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21 Feb 2019
Journey to "The Beverly Hills Dentist" with Dr. Dustin Cohen
00:35:39
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● Introduction ● Dr. Pfundheller’s Journey to Traveling Dentistry ● Places Visited ● Traveling Dentistry Experiences ● Different Ways of Seeing the World
Perfection becomes the enemy of execution. Dr. Peter Boulden When you are so busy you can help but underdiagnose and underpresent. Dr. Peter Boulden People who don’t know a lot don’t see a lot. Dr. Craig Spodak
29 Mar 2018
5 Fundamentals for Great Local SEO with Darren Shaw
00:46:58
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Google has been ramping up their local SEO features so they can improve their local ad sales.
Google posts are new and allow you to push out more content. They expire weekly so you need to stay current with new content.
Google Q&A allows you to address some of the most frequent FAQ’s right in google search.
Google Insights show who has clicked through to your website, who has called you, etc.
Engagement metrics are real. The more engagement you get with your google content the better you will show up in search. Add videos, posts, attributes, etc.
What makes up a good local search strategy?
Get your Google & Google My Business listings are correct.
Make sure your primary category is accurately reflecting what you do.
Citations are your online business listings on Yelp, Yellow Pages, etc.
Make sure these are all accurate.
Make sure there are as many out there as possible. Shoot for 80+ listings.
Reviews are super important for ranking and conversion benefits.
If you are doing a review ask, coax a little bit to mention the specific service they had. Those keywords really help you rank better for those terms in local SEO.
Website in local search comes down to how much content you have. Basic blurbs will not help you rank.
Make sure you build out your content.
Links help with local search as well. This is often done through sponsorships, community outreach and support. These are easy ways to get other sites to link to you.
Local sponsorships are one of the best ways to get local links.
To find: search in google: “intitle:sponsors ‘YOUR CITY’”, will give you a whole list of local sponsors.
Vendors are also usually high-authority links. Find vendors of yours who list their local customers and find a way to get a link listed on their site.
Yelp continues to be a challenge for many small businesses.
You’re not allowed to ask for reviews. Yelp wants all reviews to come in naturally.
It’s also of no value to ask for Yelp reviews. Their filters are very strict, only active Yelp users will have reviews that are shown.
Yelp actively endorses a check-in offer, which is a GREAT way to bypass Yelp’s “don’t ask” policy. Any patient who checks in and takes you up on the offer will be encouraged to leave a review. Put the check-in offer on Google posts, send via email, put up a sign, promote as much as you can. CLICK HERE FOR MORE INFO.
Another Yelp hack – make a new Gmail account, take your entire patient email list and put it into that Gmail contact list, then run through “find my friends” on Yelp, and it’ll tell you who is active.
Facebook allows you to create custom segments by uploading your existing patient list.
Promote new services, show them what’s new, etc.
Website is a great opportunity to keep adding detailed content.
Video is important. Talk about your services and upload on your website, YouTube, social media, etc.
Google local pack – these are the top results that show up at the right side of the page when you search for a local business.
It went from 10 businesses, to 7, now it’s 3.
It doesn’t exist within an entire city anymore. Google filters based on the proximity of the searcher. You’ll generally show up within 5-10 miles of your business.
The way to slightly break out of the proximity search is to buy local pack ads.
Google guarantees some home repair related industries.
The listings are paid for and business who participate must be screened.
Another opportunity to rank organically is to build out city/neighborhood pages on your website.
Build a page on your site that talks about local neighborhoods and how your office has helped with patients in that area. This helps draw in organic ranking results from outside your 10-mile radius. CLICK HERE FOR MORE INFO.
The 401k is a massive liability for any business owner.
As the business owner, you are in charge of setting up the account for the sole benefit for your employee.
The providers of 401k are broken. There are too many so you need to choose the right one for your team.
There are many funds within a 401k plan. You need to know what and why it is being offered and what fees are being charged.
The best scenario is a level playing field where there are no middlemen and you get access to all funds regardless of how big your plan is.
You can hire a fiduciary to handle your 401k liability for your employees.
Investigate the fees being charged to your 401k plan. Most can be cut off.
Dentists are easy prey for 401k brokers because of several factors: high income, recession proof, want to look out for their teams, etc.
Brokers don’t earn from startup 401k plans so they give a different kind of plan that will earn them a lot. You can save on these fees by going to a fiduciary company.
The earlier you start your 401k plan, the better – you’ll save more for less equity / contributions.
Auto-escalate your contributions to your 401k fund.
Introduction Is Technology Disrupting Or Advancing The Practice Selling Vs. Not Selling Your Practice Pros and Cons Of Selling Pros and Cons Of Not Selling
Key Takeaways: Introduction Private Practice Associateship To Start Up Hurdles Encountered Management Refining And Simplifying Processes Big Plan For Dentistry/Career The Team You’re Deciding To Play With Advice
Uche integrates total health wellness within his busy dental practice.
Probiotics are now acknowledged by mainstream medicine.
Probiotics are live organisms that supplement your diet. If you’re eating the right food you don’t need probiotics, but up to 90% of people are not eating the right food.
Probiotics have been proven to prevent sickness in trails with extreme athletes, so their benefits for anyone with a stressed immune system can benefit.
85% of CEO’s of Fortune 500 companies exercise 3-4 times per week. 15% of the average North American population exercises.
Fit people have an attenuated response to stress.
Keeping up with regular exercise helps your body and mind slow down.
The goal of exercise isn’t to get in shape, it’s to change your life and stay there.
Find successful people to model yourself after.
The lack of serotonin causes depression. 90% of serotonin is made in your gut, from food.
