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Mind Your Business

The Importance of Goodwill in the Valuation and Appraisal of a Dental Practice

Timothy Brown, CEO of ROICorp, returns to Oasis Discussions to shed some light on goodwill. Highlights Goodwill is an important aspect of a dental practice and contributes to the valuation or appraisal of the practice. However, do we really know what factors weigh into determining the goodwill of a practice?  Goodwill is comprised of hidden value. ROICorp uses ~250 various components (eg. # of bathrooms in an office, etc.) Traditionally, goodwill has been calculated as: # of patients x “n” amount of $. Then, it moved towards a set percentage of billings and may still be calculated this same way ...

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Tips on Transitioning into a New Practice

Transitioning into a new practice as a new buyer or as a new owner after owning other practices has its unique challenges. In this video, Timothy Brown, CEO of ROI Corporation, discusses with Dr. Suham Alexander the strategies to make this transition easier. It is important to understand that patients also need time to adapt to this change along with the dental team. Helpful Tips Gain the trust of the new employees Try not to make any significant changes in the first year Initial changes that are required should be “invisible” to the patients and move slowly If new policy ...

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Forget Backup, Here’s the newer safer alternative!

Anne Genge, CEO of Healthcare Compliance Network, discusses a novel approach to traditional data back-ups. Back-up data is important in healthcare as it protects and allows practices to restore their files in an unforeseen events, such as breaches, theft, fire etc. The table below illustrates how traditional back-ups compare with a newer method called virtualization. The accompanying video explains how the two differ in greater detail. Full Interview (11.54″)   Virtualization Presentation (6.10″)  

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How Important are Employee/Associate Contracts?

Timothy Brown, CEO of ROICorp, joins Dr. Suham Alexander to speak about the importance of employee and associate contracts in dentistry.  Highlights Contracts are important for the ongoing business of the practice and they help to avoid misunderstandings at the outset. The contracts package the rights and privilege of the employee and owner and helps to mitigate issues around termination. Additionally, when a business is appraised and is presented for sale, the purchaser and his/her advisors (banker, accountant, lawyer) generally view a practice more favourably if employee and associate contracts are already in place. Important elements of employee and associate ...

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Tell It Like It Is: Positive Dentistry with Dr. Miguel Stanley

Two years ago, I invited Dr. Miguel Stanley for an interview about his participation in one of the international dental conferences. I very much enjoyed my talk with him then; and I did again, this time around, when I invited him to share his experience speaking about dentistry on the TED stage. There aren’t many TED talks about dentistry, so when I found his, I thought it should be featured as an incentive for other dentists to share their experiences and thoughts about dentistry on such a prominent stage!  Miguel is a renowned international dentist, speaker, author, and TV host. He ...

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Understanding Phishing & Social Engineering in the Dental Practice

Anne Genge comes back to speak with Dr. Suham Alexander about the dangers of email phishing and how to avoid it in your office.   Resource 6 Tips for Your Dental Practice     

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What Does the Latest Worldwide Cyber Attack Mean for You?

As the workweek begins, many are concerned about the spread of malicious software that seized hundreds of thousands of computer systems around the globe late last week. Anne Genge comes back to tell us more about the nature of the attack, what it means for Canadian dentists and the best ways to protect your practice from these cyber attacks.   Refresher on Ransomware Additional Oasis Resources Ransomware – An update with Anne Genge Dental Staff Computer Use: Safe Practices The Impact of Human Error on the Practice’s Systems and Processes Privacy Policies, Documents, and Procedures Backup Essentials for Dental Practices ...

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How Important is Cashflow for the Dental Practice?

Tim Brown explains why “cash is King” in this video interview with Dr. Suham Alexander. Cash flow helps to determine the value of a practice and its debt-serviceability. In short, cash flow directly impacts its sale price. However, cash flow varies according to the stage or life cycle of the dental practice. Early on, especially as a start-up, a dental practice may cash flow negatively due to large initial investments in equipment and supplies. Between 5 to 10 years, it is not uncommon for a practice to cash flow upwards of 15-20% of revenues and even as high as 35%. ...

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