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Shannon Patterson Featured in Orthodontic Products Magazine

Addressing Dental Gap Pay Written By Shannon PattersonIn the new issue of Orthodontic Products Magazine, Shannon Patterson, Partner at Bentson Copple & Associates, addresses the dental gender pay gap and provides six tips for advocating better pay.

During the past few decades, there has been a significant increase in the number of women entering the dental industry. While pediatric dentists continue to lead the charge with a whopping 52% of providers being female, the orthodontic industry is also making headway with females representing 31% of the workforce.

According to the 2019-2020 Survey of Advanced Dental Education, females represent 69% of all pediatric dental residents and 52% of all orthodontic residents. And for the first time in history, more females (195) than males (193) graduated from orthodontic residency in the United States in 2019-2020.

It’s projected the percentage of female providers in these specialties will increase in years to come. What effect has this growth had on gender gap earnings? The answer may surprise you.

Read the entire article in the August/September 2020 issue of Orthodontic Products Magazine.

What Are the Steps to Land the Perfect Orthodontic Career Opportunity?

Step to Find the Perfect Orthodontic Career Opportunity or Orthodontic JobBy: Shannon Patterson, CPR, CMSR
Kolbe Certified™ Consultant
Director of Practice Opportunities

I am very fortunate to have the opportunity to speak with hundreds of orthodontic residents every year who are looking for the right opportunity after their graduation. One of my first questions is, “Why did you want to become an Orthodontist?” I hear various answers every day as a recruiter but many times I hear this one, “Because I had an amazing experience with my Orthodontist.” So, you’re telling me that your experience with your childhood orthodontist was so awesome that it inspired you to travel this long, difficult academic path? Wow, it gets me right in the heart every time. And it’s that connection that as future practitioners you all want and desire to have with future patients whether it is in a private practice, group practice, or corporate model.

My next question is usually, “Where do you want to land and where do you see yourself in five years?” I don’t usually hear as much excitement, and often I hear confusion and concern. The answer to this question often sounds something like this: “I don’t really know I just know I want a good job to start paying off my debt.” I don’t blame you for not knowing the answer. After all, how can you know if you’ll be happy in your future job five years from now?

Well, lucky for you, I absolutely love what I do, and when you love what you do you have a passion for helping others. Most of you have identified your passion, now you are looking for a place to combine your passion and a career. Every day, I counsel candidates on what factors they should consider when seeking an opportunity. Through trial and error and knowledge gained from many candidates through the years, I have found these steps to be helpful as you narrow down your job search.

1) Know Who You Are!
We all want to get paid for doing what we love, but be sure to understand who you are and the must-haves before deciding on a job opportunity. What are your beliefs and values? Does this opportunity and community align with them and will you be able to fit into the practice and community cultures? Identify your practice values, your personal values, your interests, your “must-haves” in a community, your passions, and last- your financial needs. Yes, I said consider money last because, believe it or not, most people do not leave their current job due to money but often due to “it’s just not a good fit for me.”

2) Identify the Right Practice.
As residents, you might often hear “beggars can’t be choosers,” and with the debt load most residents carry, who can blame them? However, be sure to do your homework on a potential employer, as this person will be tied to your career forever. Be sure to spend a day with a potential practice or employer and witness the practice culture, sit in on new patient exams, watch how the reception area greets patients and watch the clinical team working with patients. I can assure you that all of these, and I mean every single one, will have a huge impact on your success. If a potential employer has an issue with you spending a day in the office, this could be considered a red flag, especially if you are being paid on a production incentive.

3) Find a Good Mentor.
First, do not ask a stranger or someone who does not know you well! A great mentor should be someone who inspires you and who already knows you. This person has seen your potential and hard work, they know how you think, how you communicate, how you tackle tasks and how you contribute to those around you. It should be someone who trusts you and believes in you, but, most importantly, it should be someone who is not afraid to give you input and feedback! Identify and join social media groups and blogs with other young orthodontists to hear their perspectives and voices as a resource in your career; Ortho 101 is a great one.

