The Millennial Dentist

Now displaying: September, 2021

106 Building Your Practice Around the Services You Want to Offer 0

Sep 14, 2021

We are excited to be at the Mastermind in Smithville, Tennessee, on the second day. We are broadcasting from this event, and we are joined by Dr. Matt Corbin and Dr. Ben Height to chat about lifestyle, family life and dentistry, and profitability of your practice.

In our roundtable today, we discuss the importance of designing your dental office space around your specific office and practice needs. Dr. Corbin took over a practice from Dr. Silverstein four years ago and has since doubled his business’s gross profit. In addition, he was able to bring in procedures that were previously referred out, such as sedation.

Dr. Height purchased his practice in 2017 after working in a dental office for eight years. He bought his office at $1.2 million and brought it up to $1.5 million the first year of business in a 1,000 square foot practice - with only himself as a practitioner.

If you want to build and grow a practice significantly, it’s a good idea to purchase a business grossing around $500 to $600,000 annually. When you look at practices making over $1 million, you have to have a specific skill set to handle that type of profit in the dental practice to keep your numbers at or above a million dollars a year.

The most important aspect of having a dental practice is to focus on doing more of what you want to do inside your practice. Always look for a different way to practice if what you are doing isn’t filling your cup.

Dentistry is changing. Technology, education, and resources are closer to our fingertips now more than ever! Are you ready to learn what millennial dentists are doing to exceed patient expectations, enjoy dentistry more and take vacations and how this generation can join up with the previous generation to make for an unstoppable dental team? Wait no longer! Listen in and find out how to push your lifestyle to the next level.

Show Notes:

[01:51] Matt’s expectations of Dr. Sully’s old office.

[03:52] The importance of designing your office around your dental practice needs.

[04:30] Dr. Matt Corbin and Dr. Ben Height share their office stats.

[09:31] Choosing your work schedule based on your lifestyle.

[13:00] Having a space that you enjoy and feel good practicing in.

[14:17] Facilitating success in your practice.

[19:49] Roadblocks holding dentists back from making changes in their business.

[28:13] Looking at the profitability of procedures and taking items off that aren’t as profitable.

[35:42] Getting to a place of contentment; which also means lack of motivation.

[42:25] The importance of commitment to family life.

As always, thanks so much for listening! If you like the show, we would love for you to review the show on Apple Podcasts as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com

Links and Resources

Richard Sullivan, DDS

Partner, Sullivan Dental Partners

Co-host/Founder of the Millennial Dentist Podcast

http://www.millennialdentist.com

www.drsullysullivan.com

(615)574-8208
(615)373-1012

Visit Us On Social Media

MillennialDentist@gmail.com

The Millennial Dentist Website

@Millennialdentist on Facebook

@MillennialDDS on Twitter
Dr. Sully…@Millennialdentist on Instagram
Dr. Peyman…@drpeyray on Instagram

Dr. Sully’s website and blog

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105 Grand Opening of Sullivan Dental Partners Part III 0

Sep 7, 2021

Today we are celebrating the grand opening of Sullivan Dental Partners! A long-term vision to building the practice, we are talking about the steps of our journey and how we could reach our goal of dental partnership. Listen in to find out the challenges we’ve had, successes, and how we solved the partnership problems.

After organizing the office and getting into an efficient workflow, Dr. Rick and Dr. Sully decided to reinvest their business profit back into the business to grow their practice. They purchased additional mills and scanners for their company.

Approaching their economic and growth tipping point, they decided to purchase and build a new practice. Building their practice was a two-year process in which Dr. Rick and Dr. Sully had to be aware to separate their emotional connection to their business from the business aspect of purchasing a property.

When they found out a family member was selling the lot next to their location, both doctors were excited, but then decided to lease another building and redesign the space for their new practice. Once they moved into their new practice, they decided on a redesign, what their new surgical suite was going to look like, sorting out the new dental schedule and figuring out which procedures they could now offer to clients with same-day service.

Show Notes:

[01:03] Reinvesting their money back into the practice.

[02:24] The decision-making process to grow their business.

[04:35] Approaching the economic and growth tipping point.

[06:45] Purchasing, building, and owning their own practice.

[08:48] Figuring out how to purchase the lot next door to build a new practice.

[14:15] Crunching the lease numbers to make their new space financially feasible.

[19:25] Redesigning their new dental space.

[24:01] Deciding what their surgical suite was going to look like.

[29:19] Opportunity costs of the new practice.

[35:36] Sorting out the new dental practice schedule.

[41:08] Figuring which procedures they can now produce with same-day dentistry.