You’ve heard it before: If it was easy, everyone would be doing it. That couldn’t be more true today for the Business side of Dentistry.
The complexity of clinical practice and operating a profitable practice has many Dentists frustrated. Scared. Confused. Frozen even, into inaction.
This profession is no longer for the weak. It’s difficult to make money and grow and the bar keeps rising. This is one of the primary reasons chain dentistry, or, what I call Big Dentistry, has finally found its legs and begun to thrive. And, frankly, there’s no stopping it.
Layer this on top of what I’ve just written and you’ve got a Perfect Storm: Consumers have more places now to spend money than ever before – they are less conscious about the long-term and more conscious about the short-term and instant gratification. We now carry around, in our pockets, a mobile shopping mall called Amazon. If you need something, odds are, Amazon has it. Our kids have no known limits on waiting for anything. And, when we want it, we just open our phone, tap on Amazon app and order it. I’m guilty.
Peter Guber, (Google him if you don’t know who he is, then marvel at his accomplishments), in a recent interview stated, “The rate of change has changed. Change is happening faster now than ever before. And, it’s requiring a shift in how we manage change…it requires a re-shaping of our attitude, not aptitude.”
And, at the business level, we are required to move swiftly to adapt. Or, we’ll be buried. I know it might be considered heresy, but it’s my belief adapting new clinical gadgets can wait. This flies in the face of what you read in the journals. Understand, the vast majority of the ads are paid for by these same companies claiming you’ll be left in the dust if you don’t integrate their new fancy piece of tech. Phooey.
Look: You and I are in competition not with each other for just dental dollars but ALL dollars. Discretionary and non-discretionary. We’re in competition with Amazon. And every other outlet that gives consumers the buzz of instant happiness.
If you want to survive and grow a practice in 2015 and beyond, you must master: The Business of Dentistry.
What exactly is the Business of Dentistry?
It’s having mastery of leadership. Understanding P&L statements. Being able to interpret balance sheets. Knowing when to finance growth and when to run from a bank. It’s being able to generate new patients on demand. It’s understanding the value of existing patients and working hard to keep them in your practice in spite of your participation or lack of, in PPOs. It’s knowing how to out-run and out-gun PPOs (courtesy my Gold Member, Dr. John Busby, one of the best runners and gunners of PPOs). It’s being engaged in the Business, not just the clinical practice of Dentistry.
Used to be the answer to improving your income in Dentistry was to attend another clinical course. In fact, it was sort of logical escape and one your peers would encourage you to do, to avoid the pressure of having to be in business. You could go to a course and immerse yourself in learning about implants, ortho or whatever.
Today, a decision to spend $5000 on yet another implant course vs. $5000 on implant marketing which will attracts new implant patients, could be the difference between making payroll or not.
If you find yourself choosing between eating/paying bills or attending a course, WARNING! You are on the Wrong Path.
I know. And, I agree: Clinical Dentistry right now is incredible. The advances being made in research facilities are truly remarkable. But, that’s truly only a small, minority slice of the Dental Business. Everything clinical relies 100% on your ability to become and remain a top-notch businessman/woman!
So, where should your focus be?
Look, learning about the Business of Dentistry doesn’t have to be expensive. It doesn’t have to be difficult. And, it doesn’t have to be inconvenient.
There are many different Business of Dentistry education providers around. Most have struggled in the past, too, because, success in dentistry was almost too easy and few valued a business education simply because most dentists were successful in spite of how terrible at business they might be. That’s no longer the case.
My advice: Polish your business skills before it’s too late. Make a dedicated effort to learn more about the Business Of Dentistry in 2015 than ever before. Vow to become a master leader. Vow to increase your practice by two-times in 2015. Upgrade your team and upgrade your income. Make a promise to yourself to take time and invest it into becoming a master at business like you have a master at clinical dentistry.
Self-serving plug: An easy way to get started on your path to dental business excellence is by investing just $9.95 a month into my Mini Dental Business Audio Series, Dentistry Confidential®. Learn more at www.DentistryConfidential.com
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About The Author… Jerry A. Jones is the CEO of Jerry Jones Direct (JJD), an over two-decade old marketing and advertising firm whose clients include Dentists and Financial Services Advisors in the US, Canada, Australia and England. He’s a widely-published author of several books and thought leader, writing opinion papers and articles for a variety of publications. Jerry also publishes five different newsletters and two magazines every month, leads dental mastermind sessions, and creates marketing and advertising campaigns for his private client Financial Advisors, Dentists and ClearPath Society® Members. He is also the Founder & CEO of Wellness Springs Dental® in Salem, Oregon, which includes an incredible group of four Doctors and an amazing team. Wellness Springs Dental® will be offering national dental office franchises in 2015. Info @ www.WellnessSpringsDental.com. More information on Jerry can be found at www.JerryJonesDirect.com, www.ClearPathSociety.com or www.DentistryConfidential.com.