Provide: The Path to Owning It: Recent Episodes
Corey Brown, Marketing Leader with Provide
If you’re a healthcare provider looking for advice on today’s toughest practice ownership challenges – you’ve come to the right place. No matter where you are in your healthcare practice ownership journey, it all began with the dreams you had for your future. Whether you own a practice or are just graduating from school, you’re somewhere on the path to making your dreams a reality. Provide is a fintech on a mission to financially empower healthcare providers like you with great people and innovative technology. On this podcast, The Path to Owning It, Provide’s helping pave the way for you to achieve your dental or veterinary career dreams and guide you through all the nuances of practice ownership. Twice monthly, host Corey Brown, a marketing leader at Provide with over a decade in the healthcare industry, will tap into Provide’s unparalleled network of industry experts (and by the way, we suggest you do the same) and share the tools you need to take your practice ownership dreams into your own hands. Founded in 2013, Provide is a national fintech company headquartered in Columbus, Ohio with experts nationwide. Provide financially empowers healthcare providers to achieve their practice ownership dreams through a streamlined, completely online finance experience and personalized customer service. Its integrated suite of financial and banking products makes opening, running, and expanding a healthcare practice easier, giving providers back their time and energy to focus on what matters most: their patients. In August 2021, Provide became a wholly-owned subsidiary of Fifth Third Bank, and in October 2023, began operating as a division of Fifth Third Bank. In 2023, Provide was named to Fast Company’s list of the World’s Most Innovative Companies, ranking among the top 10 brands in the finance category. Learn more at getprovide.com, and join the conversation on Facebook, LinkedIn, Instagram, and TikTok.
When starting a healthcare practice, it's easy to get caught up in the details – the who, what, where, and when of opening your practice, so to speak.. But have you stopped to think about the "why"? According to this week's guest, Stephen Trutter, too often the "why" of practice ownership is an afterthought – if it's considered at all. As CEO at Ideal Practices, a dental consulting firm that’s opened more than 3,000 practices, Stephen knows a thing or two about the topic. Throughout his 17 years in dentistry, Stephen has personally guided more than 850 startup practices. He preaches what he calls "the three Ps of practice ownership: practice, profits and purpose." In this episode, we'll discuss:
Why it's critical to define a "why" for your practice and to commit to supporting a cause in the community
How to leverage community involvement to strengthen the business end of your practice
Who is a good candidate for starting their own healthcare practice
How to find the right location for your startup
Some of the common traits of the most successful startups he’s coached
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
For many practice owners, their business is their life's work – a true personal and professional investment. So when the time comes to sell, it's crucial for owners to maximize the return on their investments – we’re talking decades of procedures, critical business decisions, and long days. What many sellers don't realize is that the decisions they make in their final months as owners can have an enormous impact on the value they realize from the sale. In this episode, we're talking to Thad Miller, an industry leader with more than 25 years of business experience and the creator of ddsmatch.com, which helps more than 8,000 dentists across the country find a seller. The site has more than 1,200 sellers to choose from, with almost $250 million in assets under transition management. Thad also manages dvmmatch.com, which offers the same services to veterinarians. Tapping into his deep well of knowledge, we'll discuss:
When is the right time for a seller to start transition planning?
What can a provider do to increase the value of their practice prior to sale?
