I've been meaning to sneak one last post in this year of 2016. Mostly because one of my earliest entries into this musty old tome was titled 2016.
Looking back on this post, I focused on how I felt too old to be hanging out with undergraduate students simply due to lack of relatability. I had outgrown the 'college lifestyle' faster than most and was tired of binge drinking and killing my eardrums at house parties. Looking ahead, I was worried that I would be too young for dental school, like I wouldn't be able to relate with the older age group.
Now that I think about it, I actually got along best with my classmates that were a few years older than me. I guess I'm old at heart.
I also remarked on how old I was gonna be come 2016. 32 years, now half-way to 33...gulp. I can also note that I'm actually quite pleased Chicago lost the 2016 Olympics. Living here these past 10 years has made it abundantly clear that money management is not exactly a strong suite to this city or the state in general. We have had no budget for 1.5 years and the trickledown effect is bleh. For example. The good ol' PPO insurance Delta Dental of Illinois has not paid our office in 1.5 years. Thousands of dollars owed and we apparently still must treat the patient per the contract. Definitely an insurance I will avoid when I get my own gig. But I digress, living here with the Olympics would have been an absolute cluster fuck and I'm happy it didn't happen.
2016 itself was a fairly mundane year. An absurd and embarrassing election cycle has concluded with the leader of the free world as Donald Trump. Read that again. I'm not a very political person and the other option was more of the same so I'm not as polarized as many. The debates were awful...just mudslinging with no discussion on tackling problems. I digress again. but this is 2016.
The only real positive life change is the baby on the way. She still may arrive before the new year which would be great for tax deductions! More great though because my wife is miserable and tired of having a parasite steal all her resources. We shall see!
So let's look forward. My 2016 post was in 2007. So nine years! 2025. I will be turning 41 that year. I really wonder what the world will be like?
Will the White Sox have won another WS by then? Probably not. Will the Cubs have won another five? Probably. Life may not be worth it by this point. I keed I keed.
What will my child be like? Will we have a second child? A third?
Where will I be working? Will I enjoy ownership? Will I actually be an owner? If not then I hopefully am not a dentist anymore either because this current professional track has definitely run its course. I've been in the same routine for 4 years now. Definitely time to switch it up.
Hopefully my associate years will be a distant memory by 2025. Hopefully I'll actually put some useful posts up again. I do enjoy writing in general, so maybe that is another area of life to explore.
I've been suffering chronic upper back pain for the past month. It is not worsening...but it is not improving. My crap med insurance isn't making me want to get an MRI or see a specialist but probably no choice. Reminder to all new grads. GET DISABILITY INSURANCE BEFORE YOU GRADUATE. It provides such peace of mind. I'm jumping the gun in saying I'll need to use mine..but knowing it is there really takes some of the stress off my mind.
So merry Christmas, Happy Holidays, and Happy New Year all rolled into one.
I will leave you all with a quote from the immortal Ferris Bueller:
"Life moves pretty fast. If you don't stop and look around once in awhile, you could miss it."
Monday, December 26, 2016
Wednesday, September 7, 2016
In Like Indiana Jones Under the Door
Holy Hell I cannot fathom that it has been nearly 2 years since I posted on this here thing.
Let me post a brief update:
1) I still sadly work in the same places I did when last I posted. Reading back on my ambitions to get off on my own makes me depressed.
2) Baby on the way (which is why I stopped looking into practice ownership temporarily). Time to focus on something besides dentistry...ie not being a shitty dad.
3) Still in Chicago, planning to get a house in the burbs by next summer. Ahhh suburban life. I will miss the awesomeness of the city...but I will not miss the cramped quarters and overall dirtiness
So let me lay it out like a do a treatment plan.
Phase 1: Hopefully have healthy baby in next few months, learn how to do the early parenting schtick.
Phase 2: Get out of the city (acquire home to raise said baby)
Phase 3: Contact broker and get on the horse to buy a practice.
Phase 4: Review this post next year and kick myself if I haven't accomplished 1-3.
I do hope to chronical the practice purchasing process (much like planned to chronical starting from scratch). I do plan to chronical a lot things that don't end up getting chronicalled (not even a word?).
Ahhh such is the adult life. Just like a home improvement project that gets tabled for months..I'm doing the same thing here.
The meat of this blog was the dental school experience itself, I still have fun re-reading and remembering stuff I had already forgotten about. Just had our 5 year anniversary last May. Time certainly has a way of ramping up every year.
I can't believe people still read this thing. I hope my old posts are still useful to the next generation. Maybe..just maybe I will be able to contribute to the young graduates again. No promises. But I'll try to try!
Adieu.
