As part of The Wealthy Dentist dialogue on dental practice management and marketing, we offer weekly surveys and invite your participation.

In order to understand different perspectives on the dental industry, we have developed surveys to canvas a diverse group of dental practices on their view of the dental industry, what constitutes current good practice in dental marketing and quality care.

The information collected will be used to prepare articles for The Wealthy Dentist readership.

The survey should take no more than 90 seconds to complete -

But that doesn't mean no one has stolen from the remaining 41%… it just means they haven't been able to prove an embezzlement took place.

Sadly, dentists are often embezzled. "My office manager (of course) was setting aside dental insurance checks, then picking out cash that matched the amount of the checks," said an orthodontist. "The checks were never deposited into the patients' accounts, so the bank deposit balanced. She did this for almost 10 years, for a total of at least $700,000. Her litigation is currently pending. The insurance accounts past due eventually became overwhelming and she was finally caught."

"A dental assistant who worked for another doctor who shared space with me was stealing my materials and making teeth bleaching trays out of her home after hours (and charging for tooth whitening!)" said another dentist.

Read more about this dental management issue: Dentists – Has Your Dental Practice Been Embezzled?

Two out of three dentist respondents said that peer recommendation was a major factor in making purchasing decisions.

Here are some other interesting facts the dentist survey found:

• Dental seminars and lectures were cited by 61%
• 56% say they are using dental practice management software (up from 48% the previous year)
• The most common planned new purchase? Digital x-rays
• More onlinedental continuing education than last year

Read more about dental management decisionmaking: Dentists go for new tech based on colleague recommendation

Specialists were unanimous: being your own boss is better. Not a single dental specialist responding to this survey said they would prefer to be an associate.

Read more: Dentists Prefer Being the Boss

In a survey conducted by TheWealthyDentist.com, 59% of dentists reported that they had discovered evidence of theft. The remaining 41% have never been able to prove an embezzlement took place.

Read more: Employee Theft a Real Problem for Dental Practices

Just over half of the dentists in this survey by dental practice marketing resource The Wealthy Dentist said that they had mostly or completely stopped accepting dental insurances.

“We still work with hundreds of insurance companies by filing the paperwork, etc,” said an Ohio dentist. “But by not being ‘in-network’ on any plan, we get paid for what we do.”

Read more: Why Bother Accepting Dental Insurance?

Welcome to the New Year, but I digress… as I write this the Dow is at 9,034. The Santa Claus Rally I predicted for the stock market came in right on schedule.

The next market rally will likely come when an estimated four million pilgrims stimulate Washington, D.C. on January 20 to watch the canonization of the Family Obama. Though both of these rallies are based on “Irrational Exuberance,” the psychology of hope is about all we have to move the economy forward right now.

Now for the real news – and what it means for your dental practice. The next big economic shock to hit the economy is the coming due of over $510 billion in commercial real estate debt over the next three years. About $180 billion is due this year.

These are the same cheap-money mortgages that financed the home loan debacle – only now we’re talking about strip malls, office buildings, shopping centers, and just about any type of commercial building. Now, to put a real spike through the heart of the problem, it is expected that over 500,000 retail outlets (clothing, restaurants, gift shops, etc.) will close their doors in this year’s recession.

Empty storefronts lower commercial real estate values, which need to be refinanced to stay open. The math doesn’t work. There is not enough money. Do we really need all the Starbucks, Gap and Old Navy outlets?

Look for the collapse and abandonment of low-end and middle-level commercial complexes… including those that may be housing your dental practice! Think about what happens when your neighboring shops and offices go empty and normal sidewalk and drive-by traffic slows to a crawl.

These facilities will have extreme difficulty in securing refinancing. Many will go bankrupt! At best, they will defer needed maintenance, and empty storefronts will be leased month-to-month to massage spas (think “parlors”) and other low-life businesses. Don’t laugh; I have seen real life examples of this!

Believe it or not, there is an opportunity here… for all of you renting your facilities. Pick up the phone and call Lewis Gelmon at (760) 479-9704. Lewis is the number one specialist in dental office lease negotiations.

Now is the time to renegotiate your lease… Don’t worry if it may not be due for renewal for another two or even three years. It will be another 20 years before you are in such an advantageous position relative to your landlord.

This economic moment is a one-time gift from the gods to dramatically lower your operating overhead and secure your long-term financial future. Get a professional to sit between you and your landlord… call Lewis at (760) 479-9704.

More next week…
Jim

The survey did not differentiate between dental marketing consultants and dental management consultants, but complaints about both groups were similar.

Read more:

Dental Consultants Often Disappoint Dentists

Related Posts:

• Dental Consultants Don’t Always “Wow” Dentists (video)
• Dental Consultants Often Disappoint (Video)
• Many Dentists Have Been Disappointed by Dental Consultants
• Survey: 2 Out of 5 Dentists Using Consultants
• Are Dental Consultants Bad for Dental Practices?

]]> http://www.thewealthydentist.com/blog/581/dental-consultants/feed/ 0 http://www.thewealthydentist.com/blog/355/selling-your-dental-practice/ http://www.thewealthydentist.com/blog/355/selling-your-dental-practice/#comments Sun, 03 Aug 2008 22:41:33 +0000 Julie Frey http://www.thewealthydentist.com/blog/?p=355 Will the results of this November’s presidential election change your retirement plans?

Well, Hy Smith thinks they might. He’s a managing partner of ADS Florida, a group that helps dentists manage their dental practices and develop exit strategies.

“Post election, there is a distinct possibility that the capital gains rate will increase, which could create a significant increase in the seller’s tax burden,” said Smith. “That would be a reason to sell this year over next.”

Smith acknowledges a slowdown in sales of dental practices. “While we can certainly understand why the current climate is less appealing than selling five years ago, things may not be as bad as they seem,” he said. “It’s a good time to be prepared to sell, even if it’s not for another year or so. As factors change, practice owners want to be able to make a move expeditiously.”

Read more

In this survey, we asked if dental school adequately prepares students for the real world. Four out of five dentists say that today’s graduates aren’t adequately prepared for the financial realities of practicing dentistry. Only one in five feels that dental school does a good job.

Here’s what the dentists had to say:

• “Dental school has never prepared students for the real world, but now the consequences for new graduates are a lot more serious. There is so much more to be aware of, and a slipup is going to be more costly.” (Orthodontist)
• “Schools need extensive realistic practice management curriculum.” (Massachusetts dentist)
• “Dental schools have routinely produced graduates that fully believe that they know a great deal more than they really know. They are definitely not ready for private practice.” (Maryland dentist)
• “Dental school prepares you for your board exams, not the real world of dentistry.” (New Jersey dentist)
• “Dental School has tried to address issues of dental practice management, insurance issues, and advanced restorative techniques including implants and periodontal surgery.” (Pennsylvania periodontist)
• “There should be some basic business requirement in the pre-dental education, but I don’t see that there is room in dental school to cover this in any but the most cursory way.” (Illinois dentist)
• “Today’s graduates are not prepared to start a business, but neither were we. Business sense is hard to get in a classroom setting. It’s like preparing for parenting: how do you know when you’re ready?” (North Carolina dentist)
• “Academically they are over-prepared and clinically they tend to be under-prepared.” (Missouri dentist)

Read the complete dental school graduates survey results…