Other factors that can affect the value of a practice
What the current market’s like for dental practices and veterinary hospitals
Unique options for including commercial real estate in the sale of a practice
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
Buying or selling a practice is usually one of the biggest financial decisions of a healthcare provider’s life. It can be accompanied by stress, uncertainty and even conflict. Since it's something most people do only once or twice, the laws and best practices that govern practice transition can be unfamiliar or confusing. In this episode, we're joined by Dr. Lee Maddox, who has more than 20 years of experience as a healthcare attorney. Dr. Maddox practiced endodontics and maintained two offices in Orange County, California for five years. During this time, his practice increased production by an incredible 700%. In his post-provider life, he's been providing legal services to dentists since 2001, helping thousands of doctors with their transition needs as well as general ledger services. He's been in the dental transition business as a practice broker from 2010 to 2018 and practices law full-time to support dentists, veterinarians, and other medical professionals. Together, we'll discuss:
The importance of fostering appropriate communication between buyer and seller
How to pair the right buyer with the right seller
The special nuances of a practice transition between owner and associate
What to expect on transition day
How to prepare practice staff for an ownership transition
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
Finding, recruiting, and retaining talented staff is one of the hottest topics in the healthcare industry right now (and anywhere else too, for that matter). With labor posing one of the biggest challenges that most practice owners face, we're exploring an unconventional new solution that is gaining popularity in the wake of the COVID-19 pandemic—remote staffing for dental practices. Our guest, Christine Sison, is the CEO of Swiss Monkey, an operations and staffing organization that provides virtual front desk and recruitment services for dental practices. Prior to that, she spent more than 10 years building and managing a dental practice, and she is the former executive director of a public-private healthcare collaborative where she led the development of tele-medicine efforts. Christine tells us:
How practice owners can use remote staffing services to fill key needs, make on-site staff happier and more productive, and improve margins
Which positions are ideally suited for remote staffing and which are best left on-site
Why remote staffing has become so popular with both practice owners and employees
What practice owners can expect to pay for remote staff
What key lessons she has learned in her career that help her serve her clients' needs
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
The rise of corporate dentistry and the growth of Dental Support Organizations (DSOs) is top of mind for many aspiring practice owners. The prospect of competing with these big players can be enough to keep some providers from taking that critical leap into ownership. It's not that DSOs provide better care and service to their patients – it's that many have more advanced systems and infrastructure in place. Michael Dinsio, a long-time dental industry consultant, says independent startups can compete against these bigger organizations and win as long as they are making informed decisions. Michael is the founder of Next Level Consultants and has spent the last two decades learning the business of dentistry through the eyes of a banker and consultant. In that time, he’s guided more than 400 dental office startups and facilitated more than 300 practice transitions. In this episode, we'll discuss:
How startup dental practices can hone their competitive advantage over DSOs
Why practice ownership is the right step for many young doctors
The pros and cons of starting versus acquiring a practice
The advantages of hiring a practice consultant
What KPIs a practice owner should consider as they weigh whether a consultant is right for them
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
When it comes to legally binding documents, there are no do-overs. What you sign is what you get – sometimes for the next 10, 15, or even 20 years! When it comes to negotiating a commercial real estate lease for your new or expanding practice, you’ll want to make sure your i's are dotted and your t's are crossed long before you start negotiating with a landlord. And, luckily, we know an expert. Joe Rossi is the founder and managing partner of Joseph Rossi and Associates (JRA). With strong personal and business ties to the Chicago area, Joe has an innate understanding of the value of real estate and the importance of location. Since its inception in 2011, JRA has earned a reputation as a top firm representing healthcare professionals. JRA offers services that address an increasingly diverse set of challenges faced by practice owners, and has completed over 350 real estate transactions in the past decade. In this episode, we'll discuss:
Factors you should consider when selecting a location for your practice
How to determine what monthly rent you can afford
Important lease terms you should know, like tenant improvement funds and lien waivers
The ins and outs of construction in a leased space
Common leasing pitfalls practice owners should avoid
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
The age-old question for aspiring dental practice owners is whether it makes more sense to buy an existing practice, or start your own. In this episode, we're setting the table for this debate by bringing together experts in practice acquisition and startups. Rich Andrus, Mark Haslip, and David Haynes join us from the Menlo Group, the largest commercial real estate broker and space finder in Arizona. Our guests have vast experience in all aspects starting and acquiring a practice. From lending and equipping a practice to finding an office and negotiating your offer, our guests know what it takes to make the practice of your dreams a reality. We'll discuss:
Why there's no one-size-fits-all answer to the question
The pros and cons of acquiring an existing practice and starting a new one
How to evaluate which path is best for you
Today's market factors that should influence your decision if you're making a move soon
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
