Dentists Who Invest

Podcast Episode

Full Transcript

Dr James: 0:41

Fans of the Dentists who Invest podcast. If you feel like there was one particular episode in the back catalog in the anthology of Dentists who Invest podcast episodes that really, really really was massively valuable to you, feel free to share that with a fellow dental colleague who’s in a similar position, so their understanding of finance can be elevated and they can hit the next level of financial success in their life. Also, as well as that, if you could take two seconds to rate and review this podcast, it would mean the world. To me, what that would mean is that it drives this podcast further in terms of reach so that more dentists across the world can be able to benefit from the knowledge contained therein. Welcome, welcome to the Dentists who Invest podcast. What’s up everyone? Welcome back to another episode of the Dentists who Invest podcast. We are joined by Alex today, who is going to discuss all things maximizing the monetizing of your dental practice. Alex, how are you, my friend?

Alex: 1:39

Yeah, thanks for having me on your business Just a little bit. We spend a lot of fun time together and both of us are very informal. We’ll do the same thing when you’re on my podcast. It’s just a little bit about me. I’m the CEO and founder of All-Star Dental Academy. My dad he is a dentist, retired. My background trained MBA lawyer. I worked for Tony Robbins for many years. The reason I got into dentistry is my father’s business was faced in bankruptcy. There’s just two themes here. He didn’t know how to run a business. I helped him double his business size. I enjoyed helping dentists. My whole family are doctors. I’m the lawyer black sheep of the family. I figure I can share these tactics with the world to help other dentists similarly situated to improve their business. That’s one realm. One thing that we can relate a lot, james, in your viewership is my father did all these investment strategies and found every way he could to lose money. I know you’re trying to help them not do that. Today. I’m hoping we can talk about some of the hidden areas that you really can make money in your dental business you’re probably not paying attention to.

Dr James: 3:08

Listen, if there’s one way that human beings learn, it’s learning the hard way. That means speaking from personal experience, about myself, anecdotally, and just from what I’ve seen through other people, through those sorts of occasions and events, because it comes knowledge and wisdom. That’s what we’ll be looking forward to you espousing, no doubt, in this podcast today. Alex, maybe you’d like to start by talking about some of the common mistakes, or the low hanging fruit that people back to owners often overlook when it comes to monetizing their practices.

