Your TRUSTED Dental Advisors UIC Lunch & Learn Kara Tess Principal/Sr. Account Executive.
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Transcript of Your TRUSTED Dental Advisors UIC Lunch & Learn Kara Tess Principal/Sr. Account Executive.
Your TRUSTED Dental Advisors
UIC Lunch & Learn
Kara Tess
Principal/Sr. Account Executive
Agenda The Resume
The Interview Process
After The Interview
The Job: What You Need To Know
Dental Stats
Final Thoughts / Questions
The Resume
The Resume
A solid resume should contain the following:
Contact Informationo Nameo Addresso Phone / E-mail
Overview / Objectiveo 2-3 sentences maxo State your objective; what you are seeking in a
job
The ResumeA solid resume should contain the following (cont.):
Professional Experienceo Start with your most recent positiono Include :• Place of Employment • Job Title• Job Functions (3-5 bullets)• Employment Dates
Volunteer Experience
Other Experience
The Resume
A solid resume should contain the following (cont.):
Continuing Education Courses Completed
Research & Professional Affiliations
Research & Professional Publications
Professional Societies
Education, Activities & Honors
The ResumeCommon Resume Questions:
What is the difference between a resume and a CV?
How many pages should my resume be?
What if I don’t have very much relevant experience?
o Sell yourself and ALL of your experience• Work Experience• Extracurricular / Athletics• Community Involvement / Philanthropy
Top 10 Things to Leave OFF Your Resume
1. Photo2. Age3. Ethnic background4. Marital status5. Number of children6. Political and/or religious affiliation7. Hobbies8. In-depth descriptions of previous jobs9. References10. Work history beyond 10 years
The Interview Process
The Interview
Remember …..
Sell yourself!
•This process is as much for you as it is for them
Top 10 Interview Must-Do’s
1.Listen & maintain eye contact2. Smile when you talk3. Dress for success4. Have a firm handshake5. Introduce yourself6. Maintain posture – be attentive, sit up straight7. Be prepared with questions8. Bring a portfolio with paper to write on and extra copies of your resume9. Be prepared with how you can benefit the company10. Be prepared to discuss previous job duties and professional/social successes
Top 10 Most Common Interview Questions
1. Tell me about yourself.2. What have your achievements been to-date?3. Are you happy with your career to-date?4. What is the most difficult situation you have had to face and how did you tackle it?5. What do you like about your present job?6. What do you dislike about your present job?7. What are your strengths?8. What is your greatest weakness?9. Why do you want to leave your current employer (if applicable)?10. Why have you applied for this particular job?
Top 10 Ways to Ruin An Interview
1. Be late2. Chew gum3. Lie about anything4. Swear and cuss5. Be too quiet or too talkative6. Show indifferent body language7. Answer your cell phone8. Ask about perks and vacation9. Don’t know about the company10. Criticize current/previous company and/or boss
Are You Prepared For the Interview?
➡QUESTIONS CONCERNING YOU• What unique skills will I gain?• Is there a mentorship program?• What type of involvement will I have in decisions being made within the practice?• What benefits do you offer?• How are your doctors compensated? Will lab fees be covered?• Are the patients I diagnose and care for mine to treat?• Will those patients become my patients of record?• Are there any partnership or buy-out opportunities?• Are the doctors on call? If so, how often?
➡QUESTIONS CONCERNING THE PRACTICE• What is the collection rate?• What is the number of active patients?• How many new patients does the practice get per month?• How are new patients channeled?• How many operatories will I have?• How many assistants will I have?• How far out are new patients booked?• How many patients do the doctors see per day?• What is the practice philosophy?• How are your fees established?• What are your age demographics?• Is there a payment plan for patients?• How long does it take to collect your payments?
After The Interview: Things To Consider
Ensure the practice fits your practice goals, standards and philosophies.
After a job offer is made, but prior to accepting the offer, ask to review a sample of patient records. o This helps you to determine whether or not you agree with the
treatment philosophies and also demonstrates your attention to detail and professionalism.
Understand the production requirements you will need to perform at.
Know what segments of the practice you will treat.
Make sure the physical office space can accommodate another dentist.
Identify what you’ll need in order to succeed and whether or not it will be provided.o Training scheduleo Integration / On-boarding plano Mentoro Sufficient staff / Patient base
The Job: What You Need To Know
Dental Practice Models Solo Practice
o Sole Ownership Partnership
o Dual Ownership Group Practice
o Multiple locations, generally not all practitioners have ownership
Militaryo Guaranteed salary/benefits/tuition reimbursement
FQHC o Tuition reimbursement provided
Indian Health Service (IHS)o Direct Hire via Tribeo Hired through federal government (would be a
commissioned officer)o Guaranteed salary/ benefits/tuition reimbursement
State of __________ (Corrections)o Guaranteed salary/benefits/tuition reimbursement
Compensation MethodsBase Compensation: A set wage for a service based on hours worked per year.
Base Compensation w/Incentive: A lower base salary; however, incentives are provided for reaching company established goals which may increase the overall compensation.
Production Reimbursement: A salary based on a percentage of what the dentist produces. This percentage is then multiplied by the total production to come up with the dentists compensation.