4) Practice Perseverance.
What is the definition of perseverance? Perseverance is commitment, hard work, patience, and endurance. There is an old saying, “do what you love and you’ll never work another a day in your life.” Is that really true? Probably not, but if you do what you love, it will never feel like a job. Success takes hard work, commitment, and persistence. All of you are talented and skilled clinicians, and with connections and a little luck you might find a good opportunity, but persistence will ultimately be what makes you successful in your career and is what will set you apart from others. Identify your vision and know that it will take stamina and endurance to get there!

A job search requires commitment and dedication. Making a career plan requires you to outline clear expectations and objectives. It means going back to the basics, discovering your likes/dislikes, values and beliefs and taking them all into account for a job opportunity. Even if you don’t land your dream job and you have a short-term opportunity, stay committed to your long-term career goals.

It will take time and effort but in the end, it will be worth it. And for those of you who are looking for that new key phrase “work-life balance,” I believe it is important to understand that your job will ultimately take up most of your time; it financially supports your dreams and it is a core part of your identity. If you simply live your life, love what you do and do your very best at it, ultimately you will achieve great success!

What Metrics Should You Focus on During Your Initial Review of a Practice Opportunity?

What metrics should you focus on during your initial review of a practice opportunity?By: Anthony Copple, JD
Transition Specialist

Reviewing an opportunity to purchase a practice outright or to buy into a practice as a partner can be an overwhelming task. You may have been presented with a mountain of data about the subject practice: tax returns, profit and loss statements, and operational reports. What does it all mean? What should you focus on? What data is important in determining a fair value for the practice?

Well…the long answer is that all of the data and information surrounding a practice is important in determining its value. After all, an orthodontic practice is a unique asset and no two are exactly alike. However, there are a few things you can focus on that will provide a reasonable snapshot of any practice. Three of the most consequential are explained further below:

Practice Overhead Rate
The overhead rate of a practice is one of the most important factors in determining a practice’s value and the benefits that practice will provide to a buyer. After all, the overhead rate ultimately determines the amount of cash the owner can reap from the business. Generally, the lower the overhead rate, the more valuable the practice. So, a practice at 55% overhead will be more valuable than a practice at 65% overhead, all else being equal. The average practice overhead rate for an orthodontic practice is 58% of collections. If operating expenses are below this level, it can drive the price of a practice up while expenses above this threshold will generally have the opposite effect.

Practice Production
Production acts as a bellwether for practice collections; it tells us where we’re headed. If the practice produces $1,500,000 this year, we can expect that the practice will collect something close to $1,500,000 next year. Knowing this, we can use practice production, practice collections and their relationship to one another to identify trends within the practice. If practice collections have grown over the past two years and production in each particular year exceeds our collections in the same year, we can be fairly confident that the practice will see continued collections growth in the following year. This can be vital to practice value because a growing practice has more potential, and less risk, than a declining practice.

Practice Contracts Receivable
The contracts receivable balance is the total amount remaining to be billed to the active patients of a practice. This can be distinguished from accounts receivable because accounts receivable have already been billed to the patient and are currently due. The contracts receivable balance gives us an indication of the stability of the expected future cash flow of the practice and an idea of the number of active patients that are paid-in-full.  We know that we can expect cash flow from the contracts receivable balance as we treat current patients of the practice regardless of the number of new starts we have. On average, a practice’s contracts receivable balance is approximately 50% of prior year production. Below that level, and the practice likely has more paid-in-full patients than the average orthodontic practice. This would add risk for a buyer expected to continue to treat those paid-in-full patients after the closing without collecting patient fees. This additional risk tends to drive the practice price down. Of course, if the contracts receivable balance is above this threshold, it can add value to the practice.

As I said above, there are dozens of factors that go into determining the value of a practice. No one point of data will tell you everything you need to know about a practice. However, analysis of the three metrics above should give you a pretty solid idea of the type of practice you are looking at and whether it is worth pursuing further.

As an Orthodontic Resident, When Should I Begin Searching for a Practice Opportunity?

As an orthodontic resident, when should I begin searching for a practice opportunity?By: Mandy King
Client Support Associate

As a liaison for residents seeking orthodontic opportunities, my job is to provide you with support during the recruitment process with our placement services. In doing so, I am able to share insight about crafting an “About Me” letter, preparing a curriculum vitae, and answer any questions you might have, including ‘when should I start looking for an opportunity?’

