The Orthopreneurs Podcast with Dr. Glenn Krieger

Latest Episodes:

Demystifying Private Equity and Orthodontic Practice Acquisition w/ Michael Kruspe Sep 19, 2023

Show notes

The orthodontic industry is currently only about 10% consolidated, which means that a relatively small percentage of practices are part of organized groups or dental support organizations (DSOs)
However, this landscape is evolving rapidly, with more and more practices considering the possibility of private equity-backed partnerships.
Unfortunately, there is loads of misinformation and misconceptions that make it hard for people to understand how private equity-backed DSOs work properly.
To shed light on this often misunderstood topic, we sat down with Michael Kruspe, Chief Development Officer at Smile Doctors, the largest orthodontic-focused DSO in the U.S.
Private equity is a form of financing in the private markets. Unlike venture capital, which typically supports startups and new ideas, private equity focuses on mature businesses.
These businesses are already profitable and have established revenue streams. Private equity firms pool resources from private investors to invest in these companies with a track record.
One of the intriguing aspects of private equity in orthodontics is the recurring four to five-year timeline. Michael sheds light on why this timeframe is crucial.
Private equity firms aim to invest in orthodontic practices, help them grow, and eventually move them to a more capitalized private equity firm. This process typically takes four to five years.
Michael predicts that similar to general dentistry, orthodontics will eventually see a higher level of consolidation, potentially reaching 35% or more. This underscores the early-stage nature of the industry's transformation.
Whether you're an orthodontist considering private equity or simply curious about the industry's future, this conversation offers valuable insights into the world of private equity in the orthodontic industry and debunks common misconceptions.
Let's dive in.
Key Takeaways
- Intro (00:00)
- Meet Michael Kruspe, Chief Development Officer at Smile Doctors OSO (01:34)
- What is Private Equity in orthodontics (06:34)
- Understanding Private Equity timelines (08:15)
- What equity means for doctors in an OSO (12:51)
- How an OSO grows (16:12)
- Practice valuations and deal structuring (18:12)
- Misconceptions and myths around OSO's (25:23)
- Joint Venture model in OSOs (29:01)
- Is Smile Doctors too big? (37:24)
Additional Resources
🔹 Michael Kruspe's email: michael.kruspe@smiledoctors.com
🔹 Your Voyage to Excellence... Register for the OrthoPreneurs Summit at Sea 2024: https://opsummit2024.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Embracing AI in Your Practice: A Path to Efficiency and Growth Sep 15, 2023

Show notes

AI has been a buzzword for a while now, and its potential benefits are undeniable.
But before we get carried away with the AI hype, it's essential to remember that there are other ways to improve efficiency in your practice that have nothing to do with AI.
One of the most significant advantages of AI is its ability to enhance the effectiveness of your team.
AI can assist with tasks such as grammar checking, spelling correction, and content generation, resulting in more polished and compelling communication.
For instance, consider crafting a sales script. Would you trust your team to create one from scratch, or would you turn to AI to generate a flawless and persuasive script?
AI can automate various tasks, from follow-up calls to engaging potential patients. These technologies are in their infancy and will only become more powerful over time.
By implementing such solutions, your stress levels will decrease, productivity will soar, and your practice's profitability will increase.
Plus, you'll have more time to engage in activities that challenge and stimulate your mind.
Tune in to learn more
Key Takeaways
- AI is more than just a buzzword (00:30)
- Unlocking the power of AI (01:18)
- The real threat of AI (02:00)
- Historical perspective on technology (03:35)
- Staffing and the AI advantage (04:23)
- AI automation in a practice (05:16)
Additional Resources
🔹 Your Voyage to Excellence... Register for the OrthoPreneurs Summit at Sea 2024: https://opsummit2024.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Tips to Hire the Right Director of Operations for Your Practice Sep 12, 2023

