ZARZA We are Zarza, the prestigious firm behind major projects in information technology.
Listen "Practice Valuations, Inflation & the Talent Pool"
Episode Synopsis
Host Jon Harris engages in a lively conversation with his colleagues from the Mid South branch of Fortune Management: Ragan Hartman, Carrie Cahill, Jocelyn Jeffries and Sam Douthit. They discuss practice valuations, inflation, and the talent pool of dentistry. The guests expand on the issues they have encountered with their clients when it comes to implementing systems and strategies, and the overall cultural problems they have with companies and individuals in the dental space.
The guests dive deep into the changing job market in dentistry. Some dental practices are stuck on the mentality that $14/hour for an entry level position will attract quality talent. Ragan argues that if dental practices want to retain quality employees, they must offer a competitive wage which has risen to about $22-25/hour. Jocelyn warns doctors that they need to be cautious of who they are hiring, especially with an hourly wage of $14/hour, because these candidates may not be a good fit for their business. All four guests encourage doctors to take advantage of executive coaches to pin down quality talent that will thrive within their practice culture.
Tune into this week's episode of the Real Dental Podcast with guests Ragan Hartman, Carrie Cahill, Jocelyn Jeffries and Sam Douthit to glean some insight into various cultural problems in the dental space. Learn more about how COVID affected different kinds of dental practices, the comparison between dentistry and the real estate market, and why different valuation models matter.
Quotes
• “The asset based approach is an interesting scenario that I really hadn't considered because I guess most of the equipment in there is very new, even though the practice is aging.” (0:11:50-0:12:00 | Carrie)
• “What we know is that location doesn't matter a whole lot when it comes to the potential of that practice. Whether you're in Podunk Tennessee, Podunk North Carolina, or a major Metro City, the levers to pull to create sustainable and year-over-year growth, they're consistent, but not every practice knows how to pull them.” (0:15:58-0:16:24 | Ragan)
• “Dentistry is just like the retail market where you go to Walmart because you want to be able to buy clothes, Tupperware, and food at the same time. Whereas people go to Food City or whatever the local grocery store might be in your area because they want that certain thing and those specialty items. And it's the same thing with the dentist's office. You're gonna have different people wanting different things. Dentists have to change in order to adapt to the times and to what's happening and to what their patients want.” (0:42:25-0:43:06 | Jocelyn)
• “But the thing is, it's a reality, we're going to have to face the fact that the job market has changed. And $14 an hour for an entry level position is not going to attract quality talent.” (0:48:38-0:48:50 | Ragan)
• “Prioritization of my time is probably the biggest challenge for me.” (0:56:47-0:56:53 | Sam)
Links
https://www.fortunemgmt.com
https://www.facebook.com/jon.harris.39545
https://www.facebook.com/fortunemgmtmidsouth
https://www.facebook.com/fortunemgmtgeorgia
https://www.instagram.com/jonharris_/
Instagram: @realdentalpodcast
Podcast production and show notes provided by HiveCast.fm
The guests dive deep into the changing job market in dentistry. Some dental practices are stuck on the mentality that $14/hour for an entry level position will attract quality talent. Ragan argues that if dental practices want to retain quality employees, they must offer a competitive wage which has risen to about $22-25/hour. Jocelyn warns doctors that they need to be cautious of who they are hiring, especially with an hourly wage of $14/hour, because these candidates may not be a good fit for their business. All four guests encourage doctors to take advantage of executive coaches to pin down quality talent that will thrive within their practice culture.
Tune into this week's episode of the Real Dental Podcast with guests Ragan Hartman, Carrie Cahill, Jocelyn Jeffries and Sam Douthit to glean some insight into various cultural problems in the dental space. Learn more about how COVID affected different kinds of dental practices, the comparison between dentistry and the real estate market, and why different valuation models matter.
Quotes
• “The asset based approach is an interesting scenario that I really hadn't considered because I guess most of the equipment in there is very new, even though the practice is aging.” (0:11:50-0:12:00 | Carrie)
• “What we know is that location doesn't matter a whole lot when it comes to the potential of that practice. Whether you're in Podunk Tennessee, Podunk North Carolina, or a major Metro City, the levers to pull to create sustainable and year-over-year growth, they're consistent, but not every practice knows how to pull them.” (0:15:58-0:16:24 | Ragan)
• “Dentistry is just like the retail market where you go to Walmart because you want to be able to buy clothes, Tupperware, and food at the same time. Whereas people go to Food City or whatever the local grocery store might be in your area because they want that certain thing and those specialty items. And it's the same thing with the dentist's office. You're gonna have different people wanting different things. Dentists have to change in order to adapt to the times and to what's happening and to what their patients want.” (0:42:25-0:43:06 | Jocelyn)
• “But the thing is, it's a reality, we're going to have to face the fact that the job market has changed. And $14 an hour for an entry level position is not going to attract quality talent.” (0:48:38-0:48:50 | Ragan)
• “Prioritization of my time is probably the biggest challenge for me.” (0:56:47-0:56:53 | Sam)
Links
https://www.fortunemgmt.com
https://www.facebook.com/jon.harris.39545
https://www.facebook.com/fortunemgmtmidsouth
https://www.facebook.com/fortunemgmtgeorgia
https://www.instagram.com/jonharris_/
Instagram: @realdentalpodcast
Podcast production and show notes provided by HiveCast.fm
More episodes of the podcast Real Dental Podcast
Scaling, Work/Life Balance, & Passive Income
16/08/2022
Relationships Are a Tricky Business
25/02/2022
Becoming a Masterful Coach
18/01/2022
In God we trust