Philadelphia, PA – September 24, 2017 – Mid-Atlantic Dental Service Holdings LLC, operating as Mid-Atlantic Dental Partners, a dental support organization (“DSO”) dedicated to improving the delivery of dental services for dentists and their patients, today announced the hiring of Leigh Feenburg as the company’s Chief Operating Officer.
As COO, Mr. Feenburg will be responsible for all dental operations and achievement of the company’s operational and financial goals. Previously, Mr. Feenburg was a Vice President of Operations in Florida and Texas for Great Expressions Dental Centers, one of the largest networks of dental care providers in the U.S. with more than 290 practices in ten states. In this capacity he resolved critical operation issues while generating substantial profit gains, directed complex, multi-site operations, and fostered long-term value.
“I am excited about the opportunity to guide the growth of Mid-Atlantic Dental Partners,” said Feenburg. “The company has grown quickly as its dental partnership model catches on. I look forward to bringing my operational experience to build an effective management team to support our dental practices and their patients.”
In addition, Mid-Atlantic Dental Partners announced that Dr. Rob Samit will be joining the company’s Board of Directors. Dr. Samit is the founder of MyEyeDr.com, an organization that assists optometry practices in delivering the highest quality vision care and customer service. Dr. Samit grew the company to over 2500 employees in 175 locations in ten states before selling it in 2015 to a private equity firm. Dr. Samit is currently an investor in the healthcare space.
“We are thrilled to bring onboard two seasoned leaders in their respective healthcare fields,” said Mitchell Goldman, Chief Executive Officer of Mid-Atlantic Dental Partners. “Both Leigh and Robert bring insight and expertise into successfully growing multi-site healthcare businesses operations across a number of states. We look forward to harnessing their expertise to duplicate their success here at Mid-Atlantic Dental Partners in the coming months and years.”
Founded in March of 2016, Mid-Atlantic Dental Partners is a fast-growing dental support organization with more than 10 offices in three states. The DSO most recently signed equity commitments for up to $12.5 million in growth equity to expand their successful model into the South Jersey, Baltimore, and D.C. suburbs.
About Mid–Atlantic Dental Partners
Founded in 2016, Mid-Atlantic Dental Partners is a dental support organization dedicated to improving the delivery of dental care. By providing dentists with financial management, marketing and technology services, Mid-Atlantic Dental alleviates administrative burdens and allows dentists to focus on their patients. For more information, visit www.mid-atlanticdental.com.
DSO Plans Expansion into Southern New Jersey, Baltimore, Washington, D.C.
PHILADELPHIA–Mid-Atlantic Dental Service Holdings LLC, operating as Mid-Atlantic Dental Partners, a dental support organization (“DSO”) dedicated to improving the delivery of dental services for dentists and their patients, announced today that it has signed equity commitments for up to $12.5 million in growth equity led by S.C. Goldman and Company, LLC. Since the company’s launch in March of 2016, Mid-Atlantic Dental Partners has performed significantly ahead of its business plan, with eight existing offices, and seven new offices in the process of closing. The additional equity will be used to expand their successful model into the South Jersey, Baltimore, and D.C. suburbs.
“Our unique partnership model, where selling dentists retain a portion of the ownership of the company and build personal wealth over time, has proven to be an overwhelming success,” said Mitchell Goldman, Chief Executive Officer of Mid-Atlantic Dental Partners. “In our first year we partnered with eight dental practices in Pennsylvania and Maryland, and are now looking to expand our footprint and bring this partnership model to dentists in the southern New Jersey, Baltimore, and Washington, D.C. communities. By the end of 2017 we anticipate 15 practice partnerships and $20 million in run-rate revenue.”
Mid-Atlantic Dental Partners offers dentists a new DSO model that supports dental professionals by providing marketing, financial, practice information and other business services so dentists can focus on delivering the highest quality care to their patients.
The success of Mid-Atlantic Dental is due in part to the consistent growth of the U.S. dental care industry, driven largely by the aging Baby Boomer population, paired with an increasing number of dentists looking to reduce practice administrative burdens. These factors have positioned Mid-Atlantic Dental’s partnership model as a win-win solution.
