The first quarter 2016 edition of the Bentson Clark reSource is now available. Each quarter, the Bentson Clark reSource orthodontic newsletter analyzes and examines the most current issues and concerns within the orthodontic industry. This quarter’s publication features a vast array of articles targeted towards all orthodontists, regardless of practice size or career stage. Here’s a brief overview of the articles included in the latest issue:

Looking Back at the Practice Valuations of 2015
By: Chris Bentson & Doug Copple
The first quarter edition of the Bentson Clark reSource leads with the highly anticipated annual review of practice valuation metrics. This year celebrates the tenth consecutive year that Bentson Clark & Copple, LLC has released this data in the reSource. The information presented in this article is compiled from 55 orthodontic practice valuations that we completed during the 2015 calendar year.

As with prior review articles, the data discussed includes high-level figures such as the following: rounded net collections, practice income, adjusted overhead rate, debt-free value and value expressed as a percentage of collections for each respective practice. This article will review the averages and offer a window into the current values of today’s orthodontic practices. As additional analysis, the information is broken down based on the number of practice locations, to be used as a rough comparison tool for similarly situated practices.

Digital Marketing Trends to Watch in 2016
By: Mary Kay Miller
Online marketing evolves at lightning speed and each year brings new hardware, new software and new user preferences. In order to develop a successful online marketing strategy, businesses must stay up-to-date on the latest trends. Mary Kay Miller’s article discusses the latest digital marketing and the future impact in the orthodontic industry. She briefly discusses website design trends, online advertising (Google and Facebook), video advertising and the growth of video content. The information featured in this article can provide guidance for businesses integrating current trends into their marketing strategy.

The Stress of It All
By Dr. Neil Warshawsky
Accelerating orthodontic treatment is a timely topic in today’s orthodontic marketplace. Dr. Warshawsky, a Chicago-based orthodontist, discusses new competitive realities, reinvention and his personal experience with Propel. He presents a brief case study that illustrates his results using Propel and discusses the economics of accelerated care. Dr. Warshawsky examines how using the accelerating devices during treatment increases revenue per treatment, improves the practice’s cash flow and increases available chairtime for new patient starts.

EasyRx: Digital Prescription Management
An Interview with Dr. Marc Lemchen & Mr. Khashi Rahmani
EasyRx is a cloud-based, digital patient appliance prescription management software for orthodontic practices and labs. This interview with Dr. Marc Lemchen (current customer, investor and board member of EasyRx) and Mr. Khashi Rahmani (Business Development Coordinator of EasyRx), offers insight into the history of the company, breaks down core features, provides information regarding practice management integration and suggests reasons to consider the product. Dr. Lemchen discusses the advantages he has experienced using the software from consolidating workflow, improving efficiency and reducing mistakes. Last but not least, Mr. Rahmani briefly examines the impact EasyRx can make on a practice’s bottom line.

Click here to read a sample version of the first quarter 2016 Bentson Clark reSource. Not a subscriber and want to learn more about the publication? Click here to visit our website.

The third quarter 2013 edition of the Bentson Clark reSource is now available. Each quarter, the Bentson Clark reSource orthodontic newsletter analyzes and examines the most current issues and concerns within the orthodontic industry. This quarter’s publication features articles targeted towards all orthodontists, regardless of practice size or career stage. Here’s a brief overview of the articles that are included in the latest quarterly issue of the reSource:

Exploring Practice Overhead: Staff & Supply Expenses
By: Chris Bentson & Doug Copple
Orthodontic practice owners use a variety of business models to manage and operate their orthodontic practices, demonstrating that one size or strategy does not fit all. This is the second installment of a three-part series that focuses on orthodontic practice overhead. This article will break down the staff expense and orthodontic expense categories of an orthodontic income statement, yielding the average expense for each category. The goal of this article is to provide an overview of orthodontic practice overhead, allowing owners to gain a sense of not only averages, but also the rate or change in certain expense categories over the last five years.

2013 Tax Law Changes Challenge Traditional Tax Planning Strategies
By: Diane Rumley & Heather Cosgrove
There were several items enacted or extended through the American Tax Relief Act of 2012 (ATRA) and the Patient Protection and Affordable Care Act (PPACA) that could directly impact one’s 2013 tax liability. This article highlights a few of the significant changes. Awareness and understanding can help make mindful financial decisions as one embarks on the second half of 2013. As the transition from summer into fall occurs, the need for tax planning may seem far on the horizon; however, with these new tax laws, it is so important for you to start early so you have time to structure your situation as favorably as possible.

Embezzlement: Sadly, It CAN Happen to Anyone!
By: Rebecca Crane
Most orthodontists naturally want to focus on dentistry and tend to rely heavily on others to do the tasks that they do not want to do in relation to managing the various business aspects. However, within a dental practice there are many opportunities to take advantage of the employer. It’s a fact that 15 years ago 35 % of dental practice owners said they were victims of employee embezzlement; today the percentage is nearly 70%. Given that, if one somehow does not think it can happen, he/she might want to reconsider.

