1653 Zachary Miller on the Path to Practice Ownership : Dentistry Uncensored with Howard Farran
Feb 8, 2024
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Dr. Zachary Miller, a first-generation dentist, talks with Dr. Howard Farran about owning a dental practice, challenges faced by DSOs, student loan debt management, the financial aspects of dentistry, building relationships for referrals, efficiency in dental practice, finding the right dental CPA, prioritizing family and income potential in dentistry, and the importance of knowledge transfer.
Having a personal mission or purpose is crucial for success as an owner-operator in dental practice ownership.
Practicing in smaller towns can provide unique opportunities for comprehensive care and building strong patient relationships.
Focusing on efficiency and overhead management is key to improving patient experience and achieving sustainable practice growth.
Deep dives
Embracing Entrepreneurship in Dentistry
The podcast episode discusses the importance of owning your own dental practice and the benefits it can bring. It emphasizes the connection between having a personal mission or purpose and the drive to succeed as an owner-operator. The episode highlights the potential pitfalls of working for a dental service organization (DSO) and the benefits of reducing staff turnover. It also encourages young dentists to pursue entrepreneurship early in their career and offers advice on managing student debt.
Opportunities in a Small Town Practice
The podcast explores the advantages of practicing in smaller towns and the opportunities they offer. It acknowledges the lower patient-to-dentist ratio in small towns and the potential for comprehensive care. The episode suggests that relationships and connections can play a significant role in building a successful practice in a smaller community. It also discusses the importance of staying up-to-date with advancements in orthodontics and the potential for adding orthodontics to a general dental practice.
Efficiency and Overhead Management
The episode highlights the significance of efficiency and overhead management in a dental practice. It emphasizes the importance of streamlining processes and optimizing time and resources. The podcast suggests that focusing on efficiency can help improve patient experience by reducing wait times and enhancing productivity. It also mentions the benefits of working with a dental CPA to gain financial insights and generate sustainable practice growth.
Building confidence in dental practice
The speaker shares their experience of starting their dental practice and how they gained confidence over time. They initially relied on their colleagues for support and guidance, knowing that someone with more experience was available to assist them if needed. They emphasize the importance of working in public health to gain more practical experience and become comfortable with different procedures. Additionally, finding a mentor who has retired but still has a passion for dentistry was instrumental in the speaker's growth and development.
The importance of word-of-mouth referrals
The speaker discusses the power of word-of-mouth referrals in dentistry. They share a personal experience of a patient who referred their entire family and sister to the practice based on a positive experience. The speaker suggests that referrals from satisfied patients who have a high level of trust in the dentist result in a greater degree of confidence and success. While marketing might bring in more patients initially, word-of-mouth referrals can lead to longer-lasting relationships and a more sustainable practice.
Dr. Zachary Miller, known by most of his patients as Dr. Z, is a first-generation dentist practicing in Western Washington state. He graduated from USC dental school in 2019 and immediately relocated to Northern Idaho where he practiced for 3 years before moving to Washington to be closer to his wife’s family. He has worked as an associate until this point and is currently in the process of acquiring a practice.
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