– Example: A dentist produces $360,000 worth of dentistry per year, and is paid based on 30% production; therefore, $360,000 x .30 = $108,000.
Production Reimbursement Based on Collection: Similar to the Production Reimbursement from method, but instead of the percentage being multiplied by what the dentist actually produces, the percentage is now multiplied by what the dentist produces minus the money unable to be retrieved by the office (i.e. write-offs).
– Example: A dentist produces $360,000 worth of dentistry per year, and is paid based on 30% of production, minus ‘write-offs.’ For this example, ‘write-offs’ are equivalent to 10% of total production; therefore, $360,000 x .90 x .30 = $97,200.
Laboratory Fees
On average, lab fees run 10% – 12% of monthly production. So, if you earn $100,000 per year, and produce $480,000 per year, then:
0% Lab Fee Covered: Average Monthly Cost: $1100Average Annual Cost: $13,200Annual Salary: $86,800
50% Lab Fee Covered: Average Monthly Cost: $550Average Annual Cost: $6,600Annual Salary: $93,400
100% Lab Fee Covered: Average Monthly Cost: $0
Average Annual Cost: $0Annual Salary: $100,000
Laboratory Fees (cont.)
Out of 2000 dentists surveyed, 33.9% said lab fees represent 8% - 10% of their overhead.
Over one-half (52.5%) claim lab fees represent 11% - 15% of their overhead.
Another 13.6% report fees at 16% - 20% of their overhead.
Contracts/AgreementsA Solid Employment Contract/Agreement Should Contain The Following:
Define terms of the employment agreement: compensation, classification status, job dutiesConfirm insurance benefits that will be offered: professional liability, workers compensation, property, loss of income, disability, etc.Other areas an associate may be reimbursed (i.e. CE). Define the termination policy: timing for notice of termination, disability, sale of practice.Consider a covenant not to compete.Have an anti-solicitation clause.Spot to solidify the agreement (signed and dated written contract).
Employee vs. Independent Contractor
EmployeeIndependent Contractor
Utilizes the office’s materials, tools and equipment. X X
Follows instruction put forth by employer such as when/where to work, where to purchase supplies, what work is required and other procedures.
X
Abides by office policies, rules and safety regulations. X X
Produces according to the practice owner’s plans and requests. X
Works in tandem with the practice owner, shares patients and philosophies. X
Receives benefits including unemployment insurance and workers compensation.
X
Employer withholds income taxes, withholds and pays social security and Medicare taxes.
X
Paid per time in the office and possibly a production commission on top of salary. X
Negotiate to work for a percentage of work performed. Job is usually bid. X
Dental Stats
Average Doctor hours worked p/m: 139.8Average exams per Doctor hour: 0.434Gross Production per total exam: $1,745
Total exams p/m: 61.4Gross Production p/h: $761.60
Active Patients: 2,045Adj. Production: 86.05%
Sikka Software Corp. Jan 2013 to May 2013 trends.
The average income of a dentist is in the highest 8 percent of U.S. family income.
The average gross billings per owner dentist in 2007 was $713,100 for a general practitioner and $1,049,320 for a specialist.
The average net income for an independent private practitioner who owned all or part of his or her practice in 2007 was $205,960 for a general practitioner and $353,280 for a specialist.
Amongst dentists that have practiced less than four years, about 42 percent own their own practice; within six years after graduation, this figure increases to 53 percent.
In 2001, 67.0 percent were working in a solo practice; 21.0 percent with 1 other dentist; and 12.0 percent worked with 2+ dentists. In 2005, the numbers shifted to 63.1, 20.0 and 16.9 percent respectively. In 2009, 58.9%, 22.8% and 18.3%.
Year Solo Partner Group
2001 67.0% 21.0% 12.0%
2005 63.1% 20.0% 16.9%
2009 58.9% 22.8% 18.3%
Yearly % Change -3.9% 1.0% 4.9%
Projecting the ADA Numbers
Solo
PracticeGroup
Practice2001 67.0% 12.0%
2005 63.1% 16.9%
2009 58.9% 18.3%
*2013 54.9% 21.5%
*2017 50.81% 24.6%
Male Female65 and Over 11.90% 1.10%
55 to 64 23.70% 4.90%45 to 54 32.60% 27.30%35 to 44 20.80% 39%Under 35 11% 27.60%
100.00% 99.90%
Current snapshot of the male to female ratio
U.S. Full time Male: 87.1%, Part-time 12.9% U.S. Full time Female: 76.5%, Part-time 23.5%
Specialists in the US
Year Number1993 116,3722000 132,8352009 146,6752010 150,043
Speciality NumberOral Surgeon 7,184Endodontist 4,953Orthodontist 10,375Pedodontist 6,134Periodontist 5,252
Prosthodontist 3,343
General Dentists in the US
Year Male Female Total
1998 140,000 23,513163,5
13
2006 140,000 35,444175,4
44
2009 144,775 41,309186,0
84
Male vs. Female Dentist in the US
Final Thoughts
Get started early
Be honest
Be yourself
My Best Advice
Questions?
