In this episode of The Dental Economist Show, host Mike Huffaker is joined by Dr. Tarek Aly, COO and Partner at Guardian Dentistry Partners.
Join them as they discuss:
- Merging the clinical and business sides of dentistry
- Improving dental care access to underserved communities
- The future of dentistry’s positive outlook
- Advancements in artificial intelligence
- Scaling up dental services while continuing to provide high-quality care
Dr. Tarek Aly is an experienced periodontist, a DSO builder, a Partner and COO at Guardian Dental Partners, and a Partner at Modern Smiles Dental Group and Community Dental Partners. As well as specializing in DSO platform development, M&As, business valuation, and dental organizations management, Dr. Aly has authored three publications and is working on a book focusing on the management of dental practices and DSOs.
Episode Highlights
Unserved Markets: Dr. Aly cites the prevalence of unserved markets in dentistry. Although the US is better off than many countries, there are still many people without dental insurance, with Dr. Aly citing the fact that 60% of Americans do not go to the dentist. What’s more, the dental care that is being provided, especially in rural areas, is not of optimal quality. One of the solutions to this problem is encouraging dentists to grow their business, allow them to scale up, and provide an excellent quality of care at the lowest possible cost. Dr. Aly emphasizes that, for dentists, making good money and serving the public need not be mutually exclusive—“they actually work together.”
Managing Multiple Projects at Once: Dr. Aly says that when it comes to managing multiple DSOs, being a partner in multiple dental groups, and his work as an entrepreneur, the key is efficiency. He creates systems and processes that automate certain aspects of his life. For instance, he says he has created a system that allows him to get into deep focus quicker than the average person. Any repeatable process or any repeatable event can be systemized, where you don’t necessarily have to spend extra time, energy, effort or money. Just build the system and the system will work for you. Dr. Aly also recommends always paying attention to key performance indicators (KPIs), the outcome, and feedback, then map that against “where you need to be”.
The Value of KPIs: It is vital for dental practices to track KPIs. Dr. Aly compares practices that do not pay attention to KPIs to flying a plane or driving a car without looking at the gauges. It is important to focus on the “key” part of KPIs. While there are multiple performance indicators that a practice might track, it’s important for them to define which are most important. Dr. Aly recommends breaking KPIs into different “buckets,” from strategic (target markets, patient milestones, exit strategy), to marketing (the cost of new patient acquisition, the lifetime value of the patient), to revenue cycle management (collections, percentage adjustments, credit or debit adjustments), and beyond. Lazer in on five to ten KPIs, then find out what needs to happen to move the needle on each one of them.
Technological Developments: Dr. Aly mentions that he is an early adopter and enjoys exploring new technologies. He believes that these tools bring a lot of value and that they are constantly evolving, citing practice management software, AI, and remote surgery work. He also believes that the future holds incredible possibilities, and imagines tools and devices, such as a bite block with a drill inside, that could revolutionize dental diagnostics and treatments.
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