Shared Practices | Your Dental Roadmap through Practice Ownership

In this episode of the Shared Practices Podcast, Dr. Jim Simpson shares his journey of buying the right dental practice. From his decision-making process to evaluating opportunities and making the best choice, Dr. Simpson dives into the key factors that helped him succeed. Whether you’re looking to purchase your first practice or planning future acquisitions, this episode offers valuable insights into what makes a practice the “right” one. Key Highlights: The Decision to Buy: Dr. Simpson talks about the importance of timing and preparation when buying a practice. He shares his personal journey of evaluating different opportunities and what helped him determine the right fit.Evaluating the Right Practice: Learn the crucial factors Dr. Simpson considered when choosing the practice, including location, patient base, and financial performance. His insights offer practical guidance for anyone in the process of purchasing a practice.Challenges and Successes: Dr. Simpson highlights his challenges after acquiring the practice and how he overcame them to ensure a smooth transition. He also shares the strategies that helped him turn the practice into a success.  Curious about what it takes to find and buy the right practice? Tune in now for Dr. Simpson's expert insights!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

In this episode of the Shared Practices Podcast, George discusses the difference between hygiene-led growth and hygiene-led profit. He explores how to leverage hygiene as a growth tool rather than for immediate profitability and the impact each strategy has on a dental practice’s success.Key Highlights:Hygiene-Led Growth: George explains how focusing on growth through hygiene means expanding patient volume and creating opportunities for long-term production. This approach sets the stage for future profits but requires patience.Hygiene-Led Profit: The alternative strategy is maximizing profitability through hygiene in the short term. This approach focuses on immediate returns by optimizing hygiene production and collections.Which Strategy is Right for Your Practice? George offers insights on choosing between growth and profit depending on your practice’s goals, financial stability, and long-term vision.  Curious about which approach will work best for your practice? Tune in now to discover how to leverage hygiene for either growth or profit!  Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode! 

Richard and Caitlin dive into "metric blindness" in dental practices, focusing on how to understand and manage Accounts Receivable (AR) for financial health.Key Highlights:Understanding Accounts Receivable (AR):AR reflects the money owed for services provided but not yet collected. Learn how it can be a positive indicator when managed correctly.Key Metrics for AR Management:Metrics like the collections ratio, AR to production ratio, and aging categories provide a clear view of your practice’s financial health.Proactive AR Strategies:Discover proactive measures to keep cash flow healthy, like setting clear collection guidelines and accurate cost estimates.Don’t let metric blindness limit your practice's success. Find out how to manage AR effectively! Have a question or topic you want us to cover? Reach out to us on social media or our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

In this episode, George discusses every dental practice owner's crucial decision: Should you prioritize profit or focus on growth? He breaks down the key differences between these strategies, explains how to assess which approach fits your practice, and shares the financial metrics that matter most. George also explores how practices can achieve profit and growth through the right balance. Key Highlights: Profit vs. Growth Strategy: Understand the differences between maximizing profit (cutting costs, optimizing cash flow) and growth (reinvesting profits to expand).Critical Metrics for Profit and Growth: Learn about the essential metrics to track, such as profit margin, overhead percentage, revenue growth, and patient acquisition.Choosing the Right Path: Get guidance on prioritizing profit or growth based on your practice's goals, financial health, and long-term vision.Balancing Profit and Growth: Discover strategies to balance profit and growth by optimizing current operations while reinvesting for the future.Have a question or topic you want us to cover?Reach out to us on social media or leave a comment on our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

Dr. Andrew Clingan shares his rollercoaster journey of purchasing a dental practice right out of school and transforming it into a million-dollar business within a year. He opens up about the brutal realities of the first few months, the importance of finding the right team, and a mix of luck and leadership.Be sure to subscribe and leave us a review on your favorite podcast platform to help us reach more dental professionals like you. Visit our website for more episodes, join our community on Facebook, and follow us on Instagram for the latest updates and behind-the-scenes content.