Mastering Dental Practice Financing with Jonathan Miller

Interviewer: Tanya Sue Maestas, DDS
Interviewee: Jonathan Miller
Edited By: Candy Velez – CRDH, BSDH

Welcome back to Dental Fuel, your compass in the intricate world of dentistry!

In our previous article, we delved into the startup and acquisition intricacies, focusing on the pivotal juncture of engaging with banks.

Today, we’re honored to have Jonathan Miller, an expert in dental practice financing, guiding us through the common mistakes dentists often make after securing that coveted bank approval.

Together, we’ll explore these pitfalls in depth and outline strategies to circumvent them.

Partnering with the Right Lender: Trusting Expertise Over Uncertainty

One prevalent misstep dentists often make post-bank approval is seeking validation from unreliable sources.

Jonathan Miller shares a cautionary tale of a dentist, swept up in the euphoria of loan approval, who turned to family connections, leading to perplexity and doubt. Jonathan’s sagacious advice echoes clearly:

“Partner with the right lender… you’re only going to get so many indicators before you have to say, this is a good deal.”

Understanding the Importance of Indicators: Crafting Your Ideal Financing Deal

Deciphering a loan approval involves discerning what truly matters to you. Is it the interest rate, the loan amount, the term, or the structure?

Jonathan emphasizes prioritizing these factors to craft an ideal financing deal:

“What is most important to me in that banking deal? Is it a rate? Is it money? Is it a term? Is it the structure?… If you can get the majority of those most important to you, amazing; if you can get all of them, that’s a great deal, maybe the best deal.”

Overcoming Local Bank Limitations: Exploring Diverse Financing Avenues

Another misstep many dentists commit is limiting their options to local banks. Jonathan shares a story where a dentist faced rejection, nearly shattering her dreams.

His advice? Casting a wide net, especially toward major dental lenders, can open unexpected doors:

 “It’s truly about casting that wide net… but if you know who you can trust and who to turn to, that makes all the difference in the world.”

Thought Leadership Summary: Navigating the Financial Maze in Dentistry

Jonathan Miller illuminated the post-approval challenges, providing a detailed roadmap for dentists to navigate the intricate financial maze.

His wisdom accentuates the importance of trust, understanding indicators, and exploring diverse financing avenues.

As the dental landscape evolves, this article stands as a lighthouse for aspiring practice owners, urging them to traverse the complexities with confidence and prudence.

As we conclude this enlightening conversation, remember the middle phase of the dental journey is where challenges and opportunities intersect.

Stay tuned for more Dental Fuel blogs, your unwavering guide in the unspoken realms of the dental world, leading you toward success.

Until next time, keep learning, keep exploring, and fuel your dental dreams with knowledge! 

Tanya Sue Maestas, DDS

Tanya Sue Maestas, DDS

Dr. Tanya Sue Maestas graduated from The University of Texas School of Dentistry at Houston in 2018. During her dental school career, she served as the national American Student Dental Association President and became involved in organized dentistry. After graduating, she completed an Advanced Education in General Dentistry Residency in 2019. Upon completion of her residency, she returned to the El Paso Borderland community where she serves as a Dental Director at La Clinica de Familia in Chaparral, New Mexico. She also serves as a faculty member at the Woody L Hunt School of Dental Medicine in El Paso, Texas. She remains involved in organized dentistry and holds various leadership roles in organizations including the American Dental Association, Texas Dental Association, Academy of General Dentistry, Texas Academy of General Dentistry, Hispanic Dental Association, and others. She currently serves on the ADA Council on Communications and previously completed the ADA Institute for Diversity in Leadership Program. She was recognized as an ADA 10 under 10 winner, Incisal Edge 40 under 40, and previously nominated as one of Texas New Dentists of the Year. She currently hosts New Dentists on the Block where she helps showcase the New Dentist story and build connections with new dentists around her and Dental Fuel a podcast dedicated to sharing and learning from industry leaders’ mistakes. She has a commitment to providing dental care to the Borderland community and hopes to encourage the next generation of dentists to give back to the community.