Dental Consultant Theresa Narantic Helps Dentists Maximize Profits and Plan for Succession
Dental Consultant and Speaker, Theresa Narantic, talks about proven strategies to grow dental practices and pitfalls of which to be aware along the way. In this episode of the Healthcare Consultants Podcast, Dental Success Coach and Speaker, Theresa Narantic, identifies the dos and don’ts for dentists buying, selling, and growing their dental businesses.
This program is hosted by the Chicago Health Law Firm of Michael V. Favia & Associates, P.C.
Theresa Narantic has over 35 years of experience and a vast network of professional colleagues helping dentists with various areas of the business of dental practice. Theresa is a consultant for dentists focused on the people, the process, and the profits earned in well-tuned professional dental practices.
Dental Practice Dos and Don’ts
- Do Consult with a Dental Practice Business Consultant
- Do Participate in Dentist Practice Workshops
- Do Make Short and Long-Term Practice Goals and Plans
- Don’t Practice Dentistry Without a Professional Network
- Don’t Leave Growth Opportunities at the Door
Summary of Topics Discussed in this Podcast with Dental Consultant Theresa Narantic
In her many years working as a Dental Consultant, Theresa Narantic is focused on helping dentists learn how to create and leverage the right people in their professional networks. In the podcast, Theresa explains that when she sits down with dentists, she first asks what the end game looks like and how they want to eventually retire, sell, or transfer their dental practice to another. In managing a dental practice as a successful business, it is important to develop relationships with valuable colleagues in a professional network. That professional network should include dental-specific partners, in law, business, and marketing, for example.
In the podcast discussion about growing relationships and keeping in touch with everything going on in the business of dentistry, Theresa reinforces the value of sharing information about short and long-range goals to maximize profits and keep the practice healthy with an eye on future options.
COVID-19 encumbered many businesses including dental practices. Some dentists plan to ride out the downtimes and hope to build their revenues back up over time. Meanwhile, the other dentists in town are likely talking to a dental practice consultant like Theresa to consider all their options. It might be the right time to make a change in direction to make the practice more profitable or make a sale and transition.
Learn About Dental Consulting with Theresa Narantic
Dental Consulting for Dentists Needing to Understand Business Management
To be financially successful in building and growing a dental practice, it is important for the dentist to have a plan and to be flexible. As she explains in the podcast, when Theresa Narantic first talks to a dentist for consulting about business and practice management, she asks about the end game. By knowing where one wants to end up, it is easier to plan a business roadmap.
Like many professions, dentistry requires a combination of practical and business skills. While the practical instruction comes from dental school and experience, the business skills can be more challenging. What makes the business of dental practice so challenging are the options and new business models. The large corporate Dental Service Organizations (DSO)
DSOs allow dentists to maximize the clinical aspect of their practice while the DSO handles the business side of operations. Whether a dentist is a proper fit for a DSO depends on the details of the individual practice. Also, there are large dental insurance networks for dentists to navigate. With so many options and a constantly evolving environment, dental consulting is imperative to success in business.
Planet DDS Article: What is a DSO in Dental (And Do You Fit the Demographic?)
Who Are the Valuable Colleagues in Your Professional Network?
Every dental practice is different and everyone has unique needs. In the podcast, dental consultant, Theresa Narantic talks about leaning on other dentists to share information and support one another. She also explains the importance of getting together with a colleague to share information about the latest in clinical and dental practice management.
With many professional associations and groups to join, dentists can visit with each other and talk about their experiences and common challenges in practice. Some may be more guarded with information and others are excited to share their good fortune and news about a few things that worked tremendously to turn their dentist practice in the right direction.
Outsourcing Business Practice Management to Dental-Specific Partners
Licensed professionals in healthcare have specific business needs and environments. When a dentist needs an attorney, CPA, or marketing and branding team, turning to dentist-industry-specific professionals will help achieve the best results.
Theresa gives the example of working with a dentist licensing attorney like Michael V. Favia. As she says in the podcast, when she consults with Favia for legal matters affecting her dental consulting clients, the results are positive and consistent. Likewise, when working with a CPA, a dentist is more likely to keep more income because their accountant knows dental practices well. And with marketing, the professionals who specialize in dentist marketing and branding, are the best-suited to position a dental practice for growth.
Long-Term Planning to Sell a Dental Practice
Succession planning should begin at the outset of starting a practice. When Theresa talks to new consulting clients, the first thing she wants to know is what does the end of the practice looks like. Will it be a single owner-operator practice, or will the office expand, and how much expansion is feasible? Answering these questions sounds challenging when the landscape of business in dentistry keeps evolving. Theresa frequently talks about the importance of having a plan and being flexible.
Having a plan and being flexible also requires keeping up to date with everything going on in the practice management side of dentistry as well as clinical patient services. Networking with dental consultants helps with long-term planning as dentists stay updated with information about what others are doing and their reports and experiences. Likewise, a dentist’s staff is a source of ongoing information. What are hygienists learning in their ongoing education and training? Remember that even if the dentist does not plan on making significant changes in practice, knowing the opportunities is important.
Encumbered by COVID-19 and Looking Forward to Opportunities
Dentists, among other healthcare service providers, experience significant challenges during the COVID-19 pandemic and its long-term effect on patient service, practice management, and revenue. While some dental practice owners plan to wait for things to return to normal, others are exploring new opportunities to make more money and use the current conditions to explore new opportunities. Maybe now is the right time to join a DSO or find a new space to increase the practice and bring in new dentists and staff. Therese makes an important point – if you are not looking to new opportunities, be assured that the competition certainly is looking forward and taking steps to maximize profits and the dental practice value. A common point in her discussion is that the practice of dentistry is dynamic and always evolving. The dentists who work with dental consultants and the strongest network of support have the best chances of realizing their goals.
