Dynamic Healthcare Solutions was engaged by private equity owners to assist a large group dental practice and dental health maintenance organization with 60 offices in three states after the company had a cash flow problem. The company had grown organically and through acquisitions over many years with little investment in operational infrastructure or management practices needed to run the organization effectively as it grew. Policies and procedures, information technology, and professional management were lacking, and there were few formal controls or management information tools in place.
Action Steps
Dynamic Healthcare Solutions and Dan Crowley immediately went to work to bring discipline, transparency, and increased profitability to the organization.
- Key performance indicators for operations and finance were identified and systems put in place to collect and report them
- Networks and systems were updated to enable operational and financial data flow to and from the offices
- Technology was used to improve patient and doctor scheduling, billing and collections, and management reporting, including a cutting edge dashboard with vital information for lead dentists, office managers, and regional and corporate leadership
- Best practices protocols were identified and training programs developed to build discipline around them
- An expanded array of products and services was developed with champions to drive their successful adoption across the organization
- A dramatic cultural shift was undertaken to value dentists and to create career ladders for them within the organization
- Strengthened internal compliance monitoring and built credible, responsive relationships with regulators
- Aligned incentives with company priorities and goals
- Systematic communications with team members to promote buy-in, teamwork and morale
Results
The result of these and other initiatives drove significantly increased revenue and EBITDA and, ultimately, a successful sale of the company to a strategic buyer at an attractive multiple.