Are you one of the rare healthcare providers or administrators who understands how much is at stake in commercial real estate negotiations? If so, then you probably know that commercial real estate is the highest negotiable expense for your healthcare practice.  Consequently, most healthcare providers fall into the statistic that tells us that 80% of healthcare practices still take a ‘do-it-yourself’ approach to these crucial negotiations and site selection process. 

In this article, we will break down several reasons why doing commercial real estate without representation will likely cost you a significant amount of time and money.

 

Time

The average commercial real estate transaction takes dozens of hours to complete. When you calculate the hours of research, driving the market, communicating with listing agents, touring properties, negotiating letters of intent (LOI’s), negotiating lease contract terms, printing / signing / mailing documents, and the dozens of other miscellaneous tasks you encounter in almost every commercial real estate deal, you can easily spend 30-40 hours or more on a single transaction. That equates to an entire week of work!

Given the fact you have a full-time job already, you have two options as to where you will find those hours: 

1. During normal business hours (when you could otherwise be generating revenue) or 
2. During your valuable time off that would normally be spent with your family, relaxing, taking care of personal errands or making memories with those you love. 

Neither option is a good one, especially when you consider how much money you could be making per hour if you invested that time into your practice. Since time is a commodity you cannot get back, it’s important it be invested where it can yield you the highest return.

 

Money

The average healthcare practice loses tens of thousands of dollars in this ‘do-it-yourself’ approach.

In the vast majority of commercial real estate transactions, you will also be working with a listing agent. That agent has a fiduciary responsibility (legal obligation) to the landlord to ensure they get the best possible deal and that their interests are protected and paramount over any other party in the transaction. 

This is also the person who actually collects a commission on the transaction. The commission amount is set aside before the property is even listed, and it will either be paid to the listing agent only or it will be split between the listing agent and the agent you hire to represent your needs. Often times if there is no buyer / tenant agent, the listing agent gets paid an amount that equals a ‘double commission’.

If you take the ‘do-it-yourself’ approach, someone else is making the money for doing the job you did yourself. The craziest part is, the person making money is opposing you in the transaction! And, you just helped that person collect twice as much as they would have if you would have hired an expert agent to represent your needs and protect your interests!

This could be because you don’t actually understand everyone’s role within a deal. After all, when you called the name on the sign, they told you they wanted to help you get into the space! 

The problem is that to them, you are just a customer. The landlord is their only client in the deal. That might not sound like a big difference, but it has a HUGE impact on the outcome of the terms that each party receives. They have a legal obligation (called a fiduciary) to ensure the landlord gets the best possible deal within your transaction. They have no such obligation to you, since you are not their client. 

Without representation that looks out for your best interests, you are almost guaranteed to leave a significant amount of money on the table during negotiations.

 

Experience

Some tenants and buyers balk at the idea of hiring an agent to represent them in a commercial real estate transaction through an agency agreement. Those people typically don’t understand that agency is a term created by governmental bodies to protect the consumer (you). If you don’t have an agent involved to exclusively represent you in your transaction, then there is no real estate expert who has a fiduciary responsibility to protect your interests. 

The vast majority of landlords have an agent and other experts they regularly consult with that work diligently to ensure the landlord receives the best deal possible.

Think about that for a moment… The landlord, who has done hundreds of real estate transactions and whose entire livelihood is based on real estate, hires an agent so they can leverage that agent’s experience. Why would a healthcare buyer or tenant who will only transact a few times over the course of their career try to do it alone?

 

Knowledge

This is the most important part of representation. We live in a world where “knowledge” is at our fingertips. The problem is, the knowledge that is available is often a cheap knockoff of the real thing.

Have you ever had a patient confidently give you their diagnosis of what is happening to them because they looked it up on WebMD? When you explain to them their actual diagnosis, they say, “Are you sure?”

They are trying to compare your thousands of hours of experience with their 15 minutes of Googling symptoms. There is a monumental difference in your experience versus theirs. Be careful getting too frustrated, though, because many doctors and practice administrators do the same thing when it comes to commercial real estate. 

Those doctors and administrators will hop on a commercial real estate website for 15 minutes, and now they are suddenly a commercial real estate expert. What they fail to acknowledge is that anyone can find properties or call or email a listing agent to get a property brochure. The part where expert guidance is needed is found during the negotiations (and there is definitely more to a negotiation than simply the lease rate or purchase price).

