Inflation is a significant challenge everyone faces right now but is it a challenge or an opportunity to succeed? Listen to the episode to find out.
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We haven’t seen inflation this high in the last 40 plus years, and this is a challenge that we all have to get through.
In this episode, Gary will share 4 strategies to help your practice thrive despite the inflation crisis we are facing currently.
This episode also features a clinical tip from Alan G. Stern, DDS on Team Management.
Time Stamps
Today’s Clinical Tip
- 00:03:06 – Team Management by Alan G. Stern, DDS
- 00:11:04 – Gary makes a very specific point about inflation.
- 00:12:40 – Gary talks about the great recession.
- 00:14:09 – Gary talks about 4 specific strategies to thrive during inflation.
- 00:14:37 – Strategy Number 1
- 00:20:36 – Strategy Number 2
- 00:23:26 – How do world class practices finish their day with more production than they started?
- 00:25:51 – Strategy Number 3
- 00:30:17 – Strategy Number 4
Q&A Segment
- 00:34:02 – Question 1 – Dental Team member wages are out of control. I recently lost a dental assistant who was offered a position literally at twice the hourly rate. How do I compete?
- 00:40:32 – Question 2 – Should I consider raising my fees in my practice, when 80% of my patients are PPO patients?
- 00:42:56 – Question 3 – I am getting close to the point of adding an associate doctor in my practice. I’d like to avoid a revolving glass door of associates. Any tips?
- 00:45:28 – Question 4 – Is it still possible to have overhead 60% or less in an inflationary cycle?
Resources
Gary Takacs
Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe. As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!