1 00:00:00,080 --> 00:00:02,980 Hey there, dental professionals and industry enthusiasts. 2 00:00:03,600 --> 00:00:06,000 Picture this. It's October, and you're in the 3 00:00:06,000 --> 00:00:07,779 middle of one of the most transformative 4 00:00:08,160 --> 00:00:10,880 experiences of your career. You're at the Becker's 5 00:00:10,880 --> 00:00:13,359 Fall Future of Dentistry Roundtable in the vibrant 6 00:00:13,359 --> 00:00:16,015 city of Chicago, fresh off an incredible 3 7 00:00:16,015 --> 00:00:19,155 days at the Hyatt Regency. Imagine yourself inspired 8 00:00:19,214 --> 00:00:19,954 and invigorated 9 00:00:20,255 --> 00:00:23,375 after attending captivating keynote sessions by none other 10 00:00:23,375 --> 00:00:26,690 than the legendary boxing world champion and CEO, 11 00:00:26,910 --> 00:00:28,769 Lila Elite, and the extraordinary 12 00:00:29,150 --> 00:00:32,750 professional basketball player, Caitlin Clark. See yourself engaged 13 00:00:32,750 --> 00:00:33,890 in lively discussions, 14 00:00:34,190 --> 00:00:36,909 exchanging ideas, and collecting a stack of business 15 00:00:36,909 --> 00:00:39,854 cards from fellow dental experts and potential partners. 16 00:00:40,414 --> 00:00:42,114 You've networked with over 350 17 00:00:42,655 --> 00:00:45,215 attendees and learned from more than 80 speakers 18 00:00:45,215 --> 00:00:47,475 who are at the forefront of dental innovation. 19 00:00:48,335 --> 00:00:51,534 You sat in on educational sessions exploring topics 20 00:00:51,534 --> 00:00:54,015 that elevate dental care as a critical element 21 00:00:54,015 --> 00:00:57,109 of whole person health. You've witnessed firsthand how 22 00:00:57,109 --> 00:00:58,969 digital technology is revolutionizing 23 00:00:59,510 --> 00:01:00,490 patient outcomes 24 00:01:00,870 --> 00:01:04,250 and how both large DSOs and independent practices 25 00:01:04,390 --> 00:01:07,270 are flourishing. Get ready to transform your career 26 00:01:07,270 --> 00:01:09,049 and don't miss out on this incredible 27 00:01:09,435 --> 00:01:12,495 opportunity. The Becker's fall future of dentistry roundtable 28 00:01:12,635 --> 00:01:15,935 is from October 30th to November 1, 2024. 29 00:01:16,474 --> 00:01:18,655 Get registered by going to beckersdental.com 30 00:01:20,075 --> 00:01:21,935 and clicking on the events page. 31 00:01:22,799 --> 00:01:25,280 Hello. This is Cameron Cortejano with the Becker's 32 00:01:25,280 --> 00:01:27,459 Dental and DSO review podcast. 33 00:01:28,079 --> 00:01:30,000 I'm thrilled to be joined today by David 34 00:01:30,000 --> 00:01:32,719 Sock, who is the chief development officer at 35 00:01:32,719 --> 00:01:34,180 Specialty Smile Partners. 36 00:01:34,880 --> 00:01:37,380 Dave, thanks so much for being here today. 37 00:01:38,145 --> 00:01:40,724 Hi, Cameron. Look look forward to discussion. 38 00:01:41,504 --> 00:01:44,484 To start us off, can you introduce yourself, 39 00:01:45,185 --> 00:01:47,344 and tell us a little bit about your 40 00:01:47,344 --> 00:01:47,844 background? 41 00:01:49,025 --> 00:01:49,844 Yeah. Absolutely. 42 00:01:50,159 --> 00:01:53,120 So I'm I'm Dave Sopp. As you mentioned 43 00:01:53,120 --> 00:01:55,060 earlier, I I recently joined 44 00:01:55,520 --> 00:01:58,900 Specialty Smile Partners as the chief development officer. 