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Are you a dental professional looking to stay

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ahead in the industry? Join us at the

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Becker healthcare spring, future of dentistry round tape

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from June nineteenth to 20 first at the

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Sp hotel in Chicago with over 70 elite

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speakers and 20 educational sessions, This event is

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designed to help you engage, network and learn

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from industry leaders.

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Discover the latest trends in dental care, digital

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technology and patient outcomes. Don't miss the opportunity

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to hear from celebrity keynote, Jerry Rice, former

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Nfl wide receiver in 3 times Super Bowl

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champion and Don Stale, American basketball hall fame

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player and C Register now and be a

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part of shaping the future of Dentistry. This

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is Ruth Hat with the Breakfast Stencil Bust

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podcast. I'm thrilled to be joined today by

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Richard Hall. President and Ceo of Us oral

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surgery Management.

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Richard, thank you so much for being here

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today.

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Good morning, R. Thank you for having me.

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Great. So just to start us off, could

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you introduce yourself and tell us a bit

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about your background?

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Yeah. Sure. I've been in health care services

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for

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I guess, 40 plus years now.

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I started my

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career with large,

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Fortune 500 companies and health care services.

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And then about 10 to 12 years into

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my cri

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transitioned into

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more entrepreneurial types of private

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backed companies, both private equity and of venture

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capital.

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So this is my ninth roll now in

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a Pe or venture backed business, And I

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think I've worked with

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13 different firms

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along the way. I've been with with

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Us oral surgery management as the president and

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Ceo since the inception

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of the company back in late 20 17,

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And today, we're in 28 states with 200

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plus locations

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and 240,

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you know, oral surgeon partners.

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That's great. It sounds like you have a

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lot of great experience there. What kind of

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interested you about the dental space in particular?

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Yeah. I think the the thing that interested

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me more than anything else was a couple

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things. 1, specifically, oral surgery,

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I was I was intrigued by the fact

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that no other company had begun to

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partner with oral surgeons the way that we

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have seen other companies

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develop in in this in the dental space.

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And I thought the specialty of oral surgery

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was, particularly interesting the founder of our company,

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Pat Haynes,

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with the T group,

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developed a unique equity model,

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that

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made

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the surgeons true

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equity partners

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in the parent company. So today,

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about 52 percent of Us oral surgery is

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actually owned by

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our partner,

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oral surgeons and that that kind of model

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was interesting to me. I had I had

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worked in a physician practice management type of

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model previously with Us

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oncology

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and really liked

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working with the surgeons or the the physicians

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on a on a day to day basis,

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And then last but not least, I just

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think that there's a tremendous opportunity to bring,

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you know, efficiency

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and

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business best practice you know, to these types

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of health care

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organizations who maybe have not had that

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previously.

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So those were the things that attracted me

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to the dental space.

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Interesting. Thank you.

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What are the biggest issues you're following in

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Dental today?

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There's a couple on the macro level, and

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then

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1 in particular that, you know, we're heads

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down on within our business right now. On

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on the macro,

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level as we look at dental

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overall.

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Medical loss ratio is beginning to find its

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way into the dental space. So I think

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most executives in the dental space will be

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watching that carefully as as more and more

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estates adopt

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medical loss ratio and and work through the

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details of of each state program to see.

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If in fact, it's it's going to be,

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you know, a positive thing for all of

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us or, you know, perhaps a challenge. I

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don't think we know that,

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for sure yet.

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Another key issue that we're all watching, I

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think is

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new regulations around non compete agreements and what

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impact that we'll have on,

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you know, our business models and what changes

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we may may need to make going forward.

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And then last, but not least,

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and maybe not last, but the other thing

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that I think about is

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adoption of technology,

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and Ai in the coming years. I think

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that there's gonna be a lot of opportunity

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to

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improve efficiency see

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through the adoption of additional technologies and particularly

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Ai

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as we find more and more applications

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for health care delivery

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in those types of technologies.

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And then on the company

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specific,

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we're dealing with, change health

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cyber attack issue right now,

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that's affected many, many health care providers,

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both in dental and in general health care

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around the country. So And,

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you know, our team has responded exceptionally well

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to this challenge.

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And, hopefully, you know, we'll we'll be in

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full recovery mode.

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From from this attack within the next several

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weeks, but

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it's it's been a challenge

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since it occurred

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in in mid February.

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Interesting. Thank you. I'm curious,

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you know, what are your thoughts on how

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the the non compete decision that came out

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recently.

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Will affect the dental industry as a whole?

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Yeah. Well, you know, I think it's it's

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yet to be seen if it will actually

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go into law and it's adopted form. There's

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already been

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many lawsuits

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filed and and challenges, you know, to the

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legislation.

