1 00:00:05,105 --> 00:00:06,595 This is the Becker's Healthcare Podcast, 2 00:00:06,665 --> 00:00:08,315 created by the team of Becker's Healthcare, 3 00:00:08,475 --> 00:00:11,515 a multimedia company devoted to the people who power us healthcare. 4 00:00:11,785 --> 00:00:15,755 Four new 15 minute episodes are released daily containing industry news analysis 5 00:00:15,755 --> 00:00:16,555 and thought leadership. 6 00:00:16,555 --> 00:00:20,595 From powerful healthcare decision makers Support our show by leaving it a five 7 00:00:20,595 --> 00:00:23,875 star rating and review on Apple Podcast or other platforms you use. 8 00:00:24,025 --> 00:00:27,115 It's a chance to tell us what you like about the show and act on your feedback. 9 00:00:27,115 --> 00:00:29,075 Thanks for listening. Now here's the episode. 10 00:00:31,105 --> 00:00:33,755 This is Riz Hatton with the Becker's Dental Baso podcast. 11 00:00:34,575 --> 00:00:38,035 I'm thrilled to be joined today by Peter Emus, 12 00:00:38,725 --> 00:00:42,435 chief Development Officer of Family Dental Care. Peter, 13 00:00:42,435 --> 00:00:43,995 thank you so much for being here today. 14 00:00:45,405 --> 00:00:47,505 Hey, Riz, thanks for having me. Appreciate it. 15 00:00:48,975 --> 00:00:49,715 To kick us off, 16 00:00:49,715 --> 00:00:52,035 could you introduce yourself and tell us a bit about your background? 17 00:00:52,885 --> 00:00:57,415 Yeah, I'll give you a brief overview. So I grew up in, 18 00:00:57,715 --> 00:01:01,095 uh, a dental family. My father, um, 19 00:01:02,065 --> 00:01:06,445 he immigrated from Greece about 40 years ago, uh, became a dentist, 20 00:01:07,505 --> 00:01:11,255 and, uh, along with his brother, he's also a dentist, 21 00:01:11,595 --> 00:01:16,255 and they both started a group called Family Dental Care in 22 00:01:16,575 --> 00:01:18,295 Chicago. I, 23 00:01:18,835 --> 00:01:22,465 and fast forward to me coming on board, 24 00:01:22,745 --> 00:01:27,545 I never wanted to be a dentist. You know, I, I appreciated it, but I just never, 25 00:01:28,845 --> 00:01:31,945 it just wasn't for me in terms of actually going to dental school. 26 00:01:32,045 --> 00:01:36,505 So I started my career as an investment banker in New York, 27 00:01:37,285 --> 00:01:39,905 um, and some time there, 28 00:01:40,045 --> 00:01:44,785 and coincidentally ended up working on a lot of dental deals 29 00:01:45,315 --> 00:01:49,305 while I was there. So sort of went full circle. And, um, 30 00:01:49,595 --> 00:01:54,585 about seven years ago I came back to Chicago to help 31 00:01:55,675 --> 00:01:59,325 work in the business and scale the business and been with the company for the 32 00:01:59,325 --> 00:02:03,325 last seven years. We're now the largest privately owned dental group in Chicago. 33 00:02:04,185 --> 00:02:06,005 And as the Chief development officer, 34 00:02:07,005 --> 00:02:11,965 I sort of am overseeing multiple hats when it comes to, uh, 35 00:02:12,065 --> 00:02:16,565 doctor recruiting as well as office acquisition, 36 00:02:16,985 --> 00:02:21,575 and as well as de novo build outs and anything else you can think of. 37 00:02:21,675 --> 00:02:26,455 So that's a brief overview of my background and my role. And then, 38 00:02:26,555 --> 00:02:28,135 um, I guess one thing I'll add, 39 00:02:28,235 --> 00:02:32,415 I'm also doing my MBA at the University of Chicago, so, uh, 40 00:02:32,415 --> 00:02:33,855 staying extra busy these days. 41 00:02:35,675 --> 00:02:39,455 Wow, that's amazing. Congratulations on, uh, your studies as well. 42 00:02:40,595 --> 00:02:41,428 Thank you. 43 00:02:41,845 --> 00:02:43,425 So my first question for you is, 44 00:02:43,815 --> 00:02:46,465 what are the biggest issues you're following in dental today? 45 00:02:47,755 --> 00:02:51,575 You know, one thing that seems to be a hot topic 46 00:02:53,415 --> 00:02:58,405 these days is staff loyalty as well as staff retention. 47 00:02:59,085 --> 00:03:03,325 I know a lot of groups are struggling with labor shortages and, 48 00:03:03,345 --> 00:03:04,805 and as well as staff retention. 