Welcome to another episode of the Private Practice Playbook, where we dive into the real stories behind successful dental practices. This week, we sit down with Dr. Lance Panarello, a dentist whose journey took him from working alongside his father in a small practice to scaling up to over $20 million in annual revenue and managing multiple locations.
In this candid conversation, Dr. Panarello reflects on the early years, times of financial struggle, hard choices, and learning through adversity, including a period with no paycheck and climbing out of a multimillion-dollar debt. He shares how humility, coaching, and relentless self-improvement transformed both his business and personal life.
You’ll hear insights on building a thriving dental practice, the importance of coaching, overcoming ego, fostering work-life balance, and why real growth comes from learning how to lead, delegate, and communicate. Whether you’re just starting out or looking to take your practice to the next level, this episode is packed with actionable advice and inspiration from someone who's walked the walk.
Tune in as we uncover the pivotal moments and lessons that can help you find more freedom, fulfillment, and success in your own career.
Timestamps:
00:00 Introduction to Private Practice Playbook
04:18 Considering career options with dad
08:48 Dad's retirement and free dentistry day
10:52 Valuable parenting advice on time
14:33 Teaching productivity at the Scheduling Institute
16:32 Unexpected patient loyalty
20:38 Unexpected business growth
24:22 Overcoming early challenges
28:20 Understanding practice math basics
29:28 Overcoming challenges in training staff
33:35 Listening to top industry experts
36:38 Importance of Liking People in Healthcare
39:36 Balancing work and personal life
42:12 Value of Ongoing Coaching
48:05 Financial freedom for stress-free vacations
48:46 Finding freedom and meaning
How Dr. Lance Panarello Turned Struggle into Success: Private Practice Playbook Insights
Running a successful private practice isn't just about clinical skill; it's a journey paved with hard lessons, resilience, and the willingness to stay coachable. In a recent episode of the Private Practice Playbook, Dr. Lance Panarello joined Jay Geier to share his inspiring story of overcoming hardship, scaling his dental business from $600,000 to over $20 million, and the crucial role coaching played in his growth. Here are some of the top insights from their conversation, with strategies that apply to any ambitious doctor or entrepreneur.
Start Small, Dream Big: Scaling from $600,000 to $20 Million
Dr. Lance Panarello grew up admiring his father, who was both his idol and inspiration for entering dentistry. After starting in a modest practice in Southeast Pennsylvania, Dr. Panarello inherited the business side of things with little knowledge and a big learning curve. He candidly recalls knowing nothing about taxes or official jobs, admitting he was "zero" in terms of business acumen at the outset.
The real turning point came when the practice expanded by acquiring more space and hiring associates, a move critical for any doctor hungry for growth. Dr. Panarello emphasizes that scaling wasn't just about increasing operatories, but also about equipping those spaces gradually and learning valuable lessons along the way. It’s proof that even the most successful practices start with humble beginnings and the willingness to evolve.
Surviving Financial Crises: Resilience as a Growth Pillar
Success is rarely linear. Dr. Panarello does not shy away from sharing the tough times, recalling how his business weathered the financial crisis of 2008, lost a $2 million grant, and sank into a $6 million mountain of debt with no paycheck for six months. Despite the setback, he made time for coaching, corrected overspending, and focused relentlessly on raising productivity.
The takeaway is clear: "If you can learn how to raise that productivity 10, 15% a year, year after year, it changes your whole career and life". He underlines that increased productivity is a dentist’s main defense against debt and a clear path back to stability.
The Power of Coaching: One Coach Away from Transformation
Both Dr. Panarello and Jay Geier championed the critical role ongoing coaching played in building a thriving practice. Dr. Panarello credits coaching for bringing him the knowledge and humility needed to delegate, set actionable goals, and stay intentional about both professional and personal life. He urges listeners to resist the temptation of believing they know it all and to take time away from the chair for reflection and learning.
He specifically points to humility as a barrier stopping most dentists from seeking coaching: "You want to have all the answers and look, you just don't". The greatest limiting factor, he explained, is the myth that only the owner-dentist can do great work for patients.
Productivity, Communication, and Delegation: Essential Skills for Leaders
Dr. Panarello stresses that leadership in dentistry is more than technical skill. It’s about mastering the business math behind new patient acquisition, investing in marketing, and understanding that success is directly linked to accepting and teaching associates, rather than competing with them. He shares that a proud moment is now seeing his associates hit $2-3 million in production annually.
Moreover, he highlights the communication gap in the dental profession, noting that building patient relationships often outweighs technical prowess. Tools from Robert Cialdini’s "Principles of Influence" have helped his team boost conversion and compliance by focusing on trust and clear communication rather than overwhelming patients with technical jargon.
Achieving True Freedom: Enjoyment and Balance Come with Growth
The ultimate reward for scaling a practice and staying coachable, according to Dr. Panarello, is true freedom. The ability to schedule time off, enjoy vacations without financial worry, and spend meaningful time with family are all accessible when you build systems and delegate effectively.
As he reflects, "Being coached and learning and growing has enabled me so much freedom and enjoyment in life that I can focus on the things that I really enjoy." For those at the start of their own challenging journey, Dr. Panarello has a clear message: You are just a coach away from transforming your career.
Ready for more takeaways and practical strategies? Tune in to the full Private Practice Playbook episode for an inspiring deep dive into building a resilient and thriving private practice.