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Volume XIV Issue I

1st Quarter 2019

Looking Back at the Practice Valuations of 2018 In This Issue: By: Chris Bentson & Doug Copple, CVA nce again, following with our tradition, the first quarter edition of the Bentson Copple reSource begins with our annual review of practice valuation metrics we've seen during the previous year. This is the thirteenth consecutive year Bentson Copple & Associates, LLC has published this data. The information presented is compiled from several high-level statistics extracted from the orthodontic valuations the company completed in 2018. Many reSource subscribers have told us they find this data useful to benchmark their individual practices and the information is often referenced within the orthodontic specialty.

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Last year, Bentson Copple & Associates, LLC completed a total of 43 orthodontic practice valuations. In this article, we will review the averages of these 43 practice valuations, offering a window into the current values of the orthodontic practices as seen by our company. The averages, information, and insights published in this article offer a statistically representative view of the orthodontic practices our team has valued in the 2018 calendar year. In order to provide similar examples to past years and due to space limitations, we have selected 25 valuations to include in Chart #1 to provide a representative sample of the body of work completed last year. The data in Chart #1 can be used as a rough comparison tool for similarly performing practices, but this article will solely discuss the averages of the 43 practices valued. A summary of the averages for the data published over the last twelve years in the Bentson Copple reSource is provided in Chart #2. As with prior reviews, the 2018 data represents rounded net collections, practice income, adjusted overhead rate, debt-free value, and value expressed as a percentage of collections for each respective practice...

Is Half of Your Marketing Dollar Being Wasted? By: Dr. Tyler Coles

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alf the money I spend on advertising is wasted; the trouble is, I don't know which half." John Wanamaker, a merchant in the 1800s, is credited with this quote. He was a businessman who ran a successful business of 16 different department stores, considered by many to be one of the great pioneers in marketing.

Back in his day, all marketing was done through signs, magazines, mailings, and other offline media. Due to the nature of offline marketing, tracking a true return on any marketing investment was difficult, hence his assumption that half of his marketing budget was wasted. Truth is, he really had no way to tell. When I first graduated from residency in 2012, I joined my brother's practice in Phoenix, Arizona. At the time, there was not enough work for the two of us in his practice. I would work one day a week with my brother and spend another four to five days working in various corporate offices. Those of you who have worked at corporate dental offices might relate to my general dislike of the experience. Long hours, untrained assistants, angry patients/parents, inadequate inventory, and putting out fires on a daily basis was the norm. I wasn't a fan, and it sure wasn't how I pictured my orthodontic career. I wanted to get out of the corporate dental lifestyle, and I needed to figure out how to grow my brother's practice so that there was enough work for the both of us...

Looking Back at the Practice Valuations of 2018 page 1

Is Half of Your Marketing Dollar Being Wasted? page 4

Your Growth and Development Processes page 6

Are You All Ears? page 7

A Post-Residency Orthodontic Journey page 9

Balance of Motherhood & Entrepreneurship page 11

The Joy Job page 12

Online Marketing Trends for Patient Acquisition in 2019 page 13

The Bentson Copple reSource (ISSN 1559-1360) is published quarterly by Bentson Copple & Associates, LLC, 397 South Swing Road, Greensboro, North Carolina 27409. Periodicals postage paid at Greensboro, NC 27409. Telephone: (336) 379-8822 / (800) 621-4664 Fax: (336) 333-0015 Website: www.bentsoncopple.com Email: info@bentsoncopple.com Editorial Address: 397 South Swing Road, Greensboro, NC 27409 Subscription Price: $95.00 per year, 4 issues Cover Price: $28.00 each ŠBentson Copple & Associates, LLC, 2019. Copyright strictly reserved. This journal is intended for use by the individual to whom it is addressed and may not be reproduced in whole or in part or redistributed in any way - including reproduction for internal distribution - without the prior written permission of Bentson Copple & Associates, LLC.

Sample Content. To read the entire publication, please call 1-800-621-4664 or visit www.bentsoncopple.com to subscribe.


Bentson Copple reSource 1st Quarter 2019

Your Growth and Development Processes

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By: Michelle Shimmin hen we talk about what makes a practice successful or what allows a practice to achieve all its goals, what exactly are we referencing and how is this form of success accomplished?

I define one of the major indicators of a successful practice, not on its end-of-the-year financials or number of starts, but rather its employee commitment and buy-in and how the practice is able to INSPIRE its employees to action. Practice success is having the ability to develop employees and team members to always go Above and Beyond the Call of Duty (A, B, C, D) and believe in what we provide our patients and our communities. When this is dialed in well, practices SHINE and the financial success automatically follows. How can a practice truly achieve success from the inside out, authentically? Our patients and our community will experience your true authenticity if it is present among your team members AND you as the doctor. Strategy and goal setting are the first steps in creating a solid Growth and Development Department for your team. It's important to include your team members in the vision and strategy of where you want the practice to go. Solid, effective, full team business meetings are necessary and key to involving the team. Encourage and facilitate engagement in this process...

Are You All Ears?

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By: Laura Overcash ccording to podcastinsights.com there are currently over 660,000 podcasts available to listening ears around the world. There's no surprise those statistics are increasing daily. As new ones are constantly being created, recorded, and introduced into the library of podcasts.

Let's begin our adventure by examining the word "podcast." In 2004, it was first mentioned in a Guardian newspaper article. The "pod" of podcast was derived from Apple's "iPod" digital media player and "cast" was a play on the radio term "broadcast." A podcast is, by definition, a series of digital audio files made available to download through the internet. Listeners can subscribe to their favorite podcast and be notified when a new episode is released. The episodes can be listened to either online or offline. Podcasting started as mostly an independent way for individuals to get their message out there and build a sense of community with people that share similar interests. Over time it has grown to something much more. It's a world-wide community to share knowledge, information, and to even be entertained. There isn't a pre-determined length, format, style, or production level. It's a free form of communication. It's pretty common for new episodes to be released weekly, but there are daily podcasts, weekly podcasts, and many other cadencies of publishing...

