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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: May, 2018
May 31, 2018

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!

 

Bulletproof Dental Practice Podcast Episode 66

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Jesse Green, Dentist, Author, Founder of Savvy Dentist Podcast and Practice Max

 

Watch full video of the interview by clicking here!

 

Key Takeaways:

  • Adding more new patients to your practice will highlight the problems in your office.
  • Success is all about making sure there’s net growth. You can’t just work to get new patients without making sure you’re taking care of your existing ones.
  • Make sure you have leadership in charge, not just in place.
  • Following systems allows for consistency but you can’t overdo systems, there should be some amount of flexibility.
  • Create frameworks for conversations with patients, instead of scripts.
  • The best strategy for retention is relationships. “Don’t be a dickhead.”
  • Having regular communication with your team and understanding what they want from you is the best way to retain your team members.
  • Make sure all decisions have a triple win: your business wins, the patient wins, and the team member wins.
  • If you can have alignment about the goal for the team then you’re moving in the right direction.
  • Every time you have staff turnover you’ll have a dip in productivity.
  • There’s a sweet spot for profitability. Bigger is not always better. Pay more attention to profitability than size.
  • In Australia, 4-5 chairs in a practice is a sweet spot. It’s small enough to manage, you can make it very profitable, and you can replicate it more easily.
  • You have to understand your positioning in the marketplace; whether you’re volume, boutique, etc.
  • Convenience is critical.
  • There are three ways to increase revenue:
    • See more patients (marketing, how do you get more out of your chair, etc.)
    • See those patients more frequently
    • Increase the average dollar spend per patient
  • Small changes in those categories compound across your practice.
  • Marketing Three R’s:
    • Recruit new patients
    • Retain existing patients
    • Reactivate people who might have fallen off the bandwagon
  • The things that move the needle most are “critical drivers.” What activities are your team doing that produce the best results? Focus on those activities.
    • Ask for referrals
    • Ask for Google reviews
    • Multiply the booking
    • Focus on presenting x number of treatments per day, from there you’ll have the conversions you’re looking for
    • Morning huddles, productive staff meetings
  • Proposed treatment vs. enrolled treatment (acceptance rate) – shoot for 80-85%.
    • Depending on your preferences, that acceptance rate can be closer to 66%.
  • Net profit: including salary of principal, your net profit should be around 20%.
  • Everything is about the cash flow.

References:

Retention: How to Plug the #1 Profit Leak in Your Dental Practice by Dr. Jesse Green

May 24, 2018

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!

 

Bulletproof Dental Practice Podcast Episode 65

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Scott Leune, Founder & CEO of Breakaway Practice & Dental Whale

 

Watch full video of the interview by clicking here!

 

Key Takeaways:

  • Most DSO’s don’t allow for the dentist to work with them to continue growing their business.
  • Breakaway Practice provides DSO infrastructure to provide partnership and value for practice owners.
  • Breakaway Practice wants to take the best from corporate infrastructure has today and make it available to a private dentist through a partnership.
  • Traditional DSO’s are a great benefit for new grads who want guaranteed salary with a lot of CE and ability to move around the country.
  • Practice sale strategy all depends on the specific wants and needs of the selling dentist.
  • Most Breakaway dentists are entrepreneurs who want multiple locations.
  • 7 out of 8 practices should not be purchased by someone who wants to own multiple locations.
  • Invest in training, coaching, and learning if you’re interested in owning multiple locations. It’s a lot of hard work and isn’t for most people.
  • To get a really high EBITDA multiple you must own lots of locations with a ton of infrastructure and a solid path to continue rapid growth.
  • Leune has found there’s a tipping point at 11 days being booked out, profits start going down and no-shows start going up.
  • Once you’re at that tipping point you have a problem and must fix whatever is holding back the schedule.
  • January-March are the best months of the year for acquiring new patients, cost-wise. August is also good. Worst times for marketing are December, April-May, and September.
  • Dentists need to strive for both clinical AND business excellency.
  • Specialists are in the hardest position right now, as GP’s are taking over more and more of their business.
  • If you’re doing what you love and making a good amount of money, perhaps there’s no reason to change or do anything different. Not everyone has to be the CEO.
  • If you do what’s right for the patient, create a really good value-based practice, and have a good following there’s plenty of room for you to be successful in the future.
  • Figure out the “why” first so you don’t end up going down the wrong path. Once you’re clear in your decision making, decisions aren’t that hard.

 

Tweetables:

Innovation comes from pain, and not giving up. – Dr. Scott Leune

It’s so much easier to make a decision when there’s purpose behind it. – Dr. Scott Leune

May 10, 2018

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!

 

Bulletproof Dental Practice Podcast Episode 63

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Mark Costes, Founder of Dental Success Institute

 

Key Takeaways:

  • There’s no one right model for setting up a dental practice, it must be tailored to the owner’s goals and the specific geographic area.
  • Boulden predicts the rise of the “Super GP,” a dentist who has skills and training to do more services than they have traditionally. Less will be referred out.
  • Technology is allowing a wider range of dentists to practice a wider range of skills.
  • “The grass is greener” is always psychology.
  • Most dentists don’t have a business. If you’re not making more than 30% as dentist owner then it’s a glorified job.
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