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Bulletproof Dental Practice

Dentistry is evolving - Is your practice BULLETPROOF? Marketing. Systems. Leadership. Proven strategies to grow your practice with co-hosts Dr. Peter Boulden and Dr. Craig Spodak.
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Now displaying: February, 2018
Feb 22, 2018

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit in fall 2018!

 

Bulletproof Dental Practice Podcast Episode 54

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guests: Alan Mead, Dental Hacks Podcast / Brian Colao, Dykema Law Firm

 

Key Takeaways:

  • Should you have a DSO?
  • If you don’t have a DSO and you’re a doctor owned practice, who can you sell to? You can only sell to other licensed dentists in your state, and that’s a very narrow, deflated market that is getting smaller every day. If you have a DSO your market is the world.
  • A DSO deal with established DSO might pay 5-7x EBITDA and is a low-risk deal.
  • A private equity deal will require ongoing involvement, and is higher risk, so may pay very high single digits to double digits.
  • Private equity deals are performance based.
  • There’s an evolution and consolidation in the dental marketplace. The evolution is from doctor owned single practices to DSO’s. The market is being flooded with private equity funds as it allows non-dentists to make money in the marketplace.
  • The market saturation of DSO’s is about 10%. There is a lot of runway, and the industry is very fragmented. This means that saturation is a ton of value left to harness in the dental market.
  • Seek out education about how the market is changing so you can react and best position your organization.
  • Ten years from now there will be very limited opportunity for solo practitioners. If you have eyes set on being a solo practitioner, you need to understand the transition and have a plan. Only the rock star practitioners will thrive on their own.
  • Patients are becoming more and more demanding. Consumers don’t really care who owns their dental office.
  • DSO’s are in the third generation of progression.
  • The highest valuation in the DSO industry is Deca Dental. 18.2x!
  • DSO’s are trying to implement one-stop shopping. There’s a lot of upside as a practitioner in working within a one-stop shop style practice.
  • It’s not just corporate DSO’s looking to get into the dental marketplace, existing industry suppliers are finding ways to reach consumers directly.

 

References:

The Cleveland Clinic Way by Tony Cosgrove

 

Tweetables:

“Peer pressure makes dentists better.” Dr. Craig Spodak

Feb 15, 2018

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit in fall 2018!

 

Bulletproof Dental Practice Podcast Episode 53

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Steven Rasner

 

Watch the full interview video by clicking here!

 

Key Takeaways:

  • Email Dr. Steven Rasner at drrasner@aol.com, with request to SEND ALL THE STUFF!
  • There is hope and prosperity of ownership.
  • Oral sedation has the capacity to expand your practice very quickly.
  • You can easily market oral sedation.
  • The triad for a successful office- oral sedation, extractions and implants.
  • Why oral sedation is better? People automatically assume that can’t handle the cost associated with IV sedation.
  • One key to a successful practice- Preforming a comprehensive exam on every patient!
  • 6 things I would do if I started over on Monday:
  1. Financial discipline straight out of dental school. Invest in yourself early on.
    1. Start by taking 1 CE course every quarter and 1 continuum every year.
    2. 95% of dentists cannot retire at age 65 and sustain themselves
  2. Seek out successful mentors. This exposes you to other dentist as a resource.
  3. Most important protocol for new patient’s is phone verbiage.
    1. It doesn’t cost to be nice. You want your patients to feel a “Cheers atmosphere” where everyone knows your name.
    2. When taking a new patient phone call, you want them to invest in:
      1. seeing an out of network provider
      2. getting their significant other to come to the appointment
      3. paying up front
  1. Willingness to do morning meetings with team members to review old balances, new patients, any special needs and special events on your schedule.
  2. Embrace your community.
  3. Treatment plan your life. Remember to ask yourself: Am I happy living my life the way I'm doing it?
    1. Balance your life. Keep living like a dental student when you're out as a dentist.

 

References:

Realizing the Dream

 

Tweetables:

“You do what you learn.” Dr. Steven Rasner

Feb 8, 2018

Bulletproof Dental Practice Podcast Episode 52

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Michael Apa, Partner Rosenthal Apa Group, Founder Apa Aesthetic in Dubai

 

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit in fall 2018!

 

Watch the full video of the interview by clicking here!

 

Key Takeaways:

  • Apa travels back and forth from New York City to Dubai, focusing on creating amazing cosmetic cases.
  • The small details in dentistry are best answered by people who are doing it in and out every day.
  • Apa figured out how to take a lot of time in planning and prep, so the design and implementation of a case works PERFECTLY with no complications.
  • After so many cases Dr. Apa’s team now works like a symphony.
  • To have such high output you must have the driving passion and dedication.
  • For Dr. Apa the work itself, and seeing patient’s reaction is very rewarding. When you do so much dentistry, you start amassing an audience of people who help to continue propelling you forward.
  • Achievement is a drug that keeps high performers going strong, wanting to do more and more.
  • In dentistry we draw a small box around what we think is the profession, but you can really do anything you want to do.
  • Dentistry lately seems to be focused on the negative; insurance, corporations, debt, etc.
  • Younger dentists are searching out more positive messages.
  • You can’t listen to what is coming down the pipeline, you must find your own will and your own way.
  • Take what everyone says to you, take it in, and exhale and stay true to what YOU want to accomplish.
  • People in the US have a much higher knowledge about what is possible in dentistry. Other areas of the world have great opportunity to educate and train the population – and dentists – on what is possible.
  • To feel the level of passion Dr. Apa has, you must be able to reach the general public. The best way to get patients of any quantity is to reach them where their attention is: social media.

 

References:

Apa Beauty

 

Tweetables:

“Achievement is a drug that keeps high performers going strong, wanting to do more and more.” Dr. Craig Spodak

“Dentistry is a snowflake, you can express your vision however you want.” Dr. Craig Spodak

“Don’t let anybody tell you what you can and can’t do.” Dr. Michael Apa

“Listening to your patients is the best education.” Dr. Michael Apa

Feb 2, 2018

Bulletproof Dental Practice Podcast Episode 51

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Blake McClellan, CEO and co-founder of Implant Compare

Watch the full video of the interview by clicking here!

Text ‘bulletproof’ to 345345 to stay in the know about upcoming book release and Bulletproof Summit in fall 2018!

Key Takeaways:

  • Implant Compare live-streams dental education and surgeries.
  • We’re just now discovering the great many capabilities of blockchain, and how it can be applied to everyday life.
  • It’s the algorithm behind bitcoin that is the most powerful.
  • This episode is not investment advice.
  • Bitcoin is a byproduct of a blockchain. Blockchain is a distributed ledger that is decentralized. Every time a transaction happens it’s added to the block. Essentially, it’s an ecosystem of a network of computers that validate every transaction.
  • Decentralizing this process creates a lot more complexity and provides protection against data attacks.
  • Blockchains aren’t just currency, every different algorithm has different applications.
  • The other benefit of using blockchain as currency is it keeps everybody honest.
  • Blockchain is a very fast rapid way to move data in a highly encrypted way.
  • One major benefit of blockchain in dentistry is potential to develop, fast, highly confidential ways to transfer patient files. Applications could also be built to allow practices to share servers & hardware.
  • Phase 2 of blockchain will be around identity management and logistics.
  • The technology is still emerging, and we’re seeing big companies entering the development space.

References:

Pro Med Sales

Vital Signs Technologies

Patientory

Dentacoin

Ethereum

Ripple

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