You should begin to determine in which state and city or town you wish to practice after the first six months of your residency. If you wait until your last year to start the process of identifying the area in which you wish to live, you are taking a gamble on finding an opportunity. Some of you are pretty open to different areas, which is great because this will give you more opportunities. A good rule of thumb is, beginning when you are one year out from graduation, you should dedicate two hours per week to your job search depending on your geographical preferences.

If you are considering buying-in or purchasing a practice, you need to start preparing early. Be on the lookout a year or two in advance for practices for sale in the areas where you hope to purchase. Speak with a lender to determine financial goals you may need to meet in order to be extended a loan.

Do not hesitate to inquire about opportunities that interest you or to ask questions you may have about current market trends. You never know when the “right” one will present itself.

Each month our team sends out the Bentson Copple InSight e-newsletter which includes a list of available practice opportunities. If you are not receiving the InSight and would like to stay up-to-date with current orthodontic career opportunities, please click here and sign up.

3 Reasons to Visit Our Team at the AAO

Visit Bentson Copple at the AAO Annual Session
The AAO Annual Session is one of the most highly anticipated events for the orthodontic community each year. There are so many activities, as well as networking and learning opportunities under one roof for doctors, staff and exhibitors. Just like you, we enjoy learning about new trends, advancements and the overall health of the orthodontic industry at the Annual Session. As a company, we use events such as these to increase our knowledge and, in turn, pass along this wisdom to the ortho community in articles, lectures or during our client transactions. There are three reasons you should take note of the events Bentson Copple & Associates are participating in at the AAO Annual Session (April 21 – 25) in San Diego.

    1. Opportunity for Information Sharing

The Annual Session offers many educational lectures and we are honored to share our knowledge in a variety of learning environments. Listed below are a few lectures that you may want to attend:

Practice Transition Seminar
Friday, April 21 – 8:00am – 5:30pm
The all-day Practice Transition Seminar is a tool to aid orthodontists during the challenging time of a career transition. The seminar brings together a four-person panel of transition experts to share insights for orthodontists preparing for a future transition.

Invisalign In-Booth Lecture 
Saturday, April 22 – 12:00pm – 12:50pm
Chris Bentson will be presenting an Invisalign in-booth lecture (Booth #505). The title of the lecture is “No Voodoo – How Invisalign Adds Profit to Your Practice” and its content will offer market data showing that practices are growing their business with Invisalign treatment. Seeking growth and higher profits? This presentation will offer real data and insights about how Invisalign treatment can fit into one’s practice model.

State of the Orthodontic Industry
Sunday, April 23 – 10:30am – 11:30am (Repeat Monday, April 24 – 10:30am – 11:30am)
Results for the solo and small group practice were very strong in 2016, and doctor-owners are looking to build on that in 2017. With many forces pushing and pulling to change the shape of dentistry, Chris Bentson will offer doctor-owners the knowledge to make necessary strategic decisions with present facts regarding the current market.

New Orthodontist/Resident Conference
Sunday, April 23 – 2:30pm – 4:00pm
This program, sponsored by the AAO, with keynote speaker Chris Bentson, will address the steps to follow to pursue specific orthodontic career paths or practice modalities. Following his 40-minute presentation, attendees will break into small groups for discussions. Shannon Patterson, our Director of Practice Opportunities & Orthodontic Placements, and Doug Copple will be two of many leading the discussions.

      1. Networking

Many doctors attend the meeting just for the available networking opportunities. One of the most anticipated networking opportunities is one especially for doctors seeking career opportunities. Our team will be a part of the third annual Orthodontic Career Fair.

Orthodontic Career Fair
Sunday, April 23 – 4:00pm – 5:30pm
The Orthodontic Career Fair offers the opportunity to engage face-to-face with employer representatives and discuss possible opportunities. The event will feature many companies and practices with available opportunities, such as associate positions, equity-minded associate opportunities and practices for sale.

