We are all about getting the whole picture here at Polaris. So, we sat down with Dr. William Harvey of Harvey Family Dentistry, who has built a successful group practice and whom I've had the pleasure of knowing and working with for years now. I wanted our audience to have the opportunity to hear a story of great success, with all the trials and tribulations that many of us experience.
Dr. Harvey introduces himself as "a dentist in Eastern North Carolina who has been practicing for about fifteen years now, and in the group space for the last five."
"There have been some ups and downs, but, ultimately, we were able to turn it into a thriving business," he adds.
Before the success, there were many years of challenges, starting with a particularly unfortunate event.
"A hurricane had just come through and destroyed my house. We lost power and closed down pretty much every location for about two weeks. Needless to say, numbers were not looking great at that point. But, things were about to start looking up, because that was the day Perrin and his team decided to work with us to rebuild our business- and the rest is history."
Dr. Harvey came to us because he wanted to build a larger business that wasn't 100% dependent upon his clinical skillset - so, how did he approach this early phase of the company?
"When I got out of school and associated with a practice, we bought a different practice that I inherited a couple of associates with. We were fortunate in that we kept outgrowing our facility. And so, there was some limitation of the four walls we were in."
Around that time, Dr. Harvey had a friend who was around retirement age - this is how he ended up with his first acquisition. Not long thereafter, he was approached by another friend who had embarked on the same journey and was looking to offload his business.
These weren't just opportunities that grew out of the blue, though. There were many challenges that he confronted early on - natural disasters notwithstanding.
"First off, it's a big change in lifestyle! As a very successful single dentist, there's an income and a lifestyle you become accustomed to - this is not the case for group practice ownership," says Dr. Harvey.
He's right about that; having the staying power and the resources to stick it out and make the changes that need to be made doesn't come easily. Dr. Harvey was taking on a lot of that initial work, in the beginning, all the while working clinically and leading as full-time CEO.
"I like to say that I keep failing at quitting chairside dentistry. I'm down to 30 hours clinical, from a peak of 32. Every time that I work my way out of a position, I get pulled back in by growth or a new opportunity. My CEO time is something I enjoy, but I'm still working on carving out time to lead. Hopefully, soon, I'll be able to be more intentional and protective of my CEO time to work on the business," he admits.
So, how did he transition from taking on the weight of the work to leading his business?
"Flexibility is crucial to be able to do this. Through the years, as we have refined our onboarding and our training and mentorship, I now have associates that are producing right up there with me, which allows me to dial back my clinical work and focus on being a great CEO for my team."
Having great associates is a big pillar of a successful group practice, and Dr. Harvey's approach to recruiting and retention with his associates is unique.
"We truly want to create the best opportunity and best future for our people - be that supporting them with mentorship and expansion of procedures, lifestyle improvement, or the opportunity to earn equity. This model that Polaris offered lets my team participate in the same upside that I see," he says.
Some of the greatest impacts as a CEO, Dr. Harvey, started with the small, day-to-day things.
"My motto is this: there's no job I'm too good to do. Be it chairside work, hiring contractors, or administrative work, I do it all to support my team so we can grow together," says Dr. Harvey of his leadership style.
Speaking of growth, what about the difference between acquisitions vs. de novo practices?
"For acquisitions, my main goal was helping retiring doctors. I thought, 'How can I help people get out of their practice, and turn that business around in a positive, seamless manner?' Our first de novo was a bit of a rocky start. Managing the team from a distance was tough. But, we turned a couple of dials and made a couple of changes. All of a sudden, it became wildly successful once we knew our budget and were mindful of the overall investment."
After years of hard work, Dr. Harvey has finally come to a place of true enjoyment.
"I'm starting to have a lot of fun. It wasn't an easy journey, and without some sacrifice; but I feel like our group practice is finally at a point where we're starting to enjoy some of the fruit from our labors," he says.
Taking care of people is Dr. Harvey's goal - whether it's his patients, team, or associates, he's all about creating the best future for those around him. So, what's his one piece of advice to give to those going through the group practice process?
"Don't quit! And don't be afraid to make those investments and take those risks for your business. Hire that advisor, get the right people in your corner, put in the work, and try to enjoy the process. Polaris has helped us every step of the way. It's not always easy, but keep your head up, and you will have success."