coming up for you in this decision-making to get vulnerable on air? 348 00:22:52,107 --> 00:22:56,407 Guest Track:: Yeah. I mean, there's definitely the hesitation just because of being in the first year still. 349 00:22:56,767 --> 00:23:01,227 Guest Track:: And I am so set on wanting to see the consistency to make sure there's no, 350 00:23:01,287 --> 00:23:04,687 Guest Track:: I don't know, some false growth from the beginning. I don't know why. 351 00:23:05,527 --> 00:23:09,247 Guest Track:: The insurances I would definitely like to take a look at at the end of the year. 352 00:23:09,407 --> 00:23:14,167 Guest Track:: And there is one in particular that I am definitely not opposed to getting rid of. 353 00:23:14,807 --> 00:23:19,287 Guest Track:: As far as fees go, I think our fees are pretty reasonable for the area. 354 00:23:19,287 --> 00:23:21,247 Guest Track:: I wouldn't say they're low by any means. 355 00:23:21,427 --> 00:23:25,047 Guest Track:: There are a few services I offer because I enjoy doing them and I just want 356 00:23:25,047 --> 00:23:26,627 Guest Track:: to make it more accessible for the area. 357 00:23:27,087 --> 00:23:30,047 Guest Track:: And again, the area is growing. There's a lot of really nice neighborhoods coming 358 00:23:30,047 --> 00:23:35,527 Guest Track:: in, but we're still... It's somewhat rural and we're very close to even more 359 00:23:35,927 --> 00:23:38,187 Guest Track:: farmland and stuff where a lot of people are coming in. 360 00:23:38,687 --> 00:23:41,627 Guest Track:: So I like to keep that growth going for now. 361 00:23:41,727 --> 00:23:44,467 Guest Track:: I know there's going to be a bottleneck, which is one of the problems that we're 362 00:23:44,467 --> 00:23:49,867 Guest Track:: going to face, in which case, we'll readdress and see what we want to do at that point, I think. 363 00:23:50,367 --> 00:23:55,047 Guest Track:: Definitely want to stay where I'm at and maximize what I have and be as efficient 364 00:23:55,047 --> 00:23:59,027 Guest Track:: and productive as we can before we start going elsewhere. 365 00:23:59,267 --> 00:24:02,627 Guest Track:: But I think the goal would be in the next two-ish years, two to three years 366 00:24:02,627 --> 00:24:06,847 Guest Track:: to start hopefully looking to build something close to maybe twice the size. 367 00:24:07,067 --> 00:24:09,767 Host Track: : I think if that's the goal... 368 00:24:10,143 --> 00:24:14,943 Host Track: : You will have time where you will have excess pressure for longer than you want. 369 00:24:15,283 --> 00:24:20,223 Host Track: : And renegotiating insurances takes time. You kind of often have to drop out of network. 370 00:24:20,583 --> 00:24:25,043 Host Track: : And then like while it's renegotiating and people are getting letters of like, 371 00:24:25,143 --> 00:24:28,403 Host Track: : your dentist is no longer in network and your team's kind of got to like reassure people. 372 00:24:29,243 --> 00:24:33,783 Host Track: : So like that's a great thing to do in the interim is it doesn't cost the patient 373 00:24:33,783 --> 00:24:37,143 Host Track: : anything for you to get higher fees from the insurance. 374 00:24:37,643 --> 00:24:40,563 Host Track: : So it'd be a good use of the excess demand that 375 00:24:40,563 --> 00:24:43,163 Host Track: : you have and i also think raising fees on the 376 00:24:43,163 --> 00:24:45,783 Host Track: : procedures that you don't love you know you've said i want to do 377 00:24:45,783 --> 00:24:48,583 Host Track: : more of these but there's also all the procedures that you're like 378 00:24:48,583 --> 00:24:51,663 Host Track: : man this is filling up my schedule maybe sometimes i'm 379 00:24:51,663 --> 00:24:54,803 Host Track: : annoyed at this these back-to-back mod's and you know 380 00:24:54,803 --> 00:24:58,163 Host Track: : whatever it may be raising the fees on those procedures 381 00:24:58,163 --> 00:25:01,043 Host Track: : that are tending to kind of fill up your schedule and prevent you from 382 00:25:01,043 --> 00:25:03,883 Host Track: : doing more of the stuff you want to do feels good 383 00:25:03,883 --> 00:25:06,543 Host Track: : because then it's like okay well at least i'm getting paid more to do 384 00:25:06,543 --> 00:25:09,503 Host Track: : the stuff that i don't want to do as much of so that 385 00:25:09,503 --> 00:25:13,043 Host