Surviving Practice Challenges: A Journey Through Dentistry, Bankruptcy, and Reinvention (Part 1)

Wealth Planning for the Modern Physician

Listen in or watch as host David Mandell interviews dentist and coach Dr. Sue Keller. David begins with questions he asks all doctor guests to the program—about their initial interest in becoming a doctor, early career journey and more. Sue relates her personal experiences that lead her to dentistry and a shift from an interest in orthodontics to general dentistry.

Sue explains her initial venture into private practice, purchasing an existing practice from a burned-out dentist, and her initial attempts to grow the practice. She and David discuss her challenges in growing the practice, the positives and negatives to developing a niche practice, to moving the physical location and the difficulties of keeping good staff.

For the remainder of this first part of a two-part episode, Sue tells David about the challenges of keeping the practice afloat financially. In part two, they discuss Sue’s decision to file bankruptcy for the practice after more than 20 years and her career transition thereafter.

Insights:

• Sue shares her personal journey, mentioning her early interest in dentistry after having her first loose tooth at six years old.
• Sue had a positive childhood experience with her dentist, which fueled her desire to make dentistry comfortable for others.
• She discusses the transition in her career, starting her practice after a residency and eventually purchasing an existing practice from a burned-out dentist.
• In 1995, Sue took over a family practice and started building it up, noting challenges with old technology and financial constraints.
• She explains that her practice focused on treating anxious adult patients with oral sedation, creating a niche in an underserved area.
• She moved her practice in 2007, creating a comfortable environment in Northampton but encountered financial challenges in 2008 due to the financial crisis, including losing two-thirds of her patients after the move and facing difficulties hiring motivated staff, leading to constant turnover.
• Sue reflects on the decision to go fee-for-service and the financial pressures of taking insurance while striving to maintain high-quality care.
• Despite her advanced education, she struggled to implement complex treatments due to a lack of patients who could afford the care.
• Sue emphasizes the importance of utilizing specialists, even for bread-and-butter dentistry, to maintain quality and avoid complications.
• She outlines the ongoing financial struggles from 2008 to 2017, refinancing multiple times to stay afloat amid a tough market.

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