Show notes

The success of an orthodontic practice often hinges on the careful orchestration of clinical expertise and effective business management.
While the orthodontist focuses on delivering great ortho and providing overall leadership and vision, there's often a behind-the-scenes hero who ensures the practice runs smoothly - the Director of Operations.
In this episode, I am joined by Nicole Pruitt, the Director of Operations at Boschken Orthodontics. She has been instrumental in the practice's success and shares what it takes to deliver on this role.
Nicole's partnership with Dr. Boschken highlights the significance of having a trusted individual by your side in your practice. Dr. Boschken often credits Nicole as a key factor in their success and emphasizes her role as the "better half" when discussing the practice's achievements.
Nicole's career path may not have followed a traditional route to orthodontic management.
She started her professional journey in sales before joining Boschken Orthodontics in 2011 as a Treatment Coordinator and eventually to her current role.
Nicole's sales background has proven to be a valuable asset in her role. She has brought the principles of sales, customer service, and effective communication into the practice. This also dispels the myth that you need someone with a formal business school background, such as an MBA, for this role.
Finding the right Director of Operations can be challenging, and the road is littered with relationships that have fallen apart where people tried to make it happen.
Even though there's no one-size-fits-all formula for finding the right person, Nicole and I go through some qualities to look out for and some mistakes to avoid.
Tune in!
Key Takeaways

- Nicole's background and entry into orthodontics (00:59)

- Qualities of a successful director of operations (05:10)

- Importance of having a right-hand person (07:04)

- The visionary and leadership role of an Orthodontist (17:02)

- Biggest mistakes in hiring director of operations (26:19)

- The feedback fix (32:22)

- Nicole's favorite part of her job (35:08)
Additional Resources
🔹 Your Voyage to Excellence... Register for the OrthoPreneurs Summit at Sea 2024: https://opsummit2024.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Proven Strategies to Work Smart in a Recession Sep 08, 2023

Show notes

The average orthodontic practice is projected to experience a 6% decline in 2023 compared to the previous year, 2022.
But the fact of the matter is that some practices are thriving while others experience a decline in performance.
Blaming external factors like the economy or location won't lead to solutions.
It's time to take a hard look in the mirror and assess what you can do to fuel the growth of your practice.
As the leader of your practice, it's crucial to take responsibility for its performance. Ask yourself if you've done everything possible to drive growth and increase profitability.
It's time to take charge, adapt, and thrive in the evolving landscape.
Key Takeaways
- Practice growth in 2023 (00:26)
- The real reason your numbers are down (01:01)
- How to work smart in a recession (01:43)
- Implement tech to be more efficient (02:54)
Additional Resources
🔹 Your Voyage to Excellence... Register for the OrthoPreneurs Summit at Sea 2024: https://opsummit2024.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Streamline Your Orthodontic Practice with Orthazone w/ Dr. Maryann Kriger Sep 05, 2023

Show notes

In this episode, I am joined by Dr. Maryann Kriger, a seasoned orthodontist and the brain behind Orthazone.
Running her own orthodontic practice, Dr. Kriger became acutely aware of the complexities involved in inventory management, ordering supplies, and maintaining transparent pricing.
Traditional methods were time-consuming, and it was challenging to track expenses accurately.
This led her to create Orthazone, a platform that simplifies these processes and empowers orthodontists to make informed decisions by providing comprehensive insights into their spending patterns.
Orthazone has been one of the better-kept secrets in orthodontics that many people may not have heard of or don't know what it's about.
It is a revolutionary platform that combines the convenience of an online marketplace with powerful inventory management tools, catering specifically to orthodontists.
Whether you're a solo practitioner or managing multiple practice locations, Orthazone offers a comprehensive solution to enhance inventory management, streamline ordering, and optimize overhead costs.
It helps doctors and their teams concentrate on what truly matters in their practice.
At the heart of Orthazone's value proposition is its powerful dashboard. This feature is a game-changer for orthodontists seeking to gain full control over their inventory and expenses.
Say goodbye to hours spent poring over invoices and struggling to reconcile expenses. The Orthazone dashboard provides a comprehensive overview of your spending patterns, allowing you to make informed decisions about where to allocate your resources.
By identifying spending trends and optimizing your purchasing decisions, you can achieve remarkable cost savings that directly impact your bottom line.
Tune in to this episode to hear Dr. Maryann Kriger's story and orthodontic journey and why she believes you must try Orthazone to transform your practice.
Key Takeaways
Intro (00:00)
Meet the original Dr. Kriger (00:44)
Full mouth occlusal equilibration (08:05)
Crossover between ortho and cosmetic surgery (12:54)
Same-day starts and no-show rates (14:42)
Krieger’s Razor (19:48)
What is Orthazone (24:09)
Easy way to keep track of your overhead (26:46)
Additional Resources
🔹 Orthazone orthodontic/dental supply ordering system: https://www.orthazone.com
🔹 Contact Dr. Maryann Kriger at maryannk@orthazone.com

