Yahoo Finance
21 Oct 2022
SAN DIEGO, CA / ACCESSWIRE / October 21, 2022 / Besides the 2020 pandemic, there aren't too many challenges that dental professionals face, as it's one of the least risky businesses one can start. With over 189,000 dental practices in the United States. Dental Economics reports that fewer than 1% of them end up failing, however, the success of those dental businesses vary greatly.
According to a study conducted by HR For Health, the top 3 problems dentistry's face are:
Finding New Patients
Increasing Top Line Revenue
Staying Ahead of the Competition
So, although most businesses aren't at the risk of failing, many struggle to see high margins of profitability and are simply just getting by paying their staff. The sad truth is that these problems are very avoidable, and trickle down to a simple issue of not having the right people in place to help with operations and decision making.
Most dentistry owners are visionaries, they spend years getting educated and certified and are masters of their craft, yet many unfortunately are either too busy to focus on the day to day operations, or simply aren't skilled enough to act as both the CEO and COO (Chief Operations Officer). So, why not hire one?
Well, simply put, a good COO would require a hefty salary, one that many dentistries, especially newer ones, cannot yet afford. Yet, without one in place, problems become rampant. Bad financial decisions are made, new business isn't being generated properly, and the business misses out on a ton of revenue they could be using to grow and expand their business.
So, what's the solution? Well for a long time there wasn't one, you simply had to save up until you could hire a professional, or attempt to do the work yourself, which simply isn't feasible.
But, where many see a problem, Kevin Wheeler saw an opportunity to offer up a solution and in 2017 he founded Simplified COO, a company that for a fraction of the cost, partners with DSO's to offer up the operations many companies desperately need but can't afford.
It's actually a really cool model. Simplified COO comes in, interviews the company to learn what their needs are, how open they are to making operational changes, and what can be implemented almost instantly to increase top-line revenue.
"There are so many simple tweaks we can offer our partners to increase the revenue they make; from doing toy drives or hosting food banks to bring in new patients, to implementing SOP's to make the front desk more effective, to even implementing onboarding programs and generating good reviews we can within just a few weeks make a company wildly more profitable," said CEO and Founder Kevin Wheeler, who has 20+ years of experience in the dental industry.
Article Link: https://finance.yahoo.com/news/simplified-coo-solving-massive-top-210000651.html