Scotte Hudsmith on Growing 2 Practices to 200 and Getting it Right

The only way to learn is to do. And, Scotte Hudsmith’s journey of rapid and successful scaling personifies that. In the latest episode of The Dental Economist Show, host Mike Huffaker welcomes the Chairman and CEO of Specialized Dental Partners to explore the art of building successful dental platforms. Backed by his experience, growing Smile Doctors from 2 to 200+ locations while leading innovative integrated care models at Specialized Dental Partners, Scotte spotlights the criticality of protecting culture during rapid growth, the role of private equity in the current dentistry revolution, and how having both clinical and business specialists can determine sustainable success. Everyone wants to grow, and many dental practices do. But doing it right, while championing the interests of dentists, patients and dental professionals alike, is an art that must be studied.

What You’ll Learn:

The key strategies for successful and rapid growth of your dental practice/ platform
How to implement the "80-15-5 rule" - the magic ratio for protecting organizational culture in the growth phase
Unique approaches to navigate the workforce shortages in dental specialities and better practice management systems
How to make the most of private equity in dentistry, emphasizing how proper financial partnerships enable better training, infrastructure, and patient care
Ways to balance clinical expertise with business acumen when scaling dental organizations

Listen in for fresh perspectives on the opportunities, challenges and way forward for dentistry today.

Episode Highlights:

[02:05-09:29] Becoming a Dental Leader & The Culture Question

Scotte shares his journey into the dental industry and how an accidental encounter put him on the path to dental leadership. Taking from his rich experiences of scaling organizations, he highlights the critical role of culture in successful growth and why it should be preserved at all costs.

[09:30-21:04] The Magic Ratio & Business Models That Work

Reflecting on the approaches that help protect culture in a practice’s growth phase, Scotte reveals the magic ratio of 80-15-5 - a thumb rule that has always worked for him and his team. He also traces his journey from Smile Doctors to Specialized Dental Care and how COVID brought him out of retirement, back in the game.

[21:05-32:29] Potential & Opportunity: Integrated Health Care & Technology

Reflecting on the potential of integrated healthcare, value of private equity investment in dentistry and the transformational role of technology, Scotte highlights some of the major shifts taking place in the industry today.

[32:30-39:16] The Right Kind of Business Infrastructure

From team building to business models that work, Scotte emphasizes the ways in which one can foster a growth culture and the importance of striking a balance between business specialists and dental professionals.

[39:17-48:26] The Future of Dentistry & A CEO’s Role

A CEO should know what they’re doing - not just from a business point of view, but from an operational standpoint as well. Scotte emphasizes the importance of the right hire for the CEO position. He also makes predictions on AI and technological developments in dentistry - saliva testing, process management, and more.

Want to scale smarter in dentistry? Learn from industry leader Scotte Hudsmith—listen now and subscribe!