About Mid-Atlantic Dental Partners
Founded in 2016, Mid-Atlantic Dental Partners is a dental support organization dedicated to improving the delivery of dental care. By providing dentists with financial management, marketing and technology services, Mid-Atlantic Dental alleviates administrative burdens and allows dentists to focus on their patients. For more information, visit www.mid-atlanticdental.com
About S.C. Goldman & Company, LLC
Founded in 2011, S.C. Goldman & Company is a family partnership which acquires North America-based middle-market companies with leading market positions in healthcare, services, and industrials. The firm’s permanent capital structure allows for efficient decision making and real-time flexibility to structure transactions. Through partnership with its management teams, S.C. Goldman aims to create long-term partnerships capable of building enduring value, for both shareholders and their employees.
http://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpg00madpadminhttp://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpgmadpadmin2017-09-06 07:30:142017-09-06 08:36:21Mid-Atlantic Dental Partners Raises $12.5 Million
JOHN GEORGE
Senior Reporter
Philadelphia Business Journal
A dental support organization (DSO) launched one year ago by former Duane Morris attorney Mitchell Goldman is well ahead of schedule in its goal of affiliating with and providing business support services to dental practices.
Mid-Atlantic Dental Partners of Plymouth Meeting, Pa., earlier their month closed its eighth deal.
“We think we’ll be at 20 practices at year’s end,” Goldman said.
The company’s early hope was to have eight practices from the Mid-Atlantic region on board by the end of 2017. The eight that it has deals with are all in either Pennsylvania or Maryland.
Goldman said the interest his DSO is getting from dental practices validates the market data he collected prior to launching the company, along with an affiliated organization that is acquiring a majority stake in the practices Mid-Atlantic Dental Partners is supporting. The company has spent between $8 million and $10 million on acquisitions, Goldman said.
“The numbers showed this is a buyers’ market that has a lot of older dentists wanting to sell and very few millennials wanting to buy,” he said.
The 2017 Dental Practice Survey conducted by TD Bank in Cherry Hill found 29 percent of the respondents said that they are considering selling or merging their practice in the next few years. Dan Croft, head of health care practice solutions at TD Bank, said he viewed the “modest uptick” in the expected supply of practices for sale “consistent with the nearly full recovery of financial losses incurred from plummeting retirement, investment and real estate values during the economic crisis.”
Goldman said his research found the U.S. dental services market is a $112 billion industry with 3.5 percent annual growth rate driven largely by the aging Baby Boomer population, while 45 percent of dentists nationally are over the age of 54 and looking to reduce their practices’ administrative burdens as they continue to care for patients.
Mid-Atlantic Dental Partners received capital commitments of up to $15 million in its initial round of financing. The financing was led by S.C. Goldman and Co., a private family investment partnership based in Philadelphia.
Under the company’s partnership model, Mid-Atlantic Dental Partners allows selling dentists to retain a portion of the ownership in their practice and gives them the opportunity to continue to participate in the monthly earnings of the company — and in the future value of the company when the dentist retires.
Mid-Atlantic Dental Partners supports dental professionals by providing marketing, financial, practice information, and other business services so dentists can focus on delivering care and not worry about the business operations.
“Were not the same old DSO model where somebody buys the practice, employs the dentist, cuts costs and lays off staff,” he said. “I never liked that model. We believe instead of laying off staff, you reposition them. Instead of focusing on cutting costs, you try to grow the business.”
Goldman said a big challenge his company faces is recruiting new dentists. They have created a “path to ownership” program to help associate dentists expand their professional skills. “Our model works because younger dentists graduate with very high debt — $300,000 to $400,000 and for them to go buy into a practice is very difficult — it could mean carrying a total of a million dollars in debt.”
Mid-Atlantic Dental Partners’ path to ownership program finances a young dentists buy-in and allows pay back of the debt over time. The program provides the dentist with an immediate minority ownership stake in the practice. Goldman said he was explaining the model to a potential new hire who said he’d rather have the company pay his student loan.