The fundamental, #1 food for your body is fiber.
Exercise is an independent factor that affects your gut flora. It balances and brings homeostasis to every one of your neurotransmitters.
To get smarter, exercise and eat fiber.
If you want to lead you need to do things to increase energy, have abundant thinking, and have good reaction to stress.
You can’t buy great physical condition. Its an expression to the world of your standard for your body.
Morning routines are key for setting a great tone for your day.
Comparing yourself with others is not good, being grateful for what you have is important.
One thing you can do to start improving your life is to act on one thing you heard that resonated with you. Celebrate, don’t analyze.
Pete, Dwight, and Trey discuss the importance of understanding when it's the right time to expand and how to determine the right metrics to make that decision. We emphasize the need to consider factors like utilization rate, infrastructure, and cash flow when deciding to expand. We also explore the challenges of balancing work and personal life during the expansion process.
TAKEAWAYS
Understanding when to expand a dental practice is crucial for growth and success.
Metrics like utilization rate, infrastructure, and cash flow can help determine the right time to expand.
Balancing work and personal life during the expansion process is a challenge that requires open communication and support from family and team members.
Having a clear vision and goals for the expansion can help guide decision-making and prioritize resources.
Regularly tracking and analyzing key metrics can provide valuable insights and inform expansion decisions. Consider utilization rate, capacity, and future growth when deciding to expand a dental practice.
Cannibalization can be a strategic move in expanding a practice.
Continuous learning and skill development are essential for success in dentistry.
Building strong relationships and team bonding can contribute to practice success.
CHAPTERS
00:00 - Introduction and Setting the Context
11:59 - Understanding the Craftsman Mentality in Dentistry
21:50 - Determining Utilization Capacity and Expansion Readiness
27:43 - Defining Utilization Capacity and Tracking Metrics
31:36 - Considering Utilization Rate and Capacity
33:01 - The Inspiring Example of Innovative Dental
34:23 - The Importance of Continuous Learning and Skill Development
37:33 - Factors to Consider in Expansion Decisions
43:07 - Utilization Rate and Multi-Location Practices
44:40 - Leveraging Existing Practices for Patient Count Growth
46:15 - The Strategy of Cannibalization in Market Domination
50:14 - Building Strong Relationships and Team Bonding
Key Takeaways: Introduction Podcast Preview Of Richard Questions Before Deciding What To Do With Your Practice Aptitude And Appetite Culture Index Serial Entrepreneur What I Wish I Could Have Known? Practice Evaluation And Your Vision Practices For Acquisition Incentivizing Hygienists Fun Part Of Practice Ownership
Key Takeaways: Introduction Psychological Hacks To Spend Money Sell Furniture That Requires Self-Assembly Locations Store Flow Maze-like Design Guided Arrows Desensitizing Environment Licensed Impulse Buy Writing Down A List In-Store Dining Great Value Mirrors Everywhere The Power Of Smell
Key Takeaways: Intro Getting Out Of Your Comfort Zone Do More What Drives You? Progress Not Perfection Lean And Mean Be Real Putting The Why In What You’re Buying Owning Things For Status Give Your Self Grace
So, dentistry is really beautiful. You get to be paid to help people. Never forget the privilege it is to be able to serve other people. And when you make it about yourself and you start over obsessing about yourself, you lose fulfillment and purpose. So, if you're in a burnout stage, focus on everything around you. If you feel less appreciated, give appreciation. Whatever you want more of in life, give it away first. – Dr. Craig Spodak
04 Mar 2022
Associates: When? Who? How? AND MORE - PART 2
00:29:39
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Dr. Dick Reid spend most of his career focused on NOT growing a large practice. Nope, he knew that is wasn't how MUCH you collect, but rather how much you KEEP of that collections. Over his career, Dick was able to drive his overhead to around 43%- as general practicioner. This is pretty much unheard of, so when I did catch wind of this I wanted to find out his "secret sauce" so that maybe some listeners could gain insight on how to emulate that - to a certain degree. By keeping such a low overhead to his practice, Dick was able to retire early on his timeline.
“Our patients love us because we love them first. - Dr. Dick Reid”
“There’s nothing more encouraging than seeing the money you plough into your pension fund grow and appreciate and see the light at the end of the tunnel. - Dr. Dick Reid”
“Make it. Save it. Then keep it. -Dr. Dick Reid”
30 Nov 2017
Create Freedom Within Your Practice with Dr. David Phelps
Building freedom into your business can take many forms.
Learn skill sets that are transferable.
Becoming the orchestrator of your business is key.
Be careful about picking another lane to diversify. First, pick the right people and form strategic alliances. It’s much easier to diversify and become an expert if you have the right support systems.
The best return on an investment will always come from optimizing a business.
Diversifying into real estate is a common avenue for dentists looking to expand their portfolio.
The most profitable seat at the closing table is the lender’s seat.
Tweetables
The “who” is more important than the “what.” – Dr. David Phelps
There’s a difference between investing and speculating – Dr. David Phelps
21 Mar 2019
From Average to Amazing with Dr. Michael DiTolla
01:27:07
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People want to have passion & purpose, and they want to feel secure & taken care of.
Taking care of your employees helps your business’s bottom line. It builds loyalty, let’s them know you care about them, and improves productivity.
Millennials don’t want a manager, they want a coach. Implement strategies that speaks to their desire for engagement and self-autonomy and they’ll reward you with loyalty and hard work.
Employees raving about their place of work on social media is a massively effective way to bring in new patients.
The gold standard is to have an engaged workforce; people who have their brain turned on while they’re at work.