This concept is also important in deciding how you select your agent. Many doctors fail to realize the complexities of commercial real estate and imprudently hire a residential real estate friend or patient. That is similar to having a tooth ache and going to the veterinarian for help. Sure, they may have some dental experience (on felines), but it’s hardly the same thing.

 

Ok, I need an agent. How do I go about picking the right one?

Here is a quick guide to ensure you are covered.

Good: Having a commercial real estate agent represent you in your real estate transaction.

Better: Having a commercial real estate agent who only represents buyers and tenants represent you in your real estate transaction. (This prevents any potential conflict of interest and also ensures you will see every potential property available to you.)

Best: Having a commercial real estate agent who only represents healthcare buyers and tenants represent you in your real estate transaction. (This not only ensures you of their unwavering loyalty to you against any possible landlord, but it also ensures you have someone who understands your real estate needs and how to structure a deal that best suits your unique situation as a healthcare provider.)

When it comes to ‘do-it-yourself’ real estate negotiations, you don’t save any money. Instead, you stand to lose a fortune. Hiring an agent will at a minimum save you a substantial amount of time. Hiring the right agent can ensure you get into the best possible situation and has the potential to save you tens to hundreds of thousands of dollars in your next transaction.

 

CARR is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first. 

Reach out directly to learn more.  Douglas.hughes@carr.us  754.228.7197.

The decision to buy or sell a dental practice has significant implications for your financial future and the legacy you leave behind. Whether you’re a seasoned dentist looking to retire or a young dentist eager to take ownership, navigating the complexities of a transition can be daunting. This guide provides a background to the next step in your success, providing essential information and valuable insights to help you through the process.

Understanding Your Options

A dental practice transition marks one of your career’s most significant decisions with lasting consequences, so taking the time to understand your options is crucial. You can take three main paths, and many dentists pass through all three during their journey: buying, selling, or a dental associateship.

1. Buying a Dental Practice:

Imagine owning your practice; building equity, setting your schedule, and customizing your service to align with your vision are just a few perks. However, owning a business comes with a significant upfront investment and requires extensive research, due diligence, and management skills. The rewards can be substantial if you’re prepared to put in the work.

2. Selling Your Dental Practice:

Are you thinking about retirement or a new chapter? Selling your dental practice can secure your financial future and free up your time for personal pursuits. But you definitely want to maximize your return on investment through strategic planning and preparation. Choosing the proper selling method and honing your negotiation skills are crucial to securing the best deal. In today’s complex environment with multiple routes to pursue, you may have more options and additional pitfalls to maneuver. DDSmatch Transition Professionals make it a mission to sort through the choices so you can “transition on your own terms.”

3. Associateship:

A dental associateship offers a valuable stepping stone for many young dentists, and the proper relationship can provide an expansion option for seasoned owners. A younger provider gains practical experience, refines their skills, and increases readiness for ownership before taking the plunge. Working as an associate also allows a clinician to observe the inner workings of a practice and make informed decisions about their future career path. For an owner, hiring the right associate can accelerate profits toward a more profitable sale. In the some cases, an associateship can also lead to a buy-out agreement as long as expectations are set from the beginning of the process.

No matter which path you choose, remember:

• Planning is key. Define your goals, assess your resources, and conduct thorough research.
• Knowledge is power. Seek expert guidance from DDSmatch Transition Professionals who can work with and introduce you to dental focused accountants, and lawyers.
• Communication is critical. Be transparent and open with all stakeholders throughout the transition process.
• Adaptability is essential. Be prepared to adjust your plans as needed and embrace unexpected challenges.

Transitioning in or out of dental practice marks milestones in a rewarding journey, but it requires careful planning and informed decision-making. By weighing the benefits and considerations of each option, you can pave the way for a successful transition and achieve your professional and personal goals.

 

Critical Components of a Dental Practice Transition

While the dental practice transition process takes different forms, each path involves key moves. There’s less to consider if you’re looking for your first associateship. But it’s wise to understand the steps beyond an associateship agreement since some of these relationships lead to a sale.