“I told him with 20 percent of the practice he’d get 20 percent of the monthly [profit] distributions, and he could use that to pay off the loan,” Goldman said. “He didn’t know what a distribution was. His training was all about improving his dental skills, and not on the minutia of the business side.”
http://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpg00madpadminhttp://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpgmadpadmin2017-06-14 20:19:292017-09-06 08:37:39Drilling down: Montco DSO ahead of schedule with eight dental practice deals in first year
Mid-Atlantic Dental Partners Announces COO, Board Addition
/in News /by madpadminPhiladelphia, PA – September 24, 2017 – Mid-Atlantic Dental Service Holdings LLC, operating as Mid-Atlantic Dental Partners, a dental support organization (“DSO”) dedicated to improving the delivery of dental services for dentists and their patients, today announced the hiring of Leigh Feenburg as the company’s Chief Operating Officer.
As COO, Mr. Feenburg will be responsible for all dental operations and achievement of the company’s operational and financial goals. Previously, Mr. Feenburg was a Vice President of Operations in Florida and Texas for Great Expressions Dental Centers, one of the largest networks of dental care providers in the U.S. with more than 290 practices in ten states. In this capacity he resolved critical operation issues while generating substantial profit gains, directed complex, multi-site operations, and fostered long-term value.
“I am excited about the opportunity to guide the growth of Mid-Atlantic Dental Partners,” said Feenburg. “The company has grown quickly as its dental partnership model catches on. I look forward to bringing my operational experience to build an effective management team to support our dental practices and their patients.”
In addition, Mid-Atlantic Dental Partners announced that Dr. Rob Samit will be joining the company’s Board of Directors. Dr. Samit is the founder of MyEyeDr.com, an organization that assists optometry practices in delivering the highest quality vision care and customer service. Dr. Samit grew the company to over 2500 employees in 175 locations in ten states before selling it in 2015 to a private equity firm. Dr. Samit is currently an investor in the healthcare space.
“We are thrilled to bring onboard two seasoned leaders in their respective healthcare fields,” said Mitchell Goldman, Chief Executive Officer of Mid-Atlantic Dental Partners. “Both Leigh and Robert bring insight and expertise into successfully growing multi-site healthcare businesses operations across a number of states. We look forward to harnessing their expertise to duplicate their success here at Mid-Atlantic Dental Partners in the coming months and years.”
Founded in March of 2016, Mid-Atlantic Dental Partners is a fast-growing dental support organization with more than 10 offices in three states. The DSO most recently signed equity commitments for up to $12.5 million in growth equity to expand their successful model into the South Jersey, Baltimore, and D.C. suburbs.
About Mid–Atlantic Dental Partners
Founded in 2016, Mid-Atlantic Dental Partners is a dental support organization dedicated to improving the delivery of dental care. By providing dentists with financial management, marketing and technology services, Mid-Atlantic Dental alleviates administrative burdens and allows dentists to focus on their patients. For more information, visit www.mid-atlanticdental.com.
Mid-Atlantic Dental Partners Raises $12.5 Million
/in News /by madpadminDSO Plans Expansion into Southern New Jersey, Baltimore, Washington, D.C.
PHILADELPHIA–Mid-Atlantic Dental Service Holdings LLC, operating as Mid-Atlantic Dental Partners, a dental support organization (“DSO”) dedicated to improving the delivery of dental services for dentists and their patients, announced today that it has signed equity commitments for up to $12.5 million in growth equity led by S.C. Goldman and Company, LLC. Since the company’s launch in March of 2016, Mid-Atlantic Dental Partners has performed significantly ahead of its business plan, with eight existing offices, and seven new offices in the process of closing. The additional equity will be used to expand their successful model into the South Jersey, Baltimore, and D.C. suburbs.
“Our unique partnership model, where selling dentists retain a portion of the ownership of the company and build personal wealth over time, has proven to be an overwhelming success,” said Mitchell Goldman, Chief Executive Officer of Mid-Atlantic Dental Partners. “In our first year we partnered with eight dental practices in Pennsylvania and Maryland, and are now looking to expand our footprint and bring this partnership model to dentists in the southern New Jersey, Baltimore, and Washington, D.C. communities. By the end of 2017 we anticipate 15 practice partnerships and $20 million in run-rate revenue.”
Mid-Atlantic Dental Partners offers dentists a new DSO model that supports dental professionals by providing marketing, financial, practice information and other business services so dentists can focus on delivering the highest quality care to their patients.
The success of Mid-Atlantic Dental is due in part to the consistent growth of the U.S. dental care industry, driven largely by the aging Baby Boomer population, paired with an increasing number of dentists looking to reduce practice administrative burdens. These factors have positioned Mid-Atlantic Dental’s partnership model as a win-win solution.
