Howard Speaks Howard Farran, DDS, MBA, MAGD
Publisher, DentalTown Magazine

Next month will mark three years since the NASDAQ hit 5132.52, the DJIA hit 11,311.30, and the S&P 500 hit 1552.87? Wasn’t it kind of bizarre in 2001 and 2002 when the monthly contribution to your pension fund was less than the total amount you were losing each month? Did it ever make you feel like a martyr because everything was so rough? If it did, slap yourself out of it because it doesn’t get much better than this!

My hometown, Phoenix, AZ, had more than its fair share of the high-tech bubble crash. Seldom does a week go by that one of my patients, who made a six-figure income, is now either unemployed, working for half of what they used to make, or working a part-time job in retail such as Home Depot. And yet, many of our dental colleagues are only working a half-day on Friday and haven’t worked a weekend since the last new episode of Cheers! We are so lucky to be dentists and every one of us should believe it! I can’t tell you how many laid-off engineers here in Phoenix would kill to get their high-paying jobs back. It is nothing short of a privilege to be able to work for yourself, set your own hours, and have nearly unlimited demand!

So, what is the easiest way for a dentist to net an extra gazillion dollars this year? Simple, work more hours! I hear from many dentists with their typical sad story that they’re broke because they’re either going through a divorce or putting their kids through college. Not surprisingly, the same people crying the financial blues are exactly the ones taking three-day weekends. If you want or need more money, then just work more!

I don’t understand why many dentists are spending so much money on their divorce or paying 100% for their kid’s education. With the money dentists make, they should have more than enough incentives to make their marriage work. And why are they paying for their children’s college? Did their parents pay for all of their college? At the most, they should do what their parents did for them, and not deprive their child to be a self-made person. My dad made me pay 100% for my education. He told me if he paid for my education, then I would just play. So, I took out student loans and played even harder!

Life is an attitude! Any dentist who thinks golf is more fun and challenging than a molar endo or an extraction needs an attitude adjustment! Golf is a leisurely diversion at best. Endo and extractions are a want and need for humans everywhere, every day and at what seems to me a very high price. Anyone can legally play golf, few can legally play endo or pull their neighbor’s tooth.

Just as losing weight is simply eating less and exercising more, making more money is simply working more hours and spending less money on frivolous consumption. If dentists want to spend money wisely, they should invest it in their dental office.

Speaking of investments, do you offer in-office bleaching? Eighty percent of the bleaching market is female from age 20 to 45. Many of them would love to have the option of getting their teeth bleached in a one-hour appointment at their dental office. Timesaving options are always attractive to women. You don’t hear many of them talking about giving their hair a permanent in the kitchen sink any more, do you? When in-office bleaching became available, many dentists charged so much that it wasn’t a viable option for their patients and they were forced to look elsewhere. If you want to get these patients back into your office for bleaching, then you need to LOWER your fees.

There are many things that can easily be implemented in your practice that will give you incredible results. What’s your dental office timeline for going 100% digital? Did you notice it’s not a question of “if” you are going digital; it’s only a matter of when? Do you know how cool it is to print a copy of patients’ x-rays, intra-oral photos, and treatment plans with the click of a button? Going digital is as powerful as CAESY when it comes to case presentation! Patients love to have a show, touch, and feel copy of their x-rays, intraoral photos, and treatment plans. Seeing and understanding their problem gets them to sign up for treatment right away, not a year from now.

Do you know exactly how much money you spend each month on payroll? After you make payroll do you really care what your electric bill is? Are you sure you can really afford to have your hygienist develop x-rays when you could access a patient’s digital radiograph on your screen instantly? Can you really afford to have your front office duplicate x-rays instead of e-mailing them right now? How much money and productivity are you losing each month by having your staff tinker around with old practice management software when a new version could be installed today that would offer substantial time savings?

So, what’s the bottom line? Save a fortune…dentists should keep their current spouse, house and if they decide to pay for their kid’s education, they should send them up the street to the state college. Don’t give in to that Nike brand name, $40,000-a-year diploma crap. If dentists want to make a fortune, they should invest in their dental office until they love it so much they want to go in and play every single day!