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
Philadelphia, PA – April 27, 2017 – Mid-Atlantic Dental Services 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 closed on its eighth affiliated dental practice, just in time to mark the company’s one year anniversary.
With its unique partnership model, Mid-Atlantic Dental Partners allows selling dentists to retain a portion of the ownership in the company 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.
“The affiliation process has been a significant validation of our partnership model, enabling us to perform significantly ahead of our business plan and to project accelerated growth in 2017,” said Mitchell Goldman, CEO of Mid-Atlantic Dental Partners. “Our model is not just for the dentist who wants to find a buyer for his or her practice, but for the practicing dentist who wants to own a piece of the company and build personal wealth over time.”
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. In addition, all of our associate dentists have a significant opportunity to expand their professional skills and to be part of our path to ownership program.
The eight practices are located in Newtown Square, PA, Chadds Ford, PA, Fairless Hills, PA, Silver Spring, MD, and the eastern shore of Maryland.
In addition to the recent acquisitions, the company has announced four new additions to the management team over the last year. Suzanne Baals, R.D.H. joins Mid-Atlantic Dental Partners as Director of Operations and Hygiene; Jared Ayes joins as Director of Practice Integration; Richard Rush, DDS, joins as Director of Quality Assurance and Compliance; and Deborah Kubas, CPA, joins as Director of Finance.
“The deep bench of dental industry expertise of our management team demonstrates the caliber of support services dental practices receive when they partner with Mid-Atlantic Dental Partners. We are enthusiastic about changing the delivery of dental care,” added Goldman.
Mid-Atlantic Dental Partners continues to seek partnerships with leading dentists in the mid-Atlantic region comprising Pennsylvania, New Jersey, Maryland and Delaware.
In March of 2016 Mid-Atlantic Dental Partners announced an initial round of financing with up to $15 million in capital commitments led by S.C. Goldman and Company, LLC and just recently completed a refinancing and extension of its secured debt facility. Valued at more than $112 billion, the U.S. dental care industry has consistently grown at 3.5 percent per year, driven in large measure by the aging Baby Boomer population. At the same time, approximately 45 percent of dentists nationally are over the age of 54 and looking to reduce administrative burdens while continuing to provide quality care. These factors, coupled with relatively stable medical reimbursement rates and robust regional markets, offer an active acquisition pipeline for Mid-Atlantic Dental Partners.
About Mid-Atlantic Dental Partners
Founded in March of 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
http://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpg00madpadminhttp://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpgmadpadmin2017-04-27 11:15:022017-09-06 08:36:54Mid-Atlantic Dental Partners Closes on 8th Practice at One Year Mark
Philadelphia, PA – April 14, 2016 – Mid-Atlantic Dental Services 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, has announced the formation of its Board of Directors, which includes Denis F. Kinane, BDS, PhD, Dean of the University of Pennsylvania School of Dental Medicine; Jay Rosan, Co-Founder of Medovation and former Vice President of Health Innovation for Walgreens; Robert Healy, Principal of Healy Consulting and former Chief Financial Officer of Novacare; Charles Papy III, Of Counsel at Duane Morris; and Mitchell Goldman, CEO of Mid-Atlantic Dental Partners.
“Each member of our board was selected because of their recognized leadership in redesigning the healthcare delivery model,” said Mitchell Goldman, CEO of Mid-Atlantic Dental Partners. “Our diverse team uniquely positions Mid-Atlantic Dental Partners to help redefine the dental industry to improve the quality of dental care and the patient experience.”
As Dean of the University of Pennsylvania School of Dental Medicine, Denis Kinane brings more than 35 years of national and international academic, development, and dental leadership experience to Mid-Atlantic Dental. Since joining University of Pennsylvania in 2009, the School of Dental Medicine has drawn top faculty, risen in the research ranks and recruited top students, all while managing a fiscal surplus. Kinane has published more than 240 peer-reviewed papers and also holds appointments as Professor of Pathology and Periodontics and Professor of Otorhinolaryngology.
“Mid-Atlantic Dental combines an innovative model that allows dentists to focus on their patients and retain ownership in the practice while eliminating many administrative burdens,” said Kinane. “I’m excited to be a part of this exciting venture that should enhance the quality of dental health delivery.”