Track: : would be you know an area for for you to like think about and consider as 386 00:25:13,043 --> 00:25:17,603 Host Track: : you look at what to do with that excess demand so so now i do want to ask about 387 00:25:17,603 --> 00:25:22,103 Host Track: : actual growth and jim was more modest and danielle was more forthcoming on the 388 00:25:22,103 --> 00:25:26,623 Host Track: : call beforehand as we were just talking but tell us about you know where our 389 00:25:26,623 --> 00:25:31,543 Host Track: : collections at now and like what are the what are the months that you're seeing these days jim yeah. 390 00:25:31,543 --> 00:25:36,203 Guest Track:: So for the i'm I'm coming up on my 12 months in basically a month even, 391 00:25:36,203 --> 00:25:41,663 Guest Track:: and we're at about 1.3, I believe, for the last 12 months. 392 00:25:41,843 --> 00:25:45,283 Guest Track:: We just hit the million for the actual fiscal calendar year. 393 00:25:46,363 --> 00:25:50,083 Guest Track:: So hopefully we'll be close to 1.5, if not a little bit over. 394 00:25:50,548 --> 00:25:55,348 Host Track: : Yep. This is why these types of episodes are dangerous. Because in the book, 395 00:25:55,408 --> 00:26:00,208 Host Track: : we talk about 37% growth or, you know, we have that record of like, 396 00:26:00,428 --> 00:26:02,628 Host Track: : hey, we're going to get everyone growth and it's going to be good. 397 00:26:02,768 --> 00:26:06,428 Host Track: : And then you come on air and it's like, well, you know, I bought a 700k practice 398 00:26:06,428 --> 00:26:08,768 Host Track: : and now it's going to hit 1.5 within the first year. 399 00:26:09,088 --> 00:26:12,128 Host Track: : And people start expecting more out of us. So this is a problem. 400 00:26:13,408 --> 00:26:17,808 Host Track: : Danielle, you know, what do you see as a driver of this kind of growth? 401 00:26:18,608 --> 00:26:23,228 Track 3: Yeah. So like I had said in the beginning, we recognized really quickly that 402 00:26:23,228 --> 00:26:27,168 Track 3: there were some things that just weren't in place with systems, with the office. 403 00:26:27,488 --> 00:26:32,408 Track 3: So right away, we started putting people in the right seats in the front office 404 00:26:32,408 --> 00:26:38,728 Track 3: specifically and putting systems in place like re-care and reactivation for 405 00:26:38,728 --> 00:26:41,568 Track 3: our hygiene patients and filling up our hygiene seats. 406 00:26:41,568 --> 00:26:47,668 Track 3: And we did some schedule optimization to make sure that we were truly optimizing 407 00:26:47,668 --> 00:26:53,088 Track 3: our doctor's time and that we were putting the right things in the appointments 408 00:26:53,088 --> 00:26:54,868 Track 3: at the right time when we needed to. 409 00:26:55,188 --> 00:26:59,888 Track 3: So exams and x-rays and things like that. So we were really kind of looking everywhere. 410 00:27:00,628 --> 00:27:06,428 Track 3: We had a whole team meetings and we really talked about why pre-appointment 411 00:27:06,428 --> 00:27:11,268 Track 3: was so important from hygiene because we're looking into the future and we don't 412 00:27:11,268 --> 00:27:14,528 Track 3: want to be circling back and chasing people to put them on the schedule. 413 00:27:14,868 --> 00:27:18,948 Track 3: So collections protocols, we really went through everything that was really 414 00:27:18,948 --> 00:27:24,988 Track 3: important to the growth of the practice and to each individual seat in the practice. 415 00:27:25,248 --> 00:27:28,468 Track 3: So not just the growth of the practice, but the growth of Jim's team. 416 00:27:28,808 --> 00:27:31,168 Track 3: And it's paid off. It's really shown. 417 00:27:31,988 --> 00:27:35,808 Host Track: : That's incredible. And I love that it's like so 418 00:27:35,808 --> 00:27:39,428 Host Track: : many dentists are sitting on these opportunities they don't realize that 419 00:27:39,428 --> 00:27:42,368 Host Track: : if they'll just optimize these little things and focus 420 00:27:42,368 --> 00:27:46,508 Host Track: : on growth and be willing to add team members and train them appropriately like 421 00:27:46,508 --> 00:27:51,648 Host Track: : you can double your practice you he you know the the opportunity was here and 422 00:27:51,648 --> 00:27:56,608 Host Track: : they're great dentists they're at a pace they they want