Randall Berning's Smart Words For Smart Doctor CEO's

The Uncommon Reward

During my recent seminar at Wired For Success in Clearwater Beach I talked with an orthodontic resident about where he "fits". It is a topic I cover during the program in some detail, relating that each professional has several options based on their background, education and interests to fit in a community, academic or other setting. This doctor (note I have taken some liberty with certain points discussed here) related that he did not think he fit neatly anywhere. He had apparently always been cast as the misfit. Yet the more we talked the more he began to see connections that he might be able to make. First, he was tenacious and sought to learn all he could about his study areas. He knew that there are practitioners that also were strong life long learners and thought he would relish practicing with them. He was a by his own account a born optimist. This alone stands in contrast to many doctors that see the world as half empty a lot of the time. There are other aspects that we discussed including his commitment to practicing with integrity. My view is that these add up to a promising young professional. I encourage doctors both younger and older to search to find your connections and fashion a great practice relationship. You can use our Opportunities listing as one option for locating connections.

Reflections: Power 2 Reason Gorman Symposium

The orthodontists and their staff members attending the American Orthodontics sponsored program were treated to a 100% education program. No product displays. No order taking. No speaker representing the company making a pitch. Nothing. And the doctors and staff were thoroughly appreciative. A standing ovation was given to the company for sponsoring this program and all speakers by the audience at the concluding session! How spectacular! I very much enjoyed being part of this special program. Dr. David Sarver, Charlene White and I led off the first morning program with Standing Up To The Adversity In A Volatile World and then David and I presented right after lunch, What Do You Believe? We had a great time and the doctors did too, based on the reaction and comments by doctors afterward. Check out the pictures on our Facebook page!

Dentistry Is Relationships

One of the most enjoyable parts of the dental profession are the relationships we all form. Doctors have very close relationships with their staff and patients. Specialists seek and connect with general practitioners and form working relationships that can last for decades. The same is true for the many support persons and firms that serve dentists. Consultants, accountants, financial services advisors, specialized legal counsel are just a few. But also there are relationships between those firms. This past weekend provides a great example. I was sponsored by Treloar & Heisel, the well known insurance and financial services firm that I have known for many years, to provide a residents presentation at the Southeastern Society of Pediatric Dentists in Atlanta. Pictured here are the professionals I was with at the meeting. All of them are dedicated to serving dentists. From left to right, Joel Keirns, Dental Operations Leader, Medical Protective, Joseph Pantoja, MBA, CLTC, Jeffrey Wherry, CFP, ChFC, Managing Director T&H Financial Group and Christian Pearson, Southeast Financial Service Representative, Treloar & Heisel.

What Am I Buying?

As doctors start their careers in practice, many reach the point of considering a purchase of an equity interest in an existing practice, among other options. The question that usually comes up is what in being purchased? Every once in a while I will see a proposed transaction where what is offered is a percentage of the hard assets only. This recently occurred and underscored that it is prudent for young professionals to confirm that intangible assets such as goodwill and patient records are or are not offered as part of the contemplated sale.

Wired For Success Winner

Dr. Paul Fox (right) Orthodontic Resident at Albert Einstein College of Medicine in Philadelphia was the Winner of the Raffle to receive a One Year Subscription to the Smart Doctor CEO Interactive Newsletter at the Wired For Success - Midwest meeting held in Chicago August 19-21st. Also pictured with me are fellow Albert Einstein Ortho Residents Dr. Sean Willcutts and Dr. Alicia Stouthland.

Snap! I Got That!

This past weekend I spoke on Smart Start Transitions at the Wired For Success Midwest program in Chicago for orthodontic residents. It was a great group of younger professionals that are on the verge of starting their careers. However, many mentioned on the break, at lunch and at dinner that they have had little to no information in their programs on practice transition. A big concern, reflecting the current economy, was the financial aspects of any transition. I indicated there are many transition resources on our web store and particularly the cash flow tools to assist doctors, including those for Associate Compensation, Practice Purchase / Sale Analysis Worksheet, Practice Sale or Buy-in for 1 or 2 buyers. At lunch one of the doctors said, "Snap!" Meaning, I now understand, that this was great information!

 

Three Key Areas To Evaluate Potential Associate, Partner or Key Staff

Recently, I have had an up tick in practices looking into hiring a prospective associate. Some practices are benefiting in this economy by finding  talented and capable staff for important administrative staff positions. But what should Doctor CEO’s look for in a candidate? I have used the following three areas for many years with great success. First, get an understanding of the candidates integrity. Probing questions, interviews with individuals the person has been instructed by in school or worked with can start the process. During the interview, see if the candidate has firm opinions and gives credit to others when discussing aspects of his or her past. Second, assess communication skills. Discuss an idea or observation and listen to the candidate’s response. Are they persuasive and do they speak with some authority? If not, watch out, you’ll have a follower in an important position, not a budding leader. Third, ability to motivate. This is difficult to assess unless you have prior experience with the person, for example, an associate now being considered for partnership. But, I find that a well developed sense of communicating purpose to any endeavor can be a good indicator. The three areas can make all the difference in weaving a great working relationship. The following Special Report can help Qualify and Interview: How To Get The Right Match There are others so check out the BerningAffiliates webstore.

Why Bother?

A practice owner called yesterday to relate that she set an appointment with a prospective associate for an interview at 8:00 AM before her day started. The day before the appointment the prospect emails that he will be there "around 10:30 AM". On the day of the appointment the prospect calls and says to the front desk receptionist he will be there at 11:00AM. The owner said, "tell him don’t bother coming". The owner was into her busy day, there was no time available. The prospect emailed back saying he had reserved the day to come and see the owner and did not understand why the receptionist gave him the message. The owner only had time at the very start of the day, there had been no indication it would be a day long visit. Residents and younger professionals, the old rules of common courtesy and being on time for an appointment still and will always apply. How different a result if the younger professional had been at the doctor owner’s office waiting for the practice owner to arrive at 7:45 AM!

Achieve Spectacular Results: Anticipate

"To what do I owe my success?", a doctor with 28 years of practice said in answer to my question. "I’d say it is my ability to anticipate the needs of the practice and staff." We discussed that the practice has a wide range of needs, from how the facility is set up and equipped to overall administration. So too his staff has needs given the demands of the week and month. His efforts are to be ahead of and not behind those needs, to act and not be slow to act. His only regret, "Not learning to anticipate needs earlier in my career." In this regard, Doctor CEO’s will find of interest, Always a Winner: Finding Your Competitive Advantage In An Up and Down Economy by Peter Navarro (2009). Although directed at large entities the emphasis of the author on anticipating business cycles, forecasting and thinking strategically is a wonderful motivator.

Fun Photos! On Building Confident Leadership Presentation

As I noted in an earlier post I spoke at the American Orthodontics Booth at the American Association of Orthodontics Meeting at McCormick Place in Chicago. Just received several photos that show the presentation in process. Thank you to AO for sending on the photos! The photo to the right shows one of the early slides for the Three Magical Questions To Guide Your Course presentation and a very enthusiastic presenter! The slide to the left shows Dr. David Musich answering a question related to practice growth and development, and Beth Barrett, both long time friends. I have had the privilege of providing services over the years to Dr. Musich and Beth Barrett, a well known speaker, has provided her slide program on The Fee Master: Orthodontic Fee Calculation Method now available in our web store.