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 78
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Guest: Trevor Maurer, President and CEO of Smile Source
Watch full video of the interview by clicking here!
Key Takeaways:
- Smile Source is not a DSO, it’s an affiliation of great dental practices.
- When presented with 4 logos,15% of consumers would choose services from “Dr. John Smith.”
- “Monarch Dental, Dr. John Smith” has a 22% preference.
- “Dr. John Smith, a Member of ABC Associates” has a 27% preference.
- “Smile Source, Dr. John Smith” has a 37% preference.
- Practice names do matter. Any affiliation above “Dr. John Smith” will carry significant weight.
- Fewer than 10% of current grads want to own a practice. That percentage goes up significantly after a few years practicing.
- When choosing a practice name, Trevor recommends having the dentist’s name in it somewhere as a sub-brand but have an affiliation with something much larger.
- Smile Source’s research favors a sub-brand doctor name. The doctor’s name adds community connection, while the main brand associates with something larger, with benefits.
- When a patient asks for a brand by name, the doctor gave it to them 87% of the time.
- However, patients only ask for specific brand names 4% of the time.
- Branding is great, but don’t be bullied by brands.
- The greatest fear in dentistry right now is fear of corporate takeover.
- Corporate is targeting schools because they’re not getting the talent they want from established market.
- Private equity is pouring money into the market right now, and for the time being it’s good for everyone.
- Money is making good returns, the labor pool is interested in the message, and there’s a gender shift.
- You used to be able to get by opening a dental office with a “place to sit and a place to spit,” now you need so much technology and HR experts.
- You don’t need to go corporate to get that kind of help. Smile Source helps the little guy win.
- Smile Source has resources to allow dentists to work together to pool their resources, you get the benefits of larger practices while still being individually owned.
- The majority of practices in the country are part of the traditional cottage industry.
- Private practitioners need to recognize that most patients want extended hours.
- 21% of dentists are part of a group or DSO.
- The right time to bring in an associate is when you have the best time, money, and energy.
- You’ll find people who have just come out of dental school. They’ll need to understand their production might be low to start and they have to hustle to make themselves valuable to the practice.
- Finding an associate is all about finding the right relationship for your practice.
References:
Built to Sell by John Warrillow
Tweetables:
Patients are consumers before they’re patients. – Trevor Maurer
Stay committed to the process of growing. – Dr. Peter Boulden
If the rate of change on the outside exceeds the rate of change on the inside, then the end is near. – Jack Welch