In this week’s Thriving Dentist episode, Naren & Gary talk about how you can adopt a growth mindset, a crash course on the economics of growth. And why you need to embrace it, what you need to know to get through the 5 biggest barriers to practice growth in dentistry today!
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Practices are either growing or dying. Every year, expenses go up! So if you’re not growing, you’re dying! It’s necessary to make sure we are on the growth end of the spectrum!
At Life Smiles, we’ve adopted a growth mindset of growing at least 10% or more every year. The biggest motivator for us by far was that, if we kept growing 10% or more every year, we’d be far outstripping the way increased costs were affecting our practice.
One of the biggest challenges that hinder practices from achieving growth targets is the increase in overheads.
Being able to understand how the economics of growth impacts how successful we can be.
Tune in and listen to this insightful episode to learn more!
Time Stamps
- 00:00:24 – Introduction to the episode
Thriving Dentist Clinical Tips Segment
- 00:02:49 – Clinical Tip from Dr. Baldwin Marchack DDS, MBA on “How to Quality Check Ceramic Crown before you cement or bond it to place.”
- 00:07:43 – Why do Gary and Naren believe that a growing practice is a thriving one?
- 00:10:45 – 6 goals you need to accomplish to grow your practice effectively.
- 00:11:05 – Goal #1
- 00:11:25 – Goal #2
- 00:11:38 – Goal #3
- 00:11:50 – Goal #4
- 00:11:55 – Goal #5
- 00:11:58 – Goal #6
- 00:12:16 – Which is the most important of the six goals to grow your practice effectively?
- 00:12:49 – Which is the hardest goal to achieve to grow your practice effectively?
- 00:13:27 – What is the average dental practice overhead according to the ADA?
- 00:14:38 – Gary talks about the economics of growth to help you achieve the 1st goal to grow your practice effectively.
- 00:15:49 – Discussion about the fixed expenses versus variable expenses.
- 00:21:57 – Gary talks about the 5 biggest barriers to practice growth.
- 00:22:23 – Barrier #1
- 00:26:10 – Barrier #2
- 00:27:53 – Barrier #3
- 00:28:52 – Barrier #4
- 00:30:39 – Barrier #5
Q&A Segment
- 00:33:59 – Question 1 – My marketing has stalled out. I am a solo Dentist practice and we are averaging 20 new patients per month. I’d like to get to 30 new patients per month. What specific marketing activity would you recommend that could get me to 30 new patients per month on a modest budget?
- 00:42:39 – Question 2 – Your comments about failing to embrace a hygiene-driven practice really struck home for me. In my practice, we have had the same number of hygiene days per week for the past 8 years and I realize we are stuck. How can I get unstuck and start to grow my hygiene department?
- 00:47:13 – Question 3 – I have listened to your two Thriving Dentist Show episodes about the 24 Systems for a Thriving Practice and I want to get these systems in place in my practice! I have two specific questions;
- What is a reasonable time to get all 24 Systems installed in my practice and
- Which Systems should I install first?
- 00:53:51 – Question 4 – I have talked with my Team about adding same-day dentistry but we seem to stop short of actually making it happen. I want to make it stick this time! Any tips are much appreciated!
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!