Alex: 3:43

Absolutely. A buddy of mine wrote this great article about risky versus non-risky investments. This is the space that we’re going to talk about is the investment mindset and the practice management space, your business Because your business is a return on equity or a return on capital. It is a business machine. Really, one of the things if you are a practicing dentist is your business is something that should be making money for you. Hopefully, as you evolve, it’s making money without you even being there. Then you have to figure out what to do with it. One of the things is that if you think everything has risk and you have to make sure you’re educated that’s why people listen to you because you don’t want to go in just because somebody said so, buy Bitcoin, why, what am I doing? You want to make sure you’re doing that. If you look at a lot of things and you mentioned low-hanging fruit it’s very interesting how often dentists in particular will go for the toughest, most complicated thing to make money. Low-hanging fruit is this idea is get the easy stuff, but you don’t even know what the easy stuff is. That’s what I’m going to talk to you about. I really like this idea of you want to start with the low-risk stuff that still can provide high yield, not high-risk stuff that maybe that’s going to provide you a yield at all In a dental practice. At also Dental Academy, we have this formula called the business growth formula. There are only four ways you make money in dental practice. You have to convert phone calls somehow, or leads, they have to show up. You want them to accept treatment and hopefully refer. That’s it. That’s how you make money in a business dental practice. Now stay with me here, the webinars I do. I put numbers up, but you can see this. Let’s assume we’re looking at it. To build a million-dollar dental business whether it’s pounds or dollars, whatever, based on our research, you have to have 35% of your callers convert into a patient. 35%, 85% need to show up, 60% need to accept treatment and 15% have to refer. That is, those are the numbers, the assumptions you’re looking at. Now, to get to a million dollars in revenue you need five million opportunities, because five million opportunities only 35% convert. You’re at one point seven, five million dollars. Right there, you can see it’s a funnel, each step. But what I want to press upon you is imagine if you can add each area and improvement, incremental improvement by 5% each area. You improve phone conversion by 5% Now you’re at 40% conversion. You improve broken appointments by 90%. 90% of patients show up. Instead of 60% case acceptance, you’re 65%. And instead of 15% referral, you’re 20% referral. If you can improve each area of the business by a net 5%, you went from a $1 million practice to a $1.4 million practice 40% improvement, $400,000. Tell me what investment strategy you have out there that you can put. You can make 5% improvement and get 40% return. And not just that, it’s happening every year because of those symptoms you put in place. Now I’m going to get a little daring here and I’m going to say if you can improve each one by a net 12%, it takes a little more work. So that means instead of converting 35% of new patients, you’re converting 47%. And that list continues on and on. In each areas. You took a $1 million business and now you made it into $1 million business. And one of the things about the dental practice which is amazing once you get past your fixed costs of course you can have variable costs you have these fixed costs. Once you get past these major fixed costs, the vast majority is profit and that’s where you get into what do I invest in and so on in that conversation. But, man, one thing I’ve learned about entrepreneurship listen, I’ve got my MBA. I work with Tony Robbins. I went to the law school. You don’t have to, it’s very simple. What you know being a dentist, okay, you can monetize greatly. Your business is a business. It’s not something that you’re supposed to work for, it’s supposed to work for you, right? And so, like you said, james, is you have to look what are the low-hanging fruit. The low-hanging fruit is you need to be able to put the right systems into your business, have the training in place to be able to improve your phone calls, patients showing up, case exceptions, referrals. I’m not even saying you spend a dollar or more, and that’s not even a dollar or more on marketing. You’re not spending any more on marketing. Okay, it’s being efficient. What you have and I would even go and for the remainder, the second part of our talk is just the one thing I would focus on, because this is the bottleneck of the funnel is phone skills. Because if you can get the verbiage on phone skills right, and not just your front office, if your entire team understands how to talk on the phone, if you can talk on the phone well, you can talk to somebody in front of you. Well, those skills are transferable. But that’s your bottleneck. Your bottleneck is your phone calls, right. Now this is my last math equation for today, okay, and when we can just kind of riff from there, because I know you guys like math, but this is gonna like blow your money. Let’s just start with just phones, Because I’m telling you the entire business growth formula you can do. Maybe every three months you can master one of them, let’s just say but ultimately you can see you can double your business just doing that. But let’s talk about phone skills. Now this is research on US and Canada call tracking. That we’ve done that the average practice sees 135 new patient calls a month. All right, only 35% remember that’s what that number we came with earlier become new patients. That means 87 total appointments are not booked. All right, the American Dental Association values that the average new patient is $642 a year. Is what they pay. Now that can change if you’re a specialist or not, whatever, that’s pretty low and that was done, I don’t know, four or five years ago, that study, so it’s probably higher than that. But let’s just use those numbers. And if you use those numbers right, what you find is if you can convert all the phone calls, you’re looking at like $550,000 more a month. You’re not gonna convert all the phone calls. But let’s just say that you miss, instead of 87 a month. You miss only one a day, a working day, and you work four days a week, all right. So easy math four days a week times four weeks a month is what James, help me with your math guy. Four times four, 16. There you go. So we have 16 working days. So 16 missed calls that you didn’t convert, a month times $642, all right, only one a working day you missed. That opportunity is $10,000 a month. $10,000 a year, that’s $120,000. That’s probably mostly profit. Let’s just say. Let’s just say $980,000 of that is profit. Now you have things you can invest in. Now what about lifetime value of a patient? That’s 10 years. So that $10,000 a month means $100,000 that you lost in lifetime potential of that patient. So one year of just missing one phone call, a working day, in terms of what I missed you did not convert them is gonna cost you $1.2 million in lifetime money from those patients. So talk about low-hanging fruit and going whoa, I’m missing something here. Okay, and I understand, because it’s in the city. You don’t, it’s not in your face. This stuff Cause you kind of get complacent. The person they see nice and you justify things. But man, you guys are getting crushed. 1.2 million a year. So in three years that’s like three, I don’t know 3.6. You know you’re probably netting, you know three, three and a half years. You’re netting $3 million in your pocket that you’re never gonna get and you’re not gonna invest in. You’re not gonna get that compound interest. I mean you’re retired in a couple of years. By just not making these mistakes and investing conservatively or not, maybe you put a little bit of point, you put a little bit of an S&P, whatever it is, but you have that money. It is a. I call these the silent killers in your dental practice because you just don’t pay attention to them. But there’s a lot of money to be made.