80% of the workforce is actively seeking another job.
Give people parameters to express their humanity.
The workplace has changed, and the marketplace is changing.
Be obsessed with adding value to your patients. Your team must feel valued in order for that to happen.
Dentists tend to get caught up in the sizzle of marketing, instead your plan should be predictable
Suggestion is to budget 8% for marketing
Average dentist spends less than 1% but sign up for every PPO out there
If you’re at 0-1% make sure you have world-class customer service first, BEFORE turning on the marketing funnel, spend the money to get your team trained
Marketing is EVERYTHING
Once trained, shift those training dollars to marketing
Track true ROI for your marketing dollars
Track the relative value of your marketing
PPC is the least expensive, most effective way to reach a broad audience
Word of mouth and patient referrals is still the best marketing plan
Make sure you have at least 10% of your patient base is referring at any one time, then work up to 20%
You’re getting new patients who are already warmed up
It holds your team accountable for systems and customer service
One doctor needs a minimum of 35 new patients a month, depending a wide number of variables
9 times out of 10 in order to grow a practice you have to slow it down
Insurance companies train dentists to be lazy about marketing
There’s an offense and a defense in marketing
Video content is most often consumed when people can’t actually listen
Make sure you’re auditing the metadata Google is adding to your content
Tie labor and marketing funds together
Vicki says EBITDA stands for “Everybody In Town Drinks A lot”
Key Takeaways: Introduction Economic Status And Predictions Revenue Per Employee Or EBITDA Per Employee Lean And Mean With Your Dental Practice What’s Your Percentage?
Join us as we break down the well know Harvard Business Review: "Who's got the Monkey" and apply it to the world of delegation, boundaries, and time management in the dental practice. We explore the concept of 'monkeys' - those pesky tasks or problems we delegate to others - and provide invaluable insights on effective delegation strategies and problem-solving techniques. From setting clear expectations to fostering open communication, we'll uncover the keys to preventing monkeys from taking over your work life. Get ready to empower yourself and your team to tackle challenges head-on while maintaining a healthy work-life balance.
TAKEAWAYS
Delegation is essential for effective management and growth in any organization.
Setting boundaries and managing expectations are crucial for preventing tasks and problems from becoming overwhelming.
Clear communication and time management are key to successful delegation.
Taking ownership of one's responsibilities and empowering others to take ownership of theirs leads to a more efficient and productive workplace. Set a structured time to address problems and have conversations with the team.
Avoid discussing important matters over email or text messages.
Assign a specific time and level of responsibility for each task or problem.
Leaders should empower their team and encourage independent thinking.
Maintaining a healthy work-life balance is crucial for personal and professional growth.
Building and selling small dental practices can be a successful business model. There are different approaches to scaling dental practices, with some dentists opting for a decentralized network and others choosing centralization and consolidation.
Outsourcing certain aspects of dental practice operations, such as revenue cycle management, can help streamline processes and improve efficiency.
The future of AI in dentistry holds promise, but the technology is still evolving and its full potential has yet to be realized.
The dental industry may experience a Renaissance in the coming years, with increased investment and consolidation.
Collaboration and learning from others in the industry, even those with different approaches, can lead to valuable insights and growth opportunities.
CHAPTERS
00:00 - Introduction and Nostalgia
01:31 - Fitness and the Importance of Taking Care of Your Body
06:17 - The Story of 'Whose Monkey Is It?'
09:10 - The Rules of Managing Monkeys
16:25 - Limiting Time and Setting Boundaries
24:01 - Structured Time and Problem-Solving
28:30 - Effective Communication: Face-to-Face vs. Email
30:11 - Assigning Time and Responsibility for Tasks
32:38 - Empowering the Team and Encouraging Independent Thinking
34:22 - Maintaining a Healthy Work-Life Balance
41:11 - Building and Selling Small Dental Practices
47:58 - Introduction and Different Approaches to Scaling Dental Practices
48:30 - The Role of Outsourcing in Dental Practice Operations
52:02 - The Potential for a Dental Industry Renaissance
01:06:23 - Collaboration and Learning from Diverse Perspectives in Dentistry
What does it mean to work ON your business instead of IN your business?
A lot of dental practices aren’t really run like business at all. Ignorance is NOT bliss.
The e-myth (entrepreneurial myth) is that most people who start a business are entrepreneurs, when in reality, most people who start a business are technicians.
Because we have a high level of understanding of dentistry, we think that uniquely qualifies us to run a business that provides that dental work.
Most dental practices are set up as people-dependent practices, when the focus should be on a systems-dependent process. WHAT DOES THIS MEAN?
People-dependent practices are dependent on specific people in the office, whether it’s you or an employee. Should something happen to that person the office becomes very vulnerable.
Corporations are process-dependent business, which is why independently owned practices have something to fear. They are far less vulnerable.
Working on your business means one thing; creating a system for everything so you can get superior results consistently, predictably, and with a lot less stress and work.
Everything you do should be documented in a manual, a video, a checklist, etc. Create the system intentionally.
If you’re “too busy” to step back from the drill and devote real time to creating processes, then you can’t expect a different result.
Having a systems-dependent practice means you’re ready to scale and amplify effortlessly.
Thriving business have three roles in common; the entrepreneur, the manager, and the technician.
Entrepreneur is the visionary who thinks ahead, keeps planing for the future, and setting the GPS for the team
Managers establish order and create consistencies, and hold everyone accountable
Technicians (hygienists and dentists) do the technical work
Everyone at their core is better suited to one of these roles, but ideally you should be able to do all three in equal amounts, especially in the beginning
In order to run a successful dental practice, you have to give up doing all the dentistry yourself to allow yourself the time to grow the practice.
