Orthodontic Residents – Page 4 – Bentson Copple Blog

Save The Date: The First-Ever AAO Resident Twitter Chat

Plan to join us for the AAO‘s first-ever Resident Twitter Chat on Wednesday, August 13, 2014 (7:30 – 8:15pm CST). Chris Bentson will present the “Top 10 Questions to Ask to Be Successful After Residency.” He will address some frequently asked questions including, but not limited to the following:

Where should I practice?
Should I buy a practice or start one from scratch?
Will my student debt affect my ability to purchase a practice?

All AAO Student Members in attendance are welcome and encouraged to join in this open forum discussion! During this time, attendees will have the ability to chat with Mr. Bentson (and the AAO) directly from his/her Twitter account. No question about the business of orthodontics is off-limits during this 45-min chat. This event is FREE to attend and can be accessed anywhere with an Internet connection.

HOW TO JOIN/PARTICIPATE:

Log into your Twitter account during the designated date and time from your desktop, smartphone or tablet.
Search for #AAOchat to follow along.
Participate in the discussion using #AAOchat in your tweets.

Join us at the 2014 AAO Orthodontic Career Fair

Be sure to join Bentson Clark & Copple at the 1^st annual AAO Orthodontic Career Fair. We will be on-site to speak with each attendee about our company’s orthodontic recruiting and placement services. We will have a list of the most current orthodontic practices available for purchase, full-time associateships, part-time associateships and partnership transactions available.

This inaugural career fair is being held on Sunday, April 27, 2014 from 3 PM – 5 PM at the Ernest N. Morial Convention Center, in the Great Hall B, located on Level 1. The Career Fair will bring together those with position openings, or practices for sale, and those individuals who are seeking practice opportunities. This event is being held in conjunction with 2014 AAO Annual Session as part of the AAO’s “Career Day” events. This is one of three signature events designed to help newer and younger orthodontic members be more successful in their career transition.

There are countless advantages of starting your career search with Bentson Clark & Copple. We are committed to working with residents each step along their journey. As experts in the field of orthodontics, we have earned an excellent reputation as an organization that orthodontic professionals can truly rely on. Our experience and highly trained staff ensures unsurpassed service and dedication to each and every doctor.

Resident Webinar Announced: Transition from Residency into Practice

Take control of the future of your orthodontic career! Doug Copple will discuss how to successfully transition from residency into an established orthodontic practice, in his upcoming free resident webinar, Practice Valuation & Transition – Part 2. This webinar is scheduled for Monday, March 31 at 8:30PM EST.

Information will be presented on current purchase prices, and comparative practice data will be provided to illustrate benchmarks and trends. There will be an extensive conversation regarding cash flow pro-formas, one of the most important documents in a transition. A number of other general topics will be discussed including types of practice transitions, where to obtain financing and understanding the basics of a practice valuation. The webinar will conclude with a brief question and answer session.

This webinar is one of the many scheduled presentations that are part of the Ortho2’s Cutting Edge Webinar Series. This series will provide knowledge in helping to run a future orthodontic practice. This webinar series is being hosted exclusively for residents, recent grads and Ortho2 users, at no charge. If you have a desire to learn more from an elite group of experienced orthodontic professionals, you’ll want to take advantage of this free series that has everything you need to know to operate a successful orthodontic practice. Webinars occur weekly at 8:30 PM Eastern/5:30 PM Pacific and last approximately one hour.

Click here to register for Doug’s webinar or to find out more.

2013 GORP Promotion Winner Announced

GORP 2013 Winner Bentson Clark & Copple is pleased to announce that Dr. Doug Shaw of Nova Southeastern University is the winner of our on-site “Who’s the Boss” GORP promotional contest.

All GORP attendees were invited to participate in our Instagram contest for a chance to win a Mystery Prize, valued at over $2,800. The prize included:

A lifetime subscription to the Bentson Clark reSource quarterly newsletter. The Bentson Clark reSource is an all-in-one informational source that provides and analyzes real data from real practices to present the most accurate information available within the orthodontic industry. Each issue of the Bentson Clark reSource includes articles written by the most distinguished consultants, industry insiders and businesses leaders within the world of orthodontics.

