Re: [ACEsthetics] Fear of Change

Guy,

I think your comments are correct, except there will be a few concierge practices that will do fine - the 80/20 rule always applies. I plan on making it longer than 10 years and actually having my practice continue after my retirement because I am taking deliberate action to increase the value of the practice and create transferability when I decide to retire or if I am disabled. 

Now if there are no physicians in your town with concierge practices, then it is most likely not a model that would work in your area. Demographics, socioeconomic issues and geography play a role. There will always be a demand for this, but it might be in Atlanta. In fact I have heard you talk about some of the wealthy in your community that go to Atlanta for their healthcare. Of course they don't realize that you provide all the quality of care they could get in Atlanta - that's not the point - the point is positioning the business to reflect this. When you are gone, many of the high end patients you see will probably migrate to a practice in the big city unless you are creating a "mini Guy" in your practice. From some of your comments It doesn't sound like the other partners are interested in getting that market - just like you were not really interested in attracting that market - they just slowly learned that you actually provided world class care right in their town. 

Scott


On Mon, Apr 29, 2013 at 3:41 AM, Guy Moorman <gmoor@windstream.net> wrote:

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

 

 

 

This email message and any attached files are confidential and are intended solely for the use of the addressee(s) named above.  This communication may contain material protected by patient rights, work product, or other privileges.  If you are not an intended recipient, you have received this communication in error and any review, use, dissemination, forwarding, printing, copying, or other distribution of this email message and any attached files is strictly prohibited.  If you have received the confidential message in error, please notify the sender immediately by reply email message and permanently delete the original message. 

 

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

--
You received this message because you are subscribed to the Google Groups "ACEsthetics" group.
To unsubscribe from this group and stop receiving emails from it, send an email to acesthetics+unsubscribe@googlegroups.com.
To post to this group, send email to acesthetics@googlegroups.com.
Visit this group at http://groups.google.com/group/acesthetics?hl=en.
For more options, visit https://groups.google.com/groups/opt_out.
 
 



 

--
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

--
You received this message because you are subscribed to the Google Groups "ACEsthetics" group.
To unsubscribe from this group and stop receiving emails from it, send an email to acesthetics+unsubscribe@googlegroups.com.
To post to this group, send email to acesthetics@googlegroups.com.
Visit this group at http://groups.google.com/group/acesthetics?hl=en.
For more options, visit https://groups.google.com/groups/opt_out.
 
 




--
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

--
You received this message because you are subscribed to the Google Groups "ACEsthetics" group.
To unsubscribe from this group and stop receiving emails from it, send an email to acesthetics+unsubscribe@googlegroups.com.
To post to this group, send email to acesthetics@googlegroups.com.
Visit this group at http://groups.google.com/group/acesthetics?hl=en.
For more options, visit https://groups.google.com/groups/opt_out.
 
 

0 comments:

Post a Comment

 
College & Education © 2012 | Designed by