Lake Pointe Dental Group & Dr. Shannon Maddox The Not-So-Glamorous Side of Practice Transition
You have purchased a practice. You are ready to begin your career in dentistry and your lofty hopes are mixed with the lurking concerns of debt, doubt and overall risk. But, this is the dream! And you are ready for liftoff. What happens when the transition doesn’t go exactly how you intended? What if the obstacles in your way mount up faster than you can overcome them – before you even have a chance to try to be successful? This is when practice transition gets tough – but the good news is, with a lot of tenacity and even more hard work on systems in your practice and patient communication, you can overcome successfully! So begins the story of Dr. Shannon Maddox in Oklahoma City. The practice was purchased knowing it wasn’t 100% perfect, but had incredible potential. Once in, it became less than ideal. The selling doctor had not told his team the practice was for sale until he had already sold, the active patient base was falsely presented – even after thorough vetting! The patient base was apathetic, they carried an insane amount of insurance plans, the office was cluttered and dirty, software needed upgrading, technology was outdated, and the list goes on and on. Here is where Jameson comes in. After 2 years of working hand in hand with the Jameson team, weaning off of 1/3 of their insurance plans, grassroots marketing, major practice updating, remodeling and clean up, team training and finding the right people to be “on the bus” – they are seeing a 15% increase in production this year alone and climbing – an over $62,000 increase in collections the first 3 quarters of 2014. This happening through the pregnancy and maternity leave of Dr. Maddox for her first child born in June 2014. Consistency, persistency, a great team, communication and systems have turned this struggling practice around and they are looking ahead to a productive and exciting 2015 that includes incorporation of assisted hygiene, creative marketing, team enhancement and powerful CE training, and yes, releasing providership to even more insurance plans.