45 00:01:59,680 --> 00:02:03,200 SSP or Specialty Smile Partners is a dental 46 00:02:03,200 --> 00:02:04,100 service organization 47 00:02:05,120 --> 00:02:05,620 that's 48 00:02:06,115 --> 00:02:06,615 focused 49 00:02:07,075 --> 00:02:07,895 on pedodontics 50 00:02:08,514 --> 00:02:09,574 and orthodontics. 51 00:02:10,915 --> 00:02:14,034 As the CDO, my my primary roles are 52 00:02:14,034 --> 00:02:15,735 developing trusted relationships 53 00:02:16,034 --> 00:02:17,254 with potential partners, 54 00:02:18,034 --> 00:02:21,175 evaluating cultural alignment and fit with the docs, 55 00:02:21,879 --> 00:02:22,860 leading due diligence, 56 00:02:23,879 --> 00:02:25,099 executing transactions, 57 00:02:26,120 --> 00:02:28,620 and assisting with the onboarding of new affiliates. 58 00:02:29,240 --> 00:02:32,120 For me, personally, I've spent my career investing 59 00:02:32,120 --> 00:02:35,319 private capital to acquire family owned and owner 60 00:02:35,319 --> 00:02:35,819 operated 61 00:02:36,520 --> 00:02:37,020 businesses, 62 00:02:38,094 --> 00:02:39,314 managing these businesses, 63 00:02:40,415 --> 00:02:42,435 and leading merging acquisitions 64 00:02:42,814 --> 00:02:46,115 for private equity owned dental service organizations 65 00:02:46,415 --> 00:02:47,314 or DSOs. 66 00:02:48,094 --> 00:02:50,355 I was drawn to health care services because 67 00:02:51,060 --> 00:02:52,739 if you do your job well, not only 68 00:02:52,739 --> 00:02:54,439 do you generate a financial return, 69 00:02:54,979 --> 00:02:56,919 but you're also impacting patients, 70 00:02:57,939 --> 00:02:59,239 improving their experiences, 71 00:02:59,780 --> 00:03:00,520 their outcomes, 72 00:03:00,900 --> 00:03:03,400 ensuring their continued access to care. 73 00:03:03,724 --> 00:03:05,645 This is a mission statement for me because 74 00:03:05,645 --> 00:03:07,405 my mom was a nurse, and some of 75 00:03:07,405 --> 00:03:09,165 the stories that she told me growing up 76 00:03:09,165 --> 00:03:10,064 left me wondering, 77 00:03:10,764 --> 00:03:12,605 what is it that's motivating some of these 78 00:03:12,605 --> 00:03:14,064 health care service providers? 79 00:03:14,685 --> 00:03:16,685 Because it is it's not always clear it's 80 00:03:16,685 --> 00:03:17,344 the patient. 81 00:03:18,719 --> 00:03:20,980 Great. Thanks for that introduction. 82 00:03:21,760 --> 00:03:23,540 What are some of the biggest issues 83 00:03:23,840 --> 00:03:25,139 that you're following 84 00:03:25,439 --> 00:03:26,659 in the dental industry, 85 00:03:27,280 --> 00:03:28,419 so far this year? 86 00:03:29,919 --> 00:03:30,659 Well, obviously, 87 00:03:31,040 --> 00:03:33,435 lots going on in the industry, but you 88 00:03:33,435 --> 00:03:34,735 probably wouldn't be surprised 89 00:03:35,115 --> 00:03:36,735 to hear, given my role, 90 00:03:37,435 --> 00:03:40,575 that I'm firstly focused on mergers and acquisitions 91 00:03:41,275 --> 00:03:42,094 and specifically 92 00:03:42,395 --> 00:03:44,415 deal pace and transaction 93 00:03:44,795 --> 00:03:45,295 sizes. 94 00:03:46,169 --> 00:03:48,489 You know as well as anyone that the 95 00:03:48,489 --> 00:03:49,469 pace of acquisitions 96 00:03:50,569 --> 00:03:52,909 has increased during 'twenty four after 97 00:03:53,449 --> 00:03:56,829 a cost and availability of capital driven slowdown 98 00:03:57,689 --> 00:03:59,789 and a resulting internal operations 99 00:04:00,090 --> 00:04:01,789 focus during 'twenty 3. 