Let me post a brief update:
1) I still sadly work in the same places I did when last I posted. Reading back on my ambitions to get off on my own makes me depressed.
2) Baby on the way (which is why I stopped looking into practice ownership temporarily). Time to focus on something besides dentistry...ie not being a shitty dad.
3) Still in Chicago, planning to get a house in the burbs by next summer. Ahhh suburban life. I will miss the awesomeness of the city...but I will not miss the cramped quarters and overall dirtiness
So let me lay it out like a do a treatment plan.
Phase 1: Hopefully have healthy baby in next few months, learn how to do the early parenting schtick.
Phase 2: Get out of the city (acquire home to raise said baby)
Phase 3: Contact broker and get on the horse to buy a practice.
Phase 4: Review this post next year and kick myself if I haven't accomplished 1-3.
I do hope to chronical the practice purchasing process (much like planned to chronical starting from scratch). I do plan to chronical a lot things that don't end up getting chronicalled (not even a word?).
Ahhh such is the adult life. Just like a home improvement project that gets tabled for months..I'm doing the same thing here.
The meat of this blog was the dental school experience itself, I still have fun re-reading and remembering stuff I had already forgotten about. Just had our 5 year anniversary last May. Time certainly has a way of ramping up every year.
I can't believe people still read this thing. I hope my old posts are still useful to the next generation. Maybe..just maybe I will be able to contribute to the young graduates again. No promises. But I'll try to try!
Adieu.
Friday, September 19, 2014
PSA - 1
OKOK,
I know I have, once again, fallen off from the blogosphere. As per the status quo, I have no legitimate excuses outside of general malaise. Life is busy, sure - but I have time.
Right now is actually a very unlikely time to be returning for a post with a bit of substance. For I am at work. That's right, at work and able to blog. I've become like any other corporate drone, milking the clock and putzing around on the internet. The only difference is that there is no clock to milk except my own. You see, I do not get paid at this office for sitting on my ass, I get paid to do dentistry. First patient of the day failed their NP exam. Young males are the worst at keeping appointments. How bout' a phone call at least? Nope, not even that. I may be a millennial, but I have the demeanor of an old man when it comes to punctuality and doing what you say you are going do or being where you say you are going to be. Call me old fashioned, but that is just me.
But enough of this pittling about, for I have a public service announcement.
Wash your freaking hands please. When you use the restroom and are touching toilet flushers/doors/faucets/yourself...particularly a scummy public restroom..WASH YOUR DAMN HANDS.
We have a general washroom at this office building and I can't tell you how many adult professionals (lawyers,CPAs, etc) will take a dump and just walk on out the door. I've become so disgusted that I won't touch the doorknob without a paper towel in hand.
My favorite is the courtesy washer...you know, the people that let the water run for about 5 seconds and then grab some towels to make you THINK they actually washed their hands. What are you? A Five year old? Maybe this will speak to you. WASH YOUR HANDS!!!!
Jesus. So much sickness could be avoided if people actually washed their freaking hands!!!
YEARGHGHGHH!!!
Yet another reason why I want my own office....a private bathroom (or at least staff only).
This concludes your angry PSA for the day.
I know I have, once again, fallen off from the blogosphere. As per the status quo, I have no legitimate excuses outside of general malaise. Life is busy, sure - but I have time.
Right now is actually a very unlikely time to be returning for a post with a bit of substance. For I am at work. That's right, at work and able to blog. I've become like any other corporate drone, milking the clock and putzing around on the internet. The only difference is that there is no clock to milk except my own. You see, I do not get paid at this office for sitting on my ass, I get paid to do dentistry. First patient of the day failed their NP exam. Young males are the worst at keeping appointments. How bout' a phone call at least? Nope, not even that. I may be a millennial, but I have the demeanor of an old man when it comes to punctuality and doing what you say you are going do or being where you say you are going to be. Call me old fashioned, but that is just me.
But enough of this pittling about, for I have a public service announcement.
Wash your freaking hands please. When you use the restroom and are touching toilet flushers/doors/faucets/yourself...particularly a scummy public restroom..WASH YOUR DAMN HANDS.
We have a general washroom at this office building and I can't tell you how many adult professionals (lawyers,CPAs, etc) will take a dump and just walk on out the door. I've become so disgusted that I won't touch the doorknob without a paper towel in hand.
My favorite is the courtesy washer...you know, the people that let the water run for about 5 seconds and then grab some towels to make you THINK they actually washed their hands. What are you? A Five year old? Maybe this will speak to you. WASH YOUR HANDS!!!!
Jesus. So much sickness could be avoided if people actually washed their freaking hands!!!
YEARGHGHGHH!!!
Yet another reason why I want my own office....a private bathroom (or at least staff only).