A $1,000 worth of consulting from Bentson Clark & Copple. Bentson Clark & Copple can review an existing practice valuation to ensure the value determined is reasonable and appropriately represents the fair market value of a particular practice. Consulting services also include practice transition mediation between Sellers and their advisors and Buyers and their advisors.

A Lunch and Learn webinar for the winner’s orthodontic program. This includes a one-hour webinar and lunch and cupcake delivery for the residents in attendance.

Company-branded paper neckties were given away at the Bentson Clark & Copple table during the UNC-hosted event. Residents were asked to snap a photo of themselves wearing a branded “I’m the Boss” tie, then upload the photo to Instagram with the hashtags #BCCOrtho and #GORP2013.

A huge thank you goes out to all of the residents who entered the contest. We received many great pictures via Instagram and we regret only being able to select one winner. To view a sample of the entries, please visit our Facebook page.

Bentson Clark & Copple Traveling to GORP 2013

Bentson Clark & Copple will be arriving on the campus of University of North Carolina at Chapel Hill just in time for GORP 2013.

Our table will be located in the exhibit hall during GORP. Please plan to stop by and say hello. We would love to speak with you regarding purchasing an orthodontic practice or locating an associateship position. Shannon Patterson, our Director of Practice Opportunities & Executive Recruiting, will be on hand to register you in our database of practice opportunities. We will be able to supply you with potential opportunity matches as they come to light, based on your specific geographic preferences and future ownership desires.

This year we invite you to participate in our Instagram contest for a chance to win a Mystery Prize, valued at over $2,800. We would like to also encourage every resident to contribute to Bentson Clark & Copple’s 2013 Annual Resident Survey. We will have paper copies of the survey available or you can scan the QR code displayed at our table to participate online.

GORP was started in 1989 as a means of bringing the orthodontists of the future together for a summer meeting, creating an environment to foster professional growth and interpersonal relationships among colleagues and representatives of the orthodontic industry. Over the past 24 years, the meeting has grown to an event that involves around 500 orthodontic residents from the United States and Canada.This program/meeting is unique in that it is the first annual conference to bring together residents in a dental or medical specialty program. The meeting is sponsored by donations from orthodontic exhibitors, the American Board of Orthodontics and its constituent associations and American Association of Orthodontists Foundation.

AAO Sponsored Webinars Featured in Publication

The Bentson Clark & Copple office subscribes to quite a few orthodontic publications. We enjoy reading through the new magazines, journals and newspapers allowing our team to learn about the current news and events in the orthodontic community. Each publication analyzes a specific aspect of the industry, clinical or non-clinical, providing a well-rounded illustration the industry from a variety of views.

We recently received a copy of the December 2012 edition of the AAO’s The Bulletin and were pleasantly surprised to see Chris Bentson’s photo on page 13. There is a brief article about the AAO’s The Business of Orthodontics Webinar Series and the image attached to the article is a headshot of Chris along with a screenshot of a slide from his recent webinar, Path to Ownership, Partnership or Associateship.

The AAO’s The Business of Orthodontics Webinar Series is a 10-part educational webinar series is directed toward today’s orthodontic resident community. The series is presented by industry experts and addresses core competencies for starting and managing an orthodontic practice including: finances, practice start-up, legal issues and risk management.

Chris Bentson will be presenting his third and final webinar on February 27, 2013 at 8:15 PM EST/5:15 PM PST, and will last 75 minutes. There will be allocated time at the end for a question and answer session. The title of his lecture is Overhead Management – Industry Norms and Understanding Market Segments.

This webinar series is free for all new and younger AAO members. It is funded by the AAO with the generous support of the AAO Insurance Company (AAOIC). For more information please contact the AAO.

Bentson Clark & Copple’s Resident Survey

We spend a lot of time and effort working with today’s orthodontic residents. We visit their residency programs, attend events solely catered towards the resident community and participate in resident-only webinars and presentation opportunities. We spend numerous hours speaking with them as they search for an orthodontic practice to purchase and/or employment opportunities. We are focused on actively working with and providing as much information as possible to them to help them make educated decisions about their future. This group of young professionals will ultimately shape the future of the orthodontic industry.