100 00:04:02,705 --> 00:04:04,004 My belief is that the 101 00:04:04,944 --> 00:04:05,444 2024 102 00:04:05,745 --> 00:04:08,224 first half pace will be sustained during the 103 00:04:08,224 --> 00:04:09,925 second half of this year as 104 00:04:10,384 --> 00:04:12,564 the economy continues to be strong. 105 00:04:13,264 --> 00:04:13,764 DSOs, 106 00:04:14,305 --> 00:04:16,084 again, access debt capital, 107 00:04:16,610 --> 00:04:19,589 and interest rates potentially begin to come down. 108 00:04:20,129 --> 00:04:22,949 I'm also looking for consolidation of consolidators 109 00:04:23,889 --> 00:04:25,189 to occur as 110 00:04:25,649 --> 00:04:26,870 the DSO market 111 00:04:27,250 --> 00:04:27,750 matures 112 00:04:28,370 --> 00:04:29,829 and larger group DSOs 113 00:04:30,884 --> 00:04:31,544 seek liquidity. 114 00:04:32,004 --> 00:04:34,084 Although the timing of this is, I'd I'd 115 00:04:34,084 --> 00:04:35,064 admit, uncertain. 116 00:04:35,925 --> 00:04:38,564 Related to acquisitions, I'm I'm also focused on 117 00:04:38,564 --> 00:04:39,384 how DSOs 118 00:04:39,685 --> 00:04:40,185 ensure 119 00:04:40,805 --> 00:04:43,704 that newly affiliated offices remain 120 00:04:44,199 --> 00:04:46,860 happy and productive after the partnership is formed. 121 00:04:47,879 --> 00:04:49,339 Aside from having proven 122 00:04:49,960 --> 00:04:52,139 processes to work with their new partners, 123 00:04:52,920 --> 00:04:55,639 DSOs have to allow the offices to retain 124 00:04:55,639 --> 00:04:57,020 their clinical autonomy 125 00:04:57,845 --> 00:05:00,564 and the unique cultures that initially attracted them 126 00:05:00,564 --> 00:05:01,545 to the affiliates. 127 00:05:02,725 --> 00:05:03,944 While maybe an oversimplification, 128 00:05:05,205 --> 00:05:08,425 dental officer excuse me. Dental officers are experts 129 00:05:08,485 --> 00:05:11,145 at improving patients' experiences and outcomes, 130 00:05:12,089 --> 00:05:12,589 and 131 00:05:13,050 --> 00:05:16,350 I'm following how DSOs offer support services 132 00:05:17,209 --> 00:05:18,910 to further the office's ability 133 00:05:19,290 --> 00:05:20,670 to improve the experiences 134 00:05:21,290 --> 00:05:22,670 of staff and patients. 135 00:05:24,285 --> 00:05:26,225 Got it. Thanks. And when 136 00:05:26,685 --> 00:05:28,545 you kinda touched on the consolidation 137 00:05:29,004 --> 00:05:30,225 of some of those 138 00:05:30,605 --> 00:05:33,805 DSOs and other consolidators in the industry. What 139 00:05:33,805 --> 00:05:35,425 do you think are some of the drivers 140 00:05:35,884 --> 00:05:36,384 behind 141 00:05:36,839 --> 00:05:39,160 that potentially starting to occur? I know you 142 00:05:39,160 --> 00:05:40,860 said there's not really 143 00:05:41,399 --> 00:05:43,879 a set time that you're expecting this to 144 00:05:43,879 --> 00:05:44,379 happen. 145 00:05:44,839 --> 00:05:46,600 But what do you think are some factors 146 00:05:46,600 --> 00:05:48,699 that could lead that to happen? 147 00:05:49,904 --> 00:05:52,165 Well, the first one, and it's not necessarily 148 00:05:52,305 --> 00:05:53,524 a positive story, 149 00:05:53,824 --> 00:05:54,485 is that 150 00:05:55,345 --> 00:05:57,425 2, 3 dozen DSOs have 151 00:05:58,225 --> 00:06:01,024 are now owned by banks. So private equity 152 00:06:01,024 --> 00:06:03,185 investors have turned the keys over to banks 153 00:06:03,185 --> 00:06:04,245 because of 154 00:06:04,800 --> 00:06:07,699 overlevered balance sheets and other operational 155 00:06:08,079 --> 00:06:08,579 distress. 