A Post-Residency Orthodontic Journey An Interview with Dr. Greg Efros

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ne of the best things about Bentson Copple & Associates, LLC is the number of times our phone rings. Our team members have numerous conversations each day, many of which don't turn into paying clients, but instead, are the beginning of a relationship, and a continuation of a doctor's orthodontic journey. One such phone conversation turned into the interview below with Dr. Greg Efros. He was a young orthodontist, with a normal educational debt load, who was trying to get started. He was considering several options, and over the phone, we were able to hear those and help coach him on how they might turn out.

Our paths crossed again several years later and we asked him if we could interview him for the Bentson Copple reSource as an opportunity to tell his story. He agreed and the result follows. Dr. Efros' story of getting started, learning, making mistakes, paying off all his school debt in two years, and growing is one we hope all orthodontists will benefit from and be encouraged by! - Chris Bentson Q: Let's begin by telling the readers of the Bentson Copple reSource a bit about yourself and your practice. A: First off, I want to thank Chris and his team for asking me to do this interview. It's an honor to be part of a group that I have looked up to for a long time. The advice and encouragement that I have received has not gone unnoticed. My story starts with me being born in Russia and moving to Brooklyn at the age of seven. After living most of my childhood in New Jersey, I ended up graduating from Rutgers School of Dental Medicine in 2014 and then went on to complete my orthodontic training at University of Detroit Mercy in 2016...

Sample Content. To read the entire publication, please call 1-800-621-4664 or visit www.bentsoncopple.com to subscribe.


Bentson Copple reSource 1st Quarter 2019

Balance of Motherhood & Entrepreneurship An Interview with Dr. Grace Yum

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ips and conversations with type-A moms juggling it all - that's the best way to describe Dr. Grace Yum's podcast, Mommy Dentists in Business. Each episode shares pearls of wisdom based on experience that are designed to help moms (and mombosses) be successful in their medical careers and in their lives more broadly. Along the way, Dr. Yum shares the secrets to her success in balancing motherhood and her growing business interests. Q: Dr. Yum, let's begin by telling our readers about yourself and your practice. A: I found my passion for dentistry when I was 18 years old. I began by working as a dental assistant, then went to dental school, went on to advanced training in pediatrics at Chicago's leading children's hospital, then climbed the ladder to eventually start my practice, which now has two offices. As a certified pediatric dentist, I earned a certification held by less than 5% of all dentists in the United States. In addition, I'm honored to be the founder of Mommy Dentists in Business, a community of professional moms with over 5,000 members and growing daily. Through this journey, it has been a privilege to appear on television, online, and in print, to share expertise and knowledge with the dental community...

The Joy Job

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By: Joan Garbo n occasion, I get a question from a team member wanting to know how to deal with negative people at work, including the doctor. The situation is usually one in which the person says she comes to work with a positive attitude, but then 'Sorry Sally' or 'Dr. Depressed' comes in and drags everyone else down. The caller wants me to tell him/her what to do.

The answer is simple, yet complex and challenging: Don't let anyone steal your joy! Joy is actually a natural expression of ourselves. When you watch babies and little children, they seem wide-eyed and delighted at the simplest things in life. Facebook and Instagram are filled with photos and videos of them giggling and smiling at things adults find mundane and even boring. Wonder and joy are natural human states of being, and in sad irony, we are taught out of them. What I mean by that is this: as children we are constantly told what we can't do, what's silly, what's not allowed, what's hard, what's scary, etc. What we adopt is the learned and negative behavior of the adults in our lives, be they parents, teachers, older siblings, neighbors or TV shows and news. I believe these adults for the most part are not trying to harm us but in fact think they are protecting us from the hurts and mistakes they have experienced. Well intentioned, but with unintended consequences...

Online Marketing Trends for Patient Acquisition in 2019 By: Shannon Patterson, CPR, CMSR

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n e are all well aware of the rapid changes the orthodontic industry experienced in 2018, including increased merger & acquisition activity, new consumer priorities, DIY orthodontics, and increased competition with general dentists doing more orthodontics. It is clear that these competitive trends will only continue and increase in the future, so it is more important than ever to stay one step ahead of both competitors and patient needs. Implementing new technologies and resources for a marketing strategy that attracts new patients and then keeps them engaged and invested in your practice is more important than ever. Below are some projected marketing trends to attract new patients online in 2019. Fresh Visual Content Keep photography and videography content original on websites and social media sites. Patients do not connect with stock photography on social media or websites. Research has shown that dental websites with high-quality photos and original videos get more new patients in the door...

What is the Bentson Copple reSource? The Bentson Copple reSource is an all-in-one informational publication that provides and analyzes real data from real practices to present the most accurate information available within the orthodontic industry. The reSource has featured over 280 timely articles and interviews contributed by Bentson Copple & Associates' partners and team members, as well as the industry's top leaders, and consultants.

Begin your one-year subscription for only $95 by calling 1-800-621-4664 or visiting bentsoncopple.com.

Sample Content. To read the entire publication, please call 1-800-621-4664 or visit www.bentsoncopple.com to subscribe.

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Sample Content from the 1st Qtr 2019 Bentson Copple reSource  

Sample Content from the 1st Qtr 2019 Bentson Copple reSource orthodontic newsletter.

Sample Content from the 1st Qtr 2019 Bentson Copple reSource  

Sample Content from the 1st Qtr 2019 Bentson Copple reSource orthodontic newsletter.