Three practice stages:
Stage 1 – Glorified Job
Stage 2 – The Eager Stage
Stage 3 – The Mature Stage
First, we must assess where we are in the process, and situational and personal awareness are way undervalued in our professions
Tips:
Take some time and truly look at the pain points in your operation
Create and optimize your practice operations manual
Act like a patient, or hire a secret shopper and have them document their entire interaction
Make a process for everything, assume you’re writing it for a 5th grader
Join Craig and Peter as they discuss rural practices in rural versus urban area and the challenges and advantages of practicing in rural markets. Also, a concerning trend in dentistry: the rise of non-dentist veneer technicians, or 'near-techs.' These individuals, with minimal training, are illegally placing veneers on patients using nail supplies and acrylic. Craig and Peter express their frustration with the lack of protection for the dental profession and the potential harm caused by these unqualified practitioners.
TAKEAWAYS
Rural dentists are three times busier than dentists in urban areas, highlighting the demand for dental services in rural markets.
The rise of non-dentist veneer technicians, or 'near-techs,' is a concerning trend in dentistry, as these individuals are illegally placing veneers on patients with minimal training.
The dental profession needs better protection and advocacy to prevent the proliferation of unqualified practitioners and ensure patient safety.
The commoditization of dental services and the race to the bottom on pricing can undermine the quality of care and patient outcomes.
Dentists should be aware of these trends and actively advocate for the profession to maintain high standards and protect patient well-being.
CHAPTERS
00:00 - Introduction and Reflection on Progress
03:02 - The Busy Rural Dentist
13:25 - The Rise of Non-Dentist Veneer Technicians
In this conversation, Craig and Peter interview David Ensley, an orthodontist and part of a dental service organization (DSO). They discuss various topics including the use of Twitter for networking, the differences between GP and ortho startups, the importance of location and visibility for dental practices, the use of Google Ads and CRM for marketing, and the benefits of hiring offshore employees. David shares insights on in-house financing in orthodontics and the challenges of cash flow in the beginning. He also emphasizes the value of specialized roles and better talent that can be obtained through offshore hiring. David shares insights on managing remote teams, finding the right talent, and creating a pathway to ownership for dentists.
TAKEAWAYS
Orthodontic startups face challenges with cash flow in the beginning due to the longer treatment times and monthly payment plans.
Location and visibility are crucial for dental practices, and retail locations with high vehicle traffic are preferred.
Google Ads and CRM systems like Go High Level can be effective tools for marketing and lead management.
In-house financing is more common in orthodontics due to the longer treatment times and the ability to break up payments throughout treatment.
Hiring offshore employees can provide access to specialized roles and better talent at an affordable price. Remote workers can bring efficiency and specialization to a dental practice or DSO.
Partnerships in a DSO can provide a pathway to ownership and increase retention and quality.
Collaboration with professionals outside of dentistry can bring fresh perspectives and innovative ideas.
Twitter can be a valuable platform for learning, networking, and engaging with professionals from various industries.
CHAPTERS
00:00 - Introduction
04:14 - Challenges and Considerations for Ortho Startups
10:10 - The Importance of Location and Visibility
15:19 - Using Google Ads and CRM for Marketing
20:54 - Benefits of Hiring Offshore Employees
25:50 - Introduction to David Ensley and Remote Workers
27:04 - Partnerships: A Pathway to Ownership in a DSO
30:15 - Reciprocity and the Democratization of Ownership in Dentistry
35:26 - Competition and Efficiency in the Orthodontic Market
39:06 - Collaboration and Learning Beyond Dentistry
44:32 - The Power of Twitter for Networking and Knowledge Sharing
Key Takeaways Intro Success Metric-Having Impact Delegation And Connection Autonomy For Millennials Protect Your House Impact Of Bad Seeds On Culture Subcultures Transparency Inspirational Leadership Rewards And Recognition Start Your Day With Appreciation ROI Of Appreciation Pay And Benefits Work Flexibility
The more you can get your mind around the fact that you’re a digital marketing company that does dentistry, the better your message will be amplified.
The more attention you can get, the better off you’ll be.
Ask yourself what kind of content you can put out that will attract the type of person you want to bring in.
Don’t focus on creating content, focus on documenting. By doing that you have genuine stories, people will want to tune in to learn or because they are intrigued.
Take photos, take videos, whatever you can put together.
Write on your photos. Label things. Draw arrows. Make them engaging.
Storytelling marketing is the future. Make your patient the hero, and yourself the guide.
The emotional story and the journey is everything. It resonates and draws emotion.
Instagram has 3 major components; the feed, stories, and live.
Live is easiest to do but is also the most intimidating.
Make it simple – and doable. Do something as simple as verbally documenting a case.
If you’re not comfortable documenting yourself it would be very beneficial to find someone who is excellent at helping to create and manage content.
People don’t want to see static ads. They want to see content that is engaging or helps them be better at what they want to do.
It’s not about how many followers you have. It’s about the engagement.
You never know which posts will have the most engagement. Just keep consistently putting content out.
Hashtags:
If you have a hashtag associated with your post, that’s how your post populates in the algorithm.
Instagram will allow you to post up to 30 hashtags.
Have broad hashtags to pull you into certain arenas, then have very specific ones so you can find your post directly.
Hashtags are used primarily for search.
You can search hashtags on Google.
Social media is hard, because people tune out – and unfollow – anyone who they don’t want to see. It’s hard to be relevant and put out content that people want to see.