156 00:06:09,839 --> 00:06:11,220 Those banks are 157 00:06:12,160 --> 00:06:15,220 generally not motivated and not set up to 158 00:06:15,680 --> 00:06:18,480 run and operate these businesses, and the banks 159 00:06:18,480 --> 00:06:20,964 are looking for liquidity events. So, 160 00:06:21,745 --> 00:06:24,245 these assets that are owned by banks 161 00:06:24,785 --> 00:06:25,845 need to be sold, 162 00:06:26,305 --> 00:06:29,845 and those are transactions that are easier to 163 00:06:30,145 --> 00:06:30,645 sell 164 00:06:31,345 --> 00:06:34,680 as an entire portfolio of offices as opposed 165 00:06:34,680 --> 00:06:37,560 to breaking them up and selling them on 166 00:06:37,560 --> 00:06:40,540 a onesie twosies basis to to other DSOs. 167 00:06:41,560 --> 00:06:44,199 That's the primary reason I'd say that I 168 00:06:44,199 --> 00:06:44,699 anticipate 169 00:06:45,160 --> 00:06:46,860 a consolidation of consolidators 170 00:06:47,560 --> 00:06:48,220 to occur. 171 00:06:48,604 --> 00:06:50,764 The other reason I would say is if 172 00:06:50,764 --> 00:06:52,225 you look at the dental market, 173 00:06:52,764 --> 00:06:55,084 my sense is that it may be, I 174 00:06:55,084 --> 00:06:56,704 don't know, a third consolidated, 175 00:06:57,404 --> 00:06:59,985 and there's still runway to be able to, 176 00:07:00,949 --> 00:07:01,769 to consolidate 177 00:07:02,069 --> 00:07:04,649 the the market further. But if you look 178 00:07:05,029 --> 00:07:05,610 at consolidation 179 00:07:05,910 --> 00:07:07,050 trends in other 180 00:07:07,990 --> 00:07:10,790 medical specialties or health care specialties that maybe 181 00:07:10,790 --> 00:07:12,970 you're more mature in in in the consolidation 182 00:07:13,269 --> 00:07:15,875 phase, like a eye care or dermatology 183 00:07:16,175 --> 00:07:16,915 or veterinary. 184 00:07:17,694 --> 00:07:19,235 What you saw in those, 185 00:07:19,855 --> 00:07:21,154 end markets was 186 00:07:21,855 --> 00:07:25,154 as those markets matured and eventual moving into, 187 00:07:25,935 --> 00:07:27,714 a consolidation of consolidators. 188 00:07:28,415 --> 00:07:30,699 So so for me, it's a combination 189 00:07:31,080 --> 00:07:31,580 of 190 00:07:32,279 --> 00:07:34,860 some bank owned platforms that need a liquidity 191 00:07:34,920 --> 00:07:35,420 event 192 00:07:36,279 --> 00:07:39,899 and just the continued maturation of the consolidation 193 00:07:40,120 --> 00:07:41,259 in the dental market. 194 00:07:42,805 --> 00:07:43,865 That makes sense. 195 00:07:44,805 --> 00:07:47,365 Something I'm curious to get your thoughts on 196 00:07:47,365 --> 00:07:47,865 are 197 00:07:48,485 --> 00:07:50,324 what are some of the things that you're 198 00:07:50,324 --> 00:07:52,644 most excited about when it comes to the 199 00:07:52,644 --> 00:07:53,144 dentist, 200 00:07:53,845 --> 00:07:56,279 the dental space right now, and what are 201 00:07:56,279 --> 00:07:58,599 some things that are making you a little 202 00:07:58,599 --> 00:07:59,339 bit nervous? 203 00:08:01,000 --> 00:08:01,399 Yeah. 204 00:08:02,199 --> 00:08:04,360 It's a good question. I I'd say in 205 00:08:04,360 --> 00:08:06,379 terms of what am I excited about, 206 00:08:06,680 --> 00:08:08,680 I'm excited about kind of following on that 207 00:08:08,680 --> 00:08:12,264 last question, the the continued consolidation of of 208 00:08:12,264 --> 00:08:12,925 the industry, 209 00:08:13,704 --> 00:08:15,564 first with owners who own 210 00:08:16,024 --> 00:08:17,724 one to a handful of practices 211 00:08:18,344 --> 00:08:19,084 and eventually 212 00:08:19,784 --> 00:08:21,724 this consolidation of consolidators, 213 00:08:23,120 --> 00:08:25,620 that I mentioned earlier as the market matures. 