BulletProof Dental Practice podcast

A weekly podcast by Dr. Peter Boulden and Dr. Craig Spodak, designed to help you grow your practice through two pillars of success; Systems and Marketing

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kelston

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

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: