General

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What are Associates Thinking?

If you have a great associate consider yourself lucky but be very aware that things are not always as they seem. The associate role in dentistry is a long-proven way for principal dentists to expand their practices, take more time off, offer additional services, cover the evenings and weekends, find a potential purchaser, perhaps mentor a young dentist, and a myriad of other factors.

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Is Your Associate an Asset or a Liability?

The question of how you can grow your practice often comes up when we are presenting our findings after completing a Comprehensive Dental Practice Valuation. Many of our clients are surprised to hear us report that an associate may not be the best way to achieve that goal. Their understanding was that in order to grow they need more hands to do the dentistry and therefore an associate will provide for that.

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Has your Practice Facility Kept Up With Your Billings?

Back in November 2005 I wrote about this same topic and the rules have not changed. You may have started out with two operatories and grown to three or four but you may be in the same location. Neighborhoods change, have you? If your practice is now worth a million dollars does your practice look like a million dollars? One can get used to the same four walls but you should step back and critically look at your practice as others would see it. A valuation would do the same as if new eyes were looking at your practice.

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Only Trusted Staff Can Defraud You

I talk to many dentists and I am surprised at the number of dentists that have been defrauded by their staff. There are many ways that individuals can defraud you. Generally it is not more than one employee. Due to the limited number of staff in some practices it is difficult to divide up the duties to have good internal control. If multiple staff members act in collusion they could get away with gross fraud for years unless the doctor or their spouse insert themselves into the system to keep an overview of certain key reports such as the deleted treatment or cancelled charges reports.

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Having a Better Team

Share on Facebook Share on Twitter Share on linkedin Download the PDF version now! I talk about “stars” to most dentists for whom we are doing a valuation. A “star” is an employee who is worth their weight in gold because they handle their job with an expertise and speed that others cannot do. I

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