Dental practice with 2 locations
The Problem: The owners took on debt to purchase a new building, get new equipment and pay for operating expenses. Their debt service was high per month and the initial interest rates they received were high since it was a new practice. They also had high monthly utility and communications costs. Since they also provide employee benefits, their annual costs kept rising at a high rate. Finally, as they expanded they wanted to market their new location and streamline the customer check-in process.
The Solution: Refinanced the existing debt into one term note at lower interest rates. Found new practice software and telecommunications providers. Also got them setup with a PEO that helped to reduce their health insurance, HR and payroll costs. We also referred them to 2 new vendors to help them grow their company. One being a specialized provider of marketing services for dental practices. The other being a provider that streamlined their customer check-in process utilizing AI to speed up the Identity Verification of each employee of it. The admin team was also happy because we now save them about 40 hours per year of time reviewing and then renewing their service providers.
veterinary practice with 12 locations
The Problem: The owners have 12 locations across 3 states with high operational costs at 6 of their locations that they purchased from other Veterinarians. Each location had a fragmented set of service providers along with various levels of debt. The employees were frustrated because a lack of benefit plans and accessibility of their employee data. The operations manager was constantly frustrated because was no system in place to review all of their vendors, in one place.
The Solution: Refinanced the existing term debt at a lower rate with better maturity. Did review and found inconsistent risks with their insurance coverage and was able to standardize and save insurance costs at each location while getting correct coverage. Found better rates on merchant services and practice supplies. Brought in a new employee benefits provider and set a standard package to attract and retain employees. The office administration now also has about 100 hours of extra time each year where they don’t have to focus on managing, reviewing and renewing over 20 vendor relationships.
dermatology practice with 1 location
The Problem: A clinic changed hands when the son purchased the practice from his dad. As part of this change, they looked at ways to utilize new technology to streamline some operations, they also wanted to grow and potentially open an additional location. They also have an aging operations manager who handles all of the processes and vendor relationships, but she wanted to retire. They didn’t have much confidence that they were getting the price for the many services they use.
The Solution: We did an analysis and helped them achieve a savings on their phone & internet, merchant services, payroll, practice software and supplies. While implementing the new practice software, they also integrated our AI partner to speed up the Identity Verification of patients. We also introduced a patient financing provider that helped to gain additional customers. They are also working with to a specialized provider of marketing services for dermatology clinics as they prepare to expand. To get them ready, we also secured a new term loan and line of credit for financing when the new owners wants to expand. The doctor was also happy to know that we save him 15 hours per year in overhead costs by simplifying his review and renewal processes.