What You Really Need to Know about the AAO Branding Campaign
An Interview with John Athorn, George Clark and Linda Gladden
It’s no secret that the orthodontic market is in the middle of a sea of change. Changes in the economy, changes in the consumer, changes in treatment modalities, changes in technology for diagnostic and treatment planning and even changes in how to communicate with patients. Collectively, dealing with the pace and enormity of all this change has many doctors out of breath and looking for some help. The AAO has shown up to help show the way forward. We interviewed John Athorn and George Clark of Athorn, Clark & Partners, a Manhattan marketing communications firm, who created the AAO’s new marketing campaign. We also spoke with Linda Gladden of American Association of Orthodontists regarding how AAO Members can access the marketing materials from this advertising campaign and use them in one’s practice.

Dental Referrals are Declining…Halt the Trend! – Part 1
By: Nancy Hyman
Declining dental referrals often result in looking to other segments of one’s orthodontic practice for potential patients. It is important not to ignore this important referral stream! The Journal of Clinical Orthodontics reports that dental referrals dropped 10% between 1999 and 2011. In order to increase this vital segment of a referral base, create vibrant and innovative programs that keep your practice at the top of the list when general dentists and their teams are recommending patients for your services. This article will discuss a variety of ideas to combat declining dental referrals.

Click here to read a sample version of the 3rd quarter 2013 reSource. Not a subscriber? Be sure to subscribe today by visiting our website.

The second quarter 2013 edition of the Bentson Clark reSource is now available. Each quarter, the Bentson Clark reSource orthodontic newsletter analyzes and examines the most current issues and concerns within the orthodontic industry. We feel that this quarter’s publication features a vast array of articles targeted towards all orthodontists, regardless of practice size or career stage. Here’s a brief overview of the articles that are included in the latest quarterly issue: 

Does Your Practice Overhead Rate Compare?
By: Chris Bentson & Doug Copple
Orthodontic practice owners use a variety of business models to manage and operate an orthodontic practice, demonstrating that one size or strategy does not fit all. This article, and two future articles, will present data on the average orthodontic practice overhead, allowing owners to gain a sense of not only the averages, but also the rate or change in certain expense categories over the last five years.

Let’s Play: Engage Patients Through Social Rewards, Contests & Gamification
By: Brenda Ashwell
Patients today are very different from the patients of yesteryears. Many have never known a life without technology. Social networking, video sharing and online gaming are fixtures of today’s culture. Not surprisingly, marketers recognize the essential role games and contests play in driving customer incentive and loyalty. There’s even a word for the attempt to influence behavior by engaging participants in fun activities,  “Gamification.”

The Balancing Act…It’s Simple – Part 5 of 5
By: Maria Bailey
The search for simplicity and balance includes simplifying one’s life, growing spiritually and just feeling good. For moms, this means finding solutions to handle tasks, from the occasional to the everyday variety, which ultimately adds more time in the day. This “found” time is the most valuable currency that mothers possess in today’s fast-paced world. Moms value time so much that they seek ways to do tasks more efficiently and in a simpler manner.

For What It’s Worth
By: Mary Kay Miller
Does the Internet factor into the buying and selling of a practice? In today’s tech-savvy digital society, 85% of consumers go online to research before making a buying decision. With a statistic like this, a page one web presence in local search can make or break the transition from one business owner to the next as it relates to new business in both the short and long term when marketing a practice.

An Enforceable Non-Compete Covenant: We’ll Know It When We See It
By: Daniel Sroka
Non-compete laws vary; however, if there is a predominant legal standard used by courts to evaluate whether or not a non-competition covenant is enforceable, it is something akin to the infamous Supreme Court proviso: “We know it when we see it.” Almost every published decision addressing non-competes includes a statement along the lines of “courts generally disfavor non-competition covenants.” Therefore, you should look askance, at anyone who states that any particular non-competition covenant is ironclad.

Increasing Word-of-Mouth Endorsements By Embracing New Technology
An Interview with Dr. Robert A. Miller
No television or radio spot, magazine spread or direct mail piece consistently has the credibility and power of persuasion of a direct personalized endorsement. Word-of-mouth encompasses much more than it did just a few years ago. Social media along with consumer opinion-driven online sites such as Yelp and Angie’s List, have revolutionized the way consumers share experiences of goods and services, including orthodontic practices.

Gaidge: Why to Consider this Tool to  Help Manage One’s Practice
An Interview with Katie Odegard, Account Executive at Gaidge
It’s been two years since we last spoke with Gaidge (formerly OrthoMetrics) and it’s time for a much awaited update regarding this innovative analytics tool. It is increasingly important for doctor/owners to improve their level of sophistication with regard to analyzing practice performance, and Gaidge provides data and knowledge of critical operational and financial metrics to allow for quick and better decisions.

Click here to read a sample version of the 2nd quarter 2013 reSource. Not a subscriber? Be sure to subscribe today by visiting our website.