Monday Dental Practice Optimization

Welcome to
Dental Practice Optimization!

Trivia Question❓

What is a key factor in retaining patients at a dental practice?

Answer at the bottom of the newsletter

I host a podcast titled "Success Strategies for Dental Practice Owners.” My goal is to expose the listeners to a variety of experts who share information relevant to the average practice owner’s quest for success. Some guests make a profound impression, very often in areas not well-known or understood by most practice owners. One such person is Colin Carr, the founder and Chief Executive of Carr Realty, a national firm that focuses exclusively on the healthcare sector and only does tenant or buyer representation (no landlord or seller representation). The firm has handled literally thousands of transactions across the country on behalf of dental clients.

Now, you might be wondering, how much is this going to cost me? Surprisingly, nothing. In commercial real estate, any fees due to the tenant or buyer’s agent are the obligation of the landlord or seller. So, if the service is free, why would you not take advantage?

The episode featuring Colin Carr will be available soon. I highly recommend giving it a listen. Also, be sure to visit their website, https://carr.us. It's a treasure trove of valuable information, whether you decide to engage their services or not.

I have worked with the profession for more than forty years. In my experience, most dentists negotiate their leases themselves, often with the help of their attorneys. Lawyers are usually focused on the legal issues in the lease language and may or may not be familiar with how best to achieve optimal financial terms.

I learned long ago that most people's knowledge, or lack thereof, falls into three distinct buckets: those things that we know we know, those things that we know we don’t know, and lastly, those things that we don’t know we don’t know. This latter category is the one that gets us into trouble and frequently costs us money, the proverbial blind spot.

Colin’s firm and his team of nationwide affiliated agents look to address that on behalf of their healthcare clients.

Let’s examine the most compelling reasons to engage their services:

1. First, there is no cost to you. Anything they do for you is free. You are also under no obligation to say yes to anything they negotiate on your behalf. Engaging them is completely risk-free – all potential upside with no downside.

2. The landlord or the landlord’s representative are sophisticated in these matters and have an agenda to give you as little as possible and to make your lease as expensive as they can. It’s prudent to have competent representation on your team.

3. They come to the table with deep knowledge and experience in your local market and geography.

4. They may have experience with your particular landlord and perhaps even the property in question. This can give them foreknowledge of what the landlord will and won’t do at the outset of negotiations.

5. They can help you evaluate alternatives to ensure you are choosing the best available option.

6. I refer you back to number 1!

Carr is definitely not the only option available to you, but given their exclusive focus on healthcare and the tenant or buyer side of the equation, they are far and away the best choice.

I wish you good luck and only success in managing your real estate needs.

Do you own a business that has a 401(k) retirement plan for your employees?

Get lunch delivered to your door while you learn about...

Are you aware of the ongoing Fiduciary Responsibilities that you have as a plan sponsor employer?

“Funds, Fees, & Forfeitures…Fiduciary Litigation Continues”

Plan Sponsor Magazine August 2024

According to a recent article from Brach and Eichler LLC, from 2019 through mid-2022, more than 200 class action lawsuits were filed against 401(k) plans, fiduciaries and plan sponsors. Companies spent more than $150 million to settle those lawsuits

Historically, most 401(k) lawsuits have targeted high recordkeeping/administrative fees and poor investment performance.

Over the past several years, they now seem to be targeting a wider range of areas.

Managed accounts, Target-date funds, proprietary fund

usage and forfeiture usage have all been named in recent lawsuits

We expect lawsuits to continue at a high pace over the next several years.

This reinforces the need of a sound prudent process as plan fiduciaries and the assistance of an Independent Fiduciary Team to mitigate fiduciary risks involved with sponsoring an ERISA retirement plan.

Employers & Providers of all sizes have been subject to litigation over the last several years.

See the most common mistakes Employer Fiduciaries owners make in this area, and how you can overcome them and reduce exposure.

You can significantly reduce your liability, lessen the administrative burden and possibly save money at the same time!

Fill out the form to register now and learn how to protect yourself (and your company.

There will be no sales pressure in our training, we promise

DOL suggested Ongoing Benchmarking of Provider Fees & Services.

Evaluating a Pooled employer plan vs. Single Employer Plan.

Understanding the Fiduciary Roles and Responsibilities Current Single Plans vs Prospective PEP.

For Employers:

How to how to reduce fiduciary risk and administrative responsibilities and create a modern more personalized 401K plan for your participants.

For Advisors:

Enhance the value of your practice expand your range of services offer consultative value with a door breaking conversation.

Register now and we will deliver lunch to your door.

Make sure you enter the correct email and cell phone number so we can get you lunch.

Date: Thursday, August 29th

Time: 11AM-12PM Eastern Time

Place: Zoom

Register HERE