Cliff's Notes

The Business of Dentistry

Do You Know the True Value of Your Dental Practice?

Cliff’s Notes for January 25, 2015

Cliff Marsh, Henry Schein ……Cell: 201-321-7494……Fax: 201-262-2210

E-mail: cliff.marsh@henryschein.com

http://www.cliffsnotesblog.me

http://www.youtube.com/cliffmarsh100

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The reason we do what we do, is so that we can to do what we want to do,

when we want to do it!

It’s a tongue twister, but working as a team and making informed decisions, will get us there.

 

 

The education of a man is never completed until he dies”

Gen. Robert E. Lee

 

 

This Week’s Feature on the Cliff’s Notes Channel

“Overcoming Workplace Negativity”

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Over 190 Dental Videos

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In This Week’s Issue

  • The Root of It Commentary: What is the value of your Practice?
  • Product Review: What about Icon?
  • The Dentrix Office Manager Blog: Become a Dentrix Master!
  • Metropolitan Association of Dental Office Managers: AADOM Virtual Study Club!
  • Dentistry Beyond the Mouth: What Should You Diagnose?
  • The Disney Magic of Management: Caring about Employees Beyond the Workplace!
  • This Week in Dentistry: Dentist, #1 Occupation!
  • The Henry Schein Outlet Store: Vita EasyShade System!

The Root of It Commentary……………………………………………………………………………..

image001What is the Value of your Practice?

Your dental practice is an asset and most likely a significant part of your overall portfolio. Do you truly know it’s “real” value? Most of my clients live by the assumption that their practice is worth 70% of a 3 year average gross. Well, that is so wrong! The true value of a dental practice is greatly affected by all internal business and patient management systems. Value is also affected by growth potential, facility maintenance and employee management.

If you knew the true value of your business, you would be able to better manage your insurance, retirement plans & estate planning. When dealing with banks and other lenders, being able to provide certified documentation will secure better deals. Also, a full and current business evaluation should be part of your family’s disaster recovery plan. If something happens to you, what happens to the practice? What is it worth?

The down side of this is that it will cost some money to get these evaluations done. An independent auditor would cost about $3500.00 but your accountant or financial advisor could crunch the numbers. You will need someone to connect their number with all the other practice management systems, including potential, and develop a full written business analysis. Bottom line is that a full and complete business/life value would run around $5,000.00.

$5,000.00 is a lot of money, but if you don’t know the real number, how can you value your estate? There are several organizations that are very good at valuating dental practices and I would be happy to share their information. Please feel free to contact me at any time.

This topic is so important that I need to touch on Disaster Recovery. The disaster I am referring to is what your family will face if they loose you. If suddenly a dentist can’t practice anymore due to illness or death, the practice will instantly loose 30% of it’s value. You need to have a survivor plan for your family. That hard business asset will need to be turned into liquid asset as quickly as possible. Your financial and legal advisors need to know what you want and where to go.

Review your disaster recovery plan with your business advisors and consider doing a business evaluation. Please feel free to contact me at any time – cliff.marsh@henryschein.com.

Product Review…………………………… What about Icon?……………………………………..

http://drilling-no-thanks.info/Frequently_Asked_Questions.php

Maybe it was 8 or 10 years ago that a good friend, Wayne Flavin, told me that DMG had gone beyond the stars and developed a product, that when used correctly, will revolutionize dentistry. I asked what it was and he said he couldn’t tell me. Wayne is the Director of Scientific Affairs for DMG America and a long time dental industry veteran. When Wayne speaks about dental materials, I listen! Well, about 2 years later he was allowed to tell me about Icon.

Icon is probably one of the most clinically researched materials that dentistry has seen and has an un-compromised record of results when used correctly. Several months ago, we had a live clinical procedure that was videoed to a live audience. The results were perfect and the “white spots” actually disappeared in front of the attendees eyes. It was like magic. The attendees then had the opportunity to meet the 16 year old patient and Dr. Jim Bancroft who performed the 20 minute procedure and ask questions.

Well, I received an e-mail earlier this week from one of my clients, “Dr. A.” She wanted to show me the results she had in just one sitting. The patient was a 15 year old male.

See for yourself, watch the video!

Log onto: http://drilling-no-thanks.info/Frequently_Asked_Questions.php

Dentistry Beyond the Mouth…………………………………………………………………………..

Ad-Photo-7486-1  What Types of Medical Conditions Can Dentists Diagnose?

For the most part, dentists tend to see their regular patients on a much more frequent basis than primary care physicians. Because of this, Dr. Rodney Alles of Cornerstone Dental in Flower Mound, Texas explains that a dentist like himself has to be prepared to diagnose all types of diseases and conditions.

Although there may have been a time in the past when dentists looked after their patients’ oral health and nothing else, that is far from the reality in today’s medical environment. According to Dr. Alles, dentists today commonly diagnose everything from cold sores to diabetes and even certain types of cancers.

