Creating value

Legacy What kind of seller are you? Background.—The sellers of dental practices fall along a continuum of concern regarding their practices. At one end are the ‘‘Gold Standard Sellers’’ whose goal is to put all their ducks in a row for the buyer, tying up all loose ends and ensuring that there will be a smooth transition. At the far end are the laissez-faire or ‘‘Louis XV’’ sellers, who view the sale as a means for escape and will promise anything but usually have done nothing to ensure that their promises will be fruitful. For new dentists buying a dental practice, dealing with a ‘‘Louis XV’’ seller’s practice can become their worst nightmare. ‘‘Louis XV’’ Experiences.—Dentists who sell their practices with no care for the future often neglect to provide anything that will support the incoming dentist and may actually allow the seeds of failure to grow. It is common for them to tell the young buyer that there is no need for such things as written contracts with the staff or employment policies and promise that the staff is great and will do whatever they are told without complaint. The trusting buyer finds that once the former dentist has departed, the staff treats him or her like an outsider, refuses to alter procedures or policies, makes unreasonable demands, states that they received bonuses or other perks that the dentist did not disclose, and generally makes the buyer’s life miserable. Often buyers will try to work thing out, but finally reach the point where they believe it may be better to simply sell the practice and put it all behind them. Gold Standard Seller Experiences.—In contrast, the Gold Standard Seller will take every step to ensure that policies and contracts are properly in place, the staff is wellprepared to accept the new buyer, and all is in order before the sale takes place. These types of sellers are top performers in terms of how they manage their practices as well as in how they transition the practice to the next generation of dentists. Buyers should seek them out.

Advice to Buyers and Sellers.—Gold Standard Sellers place their affairs in excellent order for the buyer. In particular, they ensure there are good lease terms or building ownership options and establish comprehensive contracts and policies with each staff member. They maintain a practice that they can be proud of when it is passed to the next generation. If they stay on as associates, they are able to let the buyer manage the business in his or her own way.

Clinical Significance.—A change in the underlying attitude of dentists is needed to promote respect between the generations of dentists. We are currently seeing young dentists desiring to buy practices from older practitioners. Increasingly, however, there will be more practices available as baby boomers retire. In addition, the young dentists are becoming more savvy about purchasing a practice, asking questions such as what potential employment liabilities they may face after such a sale—before they become involved in ‘‘Louis XV’’ situations. This is vital because it can cost as much as six figures over the purchase and sale agreement price to resolve human resources issues. With the glut of practices to choose from, we may see a switch from caveat emptor to caveat venditor (seller beware). Therefore it is in the seller’s best interest to take care of business and leave a legacy as a Gold Standard Seller—one in which you can take pride.

Bracic M: What will your legacy be? Oral Health Office, Oct 2013, pp 42, 43, 46 Reprints not available

Marketing Creating value Background.—For many dentists, cosmetic treatments have helped their practices flourish. The key is to create value. This means proving to patients the value of the

treatments being provided. Excellent patient satisfaction, comprehensive staff training, effective case presentation, and an appealing office appearance all contribute to

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creating value and successfully integrating cosmetic treatments into a dental practice.

Strategies to improve cosmetic case acceptance include the following:

Patient Satisfaction.—Case acceptance rates rise when patient experiences are extremely positive. Practices must deliver patient service that exceeds patient expectations to demonstrate to patients that the cosmetic treatments have impressive value. Among the ways to achieve this are the following:





 



 







Greet each patient by name to create a sense of familiarity and convey to the patient that they are seen as persons, not revenue sources. Offer refreshments such as water and coffee, which shows you put the patient’s comfort first. Smile. Always see patients on time, conveying how important the office considers its patients. Escort patients through the office, treating them like special guests and handing them off to each team member in a friendly, relaxed manner. Thank patients for visiting—and that includes the dentist, the assistant, the hygienist, and the front desk staff. Give patients a token of gratitude, such as a pen, key chain, or notepad, to remind patients about their experience.

Staff Training.—The dental team must be able to fluently talk about the esthetic procedures so they can respond to patients’ comments or questions. Most patients do not know about all the cosmetic procedures that are available. Dentists and their staff must educate patients about what is available and the added value that each procedure offers. Every patient interaction carries the opportunity to tell patients about the benefits of elective services, which may include whitening, veneers, composites, and implants. To ensure that the staff is ready to talk to patients about cosmetic procedures, the dentist should conduct staff education sessions that are designed to create interest in and excitement about cosmetic treatments. Team members may also be offered cosmetic services at a reduced rate. Training days should be scheduled throughout the year according to a set agenda that is appropriate for the team. Training should also take place outside the office. Seminars can provide information to staff members and give them the opportunity to receive additional training and skill development. These efforts produce a team of welltrained hygienists, assistants, and front office personnel who support and promote esthetic procedures. Case Presentation.—Patients are usually willing to listen to how the dentist can enhance their smile. Often if the value and benefits—both long-term and short-term—of a cosmetic procedure are explained clearly to patients, they will find a way to be able to afford them.

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Build relationships by asking about family, hobbies, or vacations and engaging in relaxed conversations. This friendly approach engenders trust, which makes it easier to agree to further treatments. Present information about cosmetic services to all patients—don’t ‘‘prescreen’’ potential candidates. Script the presentation to build value and motivate patients. Include the positives, such as ‘‘You will look younger’’ and ‘‘Your teeth will be whiter and brighter.’’ Use visual aids such as photographs and models to support the case presentation. Before-and-after photographs of successful cosmetic cases can be very persuasive. Offer flexible payment options using outside financing.

Office Appearance.—Because cosmetic dentistry focuses on creating an excellent appearance, the dental office itself should be attractive and well-appointed. The appearance of the reception area and the treatment rooms can help patients validate their decision to have esthetic procedures. To begin, the dentist should visually inspect the entire office and seek ways to improve its appearance. The front desk area should be organized and clean. The dentist should try to see through the eyes of the patient and walk through the entire office, looking for worn carpets, furniture, or drapes that detract from the appearance. It is important to focus on the cleanliness of the facility, including seating areas, work areas, windows, and bathrooms. An interior decorator may help in designing a space that is attractive and contemporary and creates added value for the practice’s cosmetic services.

Clinical Significance.—Practices that want to offer cosmetic services must recognize the importance of appearance in motivating patients to sign up for esthetic treatment. Appearance includes not just the physical space but also the demeanor and behavior of the staff members. When patients experience excellent customer service, interacts with well-trained staff, are given effective case presentations, and see an outstanding facility presence, they are more likely to say ‘‘yes’’ to cosmetic procedures for themselves.

Levin RP: Selling cosmetic services: A good staff and office environment are key. AGD Impact 42:14-15, 2013 Reprints not available