Consider an in-depth conversation with your DDSmatch Transition Professional to customize the steps through a purchase or sale. Here are five components that fit buyers and sellers in most sales:

1. Understanding Your Practice’s Value: Demystifying Dental Practice Valuation

Whether you’re buying or selling a practice, understanding its fair market value is crucial. This objective assessment is the foundation for negotiating a reasonable price and ensuring a successful transaction. Several factors contribute to a practice’s value, including:

• Location and Patient Base: Practices in desirable areas with a stable and loyal patient base tend to command higher valuations.
• Profitability: Strong financial performance, evidenced by consistent revenue and profit margins, significantly boosts a practice’s value.
• Equipment and Technology: Modern equipment and up-to-date technology enhance the practice’s attractiveness and contribute to its overall value.
• Real Estate and Leasehold: Ownership of the practice’s physical location or a long-term lease with favorable terms adds to the value proposition.
• Intangibles: Factors like reputation, brand recognition, and the existing team’s expertise also play a role in determining the practice’s worth.

Determining the true worth of a dental practice requires a comprehensive evaluation that considers both tangible and intangible assets. To achieve an accurate assessment, multiple valuation methodologies are often employed, each offering a distinct perspective:

Each method has its strengths and weaknesses, and a combination of approaches is often recommended for a more comprehensive outcome. At DDSmatch, we use the Blue & Company CPA team to provide a detailed third-party Business Valuation.  This allows all parties and their advisors to have a clear picture of the financial opportunity in the dental practice.

2. Due Diligence: Unveiling Opportunities and Mitigating Risks

Before diving headfirst into a dental practice transition, due diligence is essential. This rigorous examination delves into the practice’s financial records, legal documents, and operational aspects, acting as an X-ray revealing its bottom-line health.

Think of it like inspecting a car before buying it. You wouldn’t simply take the seller’s word for it. You’d want to see the service records, check for hidden problems, and ensure it’s a safe and reliable investment. Similarly, due diligence allows you to identify potential risks and opportunities associated with the practice.

This process involves analyzing:

• Financial Records: Scrutinize income statements, balance sheets, and tax returns to gain a clear picture of the practice’s financial performance, profitability, and trends.
• Legal Documents: Review contracts, leases, licenses, and other legal agreements to ensure compliance and identify any potential legal issues.
• Operational Aspects: Evaluate the practice’s management structure, staffing, technology, and equipment to assess its efficiency and identify areas for improvement.

By engaging a qualified DDSmatch Professional, you can gain expert insights into these areas and make informed decisions about the transition. Remember, due diligence isn’t about finding fault; it’s about gathering information and making informed decisions that protect your interests and ensure a successful transition.

3. Financing: Fueling Your Dental Practice Dream

Whether you’ve found your ideal practice or are considering selling yours, understanding financing options is crucial. After all, buying a dental practice requires a significant financial investment, and securing the necessary funding is vital to making your dream a reality. As a seller, knowing what your prospective buyer needs to navigate to complete the sale is helpful.

Fortunately, several financing options are available to aspiring practice owners:

• Bank Loans: Traditional bank loans are the most viable option, providing access to large sums of capital when the practice cash-flows for the buyer. Dentists are one of the best performing sectors in the US in paying their loans, thus financing is most always available to dentists in an acquisition of a dental practice.  However, securing a bank loan requires strong creditworthiness and meeting specific financial requirements.
• SBA Loans: The Small Business Administration (SBA) offers loan programs designed for dental practice acquisitions. These loans typically come with favorable terms, especially if purchasing real estate with with competitive rates, extended repayment periods, and lower down payments, this option makes them an attractive option for some buyers.
• Seller Financing: Often not necessary, but sometimes due to dentist’s access to capital …the seller may be willing to finance a portion of the purchase price. This arrangement can be a good option if a buyer has limited upfront capital or the bank deems it necessary to have the seller “participate” in the loan.

Regardless of the financing route you choose, several important considerations come into play:

• Creditworthiness: Your credit score plays a significant role in determining your loan eligibility and interest rates. Building and maintaining good credit is essential for securing favorable financing terms.
• Interest Rates: Interest rates can significantly impact your overall loan costs. Comparing rates from different lenders and negotiating terms are crucial to securing the most favorable deal.
• Loan Terms: Carefully review the loan terms, including repayment periods, prepayment penalties, and other conditions, to ensure they align with your financial goals and long-term plans.

