Dental Practice Strategist Rhonda Mullins has experienced a pattern in conversations with solo dental practitioners in the last 24 months. These dental entrepreneurs notice a shifting landscape in the dental industry – a trend of solo practices being consolidated (bought and merged) into existing large group practices that offer multi-disciplinary care teams, or MSO models, that remove the burden of business operations to free dentists up to function almost exclusively on the clinical side.
“What I see clients experiencing and/or inquiring about all over this country is, ‘How can I help retain the integrity of dentistry as we know it? Where can I create an opportunity for this business industry that will serve the needs of not only the changing landscape of the business model in practicing dentistry, but get more without settling for less,’” says Mullins. “The need makes a loud roar in the industry today.”
This need led to the creation of Group & Multi-Practice Summit 2014 series by Mullins and her guest experts. The objectives of the Summits are:
- To help dentists harness the fears of the shifting landscape of the industry.
- To educate dentists and investors on how to develop DSOs and MSOs. Culture is a key element in the successful formulation.
- To equip them with an architecture of a plan – not just the bricks – to build an efficient and significant entrepreneurial business for Scaling Excellence in a Care Driven Culture
- To create and support “Dentrepreneur℠” Study Groups for continued engagement with the “Dentrepreneur℠,” with catalyst coaching and consulting strategies for greater significance and success throughout their journey.
Elements of the “Dentrepreneur℠,”
The first Summit, held recently in Atlanta, covered four areas that are vital to the Dentrepreneuer℠ in these practice business models.
For “Healthcare Law,” Stuart Oberman, Esq., discussed legal elements of how to incorporate or properly structure an LLC. He gave several accounts of his personal legal practice experience helping clients in the dental world, and offered a high-level overview of a legal structure needed for dentists who want to purchase practices.
For “Practice Transition,” Pete Newcomb, CEO/Entrepreneur, of Southeast Transitions, shared industry trends, and how attendees could build their model of choice through acquisitions and mergers. Newcomb also offered insights into assessing the value of practices, the projected profitability of those candidates and terms of those acquisitions, including the provider agreements.
For “Excellence in Restorative Product and Services,” Pinhas Adar, CEO/Entrepreneur of Adar Dental Network and Adar International, shared his insights on best practices for the sustainability of excellence in restorative dentistry materials, design and cost.
For “Scaling Excellence Operationally and Managerially,” Mullins offered fundamentals to create ventures in business and life that allow for significance and success through key principals. She also discussed the Entrepreneur and Innovation, how they go hand in hand in an overview of the MSO Structure, with the right management partner to count on and the ability for them to transform any practice acquired through a mindset, not just footprint of scaling excellence.
Mullins says there are four more Summits planned for this year. Mullins will also facilitate monthly and quarterly engagement with each club and member to insure each “Dentrepreneur℠,” Study Group succeeds in each city.