Jay Rosan is a seasoned healthcare innovator, bringing national retail healthcare experience from Walgreens and business consulting experience to the firm. He is the co-founder of Medovation, which provides intellectual capital, introductions, commercialization experience, and business expertise to dramatically reduce the risk of failure for healthcare startups. Previously, Rosan was Vice President of Health Innovation for Walgreens. The Health Innovation team was established in 2009 to help Walgreens develop a clear path in introducing successful innovative products and healthcare services, and to establish new partnerships with companies interested in building innovative growth businesses with Walgreens.
“My entire career has been spent identifying opportunities for innovation in healthcare. The dental industry is the next frontier, particularly in the delivery of quality care that will benefit patients and dentists alike,” said Rosan.
Rob Healy is the former Senior Vice President of Finance and Administration & CFO of Novacare and brings over 40 years of experience in finance, operations, business development, mergers and acquisitions in high growth environments. Healy has personally led numerous successful efforts in organization optimization, strategic and tactical operations and financial planning, business metrics and analytics, mergers, acquisitions, and internal business development.
Charles Papy’s legal practice focuses on corporate and business transactions and has evolved into strategic legal planning for clients that have complex business execution issues. Papy is the former Chairman of the Dade County Health Facilities Authority.
Mid-Atlantic Dental recently raised $15M to support the firm’s new DSO model, which supports dental professionals by providing marketing, financial, human resources and other business services so dentists can focus on delivering the highest quality care to their patients.
“In the last 20 years, healthcare delivery models have changed drastically, and the dental industry is no exception,” added Mitchell Goldman, CEO of Mid-Atlantic Dental Partners. “To not only survive, but thrive, dentists need to adopt an agile, innovative dental platform that meets their business needs while improving the quality of dental care.”
Mid-Atlantic Dental Partners seeks to partner with leading dentists in the Mid-Atlantic region comprising Pennsylvania, New Jersey, Maryland and Delaware.
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.
http://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpg00madpadminhttp://www.mid-atlanticdental.com/wp-content/uploads/2016/01/madp.jpgmadpadmin2016-04-14 09:00:082017-09-06 08:38:06Mid-Atlantic Dental Partners Announces Board of Directors
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.”
Mid-Atlantic Dental Partners Closes on 8th Practice at One Year Mark
/in News /by madpadminPhiladelphia, PA – April 27, 2017 – Mid-Atlantic Dental Services 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 closed on its eighth affiliated dental practice, just in time to mark the company’s one year anniversary.
With its unique partnership model, Mid-Atlantic Dental Partners allows selling dentists to retain a portion of the ownership in the company 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.
“The affiliation process has been a significant validation of our partnership model, enabling us to perform significantly ahead of our business plan and to project accelerated growth in 2017,” said Mitchell Goldman, CEO of Mid-Atlantic Dental Partners. “Our model is not just for the dentist who wants to find a buyer for his or her practice, but for the practicing dentist who wants to own a piece of the company and build personal wealth over time.”
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. In addition, all of our associate dentists have a significant opportunity to expand their professional skills and to be part of our path to ownership program.
The eight practices are located in Newtown Square, PA, Chadds Ford, PA, Fairless Hills, PA, Silver Spring, MD, and the eastern shore of Maryland.
In addition to the recent acquisitions, the company has announced four new additions to the management team over the last year. Suzanne Baals, R.D.H. joins Mid-Atlantic Dental Partners as Director of Operations and Hygiene; Jared Ayes joins as Director of Practice Integration; Richard Rush, DDS, joins as Director of Quality Assurance and Compliance; and Deborah Kubas, CPA, joins as Director of Finance.
“The deep bench of dental industry expertise of our management team demonstrates the caliber of support services dental practices receive when they partner with Mid-Atlantic Dental Partners. We are enthusiastic about changing the delivery of dental care,” added Goldman.
Mid-Atlantic Dental Partners continues to seek partnerships with leading dentists in the mid-Atlantic region comprising Pennsylvania, New Jersey, Maryland and Delaware.