Financing a dental practice transition requires careful planning and a thorough understanding of all the options. Our team can help you assess your financial situation, explore different financing options, and secure the funding you need to achieve your dental practice ownership dreams.

4. Legal and Contractual Considerations: Dotting the I’s and Crossing the T’s

In the whirlwind of a dental practice transition, it’s easy to overlook the crucial role of legal and contractual considerations. However, ensuring legal protection and clarity is essential for safeguarding your interests and preventing future disputes.

Engaging experienced legal counsel to draft and review contracts is paramount to navigating the complexities of legal jargon, ensuring the contracts are comprehensive and protect your rights.

Several vital areas require specific attention:

• Non-Compete Clauses: These clauses restrict the seller’s ability to open a competing practice in the same geographic area for a specified period. Negotiating fair and enforceable non-compete clauses is crucial for protecting the buyer’s patient base and goodwill.
• Earn-outs: Earn-outs are performance-based payments that reward the seller for exceeding specific financial goals after the sale. Carefully define the terms and conditions of earn-outs to ensure transparency and avoid future disagreements.
• Intellectual Property Rights: Ownership of intellectual property, such as patient records, software, and marketing materials, must be clearly established in the contract. This definition protects both parties’ rights and avoids potential legal disputes.

Remember to consider the importance of legal representation during dental practice transitions. Dental-specific expertise can identify potential legal risks, help draft clear and enforceable contracts, and ensure your interests are protected throughout the process. Remember, a well-crafted contract is an ounce of prevention that can save you a pound of cure in the long run.

5. Communication: The Bedrock of a Smooth Transition

Clear and open communication with all stakeholders is paramount throughout the transition journey. This includes the seller, buyer, staff, patients, and other parties involved. You can foster trust and collaboration by keeping everyone informed, addressing concerns, and managing expectations, paving the way for a smoother and more successful transition.

Effective communication isn’t just about disseminating information; it’s about creating an open and transparent environment where everyone feels heard and valued. This approach promotes understanding, builds trust, and facilitates a collaborative effort toward a successful transition that benefits everyone involved.

 

Navigating the Transition Maze: DDSmatch Transition Professionals Can Help

Transitioning your dental practice is a complex and often overwhelming process. The journey can seem daunting, from navigating legal intricacies to managing financial considerations and ensuring a smooth patient handover.

Our team of experienced professionals brings a deep understanding of the industry and the unique challenges associated with buying or selling a dental practice. We offer comprehensive support in every aspect of the process, from initial planning and valuation to contract negotiations and post-transition support. If a dental associateship fits your plans, we offer national exposure to options across our network.

Contact Alain Carles, acarles@ddsmatch.com 305-450-7216 or Eddie Quintero, equintero@ddsmatch.com 305-450-7216 to schedule a free consultation and explore how we can help you successfully navigate your dental practice transition journey.

In the digital age, where technology plays a crucial role in dental practices, it's imperative to acknowledge the rising cyberthreats that pose significant risks to patient data and the overall security of dental offices. With the increasing reliance on electronic health records (EHRs), interconnected devices, and online communication, dental offices have become attractive targets for cybercriminals. In this post, let's shed light on the cyberthreat landscape faced by dental offices and discuss essential measures to safeguard patient information.

Data Breaches: A Real and Costly Threat

Dental offices store a wealth of sensitive patient data, including medical histories, personal identifiers, and financial information. Unfortunately, this valuable data makes them prime targets for cybercriminals. Data breaches can lead to severe consequences, including financial losses, reputational damage, legal liabilities, and loss of patient trust. It is crucial for dental offices to understand the gravity of this threat and take proactive steps to prevent and mitigate cyberattacks.

Common Cybersecurity Risks

1. Phishing Attacks: Cybercriminals often employ deceptive emails or messages to trick unsuspecting employees into divulging confidential information or clicking on malicious links. Vigilance and employee training are vital to prevent falling victim to these attacks.
2. Ransomware Attacks: Ransomware is a type of malicious software that encrypts a dental office's data, holding it hostage until a ransom is paid. Regular backups, robust network security, and employee education are essential defenses against this growing threat.
3. Weak Passwords and Unauthorized Access: Weak passwords and inadequate access controls create vulnerabilities that cybercriminals can exploit. Implementing strong password policies, multi-factor authentication, and regular access reviews can significantly mitigate these risks.
4. Outdated Software and Patch Management: Unpatched software and outdated systems often have known vulnerabilities that cybercriminals can exploit. Regular software updates and patch management are essential to stay protected against emerging threats.

