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Building Your Multi-Million Dollar Practice

multi-million dollar practice

Dental innovations and a fast-evolving industry make dentistry highly competitive. Understanding all the elements of an effective clinic is crucial for owners to succeed and scale. 

A successful dental practice requires more than excellent care. For growth, learning from successful dentists can be key. This can provide a valuable head start in this rapidly changing landscape. 

In this episode of Evident’s Digital Dentist Series we are joined by Dr. David Wong, owner of Route 66 Dental Implants and Periodontics. He is certified by the American Board of Periodontics and a fellowship recipient from the International Congress of Oral Implantologists– the only periodontist in Oklahoma with this achievement.  

 With his accolades and years of experience sharing his knowledge as a guest lecturer at various dental institutions, Dr. David discusses insights and proven strategies for creating a multi-million-dollar practice.  

Building the Dream Team 

To begin, Dr. David talked about the importance of having solid staff in order to build a successful practice. He acknowledged that finding the right team members can be challenging, especially in the aftermath of changes brought on by the COVID-19 pandemic. However, he believes that great talent can be found if you diversify the places you seek in.  

Dr. David greatly recommends referrals as a valuable channel for recruitment. With referrals, you can get leads that present staff and trusted contacts have already filtered as a viable candidate, allowing you to account for quality. He believes that personal connections and recommendations carry more weight in the hiring process. Local dental societies are also worthy resources for connecting with potential candidates.  

On the other hand, if your practice is also looking to cast a wider net for leads, job boards and social media can also be viable sources. Having a solid social media presence can directly affect lead generation for new talents, often attracting leads without actively seeking them.  

In Dr. David’s experience, it helps to be on the constant lookout for new talent so that there is little difficulty in finding the right person for a position when the time comes.  

Once the appropriate leads come in, rigorously filtering candidates is crucial to establishing your dream team. Dr. David’s approach to interviewing and evaluating candidates has evolved over time. While in-person interviews were the norm in the past, he acknowledged that the process has become more time-consuming and inefficient.  

Instead, Dr. David now focuses on initial phone interviews to weed out unsuitable candidates. This allows for better time management, especially considering the busy schedules of dental professionals. 

During the interview process, he emphasizes the importance of connecting with candidates on a personal level. Establishing rapport and assessing compatibility are crucial factors in building a cohesive staff. Dr. David also highlights the need for transparency and ensuring that candidates possess the necessary skills and qualifications. Referrals and personal recommendations play a significant role in the evaluation process. 

Creating a Positive Work Environment 

When your staff is composed of solid talent, the natural next step would be to retain that talent. Of course, competitive compensation and benefits are a given when it comes to encouraging quality staff to stay and Dr. David is also an advocate of the idea that a positive work environment is crucial for staff retention and satisfaction.  

Dr. David believes in fostering a supportive and collaborative atmosphere where team members feel valued and emphasizes the importance of open communication and a supportive atmosphere. By fostering a positive culture, dentists can inspire their team members to deliver exceptional patient care and contribute to the overall success of the practice.  

This directly cultivates active learning where skill gaps are addressed transparently. In an industry where quality of work is so crucial, as Dr David puts it, “You can’t just fake it till you make it. If you need help, you need to ask so that you can learn.” 

Dr. David emphasizes the value of mentorship within the practice. By providing guidance and mentorship, he encourages professional growth and development among his team members.  

Senior staff members serve as mentors to new team members, fostering a positive learning environment and helping individuals grow both professionally and personally. Building collaborative relationships and leveraging the expertise of others can lead to greater success in the dental industry.  

As the business grows, more staff are needed. Cross-training provides opportunities for staff growth. Staff allocation adapts with the expanding practice. This method encourages individual growth parallel to the practice. It also fosters loyalty and commitment among staff. This remains true, even when they consider other opportunities. 

Professional Networking and Collaborations 

Mentorship is at the heart of Dr. David’s approach, creating a supportive environment for professional networking and collaborations. In today’s dynamic dental field, these connections are vital.  

Actively engaging with dental institutions and attending conferences not only broadens knowledge but also fosters a sense of community. Building relationships with field specialists not only boosts reputation but also invites exciting possibilities. It’s all about creating a warm and welcoming space for growth and exploration in the dental world. 

Collaborations

Collaborating with specialists such as orthodontists, endodontists, and oral surgeons brings immense benefits. It allows for a comprehensive, multidisciplinary approach to patient care, ultimately leading to improved treatment outcomes.  

Referrals

Sharing referrals and coordinating treatment plans among dental professionals not only builds trust but also enhances overall efficiency. This synergy between specialists and general practitioners benefits both patients and the dental practice as a whole, fostering a positive and successful environment. 

Widening your network allows practices to access technology and expertise that may be otherwise unaffordable or time-consuming to acquire. He mentions the benefits of working with external partners, such as Evident, for design services, which can save time and improve efficiency. When it comes to finding the right outsourced partner, Dr. David recommends looking into 3 key factors: 

  1. Quality 

Partners that provide consistent quality when it comes to their output (whether it is for design services or printing and milling centers) can be a valuable asset to your practice. The quality of their work directly impacts the quality of service that you will be able to provide for your patients, so it is crucial to measure prospective partners against this metric. 

  1. Service 

Apart from the products that they offer, partners with great service are also great additions to a practice’s network. Knowing that partners will be able to collaborate well according to the needs of the practice allows you to move forward with confidence when doing work that requires their help. 

  1. Communication 

Communication is crucial to service, according to Dr. David. Considering time zones is important in today’s digital world. Business hours matter for ensuring open and prompt communication. This helps complete work in a given timeframe. Clear and transparent coordination is key for successful partner collaboration.  

Building Your Multi-million Dollar Practice 

Building a multi-million dollar practice is a big goal. But it’s achievable with the right strategies and transparent collaboration. This holds true both internally and externally. 

Take Dr. David and Route 66 Dental Implants and Periodontics, for example. They show success is possible with sustained effort and an effective network. This is key in competitive modern dentistry. 

Evident Digital has long been committed to empowering practices of any size with the right tools to succeed in this rapidly evolving landscape. With our broad scope of services, we are dedicated to providing practices with the necessary tools according to their businesses’ unique needs.  

Evident is your one-stop-shop for everything digital dentistry, from digital scanners and equipment to secure and standard compliant data patient storage. Move forward with confidence into the future of dentistry, and reach out to Evident Digital today. 

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