28/08/2022
Whatever your views on DSO’s, one thing is for sure, they make money, so it’s probably worth listening to what they have to say about running a dental business.
Dr Rick Workman was CEO of Heartland Dental, below are some of his insights
1. Dogs bark at things they don’t understand
2. The world is different to 1980, he paid a total of $5k to go to dental school, he couldn’t find a job that guaranteed him $25k a year so he set up his office which cost him $32,500 + $325 a month for rent
3. Doctors today leave dental school with $250k - $500k in debt
4. 1980 – 1997 he worked 80 hours a week, there is a price for working those kind of hours, he only married at 42
5. Heartland is for those dentists that just want to be a dentist, want to go home at 5pm each night, want to have a life, want to work part time, would like to have better negotiating with supplies and the lab, would like to have better negotiations with the insurance companies and receive higher reimbursements, as a solo practitioner you just don’t have the clout to do these things
6. Unless you live in Arizona, Wisconsin, or Kentucky you must be a dentist to own a practice, interestingly we don’t consider those states the bottom of the barrel in dentistry.
7. Dentistry is a locally delivered service, most people want to go to a local dentist and build a relationship with that office, which is why Heartland practices have different names rather than a national brand.
To be continued …