Scotte Hudsmith on Scaling Fast in the Dental Business
The only way to learn is to do. In the latest episode of The Dental Economist Show, host CRO Mike Huffaker of Planet DDS welcomes the Scotte Hudsmith, chairman and CEO of Specialized Dental Partners, to explore the art of scaling fast and building successful dental platforms.
What you’ll learn in this episode:
- The key strategies for successful and rapid growth of your dental business
- How to implement the “80-15-5” rule, the magic ratio for protecting organizational culture in the growth phase
- Unique approaches to navigate the workforce shortages in dental specialities and better practice management systems
- How to make the most of private equity in dentistry, emphasizing how proper financial partnerships enable better training, infrastructure, and patient care
- Ways to balance clinical expertise with business acumen when scaling dental organizations
Listen in for fresh perspectives on the opportunities, challenges and way forward for dentistry today.
Episode Highlights
In this episode, Scotte Hudsmith explores the key strategies that drive successful and rapid scaling. Here are some highlights from the show:
Becoming a dental leader and the culture question
Scotte shares his journey into the dental industry and how an accidental encounter put him on the path to dental leadership. Taking from his rich experiences of scaling organizations, he highlights the critical role of culture in successful growth and why it should be preserved at all costs.
The magic ratio and business models that work
Reflecting on the approaches that help protect culture in a practice’s growth phase, Scotte reveals the magic ratio of “80-15-5,” a thumb rule that has always worked for him and his team. He also traces his journey from Smile Doctors to Specialized Dental Care and how COVID brought him out of retirement and back in the game.
Integrated health care and technology
Reflecting on the potential of integrated healthcare, value of private equity investment in dentistry and the transformational role of technology, Scotte highlights some of the major shifts taking place in the industry today.
The right kind of business infrastructure
From team building to business models that work, Scotte emphasizes the ways in which one can foster a growth culture and the importance of striking a balance between business specialists and dental professionals.
The future of dentistry and the CEO role
A CEO should know what they’re doing, not just from a business point of view but from an operational standpoint as well. Scotte emphasizes the importance of the right hire for the CEO position. He also makes predictions on AI and technological developments in dentistry – saliva testing, process management, and more.
About the Dental Economist Show
Don’t miss insightful conversations with industry experts on the latest trends and top strategies to grow your DSO or dental group. Tune in to The Dental Economist Show each week as we meet at the intersection of profit and purpose.