When you start a page, decide what you want your aesthetic to be. Do you want a theme? Do you want certain types of photos? Do you want your posts in a specific cadence? Decide before you start and use that as a guideline for your content.
The cost to advertise on Facebook and Instagram is cheap, compared to Google AdWords.
Social influencers are huge. If you can get the right person to post on their page with their story about YOU, it can be amazing for your business.
There seems to be a lot more opportunity in the Atlanta area focusing a new practice in more rural areas.
Having great chair-side manner is key to success in dentistry. Some of that manner is inherent, but it can be developed with real-world training.
Solo dentists have great advantages in providing excellent customer experiences, quality, and value.
Dental corporations bring competition, which in turn makes the entire industry healthier.
Dental offices never stop needing new patients, nobody keeps their new patients for life.
Society is changing, but dentistry has been the same cottage industry that it’s been since inception.
Writing down your goals is a key step in making them happen in your life.
Partnerships in dentistry are hard. Be very careful when choosing partners for your business.
Org charts are important. Make sure roles are clear, especially with your partnerships.
Focus your attention on working “on” your business, instead of working “in” your business. Don’t wait to plan your business until the end of the week, do it first.
Title: Expanding Your Practice Through Acquisitions featuring Dr. Mark Costes
Subtitle: How to Expand Without Getting Burned Out
Key Takeaways:
Not having the right systems in place results to burnout and breakdown. It causes exhaustion.
Building multiple practices can help you predict a good return but you need to put the correct systems in place.
Investing in dentistry business puts you in control.
First time buyers have to consider a lot of things before buying their first practice such as demographics like strength of practice, physical location, etc.; history and reputation of the practice.
Do not expand before your flagship practice is the way it should be.It should have reproducible systems that are ironclad and that you can replicate in your remote practices.
Consider the pros and cons when deciding whether to use brand extensions or keep the original brands of the dental practices you’re acquiring.
Pros can be that the acquired dental practice can piggyback on existing reputation while cons can be that it’ll be harder to sell in the future and reputation management is more critical.
Determine your exit strategy in order to know your buying strategy.
There are 3 definitive ways to sell a practice: sell to corporations, sell to private equities and sell one practice to one time buyer. Each have different returns and different criteria.
A dental practice that is run well can earn huge profits.
There is no template way to determine if you need to rebrand a dental practice. It depends on the situation.
Things apart from the P&L to consider when buying:
Purchase a dental practice that is near where you’ll live.
Consider buying a more expensive practice with good history of revenues.
Buy a practice whose dentistry services are something you like or know how to do.
When buying, consider if there is an opportunity to grow. Consider an underperforming practice. Look for the upside such as ability to market digitally.
Podcasts are great way to learn how to improve your practice.
Tweetables:
“Begin with the end in mind and re-engineer, otherwise it will be re-engineered for you.” - Dr. Peter Boulden
“We [dentists] are the luckiest in the industry because of the tangible asset we have.” -Dr. Mark Costes
“Determine your exit strategy in order to know your buying strategy.” -Dr. Mark Costes
“Build your company as if you’re selling it even if you’re not.” - Dr. Peter Boulden
“Dentistry is the darling of private equity right now.” - Dr. Mark Costes
Key Takeaways: Introduction Journey To Being A Dentist Reason For Being A successful Dentist The 3 Ps Of Business Bait And Switch 3 Ds That Are Destroying Dentist’s Lives Fear Of Practice-Purchasing Journey
Kleer is a cloud-based dental care plan that helps dentists connect with patients who want more service.
50% of consumers in the US don’t see the dentist on an annual basis.
Dental insurance is too complex, too many limitations, too expensive. Consumers and dentists both are frustrated with the system.
Consumers want more dental care, but they face issues with cost, fear of cost, and not having any coverage.
Customers want something that is simple, affordable, transparent, and something they can trust.
Kleer removes the middle man (insurance company) from the process, which removes complexity and cost.
Consumers overestimate dental procedure costs from 200-500%.
Dentists on the Kleer plan keep about 90% of all payments.
Patients who opt in to a membership plan will accept more treatment, creating a win-win for dentist and patient.
Kleer offers three plans; children, standard, & perio.
OFFER FOR BULLETPROOF DENTAL PRACTICE NATION: Kleer is free to implement, and for dentists who implement after listening to this podcast, Kleer will waive their fees for the first three months of use! Contact Dave at dave@kleer.com!
Introduction History Of Business Get The Right Advisor, Accountant And Attorney Working In And On Your Business Money As Motivator Mentorship/Shadowing Family And Business Balance Figure Out Your Trust Levels
Dental profession can be improved by sharing best practices with each other.
Dentists go through the same things - there will always be bad times. It’s how you deal with it.
Idea behind Spodak Dental Group: have a dental practice with everything under one roof rather than having a single practice all on it's own.
In order to have the best practice and best resources, you need to share everything with other dentists.
Idea about Spodak’s spacious area: in order to make patients and dentists feel more comfortable and add value to their visit / practice.
You need to be conscious of the entire patient visit from their visit in your online channel to their visit to your actual dental clinic.
On Social Media:
Social Media is about engaging with your patient's’ social network.
If you have amazing content but no one is engaging with it, then it becomes more spam than an effective ad.
Think of engaging content for your social media channels which may even be non-dental. Balance it with what you actually do.
How to manage social media in-house: Find the person who is in your office and who is already in the social media channels and tap them for your social media initiatives. Create an internal page where everyone posts something interesting and the designated social media person picks the best one to share to the external audience.
Social Media Content will be hard to outsource. It is best to channel that budget to internal social media advocates.
Social Media training is a better investment than outsourcing it.
