Bulletproof Dental Practice

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 88 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Dr. Marc Cooper, President of DEO Dental Group   Watch full video of the interview by clicking here!   Key Takeaways: Artificial Intelligence Machine to machine learning will eliminate the human interface Dental practice in 10 years given AI and Blockchain No waiting rooms Electronic patient records Extensive vitals The tipping point The dental future is past the tipping point Futurist Looking towards something but also from something which gives a different perspective of what is going on Dentistry will go where medicine goes Healthcare never goes down in cost Dentistry 2032:The Future Report Overview Large DSO’s will dominate the market Robotics will place nearly all dental implants Shift from technician to team leader Always have a human interface Quality care Quality means that it lasts Quality assurance will be pervasive throughout dentistry Patients will get better treatment Insurance reimbursement will shift to AI and blockchain Successful Entrepreneurship Move forward Think in action Hear the future differently Integrate   References: DEO Dental Group The Tipping Point Dentistry 2032:The Future Report   Tweetables: Be willing to be wrong without making yourself wrong – Dr. Marc Cooper There needs to be a fundamental change in the mindset of a dentist about what it means to be a dentist. – Dr. Marc Cooper

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 87 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Jairek Robbins   Watch full video of the interview by clicking here!   Key Takeaways: Everyone loves the idea of following your passion, but very few people can or will follow through What’s the purpose of business? 1 – Add value to the community around you 2 – Generate revenue and profit to feed the families of you and your team 3 – Create a place where the humans who are going to work there are going to become the best version they can be 50% of business fail in 5 years, 96% fail in 10 years Out of the 4% that survive, only 39% are profitable Good to Great is about companies who focus on meaning vs. making money In 10 years, the S&P 500 grew 122%, Good to Great companies grow 331%, Firm of Endearment companies grew 1,026% over same period of time Firm of Endearment companies focus on culture, people care about who you are and why you do it These firms do something beyond themselves for the world They take care of their people and they take care of their community Dentists have the unique opportunity to shape people in an area where people tend to have a lot of fear 10 tenets of a firm of endearment: 1 – Culture of learning 2 – Culture of trust You want your people to know the parameters in which they can operate autonomously and you can trust their decisions Authenticity, say what you mean and mean what you say, transparency 3 – Culture of respect 4 – Culture of caring 5 – Culture of interdependency 6 – Culture of integrity 7 – Culture of fun (be childlike, not childish) 8 – Culture of transparency 9 – Culture of belonging & oneness 10 – Culture of loyalty Values of companies have changed How you treat your team affects the profitability of the company Is your practice a firm of endearment? Click HERE for a free assessment!   References: Good to Great by Jim Collins Firms of Endearment by Rajendra Sisodia, David Wolfe, & Jagdish N. Sheth

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 86 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Vicki McManus Peterson, Co-Founder & CEO of Productive Dentist Academy   Watch full video of the interview by clicking here!   Key Takeaways: Dentists tend to get caught up in the sizzle of marketing, instead your plan should be predictable Suggestion is to budget 8% for marketing Average dentist spends less than 1% but sign up for every PPO out there If you’re at 0-1% make sure you have world-class customer service first, BEFORE turning on the marketing funnel, spend the money to get your team trained Marketing is EVERYTHING Once trained, shift those training dollars to marketing Track true ROI for your marketing dollars Track the relative value of your marketing PPC is the least expensive, most effective way to reach a broad audience Word of mouth and patient referrals is still the best marketing plan Make sure you have at least 10% of your patient base is referring at any one time, then work up to 20% You’re getting new patients who are already warmed up It holds your team accountable for systems and customer service One doctor needs a minimum of 35 new patients a month, depending a wide number of variables 9 times out of 10 in order to grow a practice you have to slow it down Insurance companies train dentists to be lazy about marketing There’s an offense and a defense in marketing Video content is most often consumed when people can’t actually listen Make sure you’re auditing the metadata Google is adding to your content Tie labor and marketing funds together Vicki says EBITDA stands for “Everybody In Town Drinks A lot” The best marketing plan is to CARE   References: Richard Evangelista   Tweetables: Marketing is patience. – Vicki McManus Peterson

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 85 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Dr. David Eshom, David Eshom DDS   Watch full video of the interview by clicking here!    Key Takeaways: Dr. Eshom runs a very successful FFS practice in San Diego and is an Invisalign superstar! Invisalign is not a commodity, although there is a lot more competition in the field than before A lot of people underestimate what Invisalign can do Compliment your patients and make them feel good about their smile The piece of equipment that you shouldn’t live without and has the highest ROI: digital camera People will say yes to treatment much more when they see what can be changed with their smile Take a big leap with Invisalign, you can’t just dabble Entrust your team to learn and perfect the Invisalign practice so you aren’t responsible for all aspects Don’t leave practices angry and make sure you know what you’re getting into when joining a practice Private practices provide great value when you can make patients happy, take time to listen to patients, and do the work right You have to have a good website, it has to serve what patients are looking for Have a contact form where people can request a free estimate Surround yourself with a great team and get out of their way   Tweetables: Pictures sell dentistry. – Dr. Peter Boulden

