Ted Osterer returns to the show to discuss recent bankruptcies and sales in our industry. Large companies are experiencing shifts and they have teams of advisors. How can a smaller dental business learn from these mistakes and strategize for their own success? Ted shares how understanding key financial metrics like EBITDA, cost of goods, and margins has become essential in the dental industry. Businesses have to use data instead of intuition.What about offices that haven’t had that kind of training? Now is the time. Now more than ever, business owners must adopt a mindset of financial clarity to make smarter decisions.
Key Takeaways:
-
The impact of DSOs on dental business practices is a double-edged sword, with positive financial insights but also challenges in maintaining company culture.
-
The recent wave of mergers and acquisitions in the dental industry, like Patterson going private and BIOLASE’s bankruptcy, will likely reshape the sector.
-
Education and customer success initiatives can be powerful but require long-term commitment for real results.
-
To navigate current pain points, dental offices are encouraged to adapt, whether it’s adjusting payment policies, working more hours, or improving treatment presentations.
-
There’s optimism for a consumer confidence rebound in 2025, with a rise in entrepreneurial tactics and a slow but steady industry recovery.
Visit The Synergy Dental Partners:
https://www.odysseymgmt.com/synergy
NTMT listeners receive a 2 Month Free Trial + a 3rd Month if you buy anything from any vendor during the trial period. Also, new Darby customers receive a $200 Darby statement credit with a purchase.
-------------
My insurance course is out! Dental Insurance Design and Management is geared toward those who want to understand the how and why of insurance. As a loyal podcast listener, please use "NTMT" for a $75 courtesy toward your investment.
-------------
Visit odysseymgmt.com to check out my book, webinars and courses.
-------------
Don’t forget to check out my other podcast Chew on This - A Dental Podcast!
**If you like the show then I’d appreciate a good rating. Tell your friends. Even podcasters ask for referrals!**
YouTube: https://youtube.com/@odysseymgmt
#businessgrowth, #dentalpractice, #financialmetrics, #keyperformanceindicators, #businessdecisions, #profitmargins, #financialstrategy, #dentalfinance, #practicemanagement, #dentibusiness, #practicetips, #smartbusinessdecisions, #financialsuccess, #businessperformance, #metricsthatmatter, #dentalpracticgrowth, #businessprofitability, #dentalindustry, #financialplanning, #keybusinessmetrics, #practiceperformancetips
28 min
32 min
1 h et 1 min
Nov 19 202429 min
Nov 6 202436 min
33 min
37 min
Sep 10 20241 h et 3 min