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Welcome to the Shared Practices Podcast

NAVIGATING THE PATH TO SUCCESSFUL PRACTICE OWNERSHIP

Sep 13, 2019

Episode 01-07

Practice Under Water | Mystery Guest “Rock”

 

 Interested in 1-on-1 coaching?

  • Email george@sharedpratices.com or matt@sharedpractices.com.
  • Tell us about yourself, your business goals, where you are currently in your practice at and where you would like to be in the next year. 
  • Send us your information to see if we would be a good fit for you!

 

To get today's practice Practice By Numbers dashboard snapshot, click the following link: 

https://pages.convertkit.com/f0d9fa2c7e/891325bc90

 

Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.

 

Today, Matt and I are going to give you differing opinions about our mystery guest Rock and how he should move forward in their practice. George believes he is going to win on this episode, so let’s see how well he fares in this instance!

 

Our mystery guest Rock is very different from our other guests as he only purchased his practice a month ago.  He has boiled down his vision where he wants to go in his practice, and besides that, he is a long time listener and fan of Shared Practices and Practice Under Water. Yes, we are blushing!

 

Rock tells Matt his history and how he has come into his space. He wanted stability, as his brother, who has been a dentist for several years, really struggled getting his practice off the ground. Rock started off working at a community practice and at this job, he was forced to expand clinically and wear many hats as a specialist wasn’t always around. In his new practice, he found that he is more on cruise control, referring patients out for different procedures. The dentist who sold to Rock is working with him as an associate until he decides to retire.

 

Rock’s new practice consists of six operations with two full-time hygienists, brining in around $1.5 million per year. He feels that overhead is a bit high, however; many team members have been there for over a decade, which factors into the high overhead. 

 

Digging in, Matt finds that Rock is terrified he is going to “steer the ship underwater” and he wants to keep the practice alive and well. His long-term goal is to expand his clinical skill set for his own benefit, not just profitability. Rock isn’t interested in growing his office past one doctor at the current time as he feels that growing into the multi-doc model is more stressful and would reduce his quality of life. He considered buying a practice where one doctor was running $2 million a year doing a variety of procedures and working three to four days a week with 40% overhead and would eventually like to be at that level.

 

Listen in to find out how Matt and Rock come up with three different options for Rock to move forward and expand without a lot of the chaos, of which he isn’t a fan. Rock’s biggest goal is to bring in a moderate to high amount of money, without sacrificing his family time, and having enough quality time to feel good all around without a bunch of stress.

 

Would you like to be a guest on the show?

 

Copy and paste these questions on the email. 

Email practiceunderwater@gmail.com

Tell us: 

  1. About your practice: number of employees, their roles, your location, number of chairs, what procedures you obtain your income from
  2. Goals for your practice
  3. Vision where you would like your practice to be, where you would like to go
  4. Where do you believe you are falling short in your practice?
  5. How are you getting in your own way to success?
  6. Why isn’t the practice performing the way you would like?
  7. What would you like coaching for?

 

Links | Resources

Practice By Numbers

Practice By Numbers Facebook Group