Scott, if you are in your forties, you’ll last ten to twelve more years. Make your money now and save it.
Guy W. Moorman, Jr., D.D.S.
The Swamp
Douglas, GA 31533
912-384-7400
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From: acesthetics@googlegroups.com [mailto:acesthetics@googlegroups.com] On Behalf Of Scott Rice
Sent: Sunday, April 28, 2013 3:23 PM
To: gnr group
Subject: Re: [ACEsthetics] Fear of Change
Hi Mac,
Getting back to your question. Your comments on what it takes to be insurance free are right on. That is my business model and somewhere around 10% of the dentists in California are truly with me on that (the rest belong to at least Delta). Today and even more in the near future, dentists need to be completely clear on their vision of the practice they want. No matter what you choose - a concierge practice or a PPO practice, a dentist that plans on practicing in 10 years must become a real businessman. Most dentists are not good business men or women. the dentist must be a leader and understand the mission of the practice, managing by holding the team to the core values, and acting like the owner of a business is supposed to act. This includes a focus on increasing the negotiable value of your practice (rarely thought about), increasing operational performance, improving the bottom line, increasing the profits, continuously improving management, leadership and marketing, increasing the transferability of the practice, looking hard at group practice, and creating a valuable business that has a legacy.
If you don't have the desire to focus on the vision, train and get 100% commitment from a top team (pay them well), create a great facility, manage well and make the hard decisions an owner must make, then you will be choosing to become an employee of either an owner dentist, an insurance company, an MSO or a DSO - and that's a perfectly acceptable choice that most young dentists are choosing. Just make sure it's by choice. The small to medium solo insurance based practice is not going to survive. Thinking you will hang on and sell it in 5-10 years is a mistake (in my opinion) - it will not be a business with much value.
On Sun, Apr 28, 2013 at 6:05 AM, mchenry lee <drmaclee@gmail.com> wrote:
Dentistry has certainly changed in the last decade. Insurance is running just about everything, including the behavior of the patient, public, dentist and team. The model I started with, i.e. wait until they call or come in, see what you can get out of them, make it as cheap is possible, etc was a pretty free flowing business model that has changed in my opinion. Modern dentistry has such a wide range of wonderful choices which even makes things more confusing and very complicated. Modern dentistry is expensive. The government, the insurance companies and the lay public want cheap.
The real question for all of us to ponder is where do you think you are going to be or where will your office be in 10 years. Are you going to be in control or be controlled. Is there a fear factor with either choice?
The younger you are, the more important the question and your decision is; again, my opinion.
Example, it takes a hell of a lot of guts, business savy, the right team, the right circumstances, the right clinical ability and reputation, the ability to look at yourself, etc to make the decision to become insurance free doesn't it? If you don't plan to drop insurance in the future, what do you think your business model will look like?
Food for thought after reading some of Seth Goodwin's material.
Mac
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Scott L. Rice DDS
Kois Center Mentor
www.RiceDentistry.com
15785 Laguna Canyon Road
Suite 200
Irvine, California 92618
office: 949.551.5902
cell: 949.683.7483
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