      1. Meet Our Team Face-to-Face

Face-to-face meetings are not just preferable, but necessary for building deeper, stronger bonds with clients and maintaining productive relationships. The Annual Session provides just that. We invite all doctors to stop by the Bentson Copple & Associates Booth (#3537) any time during the Annual Session and speak with us in person. Our team will be happy to discuss plans for a potential practice valuation/appraisal, a practice transition, recruiting or any other change of orthodontic ownership. Residents and job seekers can also learn more about our placement services and career opportunities. Be sure to pick up a complimentary copy of the Bentson Copple reSource newsletter, published for all orthodontists, regardless of practice size or career stage.

See You in San Francisco

AAO-2015Be sure to join Bentson Clark & Copple at the upcoming AAO 2015 Annual Session, May 15 – 19, in San Francisco. We will be located in booth #334, so plan to stop by. We would love to provide you with a complimentary copy of the Bentson Clark reSource, published for all orthodontists, regardless of practice size or career stage. Be sure to learn about our upcoming full-day partnership seminar while attending the show.

Our team will be happy to discuss plans for a potential practice valuation/appraisal, a practice transition or any change of orthodontic ownership venture. We will also be on hand to speak about our recruiting services, if you are seeking to sell an orthodontic practice or take on an associate. Be sure to pick up some of our materials and chat with us regarding your future plans.

Bentson Clark & Copple will also be participating in the 2nd annual 2015 AAO Orthodontic Career Fair. We will be onsite to discuss with each attendee about our company’s orthodontic recruiting and placement services. We will additionally have a list of the most current orthodontic practices available for purchase, full-time associateships, part-time associateships and partnership transactions available. This career fair is being held on Sunday, May17, 2015 from 4 PM – 5:00 PM at the Moscone Center, in the MC-125. (The Career Fair is currently sold out; however, for additional information click here and scroll down to the bottom of the page.)

Join us at the 2014 AAO Orthodontic Career Fair

2014 AAO Orthodontic Career FairBe sure to join Bentson Clark & Copple at the 1st 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.

Publication Focuses on Adding an Orthodontic Associate

There are many magazines, journals and newspapers that our team reads on a regular basis to keep up with current news and events in the orthodontic community. When a publication arrives, it gets passed around the office with a sticky note, indicating who has read it and who has not. (It’s ultimately a pretty good system unless the sticky note falls off.)

Chris Bentson has been recently published in a couple of orthodontic publications. His most current article is co-authored with Daniel Sroka, JD, who has served the legal needs of Bentson Clark & Copple’s referred clients since 2004. The April/May 2013 issue of Orthodontic Products Magazine features Plus One: What You Need to Know when Adding an Associate to your Practice.  Below is a short excerpt from the article.

“Adding a doctor to the practice is a big decision and affects a great number of systems in the office. Change will occur. Thus, having clarity about why you want an associate is often the first question to ask. While there may be many motivations for bringing an associate into a practice, typically, an owner doctor chooses to bring an associate for one of three reasons.

The first is to help with the workload of treating patients due to practice growth. The second is to allow for more time out of the clinic or away from the practice, or, said another way, to increase the quality of life for the owner doctor within the practice but not necessarily to grow the practice. The third reason is often as a first step in a future transition plan where partial or full equity will eventually be offered to the associate doctor, but that plan is not yet defined.”

Click here read the entire Orthodontic Products article.

Partnering with the AAO

We are always honored when approached by the AAO to participate in an opportunity to educate the orthodontic community. Over the winter months, Chris Bentson along with a handful of other industry experts recorded the AAO’s The Business of Orthodontics Webinar Series. It is a 9-part educational webinar series that consists of lectures addressing the core competencies for starting and managing an orthodontic practice. Chris presented three lectures in The Business of Orthodontics Webinar Series:

• The Pathway to Ownership, Partnership, Associateship
• Growing A Practice
• Overhead Management – Industry Norms and Understanding Market Segments

These learning lectures are now online and available via the AAO member website at no cost to members. To view one or all of the lectures in this series, log onto AAAinfo.org, go to the “Education” section and click “On Demand Learning,” then on the upper right tab, “View all On-Demand Lectures.” One hour of continuing education credit is available for each Business of Orthodontics lecture. For a full list of webinars included in The Business of Orthodontics Webinar Series, check out the Feature Resources section (page 22) of the AAO’s The Bulletin April 2013 edition.

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 4th 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.

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