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With administrative redundancies and inefficiencies that can come with adding locations to a growing practice, many dental professionals find transitioning from a single-practice mindset to a multi-location, multi-specialty mindset difficult. In Vin Cardillo’s 6 Stages of Growth e-book, Vin takes the reader through six well-defined stages of a dental group practice’s maturity and outlines what they can do to transform their thinking and better avoid common growing pains.
In order to effectively grow and create the most value for your practice, centralization must be a focus early on — from Solo Practitioner to Entrepreneurial (2-3 offices) and then Foundation Development (4-9 offices), consistent systems are imperative to creating value and a scalable dental business. This task may sound daunting, but it can be done logically and in progressive steps that build on each other so you develop a solid foundation for future growth.
One critical step is centralization of administrative functions. By centralizing functions and establishing consistency, the team has more time to focus on expanding the business thereby making your new, growing dental organization much more valuable. Centralization is also key to being able to analyze and benchmark practices as well as providers. In order to reach your goals of efficiency and increased value, you need a software developed for the complexities of the enterprise market.
There never seems to be a convenient time to get everyone switched to a new system and trained, but centralization needs to be implemented before you add more locations and people to your team. If you want to continue to grow your practices, making this long-term investment is essential. Look beyond short-term profitability and make decisions based upon your long-term goals.
“For every $5-6m of revenue, centralizing your AR with an enterprise dental practice management system will give you a net savings of 1.5x full-time equivalent (FTE).” – Vincent Cardillo, MBA, CEO & Founder of Maeva Dental Advisors
If you are in acquisition mode, the practices that you add to your DSO platform likely do not have the same administrative systems in place. Your DSO must have a system in place to convert, utilize and also train staff on the preferred centralized system that your DSO will use across all locations. This may be most important when it comes to your practice management software. Dentrix Enterprise is built to make this conversion as efficient, simplistic and painless as possible for both your DSO and the practice that is upgrading their practice management software. This type of change can certainly be a stressful time for your newly acquired practice’s staff. Henry Schein One understands this and provides the training and education needed to make the experience as painless as possible.
One of the many benefits of a good centralized practice management software is the way it enables consistency across offices, so your practice can run more cohesively with standardized policies and procedures. This creates a culture of efficiencies that save time and money. When you multiply the effect organization-wide, it can significantly add to your bottom line.
Your software plays a big role in your success as it allows you to:
• Centralize data in a single database
• Use a call center
• Centralize billing and accounting, insurance management and collections
• Get the metrics you need with custom reporting
A growing dental group practice or newly formed DSO needs robust practice management software, and Dentrix Enterprise, powered by Henry Schein One, is an industry-leading solution for multisite dental practices, tackling complex issues of centralizing and streamlining data with ease. Integrating award-winning clinical tools with dental equipment, and giving you the benefits of economies of scale, Dentrix Enterprise helps you succeed now and as you grow, so you can maximize efficiency and profitability.
Dentrix Enterprise creates systems and protocols for every scenario – helping you save time and money, and often leading to a better workflow.
Click link for your free copy of
THE SIX STAGES OF GROWTH
From Solo Practice to DSO
Visit Dentrix Enterprise or call 800-459-8067
Vincent Cardillo, MBA, is a proven industry leader with over 25+ years of experience in leadership / partner roles with growing DSOs. Vincent’s latest ranking is #14 on the 2014 Inc. 500 list of fastest-growing private companies with growth of 12,896 percent. Vincent is also the founder of Maeva Dental Advisors, which provides outsourced C-suite services to dental groups and single offices that have the intention of growing. Maeva positions its clients for long-term growth by strengthening their operational systems and infrastructure. Vincent also provides his expertise in operations, strategy and financing to private equity firms and other financial institutions. The information in this e-book is from Vincent’s book on the Six Stages of Growth, which is soon to be published. Contact him at vin@maevaadvisory.com.
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