The thought of investing in new dental technology can be overwhelming. In general, change can be hard – add the significant capital investment new technology brings, and it’s easy to understand why some dentists put off upgrading their equipment. But by waiting too long to upgrade your dental equipment, you might be short-changing yourself on new technologies that can increase the efficiency of your dental practice, improve your operation margins, and make your practice more attractive to potential patients. In this episode, we’re speaking with Ileana Cruz, territory manager for Patterson Dental. Currently covering the South Florida region, Ileana has been in the dental equipment business for over 24 years and oversees many different areas, including technology, software, supplies, and services. Illeana tells us about:
What new efficiencies and benefits you can enjoy after upgrading your dental equipment
Equipment trends that are impacting the industry throughout North America
Cutting-edge technologies that are changing the dental industry
How to capitalize on the tax benefits of buying new dental equipment, and what deadlines you should be aware of
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
The age-old question when it comes to commercial real estate? To buy or not to buy. Is it better to purchase the building that will house your healthcare practice or lease the space? The not-so-simple answer: It depends. In this episode, we're talking to Mike Jorgenson, regional director for CARR Healthcare Realty’s Southeast region. Mike is an authority in the healthcare real estate advisor space, having spoken at several industry events, including the Hinman Dental Meeting, Columbia University School of Dentistry, and the Southern Vet Conference. He'll tell us:
Key advantages and disadvantages of owning versus leasing a commercial space you might not have considered, and how the current market conditions may impact your decision
What steps a healthcare provider should take to buy commercial real estate
Hidden costs to consider before moving ahead with a commercial real estate purchase
Common mistakes lessees make
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
Did you know that you can negotiate insurance fee schedules? Many dental practice owners don't even know that insurance reimbursement rates can be negotiated, and they may be missing out on the opportunity to improve their operating margins just by picking up the phone. In this episode, we're talking to Ben Tuinei, president of Veritas Dental Resources. Ben is an expert in professional dental insurance fee negotiations, and his company helps dentists achieve fair and sustainable reimbursement rates and employ proper billing and coding practices in order to maximize their practice revenue. He'll share some game-changing business hacks, including:
How to open negotiations over insurance reimbursement rates without getting sidelined
What to ask for, and what leverage you can use in negotiations
Other tips for growing your revenue in order to keep up with inflation
How to maximize efficiency in your coding, billing, and claims processes
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
Becoming a successful entrepreneur is more than just a mindset—it's a shift in behaviors. Whether you're an aspiring dental or veterinary practice owner wondering where to start, or an established owner looking to expand your business, growth requires a shift in routines, a can-do attitude, and powerful motivation. In this episode, we're talking to Andrew Bennett, chief business officer at Provide, about how to channel an entrepreneurial mindset as an aspiring or established practice owner. Andrew has been with Provide since 2015, and in the years since, the company has experienced significant growth and changes. In this episode, Andrew shares many insights from his own experience like:
Different approaches for building company culture
Hiring the right people for your business, and keeping them motivated
Channeling a startup mentality to set the stage for business growth
Key mistakes to avoid during periods of rapid expansion
Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.
You may have the best practice in town, but without a proper marketing strategy, your business may not grow to the levels you envisioned. After all, your practice is a business, and like any business, you have to get word of your services out to your existing and prospective patients. That's why a smart marketing strategy must be a part of your path to ownership. Strategic communications might not be every doctor's strong suit, so that's why Mike Shoun is here to give a crash course on how to successfully market your healthcare practice. As President and CEO of Affordable Image Marketing Agency, Mike knows how to answer the most pressing questions about how to start building a strategy to convert and increase your patient volume. On this episode, Mike tells us:
Why you should (and must) market your practice
Which tactics are most effective, from tried-and-true direct mail, to new and innovative digital efforts
How to cater to specific demographics based on the type of practice you have or are building
How marketing to prospective patients differs from marketing to existing patients (and why both are important)
What practice owners should expect to pay for marketing and what they should plan to budget for ongoing campaigns
Have marketing ideas you dream of implementing on a practice all your own? Visit getprovide.com.
There's been a significant rise in pet ownership since the start of the COVID-19 pandemic, and veterinarians are in higher demand than ever – which is why it might be the perfect time to buy or start your own veterinary hospital. But what should veterinarians know before buying or starting a practice in today’s market? This week, David Soto, a regional director of practice finance at Provide, is on the show to fill in the blanks for us. With more than 10 years of experience in the industry providing veterinary-specific financing, David has the expertise to prepare doctors for their ownership journey. On this episode, David will tell us about:
Why the pandemic has led to an increase in demand for veterinary practices, and how that trend affects veterinarians today
How to decide whether to buy an existing practice or start your own
The experts a provider should have in their corner when starting their ownership journey
The state of the industry with today's shortage of veterinarians and how the future is trending
Learn more about securing funding for your dream practice. Visit getprovide.com.