Tip: Ask patients to check in to your practice. It is good advertising. Incentivize them for doing this.
Advertising Tips:
Other advertising initiatives: selective seminars with catered food for affluent communities.
Advertising Tip: A mortgage for a highly visible practice can make up for big advertising budget.
Efficiency Tip: Consider mobile payments where the patient doesn’t have to interact with random people they just met for payments.
Business should not just generate revenue. Learn to give back and do the right thing.
Construction Tips
Have a purpose behind it. There will be setbacks so you need to understand why you’re doing it. Doing so will help you pull through.
Hire a dental design firm who can specialize in designing your big practice.
Plan how your patients will interact with your office.
Being LEED-certified is the right thing to do. It’s not just good for PR. Think of it as giving back.
Going for LEED-certified building increases productivity in people and shows you care for the patients.
Business Expansion Tips:
Vision Tip: Write a vision you have for yourself even before it happens. Believe it even if you don’t know if it’s reasonable or not. Others will catch on the vision if you believe it really well.
You can achieve so much and be unfulfilled. Achievement and fulfillment are not always related. Do something because it fulfills you not because you want to do more.
Do not grow for the sake of growing and when it doesn’t make sense.
Identify your why. It has to make sense and it can’t be selfish.
Stay productive. Don’t run after retiring then consider it as the time to start living.
● Introduction: It’s YOUR Choice ● Insurance Companies Commoditize the Dentist ● Insurance is Advertising, You Pay Into Perpetuity ● Insurance Can Cover Less Than Remarkable Performance ● Know Your Treatment Acceptance Rate and GET IT UP ● You and Your Team Add the Value ● Authenticity and Energy ● Owner Mindset--Own Your Results, Don’t Make a Global Problem ● Call Your Patients! ● Experience
● Introduction ● Refinancing Debt ● Shifting “Debt” Mentality- Performing Debt Versus Non-Performing Debt ● Write Down Your Debt and Manage, Pay Down Student Loan/Consumer Debt & Get it Off Your Spreadsheet ● Compounding Interest ● Mortgage Debt ● Financial Arbitrage ● Being the Beneficiary of Inflation ● Add EOY Principal Paid on Practice Loans and Debt to Your Annual Earnings ● “How to Get Rich” ● Final Thoughts
Corporate often invites dental students to join them although it feels that they only present ideal scenario most of the time.
Deciding to sell to the corporate model is a tough decision to make.
Corporate dentistry can compete on pricing but not on relationship factor.
Dental students should keep their options open whether they'll go corporate or pursue a private practice.
Corporate dentistry can help dental students get a job and learn practical dental skills.
Huge dental debts encourage students to go corporate after graduation.
The more in-debt you are after graduation, the fewer choices you have.
Fewer students now want to start their own practice after graduation.
Corporate offers $500-a-day baseline pay to dental students.
Dental associates who are willing to hustle their pay after six months are good for a practice because it means they are interested to be in a win-win situation.
When selecting where to practice after graduation consider market saturation. Don't just go with the herd.
When looking for a CPA, look for someone who can give you personalized attention, especially if you are running your own business.
For contract reviews, you only need the simple services of an attorney.
When looking for people to work with - like a CPA or an attorney - look for someone who you are comfortable working with. Interview if necessary and ask for recommendations.
Corporate dentistry will make sure you work hard for the money they pay you.
Be awesome in something that you are passionate about. Don't force yourself to do something you do not like.
Try different procedures first in order to find something you love. You may like a procedure that you hated during school.
Tweetables:
Force yourself to back out and look at the big picture.
Keep an open mind at the things coming at you. Open mind is key.
Attitude is everything.
12 May 2023
Navigating Dental Economics, Strategies for Thriving in a Recession, Cyberhacks & Unpaid Associates
1. Patent 2. Value Packaging 3. Modified Prototype/Software/Hardware 4. Luxurious Feel Of The Box (Packaging) 5. Unboxing Videos 6. Multi-Sensory Experience 7. Attention To All Details 8. Work On Things That People Won’t Necessarily See 9. Understanding Of Human Psychology When Shopping 10. Keeping iPhone Boxes
The conversation covers the challenges and considerations of hiring and onboarding dental associates, as well as the impact of construction costs on practice expansion. Join us in discussing the decision-making process, financial implications, and the importance of finding the right fit for the practice. We'll also explore the concept of progress over perfection and the need for flexibility in hiring decisions. The conversation covers a range of topics related to hiring and onboarding dental associates, including the importance of hiring for the business rather than personal preferences, the need for balance and diversity in the practice, the role of continued education and mentorship, and the value of creating leverage through hiring.
TAKEAWAYS
Hiring and onboarding dental associates requires careful consideration and flexibility.
Construction costs have a significant impact on practice expansion and decision-making.
The concept of progress over perfection is important in the hiring process, and it's essential to be open to different candidates.
