Endo Mastery

5 factors that drive lost time in your schedule

DEBRA MILLER | DIRECTOR OF COACHING

Ideally, an endodontist’s day should consist of moving smoothly from treatment room to treatment room while focused on diagnosing and treating patients. The doctor should never feel stressed or rushed because of time, and productivity (in terms of completed cases) should be optimized to the doctor’s actual clinical capacity and comfort level.

  

When Endo Mastery coaches begin working with new clients, one of the first things we do is to audit how patients are scheduled, how appointments flow during the day, and how the doctor’s time is actually being utilized. Most of the time, we find 2 to 2.5 hours of a typical doctor’s day fits into our definition of “lost time”. This means the time is either unused or could be better used in a more productive or efficient way. Here are the key things that we look for:

#1 Unscheduled time

Unscheduled time is the easiest to identify. It is when the doctor is in the practice but there is no patient appointment. Unscheduled time can sometimes be a sign of a need for better marketing and more referrals. Often though, unscheduled time slips in between appointments.

  

For example, the doctor may be available at 1:00 pm but the patient expresses a preference for 1:30 pm, and so that is how the admin team schedules them. These gaps between scheduled appointments can add up when the admin team hasn’t developed the skills to nudge patients to schedule according to an optimized template that is best for the doctor.

#2 Waiting time

Waiting time is like unscheduled time in the sense that the doctor is idle but, in this case, they are idle during a scheduled patient appointment. This often happens at the beginning of an appointment if the patient hasn’t arrived early enough to complete registration tasks with the admin team, as well as imaging or other steps with the dental assistant leading up to being seated in the operatory and ready for the doctor.

  

The other common occurrence of waiting time is at the end of appointments, when the doctor has finished treatment with the patient, and they needed less time than what was scheduled. Having finished with the patient, they are now idle until needed for the next patient.

  

The worst-case situation is when the patient is scheduled for a consult and treatment, but they do not proceed to treatment after the consult. This can happen when the patient has not been properly prepared in advance for treatment on the same day, or when it is a dubious referral from a GP such as a tooth with a cracked root.

#3 Undelegated time

In the most general terms, undelegated time is when the doctor is doing something during a patient appointment that an assistant could do. Whether it is a training gap or simply a routine the doctor has developed over time, under-utilization of the dental assistant leads to the doctor needing more time devoted to each appointment. And that reduces overall productivity. Unsurprisingly, this is often a blind spot in many practices because they are so accustomed to their habitual processes.

 

The overall goal is always that the doctor should be focused on diagnosis and treatment … which are the things only a doctor can do in the practice. Everything else can be done by well-trained dental assistants. Whenever we see doctors routinely scheduled for 2 hours for a consult and treatment appointment, it’s a pretty clear sign that the doctor is doing far too much rather than utilizing their assistants. That is why doctors who have average or even below average productivity can even feel like their days are already so full. Their time has been cluttered up. 

#4 Clinical efficiency 

Clinical efficiency is a measure of how well the doctor can maintain their clinical focus and “flow” during a patient treatment. Specifically, it is the time when the doctor is working in the patient’s mouth, starting with bur-to-tooth and ending with the fill complete. Efficiency is reduced every time the doctor must look up from the microscope, or wait for the assistant, or stop to give explanations to the assistant, or is interrupted or distracted by other activities in the practice.

  

A great dental assistant understands that their role is to keep the doctor focused on completing treatment as efficiently as possible without feeling stressed or rushed. Well-trained assistants ensure the operatory is fully stocked and the patient is fully prepped. The assistant knows every step of every procedure so they can always be one step ahead of the doctor in terms of 4-handed dentistry. The result is an intuitive flow between the doctor and assistant.

#5 Clinical speed

The final factor that can influence doctor productivity and time utilization is the doctor’s clinical speed, which is literally how long it takes to do certain steps in a clinical procedure. Often doctors think that increasing clinical speed will be the focus when trying to increase productivity. However, of the 5 factors listed here, clinical speed by far has the least impact on improving doctor productivity.

  

Obviously, a brand-new endodontist who is fresh from their residency is going to be somewhat slower on certain aspects of treatment. But that is short-lived. Within a year or two, they have comparable clinical speeds to the average experienced endodontist. All endodontists develop their clinical preferences, their preferred instruments, and they learn streamlined clinical techniques through CE and from their colleagues.