214 00:08:26,159 --> 00:08:28,579 For me, I get a thrill from developing 215 00:08:28,720 --> 00:08:31,379 relationships with docs and helping them 216 00:08:32,159 --> 00:08:33,860 and DSOs to achieve 217 00:08:34,480 --> 00:08:35,459 collective visions. 218 00:08:36,115 --> 00:08:38,434 Again, this creates a a financial win for 219 00:08:38,434 --> 00:08:41,014 all stakeholders, but it also benefits patients. 220 00:08:41,554 --> 00:08:43,495 I'm also excited about the new technologies 221 00:08:43,795 --> 00:08:45,095 that will enable 222 00:08:45,875 --> 00:08:47,654 patient centric care models 223 00:08:48,580 --> 00:08:50,899 and impact the end excuse me, the industry 224 00:08:50,899 --> 00:08:52,360 in in so many ways, 225 00:08:52,980 --> 00:08:55,799 you know, whether it be AI's impact on 226 00:08:56,019 --> 00:08:57,399 improving care procedures, 227 00:08:58,259 --> 00:09:01,240 enhancing treatment planning and patients' understanding, 228 00:09:02,695 --> 00:09:05,174 or assisting with workflow processes so that the 229 00:09:05,174 --> 00:09:08,794 offices can run more efficiently and effectively. So, 230 00:09:09,495 --> 00:09:11,754 so for me, the excitement is related to, 231 00:09:12,695 --> 00:09:14,875 m and a, how that enables 232 00:09:15,414 --> 00:09:15,914 benefits 233 00:09:16,230 --> 00:09:18,950 financially and from a patient standpoint, and then 234 00:09:18,950 --> 00:09:21,049 how new technology is, 235 00:09:21,990 --> 00:09:24,649 embraced and employed in the dental market. 236 00:09:25,190 --> 00:09:26,889 From a from a nervous standpoint, 237 00:09:27,509 --> 00:09:28,330 I'd say 238 00:09:28,709 --> 00:09:30,009 I continue to 239 00:09:31,664 --> 00:09:34,784 be concerned about the staffing challenges that continue 240 00:09:34,784 --> 00:09:36,085 to impact the industry. 241 00:09:37,264 --> 00:09:39,504 You know, certain states have been progressive in 242 00:09:39,504 --> 00:09:40,485 enacting bills 243 00:09:40,865 --> 00:09:43,284 like empowering dentists to 244 00:09:43,664 --> 00:09:45,365 easily practice in other 245 00:09:46,110 --> 00:09:48,450 participating states through multistate compacts. 246 00:09:49,149 --> 00:09:52,350 But expanding training capacity to increase the number 247 00:09:52,350 --> 00:09:52,850 of 248 00:09:53,230 --> 00:09:55,730 hygienists and assistant graduates annually 249 00:09:56,350 --> 00:09:58,589 and creating new paths to the profession, such 250 00:09:58,589 --> 00:10:00,210 as, like, a hygiene assistant, 251 00:10:00,554 --> 00:10:02,815 I think more solutions are needed. 252 00:10:03,674 --> 00:10:05,774 Progress is being made, but 253 00:10:06,235 --> 00:10:08,414 more work needs to be done. 254 00:10:09,595 --> 00:10:11,355 Yeah. I definitely agree with you on that 255 00:10:11,355 --> 00:10:13,375 last point about the staffing. I think, 256 00:10:14,240 --> 00:10:17,600 it's, like you said, been improving, and, some 257 00:10:17,600 --> 00:10:18,100 states 258 00:10:18,480 --> 00:10:20,419 are doing a little bit more than others 259 00:10:20,639 --> 00:10:21,139 to, 260 00:10:21,600 --> 00:10:22,500 make those improvements. 