Financial implications and the need for a thorough decision-making process are key factors in hiring dental associates. Hiring for the business, not personal preferences
The importance of balance and diversity in the practice
The role of continued education and mentorship in onboarding
Creating leverage through hiring
The significance of trust transfers and vulnerability in the onboarding process
CHAPTERS
00:00 Soaring with Sea Planes and Construction Costs
03:13 The Impact of Construction Costs on Practice Expansion
Key Takeaways Intro Bulletproof Practice People Skills Being A Dentist And Entrepreneur Skillset And Psychology Growth Vs. Fixed Mindset Hiring By Department Leadership Functional Ownership Unique Ability Gears That Run The Practice Power Of The Team Where Do Great People Go Wrong? Human Capital Micro Focus
The worst outcome for anybody is to have everything they ever wanted and still feel hugely unfulfilled. Dr. Craig Spodak There’s going to be a buyer for every type of practice. Dr. Craig Spodak Everyone has a different set of ingredients that leads to the highest baseline level of happiness for them. Dr. George Hariri
The consumer will tell you if you are valuable or not. Dr. Craig Spodak
There’s power in community. Dr. Peter Boulden Everybody takes information and processes it at their own speed. Dr. Craig Spodak The choke hold of every business is always the skillset and psychology of its leader. Dr. Craig Spodak If you’re a business owner, there’s always something to do. Dr. Craig Spodak Money is a poor motivator. Dr. Craig Spodak If you’re going through things, just zoom out and have faith that things are happening for a reason. Dr. Peter Boulden
12 May 2021
The Power of In-Person with Chris Tuff
00:46:59
Join our network at www.Bulletproof.Dental to stay in the know on all things Bulletproof!
Key Takeaways: Intro The Start First Summit Practice For Progress Not Perfection Evolution Of Bulletproof Immersive Experience Aligned Team Happiness Is Progress Appreciation And Turnover
IntPerrin DesPortes, Jr. is a co-Founder and Partner of TUSK. He has over 25 years of leadership, sales, operations, and P&L management experience in the dental industry, having rebuilt and successfully led 3 different businesses for Patterson Dental Supply.
TUSK Partners provides industry-leading resources to group dental practices and DSOs. They combine over 50 years of experience with a progressive vision to create the greatest value and impact for their clients. TUSK helps their clients START, GROW and ultimately SELL their group dental practice or DSO.
Key Takeaways
● Introduction
● The Founder’s Dilemma
○ Aspirations to Own Multiple Practices
○ How Do I Work Myself Out of the Chair?
○ Getting Paid from Your Practice
■ Clinical
■ Salary
■ Distributions & Ownership
○ Generating a Waterfall of Distributions
○ Financial Impact to the Founder
● Unique Ability
● Shame in the Dental Business
● Paying for Advice
● Funding your Business Plan
○ Being Honest with your Bank Regarding your Plans
Bites of apples only happen when said private equity group that bought you sells to another private equity group, a different horse. -Dr. Peter Boulden
14 Nov 2019
Working For A "Why" with Ericka Pierce
00:32:03
Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the bookHERE!
People really want to move beyond happiness & material possession, and find FULFILLMENT. We don’t want work/life balance, we want work/life harmony.
The one great equalizer is we all get 168 hours in a week. We are all equal that way. How we use that time is what separates the amateurs from the professionals.
Creating space in your life and calendar is where your creativity comes alive. Creativity occurs within empty space.
Retirement should be doing what you want, on your own terms.
Learn and understand what your purpose is. It’s all about how you want to feel, not what you want to achieve or own.
To find your purpose sit down and write down 7-10 of your happiest memories. Write 1-2 paragraphs on each of those memories.
Add the emotions and feelings within each memory.
Go back and circle the emotion words within your writing. Those emotions are your purpose.
The greatest failure in the world is achieving everything you want and still being unfulfilled.
Once you’ve discovered your purpose, take those emotions and insert them into the activity you’re undertaking. That’s the way to find fulfillment in the things you do every day.
Burnout is prevalent with dentists. A lot of that is due to internal narratives.
We’ve all been trained to play small. We want to not be afraid of being human, of being normal.
If you’re doing something that’s draining your batteries,
7 characteristics of yin and yang. When doing anything, consider these 7 questions. If what your doing answers most of these positively you’ll be much more fulfilled.
Is it serving a sense of mission?
Did you do it from a place of freedom?
Are you doing it with love?
Was there adventure involved?
When you do this, does it fill you up?
Does it create a sense of safety?
Does it allow you to speak your truth through love?
The two greatest factors for an extraordinary marriage are love and respect. Women desire love. Men want respect.
4 quadrants of life – all four need to be address in order to be fulfilled.
● Introduction ● Building a Life Resume ● 29029 ● Mental Toughness ● Fear As a Powerful Motivator ● LEAN IN ● Sticking to Core Values and Beliefs of Your Company / Practice ● Making Decisions in Business ● When to Be Selfish Versus Selfless ○ Communicate Your Needs to Those Around You ○ Do Something Where You’re the Sole Beneficiary ○ Finding a Balance ○ “80-Year-Old Self Test” ● Living in Gratitude, Positivity, and Positive Self-Talk ● Audit and Recalibrate ● Tequila!
“To use my God-given talents to provide for my family, friends, and team. To use dentistry & business of dentistry to create a legacy. To enjoy my finite life and to know I maximized it and I mattered.”
Intro Exclusion What We Know What To Do What We Don’t Know What To Do Growth Mindset Post-graduate Education Foundational Course Long Term Solution Summit in Austin, Texas
There are many different models of success in dentistry. In this Thriving Dentist Show, Gary interviews Dr. Craig Spodak about his practice model. Craig’s model is a single location group practice that produces over $10M per year driven by a Noble Cause. In this episode they discuss:
Craig’s experience as a 3rd generation dentist
His vision of an ideal building which is LEED (Leadership in Energy Environmental Design) Gold Certified
The importance of creating a ‘Noble Cause’
Craig’s 14 Core Values in his practice
The power of intention, and the importance of learning from mistakes
Craig’s model of a single location vs. building a group of multiple locations
How Craig discovered that he was paying excessively high fees in his pension plan
Tweetables When it comes to technology it’s never an if it’s a when. Dr. Craig Spodak Everything looks good when you don’t want to look at it. Dr. Craig Spodak
It is our job as business people to innovate. Dr. Craig Spodak
13 Mar 2024
Leverage Technology for Location Growth with Brian Colao
The dental industry is experiencing a shift towards same store growth as M&A activity becomes more constrained.