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🔹 Your Voyage to Excellence... Register for the OrthoPreneurs Summit at Sea 2024: https://opsummit2024.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Speak Your Team's Love Language Sep 01, 2023

Show notes

You've probably been in a situation where you want to express gratitude to a team member for something they've done or a milestone they have achieved at work but struggled to determine what would be the best way to go about it.
Today, we're diving into a simple yet incredibly impactful concept that can transform how you show appreciation to your team members.
The magic lies in discovering their love language.
Are they all about quality time? Do they light up when they receive words of affirmation? Or perhaps acts of service really make their day?
It's like deciphering a secret code to their heart.
So, the next time you find yourself brainstorming about how to thank a team member, take a step back. Instead of asking colleagues for suggestions or blindly guessing, remember this: their love language holds the key. It's about acknowledging and celebrating their uniqueness in a way that truly matters to them.
Now, I can almost hear the skeptical minds saying, "But how do I even figure out their love language?"
It's simpler than you think. Tune in to this 5-minute episode for more tips!
Key Takeaways

- 2024 OP Summit at Sea Summit update (00:38)

- Understanding love languages (02:14)

- Tailored appreciation (03:01)

- Love languages at work (03:27)

- Building strong relationships at work (04:26)
Additional Resources
🔹 Your Voyage to Excellence... Register for the OrthoPreneurs Summit at Sea 2024: https://opsummit2024.com/
🔹 For more information, visit: https://orthopreneurs.com
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Running your Practice Like a Business w/ Dr. David Boschken Aug 29, 2023

Show notes

In the ever-evolving field of orthodontics, there are trailblazers who continuously push the boundaries of technology and patient care. Dr. David Boschken, based in Silicon Valley, California, is one such person.
He stands out as a forward-thinking figure with over two decades of experience at the forefront of orthodontic innovation.
Dr. Boschken's legacy as an early adopter of Invisalign played a pivotal role in his career. During the nascent stages of Invisalign's growth, he was among the first orthodontists to embrace this technology and incorporate it into his practice.
His forward-thinking approach led to an invitation to become one of the very first faculty members for Align. Dr. Boschken began lecturing on Invisalign's potential, educating fellow orthodontists on its benefits and techniques.
His practice reached 98% clear aligners back in 2015, in addition to a fully digital experience leveraging technology such as Light Force and iTero. This shift not only streamlined operations but also enhanced patient satisfaction.
In this episode, Dr. Boschken and I emphasize the importance of treating orthodontic practices as businesses, a mindset sometimes overlooked in the profession.
We challenge the taboo around discussing profits and urge orthodontists to focus on profitability and key performance indicators (KPIs) as much as clinical outcomes.
Don't miss out on this riveting conversation as we talk about profitability, scalability, and much more!
Key Takeaways
- Intro (00:00)
- Full digital orthodontic experience (04:20)
- Scaling operations with clear aligners (08:13)
- Running your practice like a business (09:38)
- Ego and orthodontic visits (18:40)
- Proper technique for switching out aligners (24:41)
- Orthopreneurs 2024 Summit Announcement (30:29)
- Office design for the future (33:43)
- Remote response for dashboard monitoring (36:19)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