In March of 2016 Mid-Atlantic Dental Partners announced an initial round of financing with up to $15 million in capital commitments led by S.C. Goldman and Company, LLC and just recently completed a refinancing and extension of its secured debt facility. Valued at more than $112 billion, the U.S. dental care industry has consistently grown at 3.5 percent per year, driven in large measure by the aging Baby Boomer population. At the same time, approximately 45 percent of dentists nationally are over the age of 54 and looking to reduce administrative burdens while continuing to provide quality care. These factors, coupled with relatively stable medical reimbursement rates and robust regional markets, offer an active acquisition pipeline for Mid-Atlantic Dental Partners.
About Mid-Atlantic Dental Partners
Founded in March of 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.
Mid-Atlantic Dental Partners Announces Board of Directors
/in News /by madpadminPhiladelphia, PA – April 14, 2016 – Mid-Atlantic Dental Services 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, has announced the formation of its Board of Directors, which includes Denis F. Kinane, BDS, PhD, Dean of the University of Pennsylvania School of Dental Medicine; Jay Rosan, Co-Founder of Medovation and former Vice President of Health Innovation for Walgreens; Robert Healy, Principal of Healy Consulting and former Chief Financial Officer of Novacare; Charles Papy III, Of Counsel at Duane Morris; and Mitchell Goldman, CEO of Mid-Atlantic Dental Partners.
“Each member of our board was selected because of their recognized leadership in redesigning the healthcare delivery model,” said Mitchell Goldman, CEO of Mid-Atlantic Dental Partners. “Our diverse team uniquely positions Mid-Atlantic Dental Partners to help redefine the dental industry to improve the quality of dental care and the patient experience.”
As Dean of the University of Pennsylvania School of Dental Medicine, Denis Kinane brings more than 35 years of national and international academic, development, and dental leadership experience to Mid-Atlantic Dental. Since joining University of Pennsylvania in 2009, the School of Dental Medicine has drawn top faculty, risen in the research ranks and recruited top students, all while managing a fiscal surplus. Kinane has published more than 240 peer-reviewed papers and also holds appointments as Professor of Pathology and Periodontics and Professor of Otorhinolaryngology.
“Mid-Atlantic Dental combines an innovative model that allows dentists to focus on their patients and retain ownership in the practice while eliminating many administrative burdens,” said Kinane. “I’m excited to be a part of this exciting venture that should enhance the quality of dental health delivery.”
Jay Rosan is a seasoned healthcare innovator, bringing national retail healthcare experience from Walgreens and business consulting experience to the firm. He is the co-founder of Medovation, which provides intellectual capital, introductions, commercialization experience, and business expertise to dramatically reduce the risk of failure for healthcare startups. Previously, Rosan was Vice President of Health Innovation for Walgreens. The Health Innovation team was established in 2009 to help Walgreens develop a clear path in introducing successful innovative products and healthcare services, and to establish new partnerships with companies interested in building innovative growth businesses with Walgreens.
“My entire career has been spent identifying opportunities for innovation in healthcare. The dental industry is the next frontier, particularly in the delivery of quality care that will benefit patients and dentists alike,” said Rosan.
Rob Healy is the former Senior Vice President of Finance and Administration & CFO of Novacare and brings over 40 years of experience in finance, operations, business development, mergers and acquisitions in high growth environments. Healy has personally led numerous successful efforts in organization optimization, strategic and tactical operations and financial planning, business metrics and analytics, mergers, acquisitions, and internal business development.
Charles Papy’s legal practice focuses on corporate and business transactions and has evolved into strategic legal planning for clients that have complex business execution issues. Papy is the former Chairman of the Dade County Health Facilities Authority.
Mid-Atlantic Dental recently raised $15M to support the firm’s new DSO model, which supports dental professionals by providing marketing, financial, human resources and other business services so dentists can focus on delivering the highest quality care to their patients.
“In the last 20 years, healthcare delivery models have changed drastically, and the dental industry is no exception,” added Mitchell Goldman, CEO of Mid-Atlantic Dental Partners. “To not only survive, but thrive, dentists need to adopt an agile, innovative dental platform that meets their business needs while improving the quality of dental care.”
Mid-Atlantic Dental Partners seeks to partner with leading dentists in the Mid-Atlantic region comprising Pennsylvania, New Jersey, Maryland and Delaware.
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.