Understanding your EBITDA is crucial for practice growth and valuation.
Culture plays a significant role in practice value and patient satisfaction.
Innovation, technology, and AI are driving same store growth and improving patient care.
Joining a DSO can provide dentists with more opportunities for career advancement and financial stability. Working for a DSO can provide greater job security and protection against unpaid wages compared to private dental offices.
DSOs have better quality control measures in place, ensuring a higher standard of care for patients.
The dental profession is expected to become more consolidated, with DSOs accounting for a larger percentage of practices.
As consolidation increases, valuations are likely to rise due to decreased supply and increased demand.
The consolidation of the dental profession may pose an existential threat to insurance companies.
Market conditions, including interest rates and political factors, can impact deal flow in the dental industry.
Building a business that you don't want to sell can be a viable alternative to selling, but it's important to choose the right growth partner.
The DYKEMA Summit is an annual event that brings together dental professionals to discuss industry trends and best practices.
Chapters
00:00 - Introduction and Setting the Stage
01:19 - The Pulse of the Dental Industry
04:13 - The Importance of Knowing Your EBITDA
07:56 - The Changing Landscape of Dental M&A
12:43 - The Importance of Culture in Dental Practices
18:46 - The Transition to Same Store Sales Growth
23:05 - The Impact of Technology and AI in Dentistry
Intro Growth Depends On The Right People The Great Quit The Art Of Fly By Culture Follows Connections Retention And Recruiting Younger Associates Mentality Shift Job Description Pipeline Of Talents Interview Process
Just do your best, after that, it’s out of your hands. Dr. Peter Boulden Without the right people, you are stagnating. Dr. Peter Boulden People will move the vision for you. Dr. Peter Boulden Just do the right thing. Chris Tuff
Let your people leave. Chris Tuff
Recruiting associates is a curation process. Dr. Peter Boulden
Incentivize people to look for thoroughbreds. Dr. Peter Boulden
Don’t negotiate with terrorists. Chris Tuff
13 Dec 2023
Macroeconomic Climate and Dental Lending with Chandler Wrightenberry
Trey Tippit Background Saturation Of Dentists Non-Compete Agreement Absence Of Someone Being There Start-Up Vs. Buying A Practice Confirmation Bias True Competition
Marketing today can seem convoluted. You must be more strategic with marketing, rather than tactical.
Fifteen years ago, you could literally buy your way to the top. People now want credibility and a story.
You can either pay someone to craft a story for you, or become remarkable enough that you’re worth talking about.
Find out what the authentic expression of your brand is, and exploit that.
Read your reviews to see what the public is saying about you. That’s a great hack for finding your why.
Scared money don’t make none. Fear psychology can really mess with your business.
Take advantage of technology to create and post easy, not super polished videos and content that will help patients identify with your practice and feel as comfortable as possible making the decision to come see you.
Video shows your humanity.
Unfortunately, in our digital day and age it’s not good enough to just do awesome dentistry.
If you don’t have reviews online, create the narrative of what you want people to say and live that.
Figure out ways to give your marketing dollars back to your patient.
The most brilliant marketing strategy is to CARE. That’s the easy button.
Mistake 1 - Failing to plan. Like buying a car or a house, you need to make a plan how you’ll pay off your taxes.
Mistake 2 - Choosing the wrong entity to operate. You need to understand the different types of entities available before deciding which entity you would choose.
Mistake 3 - What-if Paranoia. Do not be afraid of the questions of the IRS as long as you follow the tax codes and everything is documented. Don’t be afraid to take a legitimate deduction.
Mistake 4 - Getting the wrong retirement plan. Understand the different plans available to your employees and those that they’ll resonate to. Ask for advice from your CPA.
Mistake 5 - Missing family employment if you have kids. Kids can become employees of your business and you can pay them wages to cover other non-deductible expenses.
Mistake 6 - Not implementing a medical expense reimbursement plan. This works for some entities and can be used to cover out-of-pocket medical expenses.
Mistake 7 - Missing legal deductible items such as:
a health care facility for your home office like a pool or a home gym
vehicle expenses when the vehicle is used for business
meals and entertainment
Mistake 8 - Failing to rent out your home for business meetings. Just be careful not to go overboard.
Mistake 9 - Not depreciating properly all the costs to set up your practice.
Mistake 10 - Not consulting with professionals. Be proactive and ask for advice. Choose a CPA who is proactive.
This episode is not intended to replace the professional advice of your tax preparer or CPA.
“If you’re doing something and it says you’re allowed to do it in the tax code, let them (IRS) ask you about it. As long as you’ve documented why and how you’re doing it then you’re ok.” Craig Cody
“Tax evasion is blasting through the toll booth and not paying the toll. Tax avoidance is taking side streets around the toll legally to get to your destination.” Dr. Peter Boulden
02 Jun 2020
Your Last Dance
00:49:14
Text ‘bulletproof’ to 33777 to stay in the know about all things Bulletproof, and buy the bookHERE!
Key Takeaways: Introduction Dental Intel Pre-appointment Metrics Patient-Growth Percentage Average Patient Value Hygiene Pre-appointment Percentage Same Day Treatment Acceptance Percentage Same Day Opportunity
Hygiene is the workhorse of the practice. Dr. Peter Boulden
You shouldn’t resent hygiene checks. Dr. Craig Spodak
Never prejudge a patient. Dr. Craig Spodak
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