Dallas-based dental partnership organization MB2 Dental recently reached 600 total practices and made its first expansion into Wisconsin.
Justin Carroll, the company's COO, recently connected with Becker's on the organization's growth and plans for the future.
Note: Responses were lightly edited for clarity and length.
Question: What is it on a day-to-day basis that sets MB2 Dental apart from other dental organizations and has led to the company's growth?
Justin Carroll: First and foremost, alignment of incentives. MB2 is a true partnership model; doctor ownership and empowerment has really been at the forefront since Day One and has never truly compromised in our day-to-day operations. The second piece is a culture of continuous improvement. We are constantly going back to the drawing board, trying to identify and implement new opportunities that add value to our doctor partners, address new market challenges, and really just trying to get better every single day.
Q: How significant of a milestone is the 600 practice mark? Does it mean more than the 100, 250 or 500 mark?
JC: I think it's exciting, but I truly think we are still in the early innings of MB2's story and growth opportunity. I've been here nine years, and we were around 50 locations when I joined. Each time we hit a milestone, it's great to see all the new partners that have joined, but I do really believe we are in the early innings and I am really excited about the future.
Q: How far do you think you can continue to expand your reach and growth?
JC: I don't think there is a cap on it, to be honest. The market still has a significant amount of opportunity. You're still seeing significant amounts of consolidation in the space and we truly believe our joint venture partnership model is the right model. We take a longer term view of the market, not necessarily looking at what the next couple of years looks like, but what the next five, 10, 15, 20 years look like.
Q: Was there any specific reason behind choosing Wisconsin as the next expansion state?
JC: We place more importance on targeting great partners rather than new geographies. Since Day One, our growth strategies always started with identifying the right partner, and that's exactly what we did with Eastridge Dental in Wisconsin. Finding the right partner first and then building on top of that is our growth strategy.
Q: What are the things that you are looking for in a potential partnership or opening a de novo location?
JC: Our selection process is pretty stringent; we only partner with about 5 percent of the opportunities per year. Partner fit and alignment on long-term goals are the most important. Financial operational KPIs, revenue stability, patient retention, payer mix, margin profiles, growth potential and strategic market fit are the main things we look for.
Q: What are the company's goals for the rest of 2023 and beyond?
JC: We're going to close out 2023 with another record year for both same-store and new-partnership growth, which is really exciting. Going into next year, we are full speed ahead. We're going to run our own race, but we're continuing our mission to partner with amazing doctors and support teams.