Listen on the website
http://www.bulletproofdentalpractice.com/the-future-of-dentistry/
Text ‘bulletproof’ to 345345 to stay in the know about upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!
Bulletproof Dental
Practice Podcast Episode 64
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Key Takeaways:
·
Dentistry
is changing rapidly; due to technology, millennial mentality, and private
equity.
·
Private
equity owns about 10% of dentists right now but statistics show it will be the
majority.
·
Private
equity is money brought into the market by people expecting a return.
·
There
will be a correction in the market, Wall Street loves dentistry because even
during corrections dental offices will retain patients.
·
Private
equity wants return on their money within 2-3 years. If they don’t deploy their
money within that time they pay penalties. They’re not growing businesses
sustainably.
·
EBITDA
is Earnings Before Interest, Taxes, Depreciation and Amortization. It’s a way
to define what your business is worth, it’s basically your net revenue, what
your business would make without you there.
·
Dentists
are the pawns in the current financial system.
·
Insurance
companies are getting into the practice business and could be advertising their
providers over yours.
·
There
are some redeeming factors with private equity and DSO; including partnerships
they bring to the table.
·
It’s
going to get more and more difficult to be a solo practitioner general dentist.
Technology is the great equalizer and it takes massive learning and cost to
implement.
·
Consumer
expectations have shifted, and patients demand more and more.
·
A
surefire way to be successful is to be open from 7pm to 4am, servicing patients
who work different shifts. Or – rent a successful dentist’s office during their
off hours and see evening and late-night emergency patients.
·
There’s
a ton of free content out there to learn. You can learn what you need to know
without having to buy anything.
·
The
more you become aware of what’s going on around you the better you’ll be able
to run your business.
·
Spodak
Dental Group is looking for two super GP’s to join the Spodak team!
Tweetables:
When it comes to technology, it’s
not “if,” but “when.” – Dr. Craig Spodak