261 00:10:23,919 --> 00:10:24,899 But it's still 262 00:10:25,200 --> 00:10:27,440 I think a lot of dentists would say, 263 00:10:27,919 --> 00:10:28,419 not 264 00:10:28,745 --> 00:10:30,524 at the same level that it was, 265 00:10:31,065 --> 00:10:33,225 before COVID 19, and, 266 00:10:34,024 --> 00:10:36,105 that has been a a huge problem for 267 00:10:36,105 --> 00:10:37,404 a lot of dental practices 268 00:10:37,945 --> 00:10:40,345 and DSOs in in these past couple of 269 00:10:40,345 --> 00:10:40,845 years. 270 00:10:41,970 --> 00:10:43,909 A 100%. I mean, as you know, 271 00:10:44,610 --> 00:10:48,049 a certain percentage of the employee base left 272 00:10:48,049 --> 00:10:50,149 with COVID and never returned. 273 00:10:50,769 --> 00:10:53,970 And I would say that I'm seeing more 274 00:10:53,970 --> 00:10:56,070 availability of associates today, 275 00:10:56,529 --> 00:10:59,804 but hygienists are definitely hard to find. They're 276 00:10:59,804 --> 00:11:00,304 expensive, 277 00:11:00,845 --> 00:11:01,345 and, 278 00:11:02,284 --> 00:11:02,784 assistance 279 00:11:03,485 --> 00:11:05,485 maybe not quite as acute of an issue 280 00:11:05,485 --> 00:11:07,504 as hygienists, but 281 00:11:07,884 --> 00:11:08,924 still are, 282 00:11:09,485 --> 00:11:11,504 can be challenging roles to fill. 283 00:11:12,549 --> 00:11:13,449 Yeah. Absolutely. 284 00:11:13,909 --> 00:11:15,690 Especially that point about dental hygienists 285 00:11:16,309 --> 00:11:17,529 has has been a huge 286 00:11:18,149 --> 00:11:19,690 huge thing in the industry, 287 00:11:20,069 --> 00:11:21,370 in the past couple of years. 288 00:11:22,230 --> 00:11:24,870 Our last question today is what will the 289 00:11:24,870 --> 00:11:27,129 most effective health care leaders need 290 00:11:27,444 --> 00:11:29,524 in order to be successful in the next 291 00:11:29,524 --> 00:11:30,985 2 to 3 years in your opinion? 292 00:11:32,644 --> 00:11:34,264 Hi. So for 2 to 3 years, 293 00:11:35,444 --> 00:11:37,225 I guess I'd say a couple of things. 294 00:11:38,084 --> 00:11:38,584 First, 295 00:11:39,524 --> 00:11:42,404 the most effective leaders will need staff that 296 00:11:42,404 --> 00:11:42,904 are 297 00:11:43,500 --> 00:11:44,720 fulfilled and motivated. 298 00:11:45,980 --> 00:11:48,480 Look. There are many care options for consumers 299 00:11:48,540 --> 00:11:50,960 to choose, so it's critical that 300 00:11:51,340 --> 00:11:51,840 providers 301 00:11:52,779 --> 00:11:56,245 provide an exceptional patient experience. And if I 302 00:11:56,245 --> 00:11:58,644 think about myself individually, I don't think my 303 00:11:58,644 --> 00:12:01,705 experience is much dissimilar to others, and 304 00:12:02,165 --> 00:12:04,004 that being that I seek care from an 305 00:12:04,004 --> 00:12:06,725 office where I know, like, and trust the 306 00:12:06,725 --> 00:12:07,545 staff members 307 00:12:08,004 --> 00:12:10,085 and where I know that my interests are 308 00:12:10,085 --> 00:12:11,625 what motivates them. 309 00:12:11,940 --> 00:12:13,779 And on this point, I'd I'd recommend a 310 00:12:13,779 --> 00:12:16,360 book called Patients Come Second 311 00:12:16,740 --> 00:12:19,080 to learn about how to create an engaged 312 00:12:19,540 --> 00:12:20,040 workforce. 