Strengthening Cybersecurity Practices

1. Employee Education and Awareness: Invest in regular training programs to educate staff about cyber threats, phishing awareness, and proper data handling protocols. Employees should be the first line of defense against cyberattacks.
2. Robust Data Encryption: Encrypting sensitive patient data both at rest and in transit adds an extra layer of protection against unauthorized access.
3. Regular Data Backups: Implement automated and encrypted backups to ensure data can be restored in the event of a cyber incident.
4. Network Security: Deploy advanced firewalls, intrusion detection systems, and regularly update antivirus software to protect your network from external threats.
5. Incident Response Plan: Develop a comprehensive incident response plan that outlines the steps to be taken in case of a cyber incident. This will help minimize the impact of an attack and facilitate a swift recovery.

Collaboration and Professional Guidance

Dental offices should collaborate with cybersecurity professionals who specialize in healthcare to assess vulnerabilities, develop tailored solutions, and ensure compliance with data protection regulations such as HIPAA. Regular security audits and risk assessments are essential to identify and address potential weaknesses.

Safeguarding Patient Trust

Protecting patient data is not just a legal requirement but a moral obligation. Dental offices must take the necessary measures to safeguard patient trust, maintain confidentiality, and protect sensitive information from cyber threats.

By acknowledging the evolving cyberthreat landscape, implementing robust security measures, and fostering a culture of cybersecurity, dental offices can effectively mitigate risks, protect patient data, and ensure the continuity of quality care in an increasingly interconnected world. Let's work together to secure the future of dental practices!

Routers are essential networking devices that enable communication between different networks. They connect devices to the internet and facilitate the transmission of data packets between them. There are different types of routers available in the market, each with its unique features and capabilities. Two popular types of routers are Packet Filtering routers and Next-Generation routers. In this article, we will discuss the differences between these two types of routers.

Packet Filtering Router:

Packet Filtering routers are the traditional routers that have been in use for several decades. They operate at the network layer and filter packets based on predefined rules. These routers examine each packet's source and destination IP addresses, protocol, and port numbers to determine whether to allow or block it. Packet Filtering routers are relatively simple and inexpensive, making them a popular choice for small businesses and home networks.

Packet Filtering routers have limited security capabilities and are vulnerable to attacks such as IP spoofing and Denial of Service (DoS). They cannot inspect the contents of a packet, so they cannot detect and block malware and other malicious content.

Next-Generation Router:

Next-Generation routers, also known as Unified Threat Management (UTM) devices, are a newer type of router that has been developed to overcome the limitations of Packet Filtering routers. They are designed to provide enhanced security and performance by combining several security features into a single device. They analyze packet contents and identify and block malicious content.

 

Next-Generation routers can identify and block malware, viruses, and other malicious content. They also have built-in firewalls that can detect and prevent attacks such as DoS and Distributed Denial of Service (DDoS). Next-Generation routers provide more comprehensive security than Packet Filtering routers and are an excellent choice for businesses and organizations that handle sensitive data.

Next-Generation routers also come with advanced traffic management capabilities. They can prioritize traffic based on specific applications, users, and services, ensuring that critical traffic receives priority over non-critical traffic.

Differences between Packet Filtering and Next-Generation routers:

Security Capabilities: Next-Generation routers provide more comprehensive security capabilities than Packet Filtering routers. They can identify and block malicious content and provide built-in firewalls to prevent attacks.

Traffic Management: Next-Generation routers provide advanced traffic management capabilities that Packet Filtering routers do not offer. They can prioritize traffic based on specific applications, users, and services.

Cost: Next-Generation routers are more expensive than Packet Filtering routers due to their advanced features and capabilities.

Complexity: Next-Generation routers are more complex than Packet Filtering routers and require more configuration and management.

Conclusion:

Packet Filtering routers and Next-Generation routers are two popular types of routers with different capabilities and features. Packet Filtering routers are simple and inexpensive but provide limited security capabilities. Next-Generation routers are more advanced, provide comprehensive security capabilities, and have advanced traffic management capabilities. When selecting a router, it is essential to consider your network's security requirements and traffic management needs to make the right choice.