This concludes your angry PSA for the day.
Saturday, September 13, 2014
Wednesday, February 19, 2014
SYWTSUFS - I
You’ve graduated Dental
School….FINALLY. You have amassed 250,000
dollars in student loans (probably even more by the time you poor newbies read
this), and are raring to go.
a. corporate dentistry
b. private practice
c. Public Health
2. Buy an established practice
3. Start a practice from scratch
4. Teach
5. Quit dentistry and start-up a new career (probably impossible unless you had a butt-load of financial help and low debt service.)
Different personalities will go different routes. Many routes will interweave with each other and offer opportunities to jump to another option. For example, working as an associate for an older doctor for five years and then buying him out and becoming the owner.
I really can’t help you figure out what to do, all I can do is relate how I came to my decision and go from there. So if any of you greenhorns out there are interested in starting a practice from scratch – this new blog series should pique your interest.
How did I get here? I graduated dental school in 2011 and completed a 1 year GPR on July 1st 2012. I next struggled to find a steady job and only had temp work for the following 6 months. In 2013, I started 3-days a week as an associate in a private practice office. In July of 2013, I picked up 1.5 days at an FQHC facility treating primarily Medicaid kids. Without getting into pinpoint details, I can tell you that working 4.5 days a week, I was grossing well under 6 figures. The cause of this was primarily due the associate position and a lack of patients, poor collections policies, and just poor systems in general. The best way to relate this is that I make the same amount salaried at the FQHC in 1.5 days a week as I do in the private office.
My wife (also a dentist) works 5 days a week in the same private practice office. She recently cut down to 4 days because she was burning out and wasting time with a schedule full of holes. Now her schedule is much fuller the days she works and she gets three-day weekends to detox from dentistry. She started off making good money here, but due to poor business decisions and alterations to compensation, she has made less money each of the two years she has worked there. Quite the opposite of what you want right?
For anyone who knows practice numbers, the office we work in collects about 2 million a year and has an A/R of 600K. You heard me, 600K of uncollected money. I have attempted to discuss changing office systems to improve this situation, but the owners are disinterested and resistant to change. 2 million is nothing when your overhead is in the 80% range and has two owners to split what’s left. Yet these dudes seem content seeing 20+ patients a roller skating from hygiene check to hygiene check. This is a great example of what I DON’T want. When I hit 70+ years of age, I want to see 2-3 patients a day and work 1-2 days a week. I don’t see myself ever 100% retiring. I’m sure everyone reading this could think of a lot of great things you could do with 600K. But poor office systems are not the point of this post – we will evaluate systems down the road as it becomes more pertinent to my situation.
So with a combined student loan debt of around 700K, we simply aren’t making enough money. What were the options?
1. Both find new associate positions
2. Go corporate
Now what?
There are several
routes to go following graduation. The
decision really comes down to your desires, dreams, and goals. Finding out what is right for you may take
time and lot of frustration, but you will figure it out.
What are the options?
1. Work for someone elsea. corporate dentistry
b. private practice
c. Public Health
2. Buy an established practice
3. Start a practice from scratch
4. Teach
5. Quit dentistry and start-up a new career (probably impossible unless you had a butt-load of financial help and low debt service.)
Different personalities will go different routes. Many routes will interweave with each other and offer opportunities to jump to another option. For example, working as an associate for an older doctor for five years and then buying him out and becoming the owner.
I really can’t help you figure out what to do, all I can do is relate how I came to my decision and go from there. So if any of you greenhorns out there are interested in starting a practice from scratch – this new blog series should pique your interest.
How did I get here? I graduated dental school in 2011 and completed a 1 year GPR on July 1st 2012. I next struggled to find a steady job and only had temp work for the following 6 months. In 2013, I started 3-days a week as an associate in a private practice office. In July of 2013, I picked up 1.5 days at an FQHC facility treating primarily Medicaid kids. Without getting into pinpoint details, I can tell you that working 4.5 days a week, I was grossing well under 6 figures. The cause of this was primarily due the associate position and a lack of patients, poor collections policies, and just poor systems in general. The best way to relate this is that I make the same amount salaried at the FQHC in 1.5 days a week as I do in the private office.
My wife (also a dentist) works 5 days a week in the same private practice office. She recently cut down to 4 days because she was burning out and wasting time with a schedule full of holes. Now her schedule is much fuller the days she works and she gets three-day weekends to detox from dentistry. She started off making good money here, but due to poor business decisions and alterations to compensation, she has made less money each of the two years she has worked there. Quite the opposite of what you want right?