Dr. Alles is a dentist who prefers to take his patients’ blood pressures every time they come in. He does this, in part, to help identify any underlying conditions that a patient may not even know about. Additionally, Dr. Alles says that the x-ray images that dentists take can be used to diagnose oral cancers and other throat diseases as well.

According to Dr. Alles, a dentist is more likely to diagnose a medical condition than a practicing physician simply because patients are more likely to visit the dentist on a regular basis. Most people only see their family doctors when they are already sick or complaining of other issues – at least until age 50, when many people begin going to the doctor on a more regular basis. It is becoming less and less common for otherwise healthy people to have yearly physicals or check ups. Put simply, medical doctors just don’t have a regimen set up for patients like dentists do, says Dr. Alles.

To read the rest of this article, log onto: http://guidetodentistry.com/what-types-of-medical-conditions-can-dentists-diagnose/

The Office Manager Blog:……………………………………………………………………………….

image001

Challenge yourself to become a Dentrix Master and get recognized on the Wall of Fame

This is your year to become the best you can be in your career.  Challenge yourself to become a Dentrix master.  Join me on the Wall of Fame as I post up your accomplishments on my blog all throughout 2015.   CLICK HERE to start your success. Watch my video to hear all the details . . .

Read Dayna’s Blog: http://thedentrixofficemanager.blogspot.com/

Tips from M.A.D.O.M……………………………………………………………………………………..

Metropolitan Association of Dental Office Managers!

2015 Virtual Study Club
Open to AADOM Members Only All sessions hosted by Teresa Duncan Approved for 7 CE toward the AADOM Fellowship Program Visit AADOM at http://www.dentalmanagers.com

 https://secure.confertel.net/tsregister.asp?program=AADOM2015

The Magic of Management………………………………………………………………………………

In-Sight from the Mouse! Caring about employees beyond the workplace!

mouseby Bruce Jones, Programming Director, Disney Institute

For more than two decades, my colleagues and I at Disney Institute have shared the importance of engaging employees at an emotional level. Specifically, we have seen that the extent to which an organization demonstrates genuine care for its people often correlates nicely to the amount of discretionary effort its employees are willing to invest in their work. Ultimately, these efforts can lead to increased employee effectiveness and improved business results.

We also have found that care is not just about what you do for people; it is about how they feel about you and the organization. Many people will likely appreciate benefits and services such as dry-cleaning and gym memberships. We suggest, however, that employees also want to know that you care about them as an individual. An employee’s work life and home life are not necessarily mutually exclusive and genuine care extends beyond workplace “perks.”

To read the rest of this blog, log onto:

https://disneyinstitute.com/blog/2015/01/culture-101-caring-about-employees-beyond-the-workplace-/323

This Week Dentistry From the ADA: ………………………………………………………………..

image005  Dentist #1 occupation

January 14, 2015 by Craig Palmer

“Dentist” is number one on U.S. News and World Report’s list of best occupations of 2015 for offering “a comfortable salary, low unemployment rate and agreeable work-life balance.” Dentists also top the publication’s list of best health care occupations. “Dental hygienist” is number 5 on the top 100 list and number 4 on the health care list, which has “dental assistant” at number 67.

The report gained immediate media and professional attention. The ADA Morning Huddle, “Today’s dental news exclusively for ADA members,” led its 1/14 edition with “US News & World Report Names Dentistry Best Occupation Of 2015.” Other online and print media reported on information from the best occupation reports posted at usnews.com. “Today’s students want it all. And dentistry really does deliver that. What other profession allows you to care for patients, make a good living, work as part of a team and have flexibility?” said Dr. Richard W. Valachovic, president and chief executive officer of the American Dental Education Association.

The U.S. News and World Report quoted Dr. Ada S. Cooper, an ADA consumer adviser, on the process of becoming a dentist and professional opportunities that “will find you – you won’t need to hunt them down.” It’s also a good idea to get involved in local and state dental associations for networking purposes, the report said.

To read this article log onto: http://www.ada.org/en/publications/ada-news/2015-archive/january/dentist-1-occupation

Henry Schein Outlet Center…………………………………………………………………………….

Overstock – Reconditioned – Demo

Vita North America VITA EASYSHADE ADVANCE

Condition: Overstock Part Number: 809-0147-N Manufacturer Part Number: DEASYAS4R Catalog Price: $2,353.79 Outlet Price: $1,649.00

Warranty: 1-Year

Digital, cordless shade matching unit that is compact and ergonomic. Ensures accurate shade-taking-results regardless of light conditions-minimizing the need for color corrections. Allows measurement of up to 30 shades on a single tooth to arrive at an overall average shade. Shade results are displayed in both VITA classical A1-D4 and VITA SHADE 3D- MASTER. Data can be wirelessly transferred to the VITA ShadeAssist communication software on operatory computers using Bluetooth® technology.

Contains: 1 of each: handpiece, base unit, calibration block holder, power supply with universal adapter kit, USB Bluetooth module, package of 160 infection control sleeves, operating instructions and quick user guide & CD with VITA ShadeAssist CD-ROM.

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January 25, 2015 - Posted by | Uncategorized

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