to be at but if you've 423 00:27:56,608 --> 00:28:00,028 Host Track: : got someone with a motor who wants to go and wants to grow and is willing to 424 00:28:00,028 --> 00:28:01,368 Host Track: : really take the reins and and, 425 00:28:01,864 --> 00:28:06,724 Host Track: : do it a lot as possible. So that's incredible. Jim, what do you see as some 426 00:28:06,724 --> 00:28:10,264 Host Track: : of the big drivers and the things that you're most grateful that you implemented 427 00:28:10,264 --> 00:28:12,064 Host Track: : with Danielle as you grew? 428 00:28:12,924 --> 00:28:16,624 Guest Track:: Definitely the systems, because when I came in, it was kind of like one of those 429 00:28:16,624 --> 00:28:21,864 Guest Track:: autopilot type offices where they were all kind of just doing their thing that they've been doing. 430 00:28:22,064 --> 00:28:24,244 Guest Track:: And it was working for them, which was great. 431 00:28:24,724 --> 00:28:29,284 Guest Track:: Everybody was very, they were attentive and ready to change and grow as well. 432 00:28:29,984 --> 00:28:33,204 Guest Track:: As more people started coming in and we were seeing more volume though, 433 00:28:33,304 --> 00:28:36,344 Guest Track:: they were quickly realizing some of the things they were doing that weren't working anymore. 434 00:28:36,724 --> 00:28:40,764 Guest Track:: So I think that was more motivation to take in some of the change that we were 435 00:28:40,764 --> 00:28:42,304 Guest Track:: in systems that we were putting into place. 436 00:28:42,784 --> 00:28:46,664 Host Track: : That's awesome. It's that order of operations. 437 00:28:46,844 --> 00:28:50,544 Host Track: : You got to get the systems in place as you grow. Otherwise the wheels fall off 438 00:28:50,544 --> 00:28:56,584 Host Track: : just due to growth and chaos and not having that in place, your team breaks, 439 00:28:56,744 --> 00:28:58,244 Host Track: : the systems rake, you lose patients. 440 00:28:58,804 --> 00:29:02,224 Host Track: : So you've been able to grow both. You grow your patient base, 441 00:29:02,364 --> 00:29:05,544 Host Track: : you grow your systems, you grow your team all at the same time. 442 00:29:05,544 --> 00:29:08,464 Host Track: : And that's how you get this opportunity that you have in front of you. 443 00:29:08,724 --> 00:29:12,084 Host Track: : So I love this. I'm super excited. 444 00:29:12,284 --> 00:29:16,004 Host Track: : I'm excited to hear if you are able to find another space. 445 00:29:16,144 --> 00:29:20,644 Host Track: : It's hard when you're right on Main Street, you've got great visibility right in the middle of town. 446 00:29:20,864 --> 00:29:26,584 Host Track: : And you're like, man, it's hard to give up the demographics of my specific location. 447 00:29:27,024 --> 00:29:30,884 Host Track: : But with the new growth, I'm sure there's going to be shopping centers, 448 00:29:31,164 --> 00:29:34,584 Host Track: : there's going to be new neighborhoods, new developments, and opportunities for 449 00:29:34,584 --> 00:29:37,984 Host Track: : you to kind of take your pick and build where you want to build. 450 00:29:38,384 --> 00:29:43,624 Host Track: : What other challenges do you see in the next three to six months that you're 451 00:29:43,624 --> 00:29:46,144 Host Track: : looking to overcome? Jim, I'll start with you and then go over to Danielle. 452 00:29:47,104 --> 00:29:51,244 Guest Track:: Honestly, just the biggest thing is keeping, I guess, everyone on track as far 453 00:29:51,244 --> 00:29:53,824 Guest Track:: as maintaining the goals, but then also the volume. 454 00:29:54,004 --> 00:29:56,624 Guest Track:: Because we're still, it definitely ramped up from the beginning. 455 00:29:56,744 --> 00:29:59,744 Guest Track:: The first five months or so was about 70, 75 new patients a month. 456 00:29:59,884 --> 00:30:03,104 Guest Track:: We've kind of calmed down to around 45, 50. 457 00:30:03,704 --> 00:30:11,124 Guest Track:: But maintaining that and making sure the schedule stays manageable from all aspects, I would say. 458 00:30:11,544 --> 00:30:15,304 Host Track: : Okay. Danielle, how about you? What do you see on upcoming challenges? 