For anyone who knows practice numbers, the office we work in collects about 2 million a year and has an A/R of 600K. You heard me, 600K of uncollected money. I have attempted to discuss changing office systems to improve this situation, but the owners are disinterested and resistant to change. 2 million is nothing when your overhead is in the 80% range and has two owners to split what’s left. Yet these dudes seem content seeing 20+ patients a roller skating from hygiene check to hygiene check. This is a great example of what I DON’T want. When I hit 70+ years of age, I want to see 2-3 patients a day and work 1-2 days a week. I don’t see myself ever 100% retiring. I’m sure everyone reading this could think of a lot of great things you could do with 600K. But poor office systems are not the point of this post – we will evaluate systems down the road as it becomes more pertinent to my situation.
So with a combined student loan debt of around 700K, we simply aren’t making enough money. What were the options?
a. Pros – find a better situation, make money
b. Cons – No guarantee of finding anything better
a. Pros – Make a lot of money
b. Cons – working for a corporation is rarely in the best
interest of the patient. Often your boss
is some coin-counter that only cares about production, not the person you are
treating
3. Buy an established practice
a. Pros – Instant cash flow and patient pool
b. Cons – dealing with staff that is stuck in their ways,
dealing with all the legal BS of transitioning
4. Starting from scratch
a. Pros – you are your own boss instantly, can mold the
team to your vision from the beginning
b. Cons – zero cash flow. Negative income for many months – FINANCIAL STRESS!!
I never pictured myself
as an entrepreneur, but go figure – I’ve opted to start from scratch. If my wife wasn’t working and bringing home
the bacon, I probably wouldn’t be so ballsy.
How did we come to this decision?
Essentially we have been looking to own for the past six months. We briefly checked out the seller’s market
and even met with a doctor and got the preliminary info/talks going. As soon as he gave me his asking price, I ran
away from the deal. Old dentists tend to
overvalue their current market worth. Their
practices may have been worth more five years ago, but as they slow down and
take more vacation – they produce less.
The value of a practice is always steered by its revenues. I can’t blame them though. The economy nose-dived in 2008, and they all
have to work longer than expected and are clinging to some hope that an idiot
new doctor will pay them what they are asking.
This touches upon what the topic for my next post on this subject –
assembling your professional team and avoiding getting ripped off.
Basically I got tired
of dealing with older docs. They all
were decent fellows, but I need to do what is best for me. I also cringed at the thought of dealing with
staff in a transition. Some employees at
the office I was looking into were probably my mom’s age. I couldn’t picture them taking orders from
me. The environment just didn’t seem amenable to my infant business/management
stages of life. I’d rather work with
people I hire from the start. Now you
could argue to simply fire everyone and bring in your own team. But that would kill a lot of practice value
because patients would leave due to the dramatic changes. People hate change.
The decision was made
based off the fact that I make so little income as it is, that going a few more
lean years now rather than post-kids and mortgage sounded like the right thing
to do. I was also encouraged by the fact
that every bank I have spoken too has basically tripped over all the giant bags
of money they are trying to get me to accept.
This wouldn’t be so easy if dentistry didn’t have a good history of
success with loan repayment.
We have no children,
rent a condo my parents own (decent family discount), and really no other
financial obligations outside of student debt.
Now seems like as good a time as any to jump on in and go for it.
What’s another 400-500K
debt anyways right? The key is to think
of a practice loan as a business investment rather than straight up debt. Most start-ups are 100% financed by the big
players and 7-10 years is the range most repayments occur. Wouldn’t it be awesome to have my practice
and student loans killed off before I hit 40?
This is possible if we are proactive NOW and get things moving.
My wife will stay at
the same office (or maybe associate somewhere new) for a few years while I
build the new practice base. I will stay
in the FQHC for income boost. We may have
to dip into savings and hold off on a home for few more years, but we are
finally at peace with this decision – and that is one of the toughest parts
about any career move – you need to want the change.
Could I have jumped
into this straight out of residency?
Hell no! Experiencing an office
with poor systems has actually been more valuable to me than if I had made it
big in some FFS office. If I made a lot
of money as an associate, I would be unmotivated to change and unlikely to
pursue ownership for many years. And
when you don’t own – you are expendable.
You could get let go at any time.
Security as an associate is a fallacy.
So being in an office that just makes me want to fix the business end of
it has taught me a great amount. And
while I have not been as busy as I would have liked – I have indeed gotten much
better at dentistry over the last year.
I feel confident enough to do it on my own.
I’ve been reading
business, leadership and behavioral texts for the past year and I can’t believe
I just typed that sentence. I always
thought that stuff was stupid and you could figure it out on your own. I can’t even begin to explain how much I have
developed and learned in such a short time.
Controlling my own emotions seems easier; analyzing other people’s behavior
is engaging and leads to mutual purpose over name-calling and back-stabbing.