  

Dr. Goerig loves sharing clinical tips at our seminars and with our clients. That’s a doctor-to-doctor discussion. However, for Endo Mastery coaches working with a practice, we generally stay out of clinical speed choices and leave that entirely to the doctor. That is because our focus is never on speed, but on efficiency and utilization where 95% or more of productivity growth can occur while simultaneously reducing stress for the doctor. 

What is your practice narrative?

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

It’s safe to say that everyone wants an enjoyable career as a doctor and a fulfilling life outside the practice that is fueled by the economic and professional success created inside the practice. To keep moving forward with that vision depends a lot on your professional narrative, which is how you perceive your journey, skills, and experiences. The self-talk of your narrative is a powerful tool that can either propel you on a trajectory towards greater success or inadvertently hold you back.  

Empowering narratives 

An empowering narrative is one that builds on your past achievements to quickly create momentum and energy for new goals. In this kind of narrative, highlights in the story focus on your strengths, skills, passions, and accomplishments. When roadblocks and challenges have occurred, your narrative celebrates how you persevered with creativity and focus to overcome the barriers and find solutions.  

 

An empowering narrative brings some key advantages:

Limiting narratives 

By contrast, a limiting narrative is one that undercuts and devalues your progress. It focuses on how difficult the journey has been, the pain you experienced, and where you have fallen short of your objectives. When you have a limiting narrative, progress is often perceived as difficult, risky, and filled with doubt about whether you can achieve the result you want … or whether the result will even be worth the effort.  

 

A limiting narrative saps motivation and takes the wind out of your sails. This happens even for people who don’t think of themselves as having a negative mindset. A limiting narrative creates just enough hesitancy and second guessing to stymie taking the first steps in a new direction or goal. It can even lead to imposter syndrome where you don’t believe that you are worthy of the success you already have, or worthy of making progress to the next level. 

 

In our work coaching doctors, we hear limiting narratives all the time:  

Changing your limitations 

Experts will tell you that changing your narrative is often the first step to growth. But making that change can be the biggest challenge. Sometimes we are so stuck in our self-perceptions and so influenced by our past experiences that we can’t see the possibilities that can come to us in new ways.  

 

As CEO of Endo Mastery, I get to be in the fortunate position to witness many doctors discover greater success driven by a new empowering narrative coupled with support from Endo Mastery coaches. Many of those doctors started their Endo Mastery journey feeling limited and uncertain about the path forward.  

 

What was the turning point for these doctors? Often it has been the one-on-one experience they have at their Freedom Summit with Dr. Ace Goerig when they begin coaching. Ace looks at their practice and life from an impartial perspective. He sees things as they are, not as the story the doctor may be telling themselves.  

 

As a mentor, Ace inspires belief and passion for doctors to embrace meaningful goals. He brings over 50 years of endodontic experience and he is one of the most efficient clinical endodontists in the world. He owns one of the most profitable endodontic practices in the country, has 3 associates (including his son), and only works two days a week. He is the author of numerous books on personal and financial freedom.  

 

Married for over 54 years, Ace loves practicing endodontics, loves his family life and adventures, and especially loves mentoring other endodontists to fulfill their own visions with the same level of success that he has achieved. Honestly, he is such a gentle, kind and insightful person with the most positive mindset for endodontic growth and success, and life success too. You could not ask for a better mentor. 

 

If you are ready to change your narrative, improve your goals and build on the success you have already achieved, I encourage you to join Endo Mastery and meet Ace Goerig in person at our September seminar in Orlando. We’re just 5 weeks away but there is still time to register and save on tuition.

How a great journey transforms you

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

The importance of a great journey occurs over and over in literature, film, history, mythology, religion, and storytelling. We have many words for these experiences, such as a trek, adventure, pilgrimage, quest, expedition, etc. What is common in all these iterations is that you go out into the world to somewhere beyond your daily life to face expected and unexpected challenges before returning home. It is, invariably, an experience of tremendous personal growth. 

 

When David and I planned this trip to Alaska and the Arctic Circle, we wanted to create a very meaningful experience that was both challenging and affirming. We are driving a Jeep and camping along the way. We have witnessed incredible wildlife, rugged wilderness, and more mosquitos than I ever hope to see for the rest of my life.  