Dr James: 13:15

You know what human beings are really bad at. They’re really bad at recognizing they’ve missed out on an opportunity. But what we’re much better at is being upset when we have something and we have it taken away from us. It’s true, it’s true, you know what I mean. But if you don’t see it that you have it in the first place, then for some reason we’re not as missed, even though it can be as big an opportunity. It can be a huge opportunity, it can be all of these wonderful things, and you’ve just given us the cold heart. Take just then on why that can be so effective, why it is so important to get this right in our dental practice, because the amount of potential profit that we’re missing out on and what I’m guessing you’re gonna segue into next, alex, is just what exactly the nuts and bolts of these phone skills are, what we need to do, what we must do, so that we don’t lose out that, those figures that you were just describing.

Alex: 14:09

Right, right. So the first step is you have to say, okay, well, what’s the problem? Is it believable, does it hurt? Because if you don’t make that connection, you’re not gonna do anything. Right, and practices are literally bleeding. Bleeding, I mean, just they’re hemorrhaging money all over the place. Right, and it’s a good thing because you go look, I can improve. So that’s the first step. So what do you do about it? Well, you gotta be training your team. You gotta be continuously training. Tony Robbins has this phrase, can I? Which is continuous and never ending improvement. You always wanna be doing that. And a lot of dentists are like, yeah, it’s nice to train. Well, it’s not just nice to train, it is essential. Okay, and man, patients are more spoof now than ever. They have more reasons not to come, more excuses not to come to the dentist. So we have to find ways to make sure that we answer their issues. And so so, again, this is an ongoing process of training, but of course, we would start with the phone skills right Now. I’m sure your provider listeners our website allstartdentalacademycom. We have a great webinar and ebook that kinda also spends a lot more time going into these subjects. Right, I believe our we have one link that goes to allstartdentalacademycom, I believe. Let me just double check. I believe it’s free training and they get to, and now you know 90 minutes. Let me double check that. Yeah, so you go to allstartdentalacademycom, slash free-training, and it’s a great webinar that goes into some detail. Well, let’s just give you a little kind of taste with phone skills, so with when you’re answering the phone. We have a process called the great call process. It’s an acronym of a way you wanna answer the phone, all right. G stands for greeting, r stands for rapport, e is engaged to patient, a asks for the appointment, t is take information. Okay, now, typically when somebody makes a phone call, all right, they’re asking you a question what do you charge for? X, what do I take my insurance, whatever that might be, and immediately we answer their question. Right, we don’t build any rapport and they’re out the door. I wanna think about it. Okay, you always have to answer their question. But the problem is, when people are shopping, they’re looking to commoditize you as a dentist. What do you charge, do you do this? And once they have the answer, they’ve already labeled you. They didn’t get to know how wonderful you are, right, james? You and I spent a couple hours chatting and having a good time. Like you know, we’re buddies. We have rapport. It’s a lot easier than saying let me interview you. You know, I don’t know who you are, right? So it’s very important that we humanize I don’t know, I just created a word, dude, you know. So I’ll get humanized. There you go, but I’ll do the ties because this is the moment. Yeah, humanized, so we need to build this rapport, so we have to. Number one is have a very good greeting. Right, that sounds like you are looking forward to talking to them and we gotta be able to build rapport. We teach a process in the webinar, a little bit about this transition statement. So it’s a mechanism of transitioning from they wanna get an answer to well, I wanna answer that and I will, but I wanna get to know you better, right, and that’s the kind of and we have different ways of doing that. But the power is in this rapport skills. The power is getting to know this patient Really, to know what they’re looking to do, okay, and when we follow this process, we eventually we will be able to answer their question in context. Right, so they just had an amazing customer service experience, right, which essentially is marketing right when you get to provide them great patient experience and then you answer their question and it’s amazing the level how the conversion rates just go through the roof when you do that, because now you’re a person, not a commodity, and you call any other dentists or any other business for that matter and you’re gonna get a terrible experience, most likely because they’re so busy they don’t wanna answer the phone, they just wanna get on with it. It’s just a robotic process. But when you realize a phone is man, that’s your ticket to make money right, and that’s your ticket to market your business and you do it right. It’s incredible. And so there are two aspects of really successfully implementing this. Because they have the day’s implementation, I can give you tips and tricks and whatever and you’ll just say, great, you won’t do it right. But so I talk about in the webinar more detail. I spent 30 minutes on this implementation, right. And because you know, we hear this idea that knowledge is power right, you’ve heard that before right, knowledge is not power.