Most importantly, it
helps ground yourself in you. Read that
a few times, it makes sense.
So know the end goal
before you start. Where do you want to
be? What are your professional
goals? What are your personal
goals? How do you want to be
remembered? Write it down. I thought it a dumb exercise at first, but
having these thoughts in writing will motivate you in everything you do. It gives you a compass for your life which
will help you with major decisions.
This post has been more
scatterbrained than usual. But as my
usual copout, that is how this experience has been. This decision to make my own path simply
feels right after running countless scenarios through my overstressed mind.
The introductory post
is more to get your brain juices flowing.
Are you a dental student contemplating the future? A new grad stressed about paying loans? Another doc looking to start-up or buy? You need to figure out where you are in life
and what you feel ready to tackle.
I still argue that dentistry
is a great profession. However, I would
caution anyone thinking about this career path to consider the time sacrifice. While my income is technically higher than
most of my friends, they still have the same amount of disposable income
because my loans are so insanely high.
Most of my friends are married, own a home, and are starting to have
kids. I spent 5 years after college
getting an education that would allow me to live a more comfortable lifestyle
yet I feel behind the curve. I know I
will find the promised land eventually, but the time it takes to get there is definitely
not how the field of dentistry is advertised.
Like any other profession, you have to pay your dues in the trenches
before ascending. The difference between
other career paths is that you are four years older starting in the trenches.
So fellow dentites, it’s
choose your own adventure time. Spend
some quiet time reflecting on exactly what you want to achieve in life and what
your career goals are.
I plan to update as I
continue the process. My current goal is
to be in my own office before the end of the year.
Next up – assembling your
team of advisors
PS> If you can guess the acronym I have created for my post title, I will pay off all of your student debt**
** Only applicable if student debt service is less than or equal to 1.00 US
Saturday, January 25, 2014
A New Year's Resolution
I will be a practice
owner by the end of 2014. That is my
resolution. That is my goal. I am truly disappointed that I have not been
able to really keep a detailed log of the past months in this blog but have
simply lacked the will/time. Not to
mention a lot is happening and lot is changing at almost a daily rate that
information becomes obsolete quite quickly.
The first steps have been fun. While I’m doing most of the research and leg-work, my wife has been involved as well (she will, after all, be my partner in business as well as life.) We have worked with three different CPAs, finally feel like I found one to keep. Have a solid attorney in our corner as well. Been approved by three lenders (two national and one local). Don’t need the loan just yet, but nice to know I can get it. Up to 1million if I want (hahahaha that would be stupid wouldn’t it!) Goal budget is 400K, but will be comfortable with 450 if necessary. Banks will essentially throw money at you because you are a great risk. Dental offices usually succeed and worst case scenario is that repossess the office and recoup most (if not all) their losses by selling to another doc.
Found a dental specific realtor that we like and are beginning the preliminary hunt for spaces. Targeting the western suburbs of Chicago. Spoken with two major dental suppliers (Henry Schein and Patterson) and will meet with both in the near future. The next major decision is choosing a consultant. Both are similar in cost (around 25K for one year after your doors open). I have received proposals, done some research – going to have a phone conference on Wednesday to get the sales pitch from the top contender. While the bulk of this cost will be rolled into our working capital from the bank loan, we still need to deposit 5K to retain them soon so that they can assist with site appraisals.
If you have ever seen the AMC show Mad Men. I am essentially the client, and all of these different groups/professionals are a Don Draper and his team trying to sell me their services. Lots of free lunches and ass kissing. Awkward at first, but I’m growing to enjoy it. Sure these guys just want my money. But I have to make money in order for them to get any so it should hopefully turn into many mutually beneficial relationships.
Are you confused yet? So am I. There are a lot of big decisions to make and many more to come in the following years. Not to mention preparing for the lean year of cash income that will follow opening day. We have some savings (not a ton) but enough to hopefully get us through. Can’t think about kids or a house yet but someday we will get there. I like the idea of taking out this big pile of debt now rather than in 5 years. This means I will be 5 years younger and the practice will be paid off.
One bit of advice I can give to all you new grads. Read! READ READ!!!! Not just dental rags or CE. Read books on business, conversational skills, sales, marketing, leadership, etc. A lot of this applies to dentistry and particularly ownership. The other big piece of advice is to GET HELP. Do not try to do this all on your own. These other professionals survive and make a living because they are great at what they do. They take the stresses off and end up saving you more money despite their hefty fees. As my attorney put it best – “You are going to have a few things slip through the cracks with any major practice start-up. However, the more “OH SHIT” moments you can eliminate, the happier and wealthier you will be.”