Eric Prywitowski is a Technology Consultant with Advantage Technologies, he has over 30 years of experience in the Healthcare Market and be reached at ericp@adv-tech.com.

Missing Terms in Your Dental Lease – Part I: Landlord Waiver/Subordination

Amanda Howard, Florida Healthcare Law Firm

Signing a commercial real estate lease for a dental practice and getting a loan for operating that dental practice often go hand-in-hand. A loan can assist dental professionals in covering the cost of the build-out of their new space or buying inventory and equipment to get up and running. Most commercial real estate leases give the landlord the priority right to take a tenant’s personal property in the space if they default under the lease.

To illustrate, if a tenant fails to pay rent, the landlord has the right to take all the tenant’s furniture or equipment in the space and resell such items to recoup its losses. Like leases, most loan agreements give the lender the priority right to take a tenant’s personal property in the space purchased using loan proceeds if they default under the loan agreement.

This is where an issue arises. Often, a dental professional isn’t defaulting just under one contract; they’re defaulting under all contracts. In such a case, the lender and landlord have competing interests, and the question is, who has priority? To avoid any issue, tenants should seek landlord signature of a “Landlord Waiver” or “Landlord Subordination,” a contract that has the effect of the landlord subordinating its priority right to the lender regarding tenant’s personal property in the space purchased with loan proceeds.

Without one, a domino effect ensues, you fail to get the landlord waiver  the lender refuses to issue the loan  you now don’t have the funds to lease the new space  you can’t sign the lease and open and operate your practice. Getting your landlord to agree may take some convincing and negotiating, but failing may be a roadblock of epic proportions.

The end of year marks a time of celebration and festivities with family and friends.  But for the dental owner and entrepreneur this time of year also means it’s time to plan and get ready for the year to come.  It’s a time to reflect on the past years wins and losses and ensure you are prepared to lead your team and your practice in the coming year.  

 As you manage your business clinical schedule, check off your personal year-end and holiday lists be sure to set aside time to check off your business year-end checklist.  Let’s look at 3 key areas for these important tasks:

1:  Financial Heath

The foundation of your business is your financial health, and the year end is the perfect opportunity to work with the partners you have hired to review and adjust anything in this area.  You have chosen these professionals to help guide you in your financial journey be sure to take the time at year’s end to review the past and plan for the future.  

• Investment Planning:  Review and adjust as necessary to make sure you have the right levels and right mix for this phase of your ownership. 

• Tax Planning:  Taxes are no one’s favorite but working with the experts to make sure you are taking advantage and any tax advantages open to your business.  Review where the business stands from and income and expense side, you may be able to make some last-minute maneuvers to lower you tax liability and we all love that! 

• Retirement Planning:  Taking care of your teams and your patients is something you do every day.  Remember to take the time to plan for your future so you are ready to pass their care on to a new owner while you enjoy retirement. 
• 2023 Budget:  Finally, a new year is ahead and it’s time to budget and plan.  Work with your financial advisors to determine where expenses may change and where growth needs to happen to have a healthy and financially successful upcoming year.

2:  Practice Health

The end of the year in a dental office can be a crazy.  We have less time in the office and lots to do on days we are there and seeing patients.

• Review key performance indicators for the current year:  You should have key areas of your practice that you track on a monthly and year end basis.  Take time to review and learn what these indicators are telling you.  We always say the “numbers start the story”.  Where were your wins for the year?  Where can the office use some improvements in underperforming areas?
• Analyze your fees:  Everything is on the rise and providing quality dental care is no exception.  If you haven’t already completed it, now is the time to review and raise your fees.
• Review Insurance Contracts:  If you are in network with any plans, now is the time to review and determine if they remain financially healthy to your practice.  Reach out, or work with a partner, to request fee increases for your plans.  This analysis may also uncover that it is no longer financially viable for you to accept these plans and it's time to part way with them.
• Calendar:  Take time to prepare the working calendar for the office for the upcoming year:  Be sure to block next year’s calendar for holidays and vacations or any altered hours.  This is important prework for goal planning and strategy. 

3:  Next Year’s Strategy for your dental office and your team

Now that you have the data and the metrics leading into the new year it’s time to plan!  At this phase we believe it’s important to get the entire team involved.  We know the numbers we need to accomplish, and we know the days we are working, next it’s time to design a plan to get us to the finish line.

