There are two ways to become more profitable: Produce more and save more. In an ever-changing environment of corporate DSOs and changes in competition, the private practice owner must be a savvy CEO. An annual 3-5% loss in collections may equate to $30,00 to $50,000. If a practice is stagnant, it looses money when expenses increase. Why let this happen?
Thanks to Smile Source, I’ve been able to mastermind with like-minded doctors, add services to my practice and reduce my overhead. Smile Source helps preserve the business of independent dental practices by providing access to a network of dentists who encourage practice development. Though a classmate first introduced me to the concept, I didn’t initially contact Smile Source, instead I looked into selling my practice to a DSO. Ultimately, the terms did not work for me. I couldn’t see myself working for someone else. Heck, we all went into dentistry to be in control of our own destiny, right?
After I got the idea of selling to a DSO out of my head, I finally contacted Smile Source. I met with the business development team and got a full understanding of what they represented. I was all in! It is an independent dentist’s dream because Smile Source provides solutions to our ever-changing dental environment. They offer preferred vendor and equipment discounts, access to local member groups who share best practices, preferred lab solutions, and education and member support teams. The Smile Source network has over 600 practices that work together to combat the corporate takeover of the independent dentist.
Smile Source gives you access to a system of solutions, and shouldn’t be confused with a buying group. In my first year of joining, after 9 months of production, we were at the same profitability as the prior year at 12 months. Independent practices cannot compete on the same level as a DSO. Imagine practicing with the same quality, care and service as you always have, but with a reduced cost! Now we have a chance.
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