Episode 549

Lessons From The Last Recession

Host: Gary Takacs | Published Date: July 20, 2022 | Listening Time: 00:46:32

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Are you worried your practice may stop growing if we face another recession?

Is it possible to grow your practice even during a recession?

Listen to this episode to discover a few things that need to be in place according to Gary that he learned from his experience during the great recession that would not only help your practice survive a recession but grow as well.

This episode also features a clinical tip from Dr. Pavel Krastev on Recapitulation in Endodontics.

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Timestamps

  • 00:00:27 – Introduction to the episode.
  • 00:00:55 – Announcement on the upcoming Masterclass.

Today’s Clinical Tip

  • 00:03:04 – Pavel Krastev on Recapitulation in Endodontics in Your Practice by Dr. Jeremy Krell

Coaching In Action

  • 00:08:54 – Gary talks about purchasing LifeSmiles when recession was right around the corner.
  • 00:10:46 – Gary talks about the different economic declines he has faced so far.
  • 00:13:11 – Gary makes a statement about his views on the best practice model.
  • 00:15:46 – Gary talks about 4 specific lessons we can learn from the great recession.
  • 00:15:57 – Lesson Number 1
  • 00:21:07 – Lesson Number 2
  • 00:23:57 – Lesson Number 3
  • 00:28:37 – Lesson Number 4

Q&A Segment

  • 00:29:33 – Question Number 1 – I spend close to 4% of my revenue on google Ads. How would you change this in a recession?
  • 00:31:27 – Question Number 2 – How far back should I go to reactivate past due hygiene patients?
  • 00:34:04 – Question Number 3 – I am really excited about growing the invisalign component of my practice. Should I hit the brakes during a recession? Or stick with my plan?
  • 00:38:51 – Question Number 4 – I like your idea of focusing on fundamentals. Can you suggest three specific fundamentals that I should be working on?

Resources

Grow your practice with high-quality patients using high-quality marketing tools.

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Thriving Dentist Coaching
Learn how to create a thriving dental practice step by step by joining the Thriving Dentist Coaching sessions.

More Information On Coaching!


Gary Takacs

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!
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Podcast Assistance by Jodey Smith, Rodecaster Expert
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