We believe in scheduling a ½ day or a full day off site planning session to lay out the plan for the office.  Make it fun and energizing.  You can lead the meeting on your own or reach out to your consultant or business coach to facilitate the day and the conversation>

• 5 basic elements of a Strategic Planning Session:  As the business owner it is your responsibility to layout the foundation of strategy.   

1. 1. Vision Statement
   2. Mission Statement
   3. SWOT Analysis
   4. Core Values
   5. Goals

• Supporting data:  Be sure to have this year’s KPI’s in place for supporting data for your conversations.
• Discussion:  The environment should be judge free and open to new ideas.  Encourage your team to share wins from the previous year and areas where they believe the office can improve and grow.
• Exercises:  Have a few team building exercises that encourage participation and bring out new ideas.
• Facilitator:  If the facilitator will not be you, appoint someone that can organize the thoughts and turn them into actions.
• Takeaways:  Your key takeaways from this session should be:
  • Action list:  A detailed list of all action’s items, who is responsible, and when the due date is.
  • Measuring Success:  As you put goals and actions in place to help meet those goals be sure to determine how you will measure that success.
    • Example:  If one of your key goals for the year is to raise your average patient visit by 20%.  How will you measure this using your practice management software?  Who will be responsible for reporting this metric?  How often will they report the metric?      

A business plan is essential as a dental entrepreneur. It helps you set clear goals and guidelines for how you will manage your business and sets your team up for success.

Happy Planning!

 

Bonnie Pugh
Laci Phillips
Practice Dynamics
www.practicedynamics.net

Homes, automobiles, boats, and jewelry. These are all examples of assets we protect with insurance. But do you know what your most important asset is? YOU! Your ability to get up and go earn an income every day is paramount in terms of importance, and it is critical you protect that. 

The vehicle in which you protect your income is through a Long-Term Disability Insurance Policy. Given the specialty of your occupation and duties that come with it, selecting the right coverage is essential. 

Identifying the right type of coverage can be daunting, so to help, I’ve highlighted 10 questions below that the best policy will all have “YES” answers to!

DISABILITY INSURANCE CHECKLIST

1. Insurer’s Financials - “COMDEX “score, 95 or higher?
2. Is this an Individual policy (not a Group/Group Trust policy)?
3. Non-Cancellable AND Guaranteed Renewable?
4. Is there an ENHANCED Definition of Total Disability for Dental Professionals?
5. Is there an ENHANCED Partial Disability Benefit (no loss of time/duties required and an enhanced payout in the first 12 months)?
6. NO Mental/Nervous Limitation?
7. Are policy Increase Options available for the full amount (as income grows)?
8. Is there Cost of Living Adjustment coverage?
9. Is there an increased payout, in the first 10 or 15 years of the policy, that can be used for whatever purpose, not just for student loans?
10. Can the policy be written with reduced premiums during school/residency?

THE BEST POLICY WILL HAVE “YES” ANSWERS TO ALL QUESTIONS

Leveraging a marketing agency can help your dental practice establish trust with potential clients. The experts working on hitting your dental practice KPIs (Key Performance Indicators) will create comprehensive campaigns that attract new patients and retain them in the long term. Furthermore, a dental marketing agency helps you plan promotions, create a digital marketing plan, and build trust with current clients and prospective patients.

With that said, you should be aware of the crucial services that any marketing agency worth its salt brings to the table. Read on to learn the top four services to look for in a dental marketing agency. 

What’s a Dental Marketing Agency?

A dental marketing agency is a business that offers various services to dental practices. Such services include digital marketing strategies like SEO, website design, Google ads, and social media.

Dental marketing agencies understand dental practice customers, their unique buying journey, and the touchpoints necessary to drive engagement and revenue. They develop campaigns that both attract the dental health-curious as well as bring them into an ecosystem that encourages them to become years-long clients.

Why Outsourcing Your Marketing Helps

Many dental practices are overwhelmed by the number of modern marketing channels available to them. With so many avenues to choose from, it can be challenging to decide where to focus your efforts.

The sheer number of options can result in confusion and an inability to design and execute a campaign that generates ROI. A dental marketing agency helps you simplify the time, money, and energy spent on marketing by providing insights about what works and what doesn’t.

