How managed group practice can turn you into a dental entrepreneur
Get the most from your managed group practice.
DPR speaks to two successful DEO members that are partners transitioning their private orthodontic practices into a managed group practice about what they learned along the way.
Dr. Randy Feldman and Dr. Ernie McDowell didn’t like their prospects for an exit strategy. With practice brokers offering 60 to 70 percent of their gross revenue, selling their practices wasn’t going to provide for a comfortable retirement. Expanding with new doctors was also challenging in a private practice setting. Young dentists take time to develop and it can be difficult to justify paying his or her salary long term.
They wanted a better outcome for their orthodontic practices built over their combined 70 years of experience. They also wanted a new option for recent dental school graduates to gain the experience needed to provide the highest standard of patient care, and also provide this quality care to those less fortunate.
They partnered and started learning about the managed group practice concept from colleagues and mentors in their study group. One name that came up over and over again was Dr. Marc Cooper, founder and president of the Mastery Company. The Mastery Company’s Dental Entrepreneur Organization (DEO) is a peer-to-peer network of dentist entrepreneurs that develops dentist-entrepreneurs into senior executives of dental companies, or group practices. The DEO helps private practice doctors obtain the business skills, managerial insight and network necessary to expand as a managed group practice.
Drs. Feldman and McDowell are now partners in Blue Wave Orthodontics and Kids Smiles Pediatric Dentistry with six locations in the Tampa Bay, Florida area. DPR talked with the two doctors to learn why they decided to take this step and what advice they might have for other doctors considering expanding into a managed group practice.
Next: Drs. Feldman and McDowell share how they got started with managed group practice.