As part of our commitment to providing relevant, accurate and useful data to the orthodontic community, each year Bentson Clark & Copple conducts a nationwide survey of all current orthodontic residents for the purpose of collecting, compiling and analyzing information regarding today’s orthodontic resident population.

As in our previous surveys, we ask a variety of questions regarding residents’ anticipated plans after completing their residency program. The survey also inquires about income expectations, geographic locations, total educational debt, and preference of whether they would seek an employment relationship or equity opportunity upon graduation.

We have published a brief sampling of the 2012 Annual Orthodontic Resident Survey’s results in the 4^th Quarter edition of the Bentson Clark reSource. We have, in addition, compiled the full results of this year’s survey in booklet form featuring our commentary and a comparison of this year’s data to that of the previous two years. This publication will be available for purchased within the next few weeks. Please check our website and blog for additional information and purchase information.

Residents’ Skewed View of the Orthodontic Industry

Chris Bentson had the opportunity to spend some extended time with the first and second year residents attending two Mid-western programs a while back. Prior to the visit, he requested each resident complete a basic questionnaire regarding general information for U.S. orthodontic practices. Here is a list of the resident questions:

1. Approximately how many private orthodontic practices exist in the U.S.?
2. What is the average annual collections of a single doctor practice in the U.S.?
3. What is the average overhead of a private practice in the U.S.?
4. What percentage of practices in the U.S. are using Invisalign?
5. Name a ratio of revenue of collections per full time employee in the orthodontic industry.
6. Name some common rules of thumb used to express a practice value.
7. How much money will a lender loan to purchase or start-up a practice?
8. What are the expectations of income for a first year, full-time associate?
9. Would you consider using a practice management consultant in the first two years of practice ownership or start-up? Why or why not?
10. Name some considerations that need to be examined when considering a long term partnership.

It was fun to compare the residents’ responses before and after the presentation. Chris compiled answers to all the questions given prior to the lecture. Using the extreme answers, below is a radical, fictional description of the U.S Orthodontic market from the mouths of residents:

There are 1,000 practices in the U.S., having average annual collections of $300,000 and an overhead of 75%. One-hundred percent of the practices in the U.S. currently use Invisalign. The average revenue per employee is approximately $50,000, and I’m planning to employ six employees in my practice that grosses $300,000 per year. I will pay about 30% of annual collections to purchase an orthodontic practice. A lender will loan up to $2,000,000, and I expect to take home $250,000 within my first year of practice. I would consider hiring a consultant because they only cost about $100 per day and probably have some good ideas. If I go into a partnership arrangement, my biggest concern is tracking vacation time.

Obviously everyone in the orthodontic industry has a lot of work to do when it comes to residents’ knowledge of the industry.

Bentson Clark & Copple’s Annual Resident Survey Now Underway

Each year, Bentson Clark & Copple conducts a nationwide survey of all current orthodontic residents. The survey allows us to gauge orthodontic residents’ future plans and predict how their plans will affect the overall orthodontic industry for years to come. Within today’s orthodontic marketplace, we feel it is important to understand what the future may hold. Doctors nearing retirement age commonly ask us about residents and their anticipated future plans.

The eighteen question survey inquires about the current status of orthodontic residents, their future plans, and their overall orthodontic practice search. The following are a sampling of the survey’s questions:

What are your plans after completing your orthodontic program?
What is your expectation of first year annual compensation?
Approximately how much student debt will be accrued at the end of your residency?
How would you rate your orthodontic program in preparing you for the business aspects of owning a practice?

The official survey results are also scheduled to be published in the 4^th quarter edition of the Bentson Clark reSource newsletter, our company’s fee-based quarterly newsletter. Each issue of the Bentson Clark reSource focuses on providing and analyzing real data from real practices to present the most accurate information available within the industry. The resident survey is part of our commitment to gathering and providing the most current and relevant resident data and presenting it to the orthodontic community.

The data collected from this survey help to create a well-rounded picture of the industry to share with all orthodontists. The data will be included in Bentson Clark & Copple’s upcoming doctor and orthodontic resident program presentations and events.

To learn more, visit our the Bentson Clark & Copple website.

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Category: Orthodontic Residents