They can also design and execute your campaign(s) for you so you can focus on the core operations of your practice. Let’s look at four major services a dental marketing agency should offer before you work with them. 

   1. Search Engine Optimization (SEO)

When someone types a specific word or phrase into their Internet browser, what do they see? The results are the search engine results pages (SERPs), or how well a page is search engine optimized (SEO’d)  for a specific phrase.

Once someone has found your website by way of strong Dental SEO, the goal is for them to click on your ranked page and stay on your site as long as possible. The keywords your marketing agency uses are arguably the most important aspect of SEO, and any agency you hire should have years of experience picking keywords relevant for dental practices. 

While search engine algorithms are ultimately determined by human input, they are designed to run automatically–and they do. As such, it’s wise to choose a marketing agency with a proven track record of their content ranking months after being written. If someone searches for “how to naturally prevent cavities”, the blog post your agency wrote should not just answer questions people are asking lately, but address the content in an evergreen way. This means the content will be relevant in six years just as it is in six days. 

   2. Website Design

The look and feel of your website are important because it’s your clients' first impression of you. Having a website that answers your prospects’ most pressing questions before they ever set foot in your office fosters the trust necessary for them to make a buying decision. 

Some tips for selecting the right web design service include ensuring they have experience working with dental practices and reviewing their customer testimonials. You want to get a website that will last for a few years or more with a company that provides great support. 

An excellent dental practice website does more than communicate information in a visually attractive way. It positions your practice as the authoritative choice for your ideal client. The right dental practice marketing agency will know exactly how to create a website with all of these characteristics.

It’s also important to update your website if you haven’t done so in a few years. Dentistry isn’t an industry usually known for its digital marketing savviness, and there are at least five reasons why dentists should update their websites.

   3. Google Ads

The average cost per click (CPC) for Google Ads has increased over the last few years. This has left many dental practices wondering if pay-per-click (PPC) is even worth the effort.

Google Ads for dentists are still a cost-effective way to drive traffic to your website if it’s leveraged by knowledgeable professionals. PPC is the perfect pairing to an organic strategy like SEO and a worthwhile dental marketing agency will be skilled in both. 

If your dental practice is new, it may be best to leverage PPC before you invest in SEO. This is because it takes at least two to four months to see lasting results from SEO, whereas PPC is instant as long as you have the budget for it. Ask your agency what they recommend for your practice based on the growth stage it’s in for in-depth insights. 

   4. Social Media

Social media has become an essential marketing strategy for many businesses, including dental practices. With so many platforms to choose from, though, it’s difficult to determine where to focus your efforts.

A dental marketing agency can help you choose the right channels to build an engaged social media presence and drive traffic to your website. They’ll look at your target demographic and then develop a content calendar based on what works best for your given platforms. 

It’s also important to remember that social media is a two-way street. You don’t want to just post something on Instagram or TikTok and then forget about it. You want to reply to comments and messages, ideally within the same business day, and create bite-sized posts about clients’ success stories or dental advice that your audience can apply immediately. 

 

Wrapping Up

With so many potential dental customers online, it’s important to use all the tools at your disposal to reach them. A marketing agency can provide these services and more to help your dental practice reach its full potential.

With the right strategy, you can attract new patients to your practice and keep them happy. Here are the key points we covered in this article: 

• A dental marketing agency is a company made up of dental industry experts (or at least digital marketing pros) who market dental practices so owners can focus on serving their customers. These companies leverage industry-specific marketing strategies to generate new business for dental practices. 
• Outsourcing your dental marketing efforts to an agency saves immense amounts of time better spent growing your business. Everyone has their area of expertise and dentists succeed when they can focus on patients and patient relationships. 
• SEO is one method your marketing agency may use. It’s the process of optimizing several website pages or blog posts to rank higher in the organic search results pages. 
• Website design is another marketing method. A good website communicates more than information; it solidifies your business as the right choice in your ideal customers’ minds. 
• Google Ads, which is a type of PPC, is another great marketing strategy. Dental marketing agencies use PPC to drive a lot of website traffic in a short time. 
• Social media is an increasingly important marketing strategy that dental practices can benefit from. Your marketing agency can create a content calendar based on which social channels and audiences are likeliest to book an appointment with your practice. 

Dentalfone is a leading provider of digital marketing services for dentists. Learn more at https://www.dentalfone.com.