49 00:03:05,135 --> 00:03:08,725 We're not really struggling with the shortage side, 50 00:03:08,745 --> 00:03:11,685 but it's something that we're monitoring in terms of, 51 00:03:11,715 --> 00:03:15,045 it's definitely a changing workforce, uh, post pandemic, 52 00:03:15,165 --> 00:03:18,685 I think things really changed a lot. Um, 53 00:03:18,745 --> 00:03:22,925 so that's something that we're really just trying to monitor because, um, 54 00:03:23,165 --> 00:03:27,765 I think people are becoming more fickle than they were maybe 10 years ago, 55 00:03:28,305 --> 00:03:30,005 uh, especially since I joined. It just, 56 00:03:30,005 --> 00:03:32,005 it's a def definitely a different landscape, 57 00:03:32,005 --> 00:03:33,685 so it's something we have to be mindful of. 58 00:03:34,165 --> 00:03:38,485 I think people forget that dentistry is a people business and it's, 59 00:03:38,485 --> 00:03:42,245 you have to really focus on your people and making sure you have a great culture 60 00:03:42,425 --> 00:03:44,685 and a great team. And I think, um, 61 00:03:45,325 --> 00:03:50,225 I guess the second thing I'll add is the technology of dentistry is changing 62 00:03:50,225 --> 00:03:51,058 rapidly. 63 00:03:51,585 --> 00:03:56,215 I think that's something that we're looking at heavily in terms of 64 00:03:56,455 --> 00:03:59,695 implementing different, uh, technologies, whether it come, 65 00:03:59,725 --> 00:04:04,615 whether it be with AI or enhanced marketing tools. Uh, that's another, uh, 66 00:04:04,615 --> 00:04:06,615 thing that we are monitoring as well. 67 00:04:08,035 --> 00:04:11,635 Interesting. So at Family Dental Care, how are you working to, 68 00:04:12,455 --> 00:04:13,395 to retain staff? 69 00:04:13,515 --> 00:04:17,115 I know you said you're not having as many issues on the shortage side of things, 70 00:04:17,255 --> 00:04:20,155 so what has worked for you in terms of retention? 71 00:04:21,875 --> 00:04:26,405 Yeah, I think, you know, I'll give a sort of a personal answer, uh, 72 00:04:26,515 --> 00:04:30,525 that obviously might not apply to everybody, but because we're a, 73 00:04:30,565 --> 00:04:34,645 a privately held, uh, family owned business, 74 00:04:35,665 --> 00:04:38,205 we, um, have never had, we have, 75 00:04:38,205 --> 00:04:42,805 we've had the luxury of not having to report to some sort of outside investor or 76 00:04:43,435 --> 00:04:44,605 sell to private equity. 77 00:04:45,305 --> 00:04:50,285 And I think a main reason for our retention is the fact that 78 00:04:51,215 --> 00:04:55,325 we've had, you know, the same management and same owners for, you know, 79 00:04:55,325 --> 00:04:59,165 35, 40 years. And, uh, because of that, 80 00:04:59,215 --> 00:05:03,085 we've had staff that have, you know, been on board for the last 30 years. 81 00:05:03,225 --> 00:05:07,725 We have staff who have their kids work for us. And I think, you know, 82 00:05:07,785 --> 00:05:11,205 it all comes down to the fact that, you know, 83 00:05:11,295 --> 00:05:15,165 we've really taken care of our staff and, you know, 84 00:05:16,215 --> 00:05:20,685 we've always tried to grow our staff and really give them a runway 85 00:05:21,185 --> 00:05:23,205 for, hey, this is your goalpost, you know, 86 00:05:23,205 --> 00:05:27,445 for the next years and we want to help you get there. And you're not just, 87 00:05:28,105 --> 00:05:31,885 you know, a random person that's just gonna come here and leave in two years. 88 00:05:31,985 --> 00:05:36,765 So we really take like a long-term career approach. And I think anyone, 89 00:05:36,945 --> 00:05:40,565 no matter what industry you're in, if you want to keep people and wanna, 90 00:05:41,025 --> 00:05:42,565 you know, have a long-term company, 91 00:05:42,825 --> 00:05:45,805 you really need to have that long-term approach and not, you know, 92 00:05:46,555 --> 00:05:51,325 make it where you're just building a business so you can sell it within two 93 00:05:51,325 --> 00:05:52,158 years. 