SAN DIEGO, CA / ACCESSWIRE / October 21, 2022 / Aside from the 2020 pandemic, there aren’t too many challenges for dentists as this is one of the least risky businesses to start. With over 189,000 dental practices across the United States. Dental Economics reports that less than 1% of them fail, but the success of these dental companies varies widely.
According to a study conducted by HR For Health, the top three problems in dentistry are:
- Search for new patients
- Increase in top-line earnings
- Always one step ahead of the competition
Although most businesses are not in danger of failing, many struggle to achieve high profitability margins and simply get beyond paying their employees. The sad truth is that these problems are very preventable and boil down to a simple issue of not having the right people in place to help with operations and decision making.
Most dentist owners are visionaries, they spend years learning and certifying, and are masters of their trade, but unfortunately many are either too busy to focus on day-to-day operations or just not qualified enough to both to act as CEO as well as COO (Managing Director). So why not rent one?
Well, simply put, a good COO would command a whopping salary that many dentists, especially newer ones, cannot yet afford. However, without one, problems become widespread. Bad financial decisions are made, new business is not properly generated, and the company is missing out on a lot of revenue that could be used to grow and expand its business.
So what’s the solution? Well, for a long time there was none, you just had to save until you could hire a professional, or try to do the work yourself, which is simply not feasible.
But where many see a problem Kevin Wheeler Saw an opportunity to offer a solution and in 2017 founded Simplified COO, a company that, for a fraction of the cost, works with DSOs to provide the…