459 00:30:15,904 --> 00:30:19,744 Track 3: Yeah. I don't necessarily think it's a challenge. I think it's something that 460 00:30:19,744 --> 00:30:24,904 Track 3: we face in almost every office is that we're constantly having to do... 461 00:30:24,904 --> 00:30:30,424 Track 3: We have to check in with our team and we really have to check in with the systems 462 00:30:30,424 --> 00:30:33,124 Track 3: that we've put in place just to make sure that we're all still good. 463 00:30:33,544 --> 00:30:38,144 Track 3: And that's something that we've really had to make sure has been a thing with 464 00:30:38,144 --> 00:30:43,064 Track 3: Jim's office is just saying, hey, are we feeling good with this? 465 00:30:43,164 --> 00:30:44,524 Track 3: How's everything going here? 466 00:30:44,664 --> 00:30:47,264 Track 3: We recognize when things aren't necessarily... 467 00:30:48,129 --> 00:30:53,409 Track 3: You know, on the up and up on something. And so we, we do some training again, 468 00:30:53,409 --> 00:30:56,169 Track 3: and we get everyone excited about the importance of something. 469 00:30:56,349 --> 00:30:59,469 Track 3: And so I think it's not just his team that we're going to struggle with. 470 00:30:59,569 --> 00:31:02,929 Track 3: I think it's all teams that we have to always have these constant reminders 471 00:31:02,929 --> 00:31:06,269 Track 3: of the importance and why we're all working towards these goals. 472 00:31:06,869 --> 00:31:08,749 Track 3: But it's, it's fun. 473 00:31:09,289 --> 00:31:12,189 Host Track: : Well, and especially when you add, you add a lot of systems. 474 00:31:12,249 --> 00:31:16,689 Host Track: : So it's like you've added, you know, this and this and this over the course of this three months, 475 00:31:16,789 --> 00:31:19,649 Host Track: : next three months, next three months you add a couple systems every 476 00:31:19,649 --> 00:31:22,329 Host Track: : three months and all of a sudden you're a year in and we're 477 00:31:22,329 --> 00:31:25,309 Host Track: : like okay we have to audit all of this and we have to be checking up 478 00:31:25,309 --> 00:31:28,069 Host Track: : on all of this otherwise as you get 479 00:31:28,069 --> 00:31:31,429 Host Track: : busier as the chaos hits as your short staff temporarily 480 00:31:31,429 --> 00:31:37,549 Host Track: : it's just natural like this is not ingrained into the dna quite yet of this 481 00:31:37,549 --> 00:31:41,949 Host Track: : practice it's like you're we're still building that like pattern recognition 482 00:31:41,949 --> 00:31:48,069 Host Track: : that muscle memory of all of these systems um so that that's what we all have to do. 483 00:31:48,189 --> 00:31:51,849 Host Track: : And auditing sometimes isn't fun and you get pushback and people feel bad and 484 00:31:51,849 --> 00:31:53,609 Host Track: : guilty and they hide and all those things. 485 00:31:53,729 --> 00:31:56,909 Host Track: : But if you can just do it in the right attitude of like, hey, 486 00:31:57,009 --> 00:32:00,809 Host Track: : no, we just want to make sure that we're able to take care of our patients and 487 00:32:00,809 --> 00:32:01,949 Host Track: : we want to make sure we're organized. 488 00:32:02,009 --> 00:32:05,189 Host Track: : We want to make sure you're not stressed as a dental assistant, 489 00:32:05,409 --> 00:32:06,469 Host Track: : as a front desk team member. 490 00:32:07,089 --> 00:32:10,249 Host Track: : Then I think people are on board with, okay, we got to circle back. 491 00:32:10,389 --> 00:32:12,749 Host Track: : We've got to make sure that we're doing things the right way. 492 00:32:12,969 --> 00:32:19,609 Host Track: : So anything else, Danielle, and then Jim, that you would say of this whole journey 493 00:32:19,609 --> 00:32:23,009 Host Track: : and this opportunity before we wrap things up today, Danielle, I'll start with you. 494 00:32:23,549 --> 00:32:27,609 Track 3: Yeah. Gosh, it's been great. I cannot wait to see what happens next. 495 00:32:29,149 --> 00:32:33,029 Track 3: It's a huge amount of growth and I know more to come. 496 00:32:33,269 --> 00:32:40,589 Track 3: So I'm truly excited to see what the next moves are in the game of this office. 497 00:32:41,369 --> 00:32:44,329 Track 3: It's truly cool. I know, Jim, 498 00:32:44,469 --> 00:32:52,169 Track 3: you laugh, but it's so fun figuring out what we do next to see the vision come 499 00:32:52,169 --> 00:32:57,449 Track 3: to reality and working with the team to make all of this happen and working 500 00:32:57,449 --> 00:32:59,969 Track 3: directly with Jim to make all of this happen. 