 

From Sandpoint, Idaho to Prudhoe Bay, Alaska, it’s a journey of over 2700 miles in each direction. For me, it’s a bit of a homecoming, having grown up in Alaska. For David, this represents an incredible milestone. By reaching Prudhoe Bay, he has now driven every mile of road on the Pan-American highway from the Arctic Circle to the southern tip of South America. It’s a goal and lifetime achievement that very few people accomplish!  

Revelation and transformation

The power of these epic adventures is how they expose you to a different part of the world, highlight your place in it, and bring self-reflection on what’s important to you. For example, there is nothing like being in the middle of a vast unknown wilderness to sharpen your understanding that, despite all the creature comforts we create in our lives, we can still be vulnerable in this world. That, in turn, brings a heightened gratitude for our families (the people who protect us and need our protection).  

 

At the same time, great journeys inevitably transform us. We have a new experience that shapes our worldview, and a new perspective on ourselves and what we can adapt to and learn from in our lives. This can come from wilderness journeys, but also from physical journeys, or to a different cultural or historical context, etc. The challenges and insights that we glean on a great journey never leave us. They elevate us to a new place and, ideally, inspire us to keep reaching for the next level in our personal growth and development.  

The endodontic practice journey

Most people intrinsically understand the lifelong value and growth potential in these challenging and eye-opening journeys in our personal lives. However, the insight that I’ve come to realize is the importance of a “great journey” in our professional lives and businesses too, which is not as intuitively understood.  

 

You can go through your entire professional life staying at a comfortable level that never pushes you to the level of transformation. Or you can recognize that from time to time that you, your practice, and your team can hugely benefit from a great and challenging journey that redefines your level of success, how you work together as a team, and the capabilities of everyone to rise to new challenges. Great teams and great practices are more than just people who work side by side every day. They have united through a meaningful experience and created a bond and commitment to each other’s success that is powerful. 

 

I believe that one of the most potent benefits of Endo Mastery coaching is that it creates a journey for your practice that is challenging, rewarding, and redefining. I’ve seen this occur for so many clients, where the shared experience of a coaching journey results in such unexpected personal and business growth. I encourage you to take steps to begin yours. 

The unique advantage of practice ownership

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

At the AAE 2023 Meeting Career Fair earlier this month, we had the opportunity to talk with a lot of endodontic residents and new endodontists. Many of them had questions about whether the path to practice ownership was doable considering their educational debt level and the current financial climate. And, even if it was doable, is it worthwhile? Would the advantages of practice ownership outweigh the startup/buy-in costs reasonably soon (versus taking decades to “break even” on that decision to invest in practice ownership)? 

 

Our answers to them are always a resounding and enthusiastic “Yes! Yes! and Yes!” Practice ownership continues to be the greatest opportunity an endodontist has. Owning your practice brings incredible benefits into your life, and the most overlooked advantage is hidden in plain sight.  

The key advantage of ownership

Every business requires effective leaders who are responsible for keeping the business operational, growing, and achieving its goals. That’s a given no matter what the business is … from the smallest Mom-and-Pop shop to the largest multinational conglomerate. The key question is who decides the vision and goals of the business? The answer to that is typically differentiated by the size of the business:

  • In a small owner-operated business like an endodontist-owned practice, the owner/doctor’s family and lifestyle goals are inextricably linked to the business’s operational goals. It’s very personal.
  • As you move up to larger sized businesses, the scope of the business evolves, and goals tend to depersonalize from the owner in order to focus on what drives continued business growth.
  • In the largest businesses (any business with a Board of Directors and multiple owners or stockholders), there is a fiduciary duty to maximize shareholder value, which means that every operational factor eventually gets evaluated and prioritized by economic value and return on investment.

The ability to completely influence and control your work environment and goals is an incredibly important and overlooked advantage. You can choose how much you want to work, how much income you want, what lifestyle you want, the experience that clients/patients have, the experience the team has, and how you feel when you are in the practice.

Successful on your own terms

The wonderful thing about endodontics is that it is possible to do very well financially while creating an exceptionally personalized work environment that empowers your lifestyle with freedom rather than dominating your life.

 

This is our vision at Endo Mastery for our clients, but more importantly, this is the vision of our owner Dr. Ace Goerig. Our approach to coaching is driven by Ace’s love of endodontics and desire to help our clients in a way that they feel their life has been transformed and improved far beyond any expectations.

 

For Endo Mastery, we deliberately choose to remain personalized and client-focused as a company where Ace can meet one-on-one with every new client for a full-day Freedom Summit. He digs into every client’s challenges and opportunities, and gives them genuine and highly personalized advice.

