Dental Profit Amplifier: Three Keys To A Profitable Practice

By Ed Gabriel, Stephen Nance and Brandon Pearson

THIS NEW BOOK REVEALS...

The Best System For Transforming Your Struggling Dental practice Into a Thriving Business

• Language: English
• Publisher: DrillDown Solution
• Release date: Sep 15, 2022
• ISBN: 9798218067397

Ed Gabriel

Ed Gabriel, CPA, is the President of DrillDown Solution. His background in tax and business advisory, accounting, financial planning, business brokerage and real estate helps dental practice owners reach their business, financial and tax planning goals.

Book preview

Foreword

Most dentists started dental school because they like healthcare and saw a good career in dentistry.

Many come from generations of dentists and had a mentor with experience prior to making the decision to go into dental school, which is not an easy decision.  It’s extremely competitive, expensive and takes years.  By the time they graduate, for most, it is much more than a good career in the healthcare space.  

They become committed to improving oral healthcare in their community and some gain bigger dreams of wanting to disrupt oral healthcare through science and innovation.  Dentists are passionate about serving and helping their patients.  

With all of this excitement from dreams of owning a successful practice and determination to get started, many dentists are actually surprised by the amount of work it takes to run a successful business.  

They didn’t receive this type of training or education.  We are seeing more and more dentists loving the business of dentistry, but still missing the business acumen.  They need guidance, training and sometimes even an advisor that will take each step with them.  

The journey from here to there doesn’t seem that difficult, but when you start, you will face obstacles, roadblocks, detours and even setbacks . . .  this journey seems to be harder than what you anticipated it would be.  But for those who make it or are making it, they had a plan.  They understood where they were starting and what they needed to do to get to where they wanted to be.  Sure there will be some who get there without a plan, but not many.  The information in this book will provide you with guidance, instructions and the vision of something better so that you can create your plan to success.  

Those who know where they are going, and how to get there, have a much better chance than those who don’t.  Do you know?  Get started today and remember to find joy in the journey.  The joy from successes along your journey may exceed what you feel when you arrive at your destination!

Weston Lunsford, Founder, Dental Intelligence

Dedication - Acknowledgements

We dedicate this book, and offer our first round of thanks, to the dental clients that we have advised over the years, who have shared their challenges and successes with us.  They inspired us to encourage other dentists to understand and manage their dental businesses for a happier work and family life.   

Heather Porter shepherded the project and offered valuable insights into dentistry.  She helped make the text an enjoyable read, thank you.

Thanks to our DrillDown Solution team for your encouragement and extra work so that the authors could dedicate the time needed to complete this endeavor.

Finally, thanks to our wonderful spouses - Chalese, Jodi, Liesa, and Lindsay for understanding when we were absent longer than usual.  You inspire us to greater heights.

Testimonial

My name is Stanton Allen. I'm a pediatric dentist and have been using DrillDown Solution for several years. I had been working with a CPA firm that's closer to my office here and I was always frustrated because they never seem to be forward thinking.  It was always after the end of the year, when it was time for taxes that they would sit down and look at everything that happened over the past year and then tell me how much I owed in taxes.  This was a problem because there were times where I wanted to see what I could do to save taxes and to be a little bit more thoughtful with how I approached taxes.  I had a friend that referred me to DrillDown Solution.  It was night and day different from anything that I worked with before. They were very proactive in their thinking.  They were looking ahead and were coming up with strategies of how I could be wiser in how I paid taxes and invested, and other things that would help to curb some of the pain.  It's been amazing to see the results that I've had with them.

They introduced me to an insurance contract analytics and negotiation expert who showed me how to increase profitability on the procedures that we're doing.  I was surprised that it wasn't just contracting with insurance companies to increase those reimbursement rates, but it was also taking data from the entire practice and looking for ways that I could be more profitable.  I learned that it was a lot more than just negotiating with insurance companies. 

One of the things that they did do, which was just phenomenal, was that they came up with a step-by-step plan to help me know what and how to proceed forward to increase my profitability and productivity with insurance companies. That was super, super helpful.  Now my staff members can execute those plans and I can focus on my patients. 

I've just been super impressed with DrillDown Solution and how they have worked together to make me do dentistry the smart way . . . the business part of dentistry that I never learned about in Dental School.  They know how to do it and they were able to help me to implement technology into my practice to make me more profitable and make my business run more efficiently.

So thank you very much for all of your expertise and your ability to help me make my practice the best that it can be.

Introduction

It all started with a call from a dental practice needing an evaluation. After deciding to meet the owner-practitioner, we researched his practice and got to work preparing for our consultation.

When we arrived at the office, the receptionist at the front desk told us that the practice owner was tied up. Not unusual — dental practices are busy places, with a lot of moving parts, and depending on emergencies and other unforeseeable circumstances, they often run a few minutes behind schedule.

We found ourselves in a waiting room surrounded by at least 10 other patients who were all waiting for their appointments. We took a moment to absorb our surroundings. Lots of disgruntled patients with children were already late because their appointment times had been pushed back. The front desk looked a little different from what we were used to, mainly because it was manned by someone who