Scaling Your Practice with Dr. Brady Frank

Scaling Your Practice with Dr. Brady Frank

Play Episode - Scaling Your Practice with Dr. Brady Frank

Bulletproof Dental Practice Podcast Episode 17

Host: Dr. Peter Boulden / Atlanta Dental Spa

Guest: Dr. Brady Frank

Key Takeaways:

  • DSO (Dentist Service Organizations) were created to address legal challenges presented by corporate dentistry. Dentists can take advantage of this.
  • Dentists should learn how to become owner-dentists then hire an associate to do heavy lifting of clinical dentistry.
  • Equity harvesting – find a value-added practice, acquire it and convert it to cash
  • Knowing your business value may not necessarily have an impact to your retirement fund
  • How to have cash from investment and use it: (1) Find a value-added practice (2) grow the value-added practice and (3) find a way to receive cash from this asset
  • Get a dentist partner to work on the clinical side so you can work on the business side
  • Continuous exit strategy works with equity harvesting
  • If you acquire another practice, operate it as one business with your existing practice
  • Add dentist partners as you acquire more practices
  • The founding dentist becomes a private equity company also
  • Continuous exit strategy means you own a portion of your company (the DSO) and earn from it continuously as it expands to other regions
  • Hire dentists who want to work as partners vs those who want to just be associates. They are go-getters.
  • Dentists can compete with corporate if they understand how DSOs work.
  • Multiple Incomes available to dentists: management income, clinical income, income from building lease, residual income from regional DSOs, etc.

Tweetables:

Staying in the game will make you more energized and give you more cashflow. – Dr. Brady Frank

Resources Mentioned:

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