5 things I learned about great dentists this year
Clinical skills are table stakes. The rest isn’t taught in dental schools.
Dinner in Nashville with some of the best dentists I know. From left: Dr. KB Parkes, Dr. Tom McCoy, Me (Ryan McCostlin), Dr. Paul Deines, Dr. Shelby Nelson, and Dr. Michael Luethke.
Last year, Tailwater was just an idea. A website and some legal docs.
But the last 12 months have been busy.
In 2022, we looked at more than one hundred dental practices we considered for acquisition or partnership, and we bought a majority stake in five of them. All general practices. All in Tennessee.
Thousands of 5-star Google reviews among them.
We also have an elite team of 8 dentists leading them, a team made up of associates and partners. We have dozens of other team members too, including hygienists, dental assistants, and office managers.
Tailwater’s first annual holiday party at The City Club in downtown Nashville.
Tailwater isn’t just an idea anymore.
I’ve come to love dentistry - the industry, the people, and the potential we have to do good things for our neighbors and engender human flourishing.
But I’m still relatively new to this business. Tailwater is just a year old.
I’m learning the nuances and what separates good dentists from great dentists. What makes exceptional dental practices… well, exceptional.
Tailwater’s early success isn’t because we’re the best dental practice operators in the world.
Not yet.
We’re helping our practices level up by helping them in areas like HR, recruiting, IT, compliance, marketing, finance, and accounting. But that’s not yet a competitive advantage for Tailwater. It’s not why dentists choose to partner with us.
More and more dentists are choosing to partner with Tailwater for reasons harder to measure. They believe in our mission. They want to build something special.
“I was an associate at a large dental group, and it wasn’t for me. Tailwater is doing it differently. I joined Tailwater earlier this year to take over leadership at Brentwood Dental Center.
I’m a partner, and together we’re building the kind of practice I dreamed of in dental school.
- Dr. Shelby Nelson, Brentwood Dental Center
Our early success is the result of partnering with great dentists and great practices and then doing what we promised.
We’ve been lucky to partner with dentists who aren’t just great clinicians, but also great people.
Including:
Dr. Barry Mercer, Dr. Michael Luethke, Dr. Shelby Nelson, Dr. Jim Bratten, Dr. Paul Deines, Dr. Jim Curtiss, Dr. Kelli Fischer, Dr. Scott Fischer… and more to come.
What a privilege it’s been to observe how great dentists earn reputations for being exceptional.
I’ve been taking notes.
Here are 5 things I’ve learned this year.
The best dentists focus on long-term patient relationships. Successful dental practices don’t overtreat. They don’t recommend unnecessary expensive treatments. The lifetime value of a dental patient is $20,000, and the best dentists earn their patients’ trust for the long term.
The best dentists have soft skills. Clinical excellence is table stakes. The best dentists also connect with patients so they feel understood and cared for as people with families, careers, dreams, and aspirations.
The best dentists want to lead. Every role at a dental practice is important. Great practices need great hygienists, assistants, office managers, and front desk associates. But dentists are the natural leaders of their practices. The best dentists know they’re responsible for attracting new patients and keeping the lights on, and they embrace the responsibility that comes with that.
The best dentists want to be in the community. The happiest and most successful dentists often get the privilege of treating their friends and neighbors. They’re active in the community. They coach youth soccer or little league. They volunteer. They earn a reputation for being a good citizen and a good dentist.
The best dentists build great teams. Dental practices are intimate, with close-quarters and elbow-to-elbow work. Everyone is in everyone else’s business. Kids, spouses, pets. They know where everyone vacations and which holidays they celebrate. That intimacy can be a powerful advantage, but it can also be a recipe for drama and conflict. The best dentists are magnets for the best people. They have systems to successfully hire people who share their values, and they have systems to address conflict when it happens.
Because of Tailwater’s early momentum, I’m increasingly asked:
“What’s the end game? Where’s Tailwater going? 50 practices? 500?”
And I’m not sure.
There’s no number and there’s no finish line.
But here’s what I know:
There are thousands of great dental practices in the US that deserve to survive for decades to come, even after the founding dentist retires.
There are thousands of early-career dentists who want to become practice owners without the old-school risk or administrative burden.
Tailwater is earning a reputation for bringing those two categories of dentists together. We’re delivering attractive financial outcomes for practice owners planning for retirement, and we’re creating clear paths to partnership for associates interested in building upon the legacy of great practices and making them their own.
So far so good.
We have big dreams, and we’re going to keep at it in ‘23.
… and for decades to come.