How to Implement Book Lessons Effectively for Growth Aug 25, 2023

Show notes

In a recent webinar, I received a thought-provoking question: "What book would you recommend?"
You’ll agree with me that there are countless great books out there, each offering unique insights applicable to various aspects of life and business.
However, the question that arises is not just about which books to read but how to make the most of them.
It's no secret that modern life is bustling and busy, leaving little time for indulging in lengthy books.
Many people find solace in audiobooks, as they can be consumed during commutes, workouts, or other daily activities.
Yet, the challenge lies in making the content actionable – translating the wisdom from the page (or speaker) to tangible improvements in your life and business.
The purpose of reading business books extends beyond mere consumption. It's about transforming knowledge into action, about enhancing both your practice and your life.
Tune in for tips on how to make the books you read more impactful.
Key Takeaways
- Intro (00:00)
- Audiobooks vs. reading (00:46)
- Taking notes to preserve ideas for later action (01:38)
- Turning knowledge from books into action (02:13)
- Why do we consume books? (02:35)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Get into Orthodontic Flow - How to Do More with Less and Double Your Practice | Dr. Mark Farina Aug 22, 2023

Show notes

This week's guest on the podcast will simply blow your mind away. At first glance, his practice numbers seem hard to believe, but he is a very transparent kind of guy.
Dr. Mark Farina has practiced out of Tampa, Florida, for the last 28 years and has treated over 25,000 smiles in the Tampa Bay area.
He is one of the big superstars in our profession who you'll rarely see on stage or hear about but are doing quite extraordinary stuff. Dr. Farina is a rare breed – a humble giant in every sense.
His leadership and management skills are unparalleled, and his track record speaks volumes.
The first time I heard about his journey, I was honestly skeptical. I mean, could this really be true? But the remarkable thing is, he's not just about words – he backs up his claims with hard numbers and an openness that's truly refreshing.
He lost an associate but doubled his production one and a half years later to $13 million a year with just one provider!
This is an incredible story that will truly inspire you.
How did he do it?
Tune in to the episode, hear his story, and learn some important lessons in practice management and leadership.
Key Takeaways
- Meet Dr. Mark Farina (01:50)
- Implementing Virtual Orthodontics to scale your practice (08:26)
- Doubling production after losing an associate (15:34)
- What it takes to build a $13 million a year practice (16:39)
- Your job as a leader in your practice (20:57)
- How to get many virtual starts (32:10)
- Why you must keep track of metrics in your business (34:02)
- Connect with your patients in less than 30 seconds (42:02)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

Balancing Act: Technology, Patient Care, and Ego in Orthodontics Aug 18, 2023

Show notes

Today, I want to talk about a subject that's been buzzing in the orthodontic community - the intersection of technology, patient care, and the role of ego in our decisions.
In recent times, there has been a surge of conversations revolving around integrating technology into patient care.
Remote monitoring, among other innovations, has sparked debates about the frequency of in-person appointments versus leveraging technology for more efficient follow-ups.
And here's where the pivotal distinction emerges: our motivations behind these choices. Unfortunately, some of these decisions are based on ego.
Our focus should always be on the well-being of our patients. The shift towards embracing technology isn't about sacrificing quality care but about reimagining patient-centric practices.
If technology allows us to extend intervals between appointments while still ensuring effective care, it's a win-win situation. Patients don't relish the idea of visiting the orthodontist's office frequently unless it's genuinely necessary.
Tune in to this Five Minute Friday for my thoughts on this topic.
Key Takeaways
- Technology and patient care (00:28)
- Motivations for scheduling appointments (01:05)
- Genuine care vs professional ego (02:42)
- Patient-centered approach (03:33)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneurs

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