Dr James: 19:18

No, it’s not.

Alex: 19:20

No, it’s not, sir, it is not. Knowledge is only potential power. You have to be able to put it into action, you have to be able to implement. And this I really took from thinking you’re rich, napoleon Hill, that’s his line. Knowledge is not power, it’s potential power, because you’ve got a lot of information. What do you do with it? How do you apply it? And so, with implementation, it’s not the tortoise. A lot of businesses, it’s the tortoise versus the hare story. We know that. You know you try to run out the gates, learn, learn, learn, learn and then stop and get distracted. It’s that tortoise that’s slow and steady, little by little. When I was at in college, I was a study skill specialist. I got a 4.0 GPA. It’s not because I’m so smart, it’s something to do with it. I never studied much because I knew how to study. Everybody was cramming. I was doing little by little Because your mind remembers that way. So the way you train is you do little by little and you say this is part of my business. I’m going to train a little bit every week forever and I’m going to keep my focus on these skills, right on these rapport building skills. I’m going to be evaluating my phone calls. These are not a ton of work. But the difficulty with dentists and with most people you know it’s attention deficit issue, right, we lose, we’re onto something else. It’s a lot more fun to, you know, throw money at something and hopefully it grows, pay and pray. But these disciplined actions that aren’t a lot of work, it’s just making. You know. I remember there’s this quote, I don’t know it’s a bit of a tangent but it’s cute. A mindfulness kind of instructor said it’s not hard to be mindful, it’s hard to remember to be mindful. So it’s not hard to train, it’s hard to remember the train consistently. And that’s my message for all of you is two things. Number one you got to realize you’re hemorrhaging money, guys, and you got to put a stop to it. And I know many of you will do something about it, hopefully. But then how do you? Then? You have to stick with it. Once you fix it, you will go backwards eventually. That’s the nature of a dental business. You have to keep the incremental pressure, little by little. We’re talking 20 minutes a week. That’s all I’m asking you guys to do. And if you can keep that off the remainder of your career, you’re going to be millions of dollars. Thankful that you did it.

Dr James: 22:03

Real quick, guys. I put together a special report for dentists entitled the seven costs and potentially disastrous mistakes that dentists make whenever it comes to their finances. Most of the time, dentists are going through these issues and they don’t even necessarily realize that they’re happening until they have their eyes opened, and that is the purpose of this report. You can go ahead and receive your free report by heading on over to wwwdentistoneinvestcom forward slash podcast report or, alternatively, you can download it using the link in the description. This report details the seven most common issues. However, most importantly, it also shows you how to fix them Really. Looking forwards to hearing your thoughts. A powerful analogy, not just for a dental practice but for life, if you think about it, just little by little, taking away at things, improving your knowledge, building your skills, et cetera, et cetera. Awesome. So phone skills you’re preaching to the choir and I, because now we’re all thinking about phone skills and how they can improve our practices and how they are the low hanging foot that we were talking, that we were speaking about earlier. Alex, I’m going to throw you a bit of a curveball now because I’m interested in hearing about this.

Alex: 23:15

Show me.

Dr James: 23:17

Social media. Instagram. What are your thoughts? What’s your take? Do you think that that is something that, broadly speaking, dentists do well? That could do better.

Alex: 23:29

Social media. I think my position is this on it, you need to do it, all of it so you don’t to keep that impression out there, because, by I put it this way, it can only hurt you if you don’t do it right, Because people want to communicate with you in those. We have to pay attention to social media. We have to have some presence. However, from what I’ve seen, I’ve not seen it at this point yet. Be the game changer that some talk about in terms of driving tons of business to your business, to your practice. If you are someone like James, a great personality that can monitor it and can, like you, have dentists that are doing some great work and they’re posting their pictures and they’re at events, they’re networking then social media becomes an arm of who they are. Social media is very personality driven. People can smell BS. If you’re just hire a company and they’re just going to post generic stuff, then I don’t know you can throw Facebook ads, marketing ads, things like that to try to generate business. I think I would recommend you make a genuine effort to do social media and make it a big extension of you as one facet of your business.