 

Doctors learn to connect the dots of practice ownership, to create a meaningful vision and practice goals, and quickly achieve success on their own terms. For many clients, this in-depth meeting with Ace inspires them to new levels of personal growth and practice success.

Bonjour, France!

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

The wonderful thing about possibilities is that they are always just beyond wherever you are at now. They always require a bit of a stretch or reach to achieve them. And then, once you have, what an amazing experience of growth and success!

 

When Debra Miller, our Director of Coaching, got a call from Dr. Francois Bioteau from Les Sables d’Olonne, France inquiring about practice coaching, a lot of questions came up. How would we deal with the time difference? Language differences? Regulatory differences? Travel and work visa requirements? There were multiple reasons to dismiss it out-of-hand, but Debra had a vision:

“Every new effort seems difficult until you do it. It’s only by making a concerted effort do you find out what you are capable of. I had confidence our team could excel for this practice as we do for all our North American clients.”

With the decision made, the planning began. Endo Mastery coach Christine Hoxha and team member Titina Van Hoorn were soon in the air and on the ground in France working with Dr. Bioteau and the team at Cabinet Endodontie.

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It was truly a wonderful experience with an amazing endodontic practice. We’d like to thank Dr. Bioteau for his commitment to Endo Mastery and pushing us to grow and expand our horizons. It’s a perfect example of how clients and coaches work together to elevate each other and the profession.

 

Who knows where we will end up next?

Is your practice keeping up with your personal goals?

DEBRA MILLER | DIRECTOR OF COACHING

After the startup phase of practice ownership, most doctors and practices stabilize around a predictable level of productivity and success. But as your personal goals grow and evolve over the years, often the practice remains unchanged at a certain level. Life events such as starting a family, home ownership, paying off debt, saving for future needs (kid’s college, retirement, etc.) and lifestyle spending growth can result in feeling stressed and pressured if the practice doesn’t rise to the challenge.  

 

However, endodontic practice owners can directly shape their work environment and practice performance. Here are 4 key questions that reveal when it’s time to make some changes that better suit your current and future goals: 

1. Do I love coming into my practice every day? 

Other than sound asleep in your bed, your practice is probably the single place where you spend the most time devoted to one activity. It should be an environment that energizes and inspires you to deliver the best care to patients and enjoy your time.  

2. Do I have the right level of work/life balance? 

When you are younger, you expect to work hard to get your practice set up. As you get older, having the right balance between work and personal time becomes more important. You may want it for your family, for travel, for pastimes and hobbies, etc.  

 

You also need to consider your physical needs as an endodontist. What is the right number of days to work in a row, after which your body and ability to provide care is better served by rest? This is a factor that frequently evolves over time and is frequently ignored by many doctors, resulting in a perpetual feeling of exhaustion at the end of the workday.  

 

If you are going home exhausted, plus you’re taking work home from the office (reports to write, accounting, management issues), then your personal time is actually being robbed of relaxation and enjoyment by your business. 

3. Am I free of limitations and issues concerning my team? 

Unlike practice owners, team members are employees who adapt primarily to the expectations placed on them. If you have low expectations based on past or stale goals, or you have allowed team drama to persist, the team will remain at that level. If you evolve to high expectations, the team will eventually adapt. However, teams don’t easily move from low to high expectations without clarity, support and investment from you in their professional growth and development. 

 

Great teams really understand that their job (in addition to great patient care) is to make life easy for the doctor. Great teams anticipate the doctor’s needs in advance and focus on practice goals that achieve the doctor’s vision. Empowering your team to embrace change and excel at a new level takes leadership.

4. Is my practice in alignment with both my short and long-term financial goals? 

It’s often the bottom-line results that are the clearest and quickest barometer for assessing your goals. If you are having a lot of fun in your practice but you’re not taking home enough income, eventually it won’t be fun anymore. If you are spending everything you earn and you don’t have practice growth, you’ll never be free of debt or save enough for retirement.  

 

Endodontists generally do well compared to the average person, but many endodontists still feel financial limitations and stress. However, you literally have the ability to decide how much income you want to earn. From the 5th percentile to the 95th percentile, solo endodontists can earn between $100,000 to several million dollars per year. That’s a big range in which you can find the right level for you now and in the future. 

