The recent meltdown faced by Southwest Airlines shows the importance of having a system and staying updated with technology. The meltdown Southwest has been blamed on staffing shortages and outdated flight scheduling software.
In this episode, Gary talks about the exact reasons behind the recent meltdown of SouthWest Airlines and then shares some takeaways from this meltdown that can be related to dentistry. These takeaways will help ensure your dental practice doesn’t go through a meltdown as SouthWest Airlines did.
This episode also features a Dental CPA Insight from Nate Williams, CPA, CFP, on why you shouldn’t sell your practice to a DSO.
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Timestamps
Today’s Dental CPA Insight
- 00:03:31 – Do Not Sell Your Practice To A DSO by Nate Williams, CPA, CFP
Coaching In Action
- 00:11:22 – What happened to Southwest Airlines?
- 00:12:02 – What was the actual problem with the airlines?
- 00:20:05 – How can the lessons learned from the Southwest Airlines meltdown be applied in dentistry?
- 00:20:25 – Takeaway Number 1
- 00:22:50 – Takeaway Number 2
- 00:24:13 – Takeaway Number 3
- 00:26:04 – Takeaway Number 4
Q&A Segment
- 00:30:05 – Question Number 1 – I have what I believe to be a very solid Team. However, some of my Team Members are very resistant to change and, in particular, to adding new technology. How can I help them to embrace technology?
- 00:34:15 – Question Number 2 – What are some technology resources that you think every Thriving Practice needs?
- 00:38:47 – Question Number 3 – I have some Team Members who are very reluctant to make decisions. I believe it stems from working in dental offices where they experienced micro-management from the Dentist or Office Manager, and as a result, they are timid about making decisions. Any suggestions to correct this?
- 00:42:51 – Question Number 4 – It seems to me that one of the takeaways from the SouthWest Airlines meltdown was Southwest’s failure to invest for the future, specifically investing in technology. What is an area that you think dental practice owners should continue to invest in to enhance their practice?
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!