94 00:05:54,375 --> 00:05:57,605 Interesting. Thanks for sharing. I know you also brought up, uh, 95 00:05:57,745 --> 00:06:00,325 the technology piece. Is there a specific, uh, 96 00:06:00,545 --> 00:06:03,605 dental technology that you're keeping your eye on? 97 00:06:05,605 --> 00:06:09,905 You know, nothing specific, but there are a lot of different, um, 98 00:06:11,075 --> 00:06:12,915 I was just on a vendor call the other week, 99 00:06:12,935 --> 00:06:17,865 but there's so many vendors that are coming 100 00:06:17,885 --> 00:06:22,865 out with all sorts of different need technology these days. Um, 101 00:06:23,455 --> 00:06:25,425 like I said earlier, like I alluded to earlier, 102 00:06:25,425 --> 00:06:30,425 whether it be AI for treatment planning, um, or, you know, 103 00:06:30,425 --> 00:06:32,585 marketing or, um, 104 00:06:33,525 --> 00:06:37,465 we even we're looking at different technology when it comes to real estate and 105 00:06:37,465 --> 00:06:42,185 office acquisition. There's just so much more, uh, capabilities, 106 00:06:42,685 --> 00:06:47,245 um, when it comes to this stuff. And I think in the next five years, 107 00:06:48,595 --> 00:06:53,335 AI will really enhance dentistry a lot and 108 00:06:53,615 --> 00:06:58,295 I think will give us all sorts of different tools that we wish we had earlier. 109 00:06:58,555 --> 00:07:03,095 So I'm really excited about what's gonna come and, uh, 110 00:07:03,435 --> 00:07:04,695 we obviously are, you know, 111 00:07:05,345 --> 00:07:09,555 monitoring all of those companies closely, but I think, 112 00:07:10,135 --> 00:07:12,715 uh, for any business or any, you know, 113 00:07:14,625 --> 00:07:17,005 any business in America, at least, you know, 114 00:07:17,005 --> 00:07:21,765 the development of technology when it comes to AI I think is 115 00:07:21,765 --> 00:07:24,805 very, um, very promising. Some we're really excited for that. 116 00:07:27,105 --> 00:07:29,595 Fantastic. That leads me into my next question. 117 00:07:30,095 --> 00:07:32,595 So aside from technology, 118 00:07:32,825 --> 00:07:35,955 what are you most excited about and what makes you nervous? 119 00:07:38,695 --> 00:07:42,035 Oh, geez, that's a, a good one. Um, so I think, 120 00:07:43,105 --> 00:07:44,125 so when you think of, 121 00:07:45,345 --> 00:07:50,225 one thing that gets me excited is when you think of the US economy, 122 00:07:51,165 --> 00:07:55,025 uh, healthcare spend per year, 123 00:07:55,745 --> 00:07:59,345 about $4 trillion, which is, which is massive. 124 00:07:59,925 --> 00:08:04,185 And then when you kind of go a little more granular and you look at what is the 125 00:08:04,185 --> 00:08:08,625 average dental spend per year, it's about 170 billion. 126 00:08:09,365 --> 00:08:11,945 So just doing quick back envelope math, 127 00:08:11,945 --> 00:08:16,815 that's like 5% of that healthcare spend is 128 00:08:16,815 --> 00:08:17,648 dentistry. 129 00:08:18,075 --> 00:08:22,635 And I think that's quite interesting because people are starting to realize 130 00:08:23,095 --> 00:08:27,715 how much dental health affects your overall health. 131 00:08:28,815 --> 00:08:30,475 And because of that, 132 00:08:30,595 --> 00:08:35,275 I think there's so much more runway for dentistry to grow, uh, 133 00:08:35,365 --> 00:08:39,875 especially if it's gonna get to the level that hospitals and general healthcare 134 00:08:40,055 --> 00:08:43,795 is. Um, so that's something that really excites me. Um, 135 00:08:44,115 --> 00:08:48,695 I think that we're gonna go through many evolutions to get there, 136 00:08:48,695 --> 00:08:52,415 but it's something that's very exciting because I think for the first time, 137 00:08:52,415 --> 00:08:53,255 at least in my career, 138 00:08:53,485 --> 00:08:58,045 I've seen people starting to recognize that healthcare and dental care 139 00:08:58,425 --> 00:08:59,685 are not different. They're, 140 00:08:59,685 --> 00:09:04,605 they're very much aligned and they should be treated 141 00:09:04,825 --> 00:09:08,525 as, you know, similar if not the same sort of bucket. 142 00:09:08,625 --> 00:09:12,845 So that's something I'm very excited about is I think the growth of dentistry is 143 00:09:13,625 --> 00:09:18,365 coming rapidly and there's a lot of tailwinds to, you know, 144 00:09:18,365 --> 00:09:19,285 help us get there. 