Meet Dr. Harvey, a dentist from Eastern North Carolina with 15 years of experience, including the last five in the group practice space. Dr. Harvey’s journey had its share of ups and downs, but it was marked by a pivotal moment: the aftermath of a hurricane that wreaked havoc on his life and practice. This challenging period was when Polaris entered the picture, ready to help rebuild and transform Dr. Harvey’s business.
Dr. Harvey sought to create a larger practice that wasn’t solely reliant on his clinical expertise. Polaris stepped in to assist him in several critical areas:
- Driving Incremental Revenue and Improved Profitability: Together, they devised strategies to boost revenue and enhance profitability at the practice level.
- Expanding from 3 to 10 Locations: Polaris provided guidance on identifying suitable practices for acquisition and structuring these transactions effectively, facilitating Dr. Harvey’s growth from three locations to ten.
- Leadership Structure: They collaborated to establish a leadership structure that would support the next phase of growth.
- Attracting Associates: Dr. Harvey and Polaris worked on a strategy to attract a new wave of associates to join his practice.
Transitioning from a single dentist to a group practice owner had its challenges. Dr. Harvey initially grappled with the lifestyle shift and the added responsibilities of being a CEO. He continued to practice clinically while leading his practice, often finding himself pulled back into chairside dentistry. However, his goal was clear: to create an environment where associates could thrive and, eventually, participate in the practice’s success through equity.
Flexibility became a key element in his transition. Through improved onboarding, training, and mentorship, Dr. Harvey cultivated associates who could perform at his level. This allowed him to reduce his clinical workload and focus on leading the business.
Recruiting and retaining associates was vital for his practice’s success. Dr. Harvey’s approach emphasized mentorship, expanding procedures, improving lifestyles, and offering opportunities for equity. He believed in leading by example, taking on various roles to support his team’s growth.
In terms of practice growth, Dr. Harvey had experience with both acquisitions and de novo practices. Acquisitions were driven by a desire to help retiring doctors’ transition smoothly, while de novo practices had their initial challenges but ultimately became successful once the right adjustments were made.
After years of hard work and dedication, Dr. Harvey began to enjoy the fruits of his labor. His group practice had reached a point where success was tangible, and he found satisfaction in caring for his patients, team, and associates.
Dr. Harvey’s advice to others embarking on the group practice journey is simple but powerful: don’t give up. He encourages fellow entrepreneurs to invest in their business, seek the right advisors, surround themselves with a supportive team, and embrace the process.
Dr. Harvey credits Polaris for guiding him every step of the way and reminds others that success may not always come easily, but perseverance and the right support can lead to achievement.