Greg Winteregg DDS Questions to Answer Before Adding an Associate
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Greg Winteregg, DDS: Key Considerations Before Hiring a Dental Associate
Adding a dental associate to your practice is a significant decision that requires careful consideration and planning. With over 13 years in private practice and extensive experience as a trainer and consultant at MGE, I've learned that there is a clear right and wrong way to approach this. This guide addresses crucial questions you should answer when contemplating bringing an associate into your practice.
Deciding Between an Associate and a Partner
The first step is clarifying whether you want an associate or a future partner. Avoid informal agreements like, "Join us, and we'll see where it goes." Without clear terms, expectations often clash. Starting with a mutual understanding is vital. If partnership is a possibility, outline benchmarks and stick to them. Consulting with your accountant or advisors can help determine the best fit for your practice.
Defining Job Responsibilities
Next, clarify what role the associate will play. Will they handle specific procedures, or will they develop treatment plans and present cases? Be clear about these expectations before you start interviewing candidates. Like selling a house, you wouldn't make drastic alterations for a buyer. Ensure the associate aligns with your practice needs.
Structuring Compensation
Compensation should reflect the associate's responsibilities. If they secure their own patients and handle treatment planning, offer a higher percentage. Conversely, if you supply leads and manage plans, a lower rate is appropriate. Calculate the impact of this arrangement on your practice's profitability. A general benchmark is to keep compensation under 35% of collections for general practitioners.
Consider a combined per diem and percentage model. For example, if you guarantee $450 per day for 16 days, your monthly base is $7,200. Estimating a sustainable percentage of 30%, determine that $7,200 is 30% of $24,000. Thus, offer 30% of collections over $24,000 monthly.
Finding the Right Associate
Once you know what you're looking for, it's time to search for candidates. Utilize various channels, such as:
1. Advertising in local and state dental journals.
2. Leveraging your network of colleagues and sales reps.
3. Using online job boards.
4. Considering an associate headhunting service.
5. Reaching out to residency programs.
Consistency and persistence in your search efforts will eventually lead you to the right candidate.
Aligning Treatment Philosophies
Ensuring that your treatment philosophy aligns with your potential associate's is crucial. During interviews, compare treatment plans for specific cases. Discuss various clinical scenarios to see if their approach matches yours. Moreover, evaluate their clinical competence by reviewing their previous work or having them demonstrate skills through treatments.
Building Confidence in Competence
A candidate's clinical competence is paramount. Ways to gauge this include:
1. Observing them treat you or your staff.
2. Reviewing models and pictures of their past cases.
A misalignment in skills could lead to dissatisfaction and inefficiency, defeating the purpose of hiring an associate.
Conclusion
Bringing an associate into your practice should aim to reduce your workload and enhance service quality. Ensure your decision is informed and aligns with your practice's long-term goals. If you need further guidance, consider joining MGE’s "New Patient Workshop." It's an excellent resource for expanding your practice and seamlessly onboarding an associate.
Choose wisely, as the ultimate decision rests with you.
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