313 00:12:21,299 --> 00:12:24,279 Being patient focused, this title may sound counterintuitive, 314 00:12:25,235 --> 00:12:26,995 but the concept is is that if you 315 00:12:26,995 --> 00:12:28,855 can connect providers' work 316 00:12:29,235 --> 00:12:31,715 with a higher purpose and provide them with 317 00:12:31,715 --> 00:12:33,575 tools so that they can be leaders, 318 00:12:34,274 --> 00:12:35,815 you can attract and maintain 319 00:12:36,435 --> 00:12:39,654 a motivated staff that is in turn capable 320 00:12:39,795 --> 00:12:40,455 of providing 321 00:12:41,100 --> 00:12:42,320 excellent patient care. 322 00:12:42,779 --> 00:12:44,860 And these goals, they they they may sound 323 00:12:44,860 --> 00:12:45,919 simple and obvious, 324 00:12:46,620 --> 00:12:49,179 but there are many factors that leaders must 325 00:12:49,179 --> 00:12:52,539 get right to achieve them. Creating a culture 326 00:12:52,539 --> 00:12:55,884 of teamwork and community is is influenced by 327 00:12:55,884 --> 00:12:58,445 things like who do you recruit, how do 328 00:12:58,445 --> 00:13:00,925 you inspire them, and what type of opportunity 329 00:13:00,925 --> 00:13:02,144 do you provide them. 330 00:13:02,524 --> 00:13:05,085 So that's one item. The second thing that 331 00:13:05,085 --> 00:13:07,345 I'd say is that leaders must 332 00:13:08,039 --> 00:13:11,019 remain disciplined to be successful during the next 333 00:13:11,080 --> 00:13:12,220 2 to 3 years. 334 00:13:12,759 --> 00:13:15,240 There was just too much undisciplined buying when 335 00:13:15,240 --> 00:13:18,919 capital was readily available and relatively cheap during 336 00:13:18,919 --> 00:13:20,059 21 and 22. 337 00:13:21,044 --> 00:13:24,164 And too often, the goal was growth for 338 00:13:24,164 --> 00:13:26,024 the sake of growth rather than 339 00:13:26,404 --> 00:13:29,284 adhering to a strategic vision of what was 340 00:13:29,284 --> 00:13:30,585 being built and 341 00:13:30,964 --> 00:13:34,325 paying reasonable prices that would allow equity value 342 00:13:34,325 --> 00:13:35,304 to be created. 343 00:13:36,200 --> 00:13:37,639 So to me, I I guess if I 344 00:13:37,639 --> 00:13:39,080 were to sum it up, I'd say the 345 00:13:39,080 --> 00:13:41,480 the most effective health care leaders during the 346 00:13:41,480 --> 00:13:43,019 next 2 to 3 years 347 00:13:43,559 --> 00:13:46,620 will be those who successfully create a culture 348 00:13:47,240 --> 00:13:49,100 that develops and maintains 349 00:13:49,559 --> 00:13:51,339 engaged and motivated staff 350 00:13:52,004 --> 00:13:54,804 and those who remain disciplined about how they 351 00:13:54,804 --> 00:13:55,304 pursue 352 00:13:55,605 --> 00:13:56,985 their strategic visions. 353 00:13:58,404 --> 00:14:00,804 That makes a ton of sense, and, I 354 00:14:00,804 --> 00:14:04,424 think that those are two great points. And 355 00:14:05,740 --> 00:14:07,820 the if if health care leaders can follow 356 00:14:07,820 --> 00:14:08,480 those, then, 357 00:14:09,180 --> 00:14:11,440 the success will likely come afterwards. 358 00:14:12,220 --> 00:14:14,940 Yeah. Well, I wanna thank you for joining 359 00:14:14,940 --> 00:14:17,259 us today, David, and thank you for sharing 360 00:14:17,259 --> 00:14:18,480 your valuable expertise 361 00:14:19,105 --> 00:14:21,605 and insights into the dental industry. 362 00:14:22,225 --> 00:14:24,384 It's been a pleasure speaking with you, and 363 00:14:24,384 --> 00:14:26,625 I look forward to connecting with you again 364 00:14:26,625 --> 00:14:27,365 in the future. 365 00:14:28,144 --> 00:14:29,764 My pleasure. I enjoyed the conversation, 366 00:14:30,225 --> 00:14:30,725 Cameron.