Dr James: 24:59

Can I just throw something on top of that? Because when you were speaking just then, I think that’s so true. If you post the generic stuff, people are just going to switch up, just move on to the next thing and not really pay much attention to it. I heard a saying not so long ago let me think it was a couple of months ago. It’s very powerful. It made me think about social media in a whole new way. That saying goes along the lines off Action is currency, reputation is leverage of that currency. So it basically took social media and it turned it into trader speak. So this is two things that spoke to me. Okay, so attention is currency, because the more pairs of eyes you have on you, then the more likely you’re able to generate money from your social media presence, just by the sheer fact that you have more pairs of eyes on you. Okay, monetizing is not the hard part. Getting the attention is Okay. And here’s what people do wrong, I think. They post like promo stuff and salesy stuff. You know what I mean. And that is true. Vegas, turn off. Don’t even think about that. Don’t even think about that. Just post things that are funny, post things that are humorous, post a little bit of you, a little bit of your personality, make it personal, and then, by the sheer fact, people are paying attention to you. Because of that, then the money follows. Okay, exactly, don’t go out there. If you almost it’s almost like if you push too hard looking for the money, you actually undermine yourself and you achieve the exact opposite results.

Alex: 26:23

It’s almost like it follows this law of attraction concept, that you want to be a magnet and you want to attract people to you. And so if you’re a true magnet, you’re some place that’s really fun and you’re doing some great work whether it’s charity, or you’re having fun in the office and you post that and people see it. It connects to their heart and then they feel connected to you. So, again, social media is also about rapport. It is a mechanism, it’s an extension of you and if you do it right and you’re fun to be around and your business is doing good things, it will help you.

Dr James: 26:59

Post the silly stuff that makes people laugh. The most curated thing you can do on Facebook, okay, and on social media to drive attention towards your business and people just don’t do it enough.

Alex: 27:13

True, and you got it and you got to. Also, I’m a big fan of modeling. Who are the best people out there that are doing well on social media like you, james? And what other dentists are killing it? What are they doing? Ask the question. Do what they do and, surprisingly, it’s not. Typically, it’s not the marketing company they’re doing. It’s just what cool stuff that they’re into and model what they’re doing.

Dr James: 27:38

Cool, I love it. Instagram, tiktok should we be? Has any dentist actually successfully used TikTok as somewhere to market their dental practice? I feel like Instagram has somehow inadvertently become the hotbed or the go-to social media platform for dentistry and dentists who want to showcase their business. I don’t know how and I don’t know why. Maybe because it’s focused purely on pictures and dentistry is obviously a hugely aesthetic thing. What do you think? Tiktok?

Alex: 28:12

I have a love-hate relationship with social media. I mean I’m very pragmatic with it and just a full disclosure I’m not a marketing expert, but I’m just saying I’ve done a lot of work with social media in our business, other dental businesses and what they’re doing, and my general consensus is it’s more hyped than actually results for dental practices. There are some that do very well, but you have to be Most dentists, james. They’re not like you, sorry, and they’ll admit it. They don’t have this big personality. They’re not doing fun things. I might be lump with them too. I’m not always doing the fun, exciting thing that you got to have the personality for it. And that’s the thing about marketing guys. Here’s my point Social media, you got to be doing it Some way. You got to have oppressors, because people will communicate that way and if you don’t, you’re going to hurt yourself, because people are going to want to find you and they can’t find you, they go. What’s wrong with this place? You got to be posting continuously on Facebook, instagram and they’re linked. You can link them through Meadow, whatever. You got to be having a presence, and Instagram too, because a lot of the younger generation are on Instagram or other Facebooks. You’ve got to be where they’re at. You’ve got to find a mechanism for them to communicate. You also have to know who you are. If you’re so, I have a buddy who’s a chiropractor and he has what do you call it? He has a certain method. He has what’s called a combat or hand to hand. He calls it. He goes hand to hand, combat, marketing us. He says what’s that? I go out there and shake hands and he talks to people and he shakes hands and he meets with the referring sources and that he kills it. And Adonis and Specialists you might have some great GPs that you just take good care of them, you text them, you send them gifts, you take good and that’s your marketing. You might be an insurance provider and you’re number one on your insurance and you get it. You have to know that’s the thing. You have to know who you are and just kill it with what you’re good at. You need to be able to be a smart business person and have tentacles and everything. But I’m just careful. There are some dentists that don’t have the personality and they hear social media and they have FOMO, fear of missing out, and they start investing a ton of money and they get nothing and they get upset. So my sense is pragmatism. You got to have social media, but you have to know your specialty and how makes you drive. What is your best way of marketing. But, like I said today, guys, you don’t need as much marketing as you think you do if you’re efficient in your business. You can double your business without spending a dime on marketing. If you’re well trained and I’ll tell you, man, having a great customer service business where people are so happy to come and you do a great job, is your number one marketing. And you’ll need social media because I have doctors that I’m so impressed with. I run out of social media places to post things because I had such a great experience. So if you do a great job with your business and the customer service in your business, you just got to make sure that there’s easy ways to promote. You don’t have to even ask for it, they’re going to do it. So my point is is there’s no trickery around this. If you’re good and you take care of your people and you listen and you do the pragmatic stuff, you’ll kill it Awesome.