Adapting to your vision and goals 

Above all else, if you are at the point where you are just “putting in time” or “making do” with a practice that is falling short of your ideal goals, why would you want to do that any longer? Whether you have 5 years or 15 years or 30 years ahead of you in endodontics, that’s a long time to feel like you are coming up short. 

 

At Endo Mastery, we specialize in helping doctors achieve their goals. We have helped so many doctors to grow, and it doesn’t matter if you are one-visit endo, two-visit endo, GentleWave endo, part-time endo, startup endo, big city endo, small town endo, associate-based endo, multiple location endo, etc. Our strategies and systems successfully adapt to your practice and your vision. 

Celebrating women in endodontics

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

Women in dentistry are simply amazing! 

 

According to the ADA Health Policy Institute, just over half of dental school graduates are now women, making dentistry one of the few science-based fields that has parity with the general population. Women represented in the endodontics specialty lag slightly by comparison, comprising about 41% of endodontic residents in the recent 2020-2021 academic year. However, the resident ratio keeps growing year to year, and female endodontists now account for nearly a third of practicing endodontists.  

 

One of the most admirable qualities about women in endodontics is strongly rooted empathy and caring. Lying in a dental chair for a root canal can be very intimidating, and it makes some patients feel very vulnerable. Patients are often more willing to open up about their fears or concerns to a female doctor and feel calmed more quickly. 

 

In addition to female endodontists, there are also many female team members who work in endodontic practices. These women play an essential role in ensuring that patients are warmly welcomed, receive excellent care, and that the practice runs smoothly. From dental assistants to receptionists, female team members are the backbone of many endodontic practices. 

Challenges and opportunities

Like many professional women, female endodontists are often juggling multiple responsibilities. Despite some progress being made on the division of household duties in families in recent decades, this is one area that is still far from parity. Women often remain the primary caregiver in the family, the primary organizer of family activities, and the primary doer of household chores even when both partners are working.  

 

These factors don’t change the goal to be successful professionally, but often amplify the need for work/life balance in their vision. It can be particularly challenging for women with young children, who may need to adjust work hours to care for them.  

 

We believe that endodontics is a wonderful profession for women. Women can design and structure their practice life to perfectly meet the needs of their personal and family life. On top of that, endodontic practice owners can be highly productive and profitable on a limited schedule. We’ve helped female clients working full-time grow and reorganize their practices to be able to take more time off while protecting (or even growing) their income.  

 

Of course, some female doctors don’t want to own a practice and prefer to work as an associate. Since associates in Endo Mastery-coached practices are often paid more than the average endodontic practice owner, associate opportunities can be a desirable option for women practitioners, especially in the early years of their family when they want the most flexibility.  

Our appreciation

At Endo Mastery, we love working with female endodontists and helping them achieve their vision through practice coaching. This month, we are offering a special promotion for practices with female endodontists. Register using code W33 before the end of March for any Endo Mastery seminar offered this year and receive 33% off tuition.  

Preventing collection problems before they happen

DEBRA MILLER | DIRECTOR OF COACHING

Payment is the last step in a patient’s endodontic journey into your practice. If the patient has a problem paying, discovering that fact at the moment they are leaving the practice is the worst time. At that point, you already have a collection problem because the patient balance will be added to your accounts receivable to collect later.  

 

Collecting after the patient leaves is troublesome. No matter how much a patient promises to pay soon, inevitably a certain percentage of accounts don’t get paid promptly. That results in statements being sent and phone calls being made to prompt the patient to pay. When this happens too often, the accounts receivable keeps growing, and the administrative team must devote more and more time to chasing down overdue accounts.

 

If you end up sending accounts to a collection agency, that creates its own set of problems. Collection agencies can be very aggressive, and a patient (even though they haven’t paid their bill) may end up complaining about your collection methods to the referring GP. They will say they were not prepared for the cost of treatment and were financially blindsided in your practice. Plus, collection agencies charge a large fee for any amount they collect, so your net collections are reduced substantially.

Prevention is the cure 

Like brushing and flossing to prevent dental problems, collection problems are best solved through prevention. In other words, the solution to patients not prepared to pay when they leave is to ensure they are prepared to pay before they arrive.  