145 00:09:20,105 --> 00:09:23,765 And then to your second point of what I'm nervous about, 146 00:09:24,765 --> 00:09:28,045 I think as the industry's growing, 147 00:09:28,215 --> 00:09:33,115 we're starting to see a lot of outside money, private equity, 148 00:09:33,125 --> 00:09:38,115 investment funds and family offices come in and try to get in the industry. 149 00:09:38,615 --> 00:09:42,685 And I think, you know, there has, there have been some, 150 00:09:43,725 --> 00:09:47,225 you know, bad actors where they have come in and, you know, 151 00:09:47,225 --> 00:09:52,065 maybe grown too fast and, you know, which has led to several bankruptcies. 152 00:09:52,445 --> 00:09:55,185 And I think that's one thing I'm nervous about is the, 153 00:09:55,365 --> 00:09:59,945 the industry has a lot of potential to grow, but if we have, like, 154 00:10:00,875 --> 00:10:02,975 you know, many, you know, we have, 155 00:10:02,975 --> 00:10:07,495 we have private equity backed DSOs that aren't really integrating and growing 156 00:10:07,555 --> 00:10:12,015 too fast, that's sort of gonna have a trickle down effect in the industry. 157 00:10:12,435 --> 00:10:16,655 So that's one thing that I think we should be mindful of as we keep growing in 158 00:10:16,655 --> 00:10:17,488 the space. 159 00:10:18,675 --> 00:10:21,115 Interesting. Thank you. My next question is, 160 00:10:21,625 --> 00:10:25,395 what will the most effective healthcare leaders need to be successful in the 161 00:10:25,395 --> 00:10:26,315 next two to three years? 162 00:10:27,765 --> 00:10:28,625 That's a good one. 163 00:10:28,945 --> 00:10:33,105 I think if you wanna lead a group in healthcare, 164 00:10:33,325 --> 00:10:36,345 you really need to take one. You need to take a long-term approach, 165 00:10:37,165 --> 00:10:40,145 and you have to realize that it all comes down to your patients. 166 00:10:40,155 --> 00:10:43,305 Those are the people you're serving as well as your staff. 167 00:10:44,125 --> 00:10:48,805 And I think if you just focus on how do you make the customer 168 00:10:49,055 --> 00:10:53,725 slash patient experience better, and how do I make the staff experience better, 169 00:10:55,205 --> 00:11:00,115 it'll just lend it lend itself to more growth and you'll recruit more 170 00:11:00,115 --> 00:11:03,795 people and attract more talent and bigger and build a bigger brand. 171 00:11:04,395 --> 00:11:07,035 I think that's where the main focus has to be. 172 00:11:07,305 --> 00:11:11,795 Because if you just focus on profit margin and you know, 173 00:11:11,795 --> 00:11:16,395 how do we maybe squeeze in a few more fillings here that maybe might have some 174 00:11:16,405 --> 00:11:19,275 short term benefits, but in the long term, 175 00:11:19,935 --> 00:11:23,475 it really is not gonna take you anywhere. So I think, you know, 176 00:11:23,535 --> 00:11:28,355 any future healthcare leader really needs to focus on their staff and their 177 00:11:28,355 --> 00:11:31,035 staff culture as well as, you know, 178 00:11:31,035 --> 00:11:35,795 making their patient experience incrementally better, you know, year after year, 179 00:11:35,795 --> 00:11:36,755 quarter after quarter. 180 00:11:38,115 --> 00:11:42,405 Fantastic. Well, Peter, thank you so much for your fascinating insights. 181 00:11:42,845 --> 00:11:45,165 I look forward to connecting with you again in the future. 182 00:11:45,795 --> 00:11:48,565 Looking forward to it. Riz, thank you so much for having me on. 183 00:11:49,145 --> 00:11:49,978 Of course. 184 00:11:51,595 --> 00:11:54,845 It's so important for leaders at the top of organizations to keep learning, 185 00:11:54,995 --> 00:11:56,685 stay sharp, grow their networks, 186 00:11:57,075 --> 00:12:00,285 help our audience better do this in a more simplified, personalized, 187 00:12:00,305 --> 00:12:04,285 and meaningful way. Becker's Healthcare has launched my BHC, 188 00:12:04,755 --> 00:12:07,645 it's your trusted Becker's healthcare experience and more with content, 189 00:12:07,645 --> 00:12:09,805 connections, events and learning opportunities, 190 00:12:10,555 --> 00:12:15,325 join the community free of charge@www.my dot becker's 191 00:12:15,525 --> 00:12:17,565 hospital review.com and we'll see you there.