Stay tuned and please wish me luck.
Here is a quick
timeline of my life post-GPR.
July 2012 – Received
Residency Certificate, licensed in Conscious IV Sedation
July 2012 – Got Married
July - September 2012 –
Unsuccessful contract negation with first job offer. Walked away from position. Did not work, enjoyed life, honeymoon. I
learned to incorporate two important life skills during this time.
1. Exercise, namely
running but some yoga as well.
2. Cooking, really
enjoying it and it saves money.
October – December 2012
– Worked two days a week in a FQHC seeing primarily pediatric patients. I was temping for dentist on maternity leave.
December 2012 – Went on
two week vacation with Wife’s side of family to Taiwan and Japan. First time I left the country (not counting
Canada).
January – June 2013 –
Started as Associate for three days a week.
Slow start, little growth – little pay.
July 2013 – Get offered
permanent position at FQHC where I temped, 1.5 days a week – guaranteed salary.
At the same time, associate office changes structure of how the associate is
paid – essentially a pay cut. Make
decision that it is time to get out. Working 4.5 days between both offices at this time. Still making peanuts relative to my years of training and cost of education (quite a ways under 6 figures). Wife's income is keeping us alive.
August 2013 – Begin interviewing
CPAs and Attorneys to form a team of advisors.
One CPA informs me of office not on the market with owner doc looking to
sell.
September-November 2013
– Meet with doctor, determine if fit is good, gather initial tax
documents. Ultimately asking price was
just out of the park high. Walked away
from negotiation.
December 2013 – Made decision
to Start-up office from scratch.
There you have it, a
brief foray into my last 18 months.
While my income has been downright abysmal, my life lessons have been
strong. Quite honestly, if I made a lot
of money as associate, I would likely become complacent and plateau at a
certain income. Making so little has
given me the drive to forge my own path.
I know with certainty
that this is the right path for me. I
was even tempted by the devil but five days ago. Through my networking vine, I was turned on
to an FFS office looking to bring in an associate with potential for
ownership. Would make triple my income
now, state of the art practice, under one hour commute. Why am I not pursuing this?
1) No guarantees of
ownership. Owner plans to retire in 3-5
years. Another dentist with a ‘maybe I’ll
retire plan.’
2) Owner feels the
associate should have to bust tail for 10 years before taking weekends off and
living like “a dentist.”
3) Very hygiene driven
4) Re-read number 4
Didn’t even submit a
resume. While the money really was enticing,
I don’t want to work for another dentist at this point. They have expectations that don’t match with
what I want. I’m dreaming bigger and
this is a good thing. I agree that I
should be working hard for the next few years.
However, I also realize that I didn’t become a dentist to work every
weekend and late hours. As an owner, I
can make whatever decision I feel best.
If I make less money, then at least I know the reason was my own
choice. Quality of life and time away
from work is a value that many people underappreciate. I do not plan on doing this.
The first steps have been fun. While I’m doing most of the research and leg-work, my wife has been involved as well (she will, after all, be my partner in business as well as life.) We have worked with three different CPAs, finally feel like I found one to keep. Have a solid attorney in our corner as well. Been approved by three lenders (two national and one local). Don’t need the loan just yet, but nice to know I can get it. Up to 1million if I want (hahahaha that would be stupid wouldn’t it!) Goal budget is 400K, but will be comfortable with 450 if necessary. Banks will essentially throw money at you because you are a great risk. Dental offices usually succeed and worst case scenario is that repossess the office and recoup most (if not all) their losses by selling to another doc.
Found a dental specific realtor that we like and are beginning the preliminary hunt for spaces. Targeting the western suburbs of Chicago. Spoken with two major dental suppliers (Henry Schein and Patterson) and will meet with both in the near future. The next major decision is choosing a consultant. Both are similar in cost (around 25K for one year after your doors open). I have received proposals, done some research – going to have a phone conference on Wednesday to get the sales pitch from the top contender. While the bulk of this cost will be rolled into our working capital from the bank loan, we still need to deposit 5K to retain them soon so that they can assist with site appraisals.
If you have ever seen the AMC show Mad Men. I am essentially the client, and all of these different groups/professionals are a Don Draper and his team trying to sell me their services. Lots of free lunches and ass kissing. Awkward at first, but I’m growing to enjoy it. Sure these guys just want my money. But I have to make money in order for them to get any so it should hopefully turn into many mutually beneficial relationships.
Are you confused yet? So am I. There are a lot of big decisions to make and many more to come in the following years. Not to mention preparing for the lean year of cash income that will follow opening day. We have some savings (not a ton) but enough to hopefully get us through. Can’t think about kids or a house yet but someday we will get there. I like the idea of taking out this big pile of debt now rather than in 5 years. This means I will be 5 years younger and the practice will be paid off.