About Mid-Atlantic Dental Partners
Founded in 2016, Mid-Atlantic Dental Partners is a dental support organization dedicated to improving the delivery of dental care. By providing dentists with financial management, marketing and technology services, Mid-Atlantic Dental alleviates administrative burdens and allows dentists to focus on their patients. For more information, visit www.mid-atlanticdental.com
About S.C. Goldman & Company, LLC
Founded in 2011, S.C. Goldman & Company is a family partnership which acquires North America-based middle-market companies with leading market positions in healthcare, services, and industrials. The firm’s permanent capital structure allows for efficient decision making and real-time flexibility to structure transactions. Through partnership with its management teams, S.C. Goldman aims to create long-term partnerships capable of building enduring value, for both shareholders and their employees.
Drilling down: Montco DSO ahead of schedule with eight dental practice deals in first year
/in News /by madpadminJOHN GEORGE
Senior Reporter
Philadelphia Business Journal
A dental support organization (DSO) launched one year ago by former Duane Morris attorney Mitchell Goldman is well ahead of schedule in its goal of affiliating with and providing business support services to dental practices.
Mid-Atlantic Dental Partners of Plymouth Meeting, Pa., earlier their month closed its eighth deal.
“We think we’ll be at 20 practices at year’s end,” Goldman said.
The company’s early hope was to have eight practices from the Mid-Atlantic region on board by the end of 2017. The eight that it has deals with are all in either Pennsylvania or Maryland.
Goldman said the interest his DSO is getting from dental practices validates the market data he collected prior to launching the company, along with an affiliated organization that is acquiring a majority stake in the practices Mid-Atlantic Dental Partners is supporting. The company has spent between $8 million and $10 million on acquisitions, Goldman said.
“The numbers showed this is a buyers’ market that has a lot of older dentists wanting to sell and very few millennials wanting to buy,” he said.
The 2017 Dental Practice Survey conducted by TD Bank in Cherry Hill found 29 percent of the respondents said that they are considering selling or merging their practice in the next few years. Dan Croft, head of health care practice solutions at TD Bank, said he viewed the “modest uptick” in the expected supply of practices for sale “consistent with the nearly full recovery of financial losses incurred from plummeting retirement, investment and real estate values during the economic crisis.”
Goldman said his research found the U.S. dental services market is a $112 billion industry with 3.5 percent annual growth rate driven largely by the aging Baby Boomer population, while 45 percent of dentists nationally are over the age of 54 and looking to reduce their practices’ administrative burdens as they continue to care for patients.
Mid-Atlantic Dental Partners received capital commitments of up to $15 million in its initial round of financing. The financing was led by S.C. Goldman and Co., a private family investment partnership based in Philadelphia.
Under the company’s partnership model, Mid-Atlantic Dental Partners allows selling dentists to retain a portion of the ownership in their practice and gives them the opportunity to continue to participate in the monthly earnings of the company — and in the future value of the company when the dentist retires.
Mid-Atlantic Dental Partners supports dental professionals by providing marketing, financial, practice information, and other business services so dentists can focus on delivering care and not worry about the business operations.
“Were not the same old DSO model where somebody buys the practice, employs the dentist, cuts costs and lays off staff,” he said. “I never liked that model. We believe instead of laying off staff, you reposition them. Instead of focusing on cutting costs, you try to grow the business.”
Goldman said a big challenge his company faces is recruiting new dentists. They have created a “path to ownership” program to help associate dentists expand their professional skills. “Our model works because younger dentists graduate with very high debt — $300,000 to $400,000 and for them to go buy into a practice is very difficult — it could mean carrying a total of a million dollars in debt.”
Mid-Atlantic Dental Partners’ path to ownership program finances a young dentists buy-in and allows pay back of the debt over time. The program provides the dentist with an immediate minority ownership stake in the practice. Goldman said he was explaining the model to a potential new hire who said he’d rather have the company pay his student loan.
“I told him with 20 percent of the practice he’d get 20 percent of the monthly [profit] distributions, and he could use that to pay off the loan,” Goldman said. “He didn’t know what a distribution was. His training was all about improving his dental skills, and not on the minutia of the business side.”