Buying their own dental practice will likely be the largest purchase of any practitioner's life, and is the culmination of years of schooling and hard work. That's why you can't afford to risk buying a practice that won't work for you. Enter: dental buyer advocates. Dental buyer advocates—like our guest Brian Hanks, owner of DentalBuyerAdvocates.com—are there to offer their expertise and advise you as you consider buying an existing practice. With their help, you won't be completely at the mercy of the seller. On this episode, Brian will go over:
Exactly what a dental buyer advocate can offer you
When in the buying process you should consult with a dental buyer advocate
What to look for and what questions to ask when looking to hire a dental buyer advocate
Why dental buyer advocates are especially important in today's market
Learn more about getting the funding to buy the perfect practice. Visit GetProvide.com
A modern dental practice is filled with gadgets, tools and technologies that would have seemed like science fiction to practitioners a generation ago. But how do you decide what technologies to invest in, and how to integrate them into your practice? In this episode, you'll hear from Provide marketing manager Jess Webb, who knows all about how dental providers can smoothly integrate technology into their daily practice. Whether it's as simple as digital appointment booking or as high-tech as a "smart mirror," there are plenty of ways technology can vastly improve both the patient and provider experience. Jess will go over:
How automation can make your practice more efficient for you and more convenient for your patients
What new tech you might need, and when you should make the investment
Properly introducing employees to using new tech
How the pandemic has increased the use of technology in dental practices
Learn more about funding your new tech purchases. Visit getprovide.com
Making the "ugly list" is the last distinction any dental or veterinary practice wants to earn. But for practice owners who don't prioritize an occasional facility remodel, or don't understand the construction and financing options that are available to them, things can start to go downhill fast as a facility ages and its technology falls out-of-date. So in this episode, we're talking to TWO experts from the Provide team—one with a background in practice construction and one with expertise in remodel financing. Casey Lear is a senior project manager at Provide, and Jason Schneller is regional director of practice finance for Provide's California territory. Together, they'll explain:
Why it's important to renovate and remodel a practice that's getting too old
How an out-of-date facility can cost you business and sap employee morale
Why it makes financial sense to remodel your practice now
What financing tools are available to help you pay for your remodeling plans
Learn more about funding your practice remodel. Visit GetProvide.com
As a dentist or veterinarian, making the big leap from associate to practice owner can be a life-changing (and intimidating) decision. And with a constantly shifting economic situation, many aspiring practice owners might be wondering whether this is the right moment to pursue the practice of their dreams. So in this episode, Matthew Christie, Provide's senior regional director of finance, joins us to share reasons why now is still an excellent time to buy your own practice. With more than 20 years of specialized experience in small business lending, Matthew has funded nearly 1,000 financing deals in his career. He'll tell us:
How to know whether you're ready to buy your own practice.
What industry trends aspiring practice owners should be aware of.
What resources are available to help dentists and veterinarians acquire a practice.
Learn more about funding your practice acquisition. Visit GetProvide.com
Discover how to realize your healthcare practice ownership dreams with Corey Brown, a marketing leader at Provide. Join Corey twice a month on The Path to Owning It: where existing and aspiring healthcare practice owners can gain the tools they need from dental, veterinary, and other industry leaders to take their practice ownership dreams into their own hands. Guests on The Path to Owning It will span Provide’s vast network of practice finance industry experts, including attorneys, practice brokers, CPAs, Provide team members, and more. From owning your own practice to expanding or improving your existing practice, Corey and guests will help pave the way for you to achieve your dental or veterinary career dreams and guide you through all the nuances of the practice ownership journey. Founded in 2013, Provide is a fast-growing national fintech company committed to financially empowering healthcare providers through a streamlined, completely online finance experience and personalized customer service. Their integrated suite of financial products makes opening, running, and expanding a healthcare practice easier, giving providers back their time and energy to focus on what matters most: their patients. In August 2021, Provide became a wholly owned subsidiary of Fifth Third Bank, operating as an independent business line.