One bit of advice I can give to all you new grads. Read! READ READ!!!! Not just dental rags or CE. Read books on business, conversational skills, sales, marketing, leadership, etc. A lot of this applies to dentistry and particularly ownership. The other big piece of advice is to GET HELP. Do not try to do this all on your own. These other professionals survive and make a living because they are great at what they do. They take the stresses off and end up saving you more money despite their hefty fees. As my attorney put it best – “You are going to have a few things slip through the cracks with any major practice start-up. However, the more “OH SHIT” moments you can eliminate, the happier and wealthier you will be.”
Wise words.
I will try to keep this
up to date and perhaps make another interblog mini-series. Need to think of a good title first…Stay tuned and please wish me luck.
Wednesday, December 11, 2013
First True Emergency
Statistically speaking,
the odds of a life threatening event occurring in a dental office is very
rare. The last time I read an article on
the subject, I believe the average TRUE emergencies experienced in a general
dentists career was something like 0.8.
This means not everyone will see even ONE over a 30-40 year time
span. Well I’ll be damned, but I’m only
out 1.5 years and have had the privilege of a real “OH SHIT” moment just this past
Friday.
I’ve had some time to process the emotions involved and feel pretty good about posting this on ye olde blog. If nothing else, so I can remember the event with clarity although I think I will probably remember this forever.
A true emergency is NOT vasovagal syncope (fainting). A true emergency is when there is a real threat to life that needs to be managed until the Calvary arrives or the problem remedied in-house.
Here is the situation. I have just consulted a patient who needs a referral and am walking through the office to write one up. As I’m meandering through, I notice an assistant essentially sprinting towards the front with a look of purpose and abject terror. I b-line the direction she had come from and find a mother clutching her 7-week old baby in her lap. The mom is entering the early stages of hysteria and I immediately can see why – the baby is blue. Like Violet from Willy Wonka and the chocolate factory blue.
This is that moment in life which really determines who you are in a crisis. I have always been confident in a controlled setting, but have secretly feared that if someone truly needed help in an emergency, that I would shy away and spectate.
I don’t know exactly what went through my head, but I do remember acting and sequencing. I entered the room and scooped the baby away from mom, sat down and had the baby supine in my lap, head close to my core for assessment and immediate airway management. Why do we turn blue? When we are not getting enough O2 – simple as that. How do we not get enough O2? Air is either not being processed by the lungs or it is obstructed from getting to the lungs.
The baby is conscious and moving arms about. Chest is rising sporadically. He is making clear choking and snorting sounds. Baby is conscious, I skip checking for pulse. I immediately head-tilt and chin lift and ask mom – “Has he had anything to eat or access to any object he might try to eat.” NO. Child is 7 weeks old, all soft diet, was strapped to mom all morning, no access to foreign body. So while he appears to be choking on something, it isn’t a toy car or food particulate.
Observation: It is bone-chillingly cold outside and baby has tons of snot visible in his nostrils.
9-1-1 has already been called by the assistant, I ask for O2, and it is brought about with a passive air mask. Head-tilt chin lift has not resolved blue coloration and breathing difficulties. Passive O2 is also not helping. I ask for a hand-mirror and proceed to jam it down the little guy’s throat. Depressing the base of his tongue and pulling it down and forward. Voila, baby lets out loud cough starts crying and turns pink in about 10 seconds. Paramedics arrive and I hand the infant off to the pros.
My current cause is that the infant was choking on his own secretions. A 7 week old infant is such a smushy and compressed human, that the airway can EASILY be compromised. Whether or not my dx is correct is yet to be determined. All we know so far is the baby was hospitalized with some sort of virus. I hope to learn the exact cause in the next few weeks.
This happened about 740AM, so now I have the rest of the day to take care of. I moved forward and returned to talk with my patient about the referral.
The entire office staff has been non-stop bragging about me and congratulating me and giving me all this hero talk. Quite frankly, while I feel phenomenal that the situation turned out OK, it is sort of embarrassing to get all these accolades. All I did was manage an airway for 4 minutes and help clear an obstruction. The assistants who calmly called 9-1-1 and got everything I asked for quickly and efficiently all played an important role. The mom herself managed to stay (somewhat) calm and answered every single question I asked her immediately. Everyone played their part well and the outcome was positive.
Here is what I would do differently:
I’ve had some time to process the emotions involved and feel pretty good about posting this on ye olde blog. If nothing else, so I can remember the event with clarity although I think I will probably remember this forever.
A true emergency is NOT vasovagal syncope (fainting). A true emergency is when there is a real threat to life that needs to be managed until the Calvary arrives or the problem remedied in-house.