Dr James: 31:53

And I would totally agree. I would absolutely 110% agree. If you put the patient first, you think about them as an individual, what their wants and needs are, and then build your business around that, build your treatment around that, that is success 101. And when, as dentist, as a dentist myself, I always noticed that when that was something that took me a while to catch on, you know what I mean, that I wasn’t, I don’t feel at the start I would listen to the patient enough. And the day that I twigged that and the day that I started doing it patient happiness, patient reviews, all those things they go through the roof positivity.

Alex: 32:28

Amazing.

Dr James: 32:29

And it sounds so obvious and I think to myself what the heck? How did I not realize that in the first place? It’s such a people-orientated job, it’s a massively people-orientated job and therefore your focus should be people and then everything else.

Alex: 32:41

Second, and I think we don’t do it enough. And I think, as we saw here, james, it’s really getting real with the dentist, because all of them want listen, every dentist. I know all people. They always want the easy way out. Give me the secret, give me the trick. Is it TikTok? What can I do to trick somebody to come in? Be the first one to get it? What am I buying? Dodgecoin, bitcoin, when? What Everybody wants it. We’re all human. We want to get that little edge and be the first one. And you know what? The tried and true stuff. If you do it right, you’re going to do great. And then, and if you do the good stuff and you do it right, you’re going to feel good about yourself and you’re going to enjoy your money because you can have all the money and you can, you know, swindle whatever you want and you’re not happy and nobody likes you. Good, that’s the so. So, abundance and success is you got to have it all. You have the money, you have independent freedom, you have independent, you’re financially independent and you enjoy what you do and you have joy and happiness in your life. That’s the end game. That’s what you want. Money is just money, is just a vehicle to give you freedom, so you can party with James and Dubai all the time.

Dr James: 33:55

Yeah, right over here, Awesome Science teams. You know what? What an amazing way to round off that podcast with some food for thought for your dental practice, but also food for thought for life on a more cuddly, warm note. So thank you for that, Alex. That has been awesome today, my pleasure. Gems in abundance in there, gems of knowledge and abundance in that conversation that we just had, and everybody listening will no doubt have been able to take away something that will improve their practice, not just as a practice owner, but also as an associate as well. Alex, should anybody want to get in touch with you based on anything that they’ve said, that we’ve said today in the podcast, how are they best off doing that?

Alex: 34:34

Yeah, best way is go to allstradentalacademycom. There’s so many free resources. You can certainly reach out to us if we can talk to you about. We do have a training program, online training. We have people all over the world that use our training in England, all over Netherlands, what have you? But certainly check out that free training webinar allstradentalacademycom backslash free-training. Those will be some great resources for you. We just want to help you all, whether you work with us or not. It just makes the world better place and that’s always makes us smile.

Dr James: 35:07

Big love, Alex. I absolutely love it. My friend, we’re going to draw a line under proceedings today. Really, really, really nice to chat to you and catch up once more. We shall speak very soon.

Alex: 35:17

All right, take care.

Dr James: 35:19

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