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In 2003, a doctor purchased his first dental practice in Middlesex, New Jersey. After operating the practice successfully for over a decade, the dentist wanted to begin searching for other practices to acquire. To better assist in his expansion efforts, in 2016, he hired a Chief Operating Officer.
In 2017, the dentist created a Dental Services Organization (DSO) acquisition strategy and purchased another dental practice in Ocean County, NJ. By early 2022, he successfully owned and operated five practices.
As a DSO, the company provides support with unsurpassed service and care to each of their affiliated dental practices. They have a unified vision, unprecedented core values, and cohesive culture. They hired a marketing agency to help each practice customize their own website, implement digital marketing plans, and direct mail campaigns. These efforts have been substantial in helping the practices and brand grow.
The company leverages two different software platforms, one for billing and collections and another system that allows the business to obtain advanced analytics to make data driven decisions. Their goal is to migrate off different systems from each acquisition onto the same platform.
The company currently owns five practices, and plans to double that number to 10 in the next six months; and by the end of a 24 month period, the goal is to own and operate a total of 21 dental practices.
To meet their goals, they came to Firstrust Bank requesting financing to purchase the assets of the five existing dental practices the company owns, provide working capital for the organization and finance future acquisitions.
Firstrust Bank approved financing the following:
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