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So we'll see... We'll have to play it

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out a little bit and see, you know,

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what ultimately

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becomes law. But I think that you know,

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in our models, no 1 is really trying

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to keep anyone from working. But when you

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spend multi millions of dollars

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in enterprise value for a business, and the

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the bulk of that,

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business value

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is represented in the goodwill

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created by the provider.

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These non competes really are

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designed

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to, you know, protect the risk of that

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investment more than anything else. So

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if if they do, you know, eliminate

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non competes in their present form. They may

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have carve outs or

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non competes for, you know, value receiving kind

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and and those kinds of things.

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And then, you know, if they were to

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go away in their entirety,

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there there would be other ways that, you

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know, you could perhaps

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achieve some of the same protection through other

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mechanisms

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in in contract language. But as I said,

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I think, it's it's yet to be seen

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whether

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it will it will you know, become law

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in its present form.

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Interesting. Thank you.

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What are you most excited about and what

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makes you nervous and dental today?

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What I'm most excited about is we're still

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a very early stage agent. As it as

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it relates to oral surgery and the specialties

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in general,

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you know, general dentistry was the first

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area where we saw private equity backed businesses

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and

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large forms of consolidation. They've been they've been

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you know, occurring now for, you know, several

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decades,

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specialties, though are,

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relatively new

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with us, you know, getting our business in

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in late 20 17. So we're about 6

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and a half years into this.

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And I think that the growth opportunity ahead

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of us, only about 11 percent or so

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of the specialty currently

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is,

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consolidated in the form of working with a

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company like ours or or others.

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So a lot of white space left. And

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so that's what I'm most excited about is

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the growth opportunity.

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But

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the thing that keeps me up at night

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or makes me most nervous is is currently

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the macroeconomic

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markets

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you know, the cost of capital, the interest

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rates being what they are. And the new

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staffing

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you know,

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expectations. Staffing has been a a great concern

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for dental,

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both in the area of, you know, h

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genesis, assistance, surgical texts, etcetera.

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As we compete with a a workforce that

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is going largely remote.

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And, obviously, you can't deliver health care

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not at least at this point in time

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in remotely. So our our workers need to

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be in in the practices working every day.

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And that's created a a staffing challenge

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for us across across the sector.

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Interesting. And and what are you doing

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Us o,

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to kinda combat that staffing challenge.

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Yeah. I think we've had to get more

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creative

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than ever before, You know, when

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inflation hit 9 percent or so,

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we put in AAS

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for all of our

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team members across the board,

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we increased their salaries by 3 percent as

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long as the consumer price index remained above

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5 percent.

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We put in gas

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Sp ins

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for,

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our team members who were called upon to

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support multiple

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sites of service so that as they drove

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to those sites of service, they were being

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compensated

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for the gas that they were consuming

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to support support the practice. We've added more

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training and development

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over the last year to help our our

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new team members

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assimilate into the organization more effectively,

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and then offer them more training and career

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opportunities

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than than perhaps, we've we've done in the

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past.

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So we've really tried to, you know, address

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it through, you know, more creative, you know,

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approaches,

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but it still remains a challenge today.

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Thanks for sharing.

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What will the most effective health care leaders

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need to be successful in the next 2

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to 3 years?

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Yeah. I think it it goes beyond

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health care, but I think leaders in general

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are going to have to adapt to the

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new reality in the labor force, regardless of

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what industry you're in. Health care being, you

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know, maybe a little bit unique

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for the for the reason I mentioned earlier

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about not being able to do most of

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the care delivery

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remotely.

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That that presents, you know, unique challenges.

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So leaders are gonna have to be creative,

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adaptive.

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They're really gonna have to be

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open to new ideas and and new ways

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of of doing thing. Things. And I think

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that leads to being open

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to and planning for the adoption of new

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technology

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and Ai. As I as I said earlier,

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I think that in health delivery, specifically,

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as we look at the challenge of continuing

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to provide a high quality,

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clinical outcome as well as a patient experience

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and then also

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provide our team members

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with a great place to work and and

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a place that they can be excited about

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as it pertains to delivering that care either

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directly or indirectly.

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The adoption of technology

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and Ai are gonna really play, you know,

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big roles in that you know, going forward.

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So I think all leaders are going... Are

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going to have to really open themselves up

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and and adapt

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to the changes that their businesses and and

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the industry are facing.

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Great. Thank you.

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Well, Richard, thank you so much for your

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time and your insights today. It look forward

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to connecting with you again in the future.

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Thank you very much, chris. Appreciate the time.

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Awesome. And for our podcasting listening, that is

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the end into the podcast,

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richard great great conversation today, lots of great

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insights. Thank you so much.

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Thank you. Appreciate the opportunity.