The podcast episode features an interview with Victoria Peterson, a dental industry expert and CEO of Productive Dentist Academy (PDA). The conversation revolves around building investment-grade practices and the future of dentistry. Victoria shares her insights and experiences while discussing various aspects of dental practice management, leadership, and innovation.
Victoria begins by emphasizing the importance of understanding the role of money in dentistry. She believes that money magnifies what already exists within a person. Those who are giving and caring will make a bigger impact with more financial resources, while those who are self-focused will continue to prioritize themselves. She also highlights the mindset of dentists and the need for them to be open to receiving support and cultivating trust in their teams.
The discussion then shifts to the mindsets of dentists and their readiness to work with PDA. Victoria explains that those who are open to receiving support and have clear role descriptions and priorities tend to do well. She also addresses the issue of vertical movement within dental careers and the importance of creating growth opportunities to retain talent.
Victoria touches upon the significance of financial literacy and accountability for dentists. She advises them to take finance and accounting courses to better understand their practice's financial health. She stresses the need for accurate and timely financial data to make informed business decisions and recommends dentists hold their CPAs accountable for providing the necessary information.
The conversation moves on to the future of dentistry and the ongoing consolidation within the industry. Victoria notes that about 30-35% of the market is currently consolidated, and this trend is expected to continue. She believes this is an opportune time to be a practice owner and advises dentists to pay attention to their bottom line and consider exiting PPO plans to improve profitability. Victoria also highlights the growing interest in functional medicine, sleep apnea treatment, and holistic dental practices as the industry evolves.
Towards the end of the episode, Victoria discusses the services offered by PDA, which include investment-grade practice building, practice management, marketing optimization, and cultural development. She mentions the focus on employer reputation and attracting quality team members. PDA's programs help dentists improve their business assets, enhance practice management systems, optimize marketing strategies, and develop a strong company culture.
In closing, Victoria honors her father, an auto mechanic and entrepreneur, for his innovative spirit and his mantra of "putting the serve in service." She encourages listeners to step out of their comfort zones, have faith, and not let uncertainty hold them back. She shares her own experiences of taking leaps of faith and reassures listeners that resources and opportunities will arise once they take action.
Overall, the podcast episode provides valuable insights into building investment-grade practices, the future of dentistry, and the importance of financial literacy and team development. Victoria's expertise and experiences serve as a guiding light for dentists seeking to enhance their practices and navigate the evolving landscape of the dental industry.
More about Victoria: https://innovationindentistry.com/innovator/victoria-peterson