 

The patient phone call to schedule their appointment when they are first referred is the key. While there are many things that need to occur on this call, part of the call should be thought of as a financial consultation with the patient. This includes to: 

  • Ensure the patient is aware that even if they are being referred for a consult that treatment will proceed immediately at the same appointment if they are diagnosed. 
  • Collect insurance information from the patient to determine if they have coverage, what the insurance plan fee will be, and their expected copay.  
  • Give a clear estimate of their out-of-pocket costs due at the appointment (full fee for non-insured patients, copay for insured patients) and the methods of payment available. 
  • Ascertain if the patient has any concerns about their out-of-pocket costs and give them options such as third-party financing.  

Due diligence on insurance

When the patient has insurance, determining their expected copay is essential. Often the administrator will need to collect the insurance information and then call the patient back after carefully estimating the copay in order to complete the financial consultation.  

 

Estimating the copay means using the insurance company’s online tools (or contacting an insurance company rep if online tools aren’t available) to confirm the patient’s eligibility, remaining deductible, remaining benefits, and any other plan details that may affect the patient’s coverage. Realtime information is vital, especially when the patient is concurrently receiving treatment (and using up benefits) in the GP practice.  

Administrative team organization 

For a non-insured patient, the fee is known (your regular fee-for-service fee), and so the full financial consultation can occur on the first call. For an insured patient, almost always a second call will be required after the copay is estimated with the insurance company. This second call needs to occur as soon as possible after the first call.  

 

Given that endodontic practices often have emergency patients appointed to come in later the same day, the administrative team needs to be organized and efficient. An administrator needs the time capacity to contact the insurance company immediately, estimate the copay, and call the patient back … within the hour sometimes! It’s the only way to ensure the patient arrives prepared for their costs. 

 

Likewise, sometimes patients are appointed on a longer timeframe, and it’s important the administrative team updates the copay estimate close to the patient’s appointment date. In the weeks since the appointment was made, significant insurance benefits could have been claimed by the GP office.  

 

Great admin teams carefully keep track of patient estimates, including when copays need to be determined and updated. By doing so, payment issues when the patient leaves can be significantly reduced, and the accounts receivable will go down.  

Maximizing practice value before equity transactions

CYNTHIA STAMATION

CHIEF EXECUTIVE OFFICER

At some point, every practice owner faces the question of how much their practice is worth? A quick search on Google for dental practice valuation will produce links to articles and websites that talk about methods of valuation such as discounted cash flow, capitalization of earnings, revenue multiples, earnings multiples, summation of assets, market comparisons, etc.

 

For a lay person in valuation such as the typical practice owner, not much is gained in reviewing the methods and formulas on those websites. Formulas don’t actually determine the value of your practice; a buyer does. A practice is only worth what someone will pay for it, and there are a lot of factors at play. This includes everything from the financial qualifications of the buyer to your reasons for selling in the first place.

 

A formal practice valuation, even one performed by a valuation expert, only results in a starting point for negotiating a price and a deal. A great price for the seller always means having a great story that the buyer wants. You see this in real estate all the time: two very comparable listings in the same neighborhood, and one gets multiple offers and sells quickly while the other sits on the market for months. Someone (realtor? homeowner?) is telling a better story.

 

Here are 3 things you can do to tell a better story about the value of your practice:

Boost the financial story

Every practice purchaser is looking at your practice as a business and means to generate profit, and so every valuation method places high importance on the financial health of the practice. Often the revenues or earnings of the past 3 years are considered, usually in a weighted average where the most recent year counts the most.

 

Typical Endo Mastery-coached practices often get on track to increase revenues by 50% or more within 1 year, which can result in significantly higher profitability and reduced practice debt. That can have a major impact on valuation results. More importantly, it gives you a much stronger story about the potential future revenues of the practice for the negotiation of a deal. Everyone loves a strong growth trend.

Supercharge the marketing story

Most of the value in your practice is in the form of goodwill, which means your relationships with your referrers. When a purchaser buys your practice, they count on (a large majority of) those referral relationships to continue. Typical purchase agreements require you to stay on as an associate for some time to protect and facilitate the transfer of goodwill in those relationships. For a doctor purchase, you might stay for 6 months to a year. For a corporate purchase, you may need to stay up to 5 years to meet various additional requirements (vesting, etc.) of their structured deals in addition to goodwill value.

 

In either case, strong referral relationships tell a great story and remove the uncertainty from goodwill assessments. As a seller, you want to ensure you have an effective and robust marketing system in place, with careful management of each referrer by your marketing coordinator. This is also part of the process to stimulate economic growth for your financial story.

 

A powerful marketing system is also the antidote to the kind of buyer who is looking for a practice that doesn’t market effectively, and then uses that fact to highlight uncertainty and negotiate a reduction in the goodwill value. Their logic is that an underperforming and undervalued practice can quickly be stimulated to grow by establishing a better marketing strategy. It’s not a bad strategy because most endodontic practices underperform when it comes to marketing. Don’t be one of them when you sell your practice.

Amplify the expansion story

This final point particularly applies to corporate purchases, which are so commonplace these days. The corporate model allows you to stay on as an associate in your practice and continue to earn an income. But they also value that your practice has the potential for easy expansion with an associate.

 

Unless you plan to significantly reduce your days (and cases) in the practice, your practice needs to be at a certain size in terms of referral base and economics to support the addition of an associate. At Endo Mastery, we think that practices are ideally ready for expansion when revenues hit around $1.4 to $1.5 million (depending on your fee levels). The closer you get your practice to that number, the more expansion-ready you are and the more valuable your practice will be in a corporate portfolio focused on future growth.

Good business sense

The pattern that is all too common is when doctors reach a comfort zone in their practices, and then slowly allow the practice to coast downhill for years until they are ready to exit the profession. Sometimes fear of that potential decline to a lower future value is what prompts doctors to sell their practices prematurely.

 

Ironically, doctors who take the steps to optimize and improve practice value in advance of an equity event are frequently delighted that their practice is better than ever—often choosing to remain as an owner in their renewed practice.

 

Regardless of when or why you are considering a practice sale, it’s good business sense to start prepping your practice to achieve peak performance before you sell. Even just one year of focused improvement through teamwork, coaching and value-based goals completely changes your story and the final deal you end up with.  

Achieving peak practice performance

DEBRA MILLER | DIRECTOR OF COACHING

As Director of Coaching for Endo Mastery, I am in the lucky position to observe the success of every coaching client. I speak in detail with every doctor prior to starting coaching, and then at their annual year-end review. What a difference there is! It’s the same doctors, but they are in a completely different place mentally about their practices and lives.

Commitment and Self-Belief

Overwhelmingly, there is such a sense of accomplishment and feeling of joy coming from doctors after their first year of coaching. Coached practices truly progress and grow significantly during this time, and it does require commitment from the doctor to provide leadership for their team as the practice evolves.

 

Again and again, doctors tell me that they didn’t believe it was possible. Often their practices had been in a holding pattern without improvement for several years or longer. They were starting to doubt whether they and their team had the capability to grow any further. Or they were facing a challenge, concern or goal in their practice that seemed too much of a reach.

 

At Endo Mastery, we have a great track record of knowing how much practices can improve. So, when doctors tell me that they didn’t believe it was possible, they are saying they didn’t believe it was possible for them. Sometimes when you are at the base of the mountain looking up, it can appear far more difficult than it is.

 

I get to experience the moment of reflection after a year when doctors celebrate their commitment and the growth achieved by the team, but also realize it was so much easier than they expected. That’s the power of coaching, because the journey up the mountain is supported by an expert guide who has helped others climb the same mountain many times before. All the risks are avoided, the best path is chosen and when you reach the top, exhilaration!

Renewed Spirit and New Possibilities

The mindset shift that happens with doctors is the result of several factors that we see in coached practices. Here are the factors most mentioned by our clients:

  • Renewed team spirit. teamwork excellence and daily enjoyment
  • Streamlined scheduling and systems for effortless daily flow
  • Effective referral marketing that is easy and actually works
  • Relief from typical time-consuming management burdens
  • Ability to focus on excellent clinical care without distractions
  • Leaving the practice each day without worries or stress
  • Doubling (or more) their previous take-home income
  • Eliminating debt and enjoying a better family lifestyle
  • Having a coach that truly cares about your success and goals
  • Rediscovered joy to enjoy the profession

All of this leads me to the conclusion that what counts as peak performance is very personal, which is why Endo Mastery works so closely with doctors to understand their individual goals. For some doctors, it’s economic. For others, it’s how they feel each day working with their team in the office. Still for others, it’s clinical care and professional relationships. And, of course, family is vital and how the practice ultimately supports your family goals tops everything.

 

Endo Mastery Practice Coaching can help you achieve your goals. For more information, visit https://endomastery.com/practice-and-team-coaching/

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