501 00:33:00,129 --> 00:33:02,509 Track 3: It's just fun. It's a fun little adventure. 502 00:33:03,045 --> 00:33:05,285 Host Track: : Jim, how about you? Anything to wrap us up here? 503 00:33:06,045 --> 00:33:09,185 Guest Track:: Yeah, it's just been a whirlwind of a year. That's for sure. 504 00:33:09,585 --> 00:33:14,125 Guest Track:: The constant evolving has been fantastic. And I really appreciate the team that's been there. 505 00:33:14,405 --> 00:33:18,465 Guest Track:: I was very lucky with who I brought in with the acquisition and the new people 506 00:33:18,465 --> 00:33:19,465 Guest Track:: that I brought in as well. 507 00:33:19,985 --> 00:33:23,485 Guest Track:: Everybody's been very receptive and definitely been a big part of the success 508 00:33:23,485 --> 00:33:27,225 Guest Track:: as well as obviously Danielle and everybody at Shared Practices that's been able to help. 509 00:33:27,585 --> 00:33:28,325 Host Track: : That's awesome. 510 00:33:28,585 --> 00:33:29,105 Guest Track:: I appreciate it. 511 00:33:29,105 --> 00:33:34,705 Host Track: : Yeah, I if people want to extrapolate because I keep thinking back to this like 512 00:33:34,705 --> 00:33:38,065 Host Track: : conversation we've had on air, especially the surprise, 513 00:33:38,465 --> 00:33:42,625 Host Track: : not surprise, but like George and I were like, OK, we didn't have this as an 514 00:33:42,625 --> 00:33:45,585 Host Track: : avatar of the million dollar take home solo. 515 00:33:45,925 --> 00:33:49,425 Host Track: : And if people put together like your early overhead, maybe it's changed, 516 00:33:49,545 --> 00:33:52,045 Host Track: : maybe it's gotten worse or better what you're projected to do, 517 00:33:52,125 --> 00:33:56,285 Host Track: : they can start to like come up with their own conclusions of what's possible in your office. 518 00:33:56,285 --> 00:33:59,805 Host Track: : But I'm going to count this as a win for what Suzanne said, which is, 519 00:33:59,945 --> 00:34:01,705 Host Track: : Richard, we're already doing this. 520 00:34:01,885 --> 00:34:04,185 Host Track: : We just don't have this as a specific avatar. 521 00:34:04,785 --> 00:34:11,145 Host Track: : And also a win for acquisitions as a pathway to having a great take home and 522 00:34:11,145 --> 00:34:14,485 Host Track: : having options of, do I now optimize for growth? 523 00:34:14,645 --> 00:34:19,565 Host Track: : Do I now optimize for overhead and what production can be done in one office 524 00:34:19,565 --> 00:34:21,165 Host Track: : with one doctor sustainably? 525 00:34:21,165 --> 00:34:26,025 Host Track: : And I just love that you've added a doctor day, you've added hygienists, 526 00:34:26,345 --> 00:34:31,385 Host Track: : like you've done all the right moves to be able to expand what is truly possible 527 00:34:31,385 --> 00:34:36,705 Host Track: : out of this five op practice in a phenomenal growing semi rural area. 528 00:34:36,705 --> 00:34:43,225 Host Track: : So this is just, if we could copy and paste your situation for people like we would all day long, 529 00:34:43,405 --> 00:34:47,205 Host Track: : hopefully some of our listeners who are pre-owners maybe are thinking about 530 00:34:47,205 --> 00:34:52,925 Host Track: : like, okay, can I find this growing edge of a major metro, semi-rural type situation? 531 00:34:53,225 --> 00:34:57,445 Host Track: : And if they can stomach not living in the downtown of some major metro, 532 00:34:57,785 --> 00:34:59,705 Host Track: : there's a lot of opportunity. 533 00:34:59,805 --> 00:35:03,805 Host Track: : And then you just drive into town and spend a lot of money downtown anytime you want to. 534 00:35:04,025 --> 00:35:07,845 Host Track: : So this was awesome. And Jim, thank you for coming on the show. 535 00:35:08,605 --> 00:35:10,145 Guest Track:: Yeah, thanks for having me. I really appreciate it. 536 00:35:10,345 --> 00:35:14,005 Host Track: : Danielle, this was great. Thank you so much for helping Dr. Simpson out over 537 00:35:14,005 --> 00:35:18,125 Host Track: : this year and helping him buy the right practice. I really appreciate everything you've done here. 538 00:35:18,505 --> 00:35:19,705 Track 3: Yeah, thank you as always. 539 00:35:20,525 --> 00:35:24,425 Host Track: : Awesome. Well, we will talk to you next time on the Shared Practices Podcast.