Here is the situation. I have just consulted a patient who needs a referral and am walking through the office to write one up. As I’m meandering through, I notice an assistant essentially sprinting towards the front with a look of purpose and abject terror. I b-line the direction she had come from and find a mother clutching her 7-week old baby in her lap. The mom is entering the early stages of hysteria and I immediately can see why – the baby is blue. Like Violet from Willy Wonka and the chocolate factory blue.
This is that moment in life which really determines who you are in a crisis. I have always been confident in a controlled setting, but have secretly feared that if someone truly needed help in an emergency, that I would shy away and spectate.
I don’t know exactly what went through my head, but I do remember acting and sequencing. I entered the room and scooped the baby away from mom, sat down and had the baby supine in my lap, head close to my core for assessment and immediate airway management. Why do we turn blue? When we are not getting enough O2 – simple as that. How do we not get enough O2? Air is either not being processed by the lungs or it is obstructed from getting to the lungs.
The baby is conscious and moving arms about. Chest is rising sporadically. He is making clear choking and snorting sounds. Baby is conscious, I skip checking for pulse. I immediately head-tilt and chin lift and ask mom – “Has he had anything to eat or access to any object he might try to eat.” NO. Child is 7 weeks old, all soft diet, was strapped to mom all morning, no access to foreign body. So while he appears to be choking on something, it isn’t a toy car or food particulate.
Observation: It is bone-chillingly cold outside and baby has tons of snot visible in his nostrils.
9-1-1 has already been called by the assistant, I ask for O2, and it is brought about with a passive air mask. Head-tilt chin lift has not resolved blue coloration and breathing difficulties. Passive O2 is also not helping. I ask for a hand-mirror and proceed to jam it down the little guy’s throat. Depressing the base of his tongue and pulling it down and forward. Voila, baby lets out loud cough starts crying and turns pink in about 10 seconds. Paramedics arrive and I hand the infant off to the pros.
My current cause is that the infant was choking on his own secretions. A 7 week old infant is such a smushy and compressed human, that the airway can EASILY be compromised. Whether or not my dx is correct is yet to be determined. All we know so far is the baby was hospitalized with some sort of virus. I hope to learn the exact cause in the next few weeks.
This happened about 740AM, so now I have the rest of the day to take care of. I moved forward and returned to talk with my patient about the referral.
The entire office staff has been non-stop bragging about me and congratulating me and giving me all this hero talk. Quite frankly, while I feel phenomenal that the situation turned out OK, it is sort of embarrassing to get all these accolades. All I did was manage an airway for 4 minutes and help clear an obstruction. The assistants who calmly called 9-1-1 and got everything I asked for quickly and efficiently all played an important role. The mom herself managed to stay (somewhat) calm and answered every single question I asked her immediately. Everyone played their part well and the outcome was positive.
Here is what I would do differently:
1 – Positive pressure O2 rather
than passive (we have an ambu bag hook-up, but I did not specifically ask for
it)
2 – Surgical suction up the baby’s
nose to clear some of the mucous.
3 – Use mirror for tongue
depression faster
Several of my colleagues
suggested the baby equivalent of the Heimlich maneuver which is turning him
over on his stomach and giving him two strong back slaps. This may have worked, but I went with the
mirror head because all signs pointed to a collapsed airway and not a foreign obstruction
What I am happy with:
1 – My demeanor was
calm and collected throughout. My mind
processed the event and made the right decisions. I would like to have arrived at the need to
depress the tongue sooner, but I probably was doing it within 30 seconds of
sitting down (time completely vortexed and distorted for me).
2 – staff in general
did a great job, could have moved faster, but definitely acceptable
3 – Baby is OK!!!
So what should you
young dental guns take from this?
FUCKING PAY ATTENTION
IN YOUR EMERGENCY COURSES.
Every single one of us should
know how to manage an airway. It is so
easy to do, and so critical to life.
I credit my experience
in the GPR greatly to my action as well.
This isn’t the first time I’ve seen a youngster turn blue, we had a few SPC
IV Sed cases where this happened as well – that was in a very controlled
environment though and with a lot more airway management equipment (not to
mention a dental anesthesiologist to bail our asses out as necessary). Each time I saw it happen, I either witnessed
or performed the necessary maneuvers to remedy the situation. These experiences were terrifying, but
ultimately made me a better clinician.
Now just the day before
this event, I received an asking price for a dental practice out in the western
burbs. Won’t even bother countering –
asking price was in the stratosphere.
But I will get into that in my next post!
Hoping to get that up
before the New Year - fingers and goes crossed!
If I don’t though, have
a Merry Christmas and a Happy New Year!
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