Design Your Graphics and Your Life with Russ Perry   Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, buy the book HERE, and come to the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Watch full video of the interview by clicking here!   Bulletproof Dental Practice Podcast Episode 83 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Russ Perry, Founder and CEO of Design Pickle   Key Takeaways: Secret to the success of Design Pickle Hire designers full time, treat them well, let them work directly with customers Cultivate relationships Key elements of great content Simple is always better Emotional, different, disruptive graphic Do not over communicate Provide visual inspiration about design needs Design Advice Deploy, just roll with it Warrior Week (Wakeup Warriors) Training program for men Reprogram men: health, wellness, relationships Not a masculine program, but a man program There is equality but there is a difference in man, woman, age Men and women have different challenges when approaching situations Eliminates the sedation that entrepreneurs experience Get 25% off your first month of Design Pickle HERE   References: Russ Perry In My “Fillings” Challenge Warrior Week The Blackout Experience   Tweetables: Simple is always better. – Russ Perry If you borrow from one, it’s plagiarism. If you borrow from many, it’s research. – Dr. Craig Spodak Something is better than nothing. – Russ Perry Do what you’re good at and hire out the rest. – Russ Perry

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Bulletproof Dental Practice Podcast Episode 82 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Reese Harper, CEO DentistAdvisors.com   Watch full video of the interview by clicking here!   Key Takeaways: Average retirement age for dentists is 69 Most dentists retire when they think they can, they don’t wait longer When to retire Calculate total net worth, retirement accounts, cash, investment to determine Make 30-35 times what is spent in 1 year at any age younger than 70 Example: $200,000 spent in a year, net worth should be $6-7 million TT Score: Net worth divided by annual spending Wealth should grow at 3.3% or more at a TT score of 30 to never run out of money and maintain principle A lot of people don’t have a clear picture of how their net worth is growing, so they don’t make any changes Track personal net worth statement and progress report quarterly Spending 30% of your total gross rate is ideal This will allow a 20+% savings rate Average savings % is 21 Focus on net worth not savings People often pursue accumulating assets in the wrong order Focus on practice equity, then liquidity, then qualified assets, then real estate More practice equity leads to higher investment returns   References: Explore the Elements   Tweetables: If you’re not getting a roadmap, how do you know where the roads are? – Dr. Peter Boulden

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Bulletproof Dental Practice Podcast Episode 81 Hosts: Dr. Peter Boulden Guest: Jacob Puhl, DEO Dental Group   Watch full video of the interview by clicking here!   Key Takeaways: Perspective on dental industry Operationalizing: Consolidation of the highly fragmented dental industry Practices are becoming legitimate well-run businesses Locations are going from a lifestyle business to cost & convenience Consolidation allows the easy button to be hit in the dental industry Create efficiencies in the practice Tendency is to open more locations but the goal is to expand your current location Duplicity of functions under 1 location is key Success Formula Just make what you’re doing is the best that it can be Instill sound principles and think like an executive 1 step at a time vs taking 10 steps Abundantly thinking towards next step Decide what your next best dollar is Open an extra 2 hrs/day, add specialties, reduce cost or raise revenue Nature vs Nurture Entrepreneurship can be learned by dentists The key is to know yourself and know what you’re capable of Have at least one business-minded person on your team Hire for your inadequacies Have a support system with like-minded people DEO Based on Mastermind Formula Focus on 3 things; grow yourself, grow your people, grow your business   References: Scrum Methodology DEO 2018 Fall Summit – Should I Build, Sell, or Partner?  Use code BULLETPROOF for $100 Off Registration Dr. Marc Cooper Mastering the Business of Practice by Dr. Marc Cooper   Tweetables: Make what you’re doing the best that it can be. – Dr. Peter Boulden Don’t shrink your way to greatness. – Dr. Peter Boulden Grow yourself, grow your people, grow your business. – Jacob Puhl

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Bulletproof Dental Practice Podcast Episode 80 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Dr. Cory Glenn, VP of Technology for Blue Sky Bio   Watch full video of the interview by clicking here!   Key Takeaways: Quick Genesis: Dr. Cory Glenn Graduated in 2008, started in solo practice right away Treated Leukemia but back pain never got better Sold the practice due to health issues Overview of where the digital workflow is and where it’s going Digital isn’t new but it is finally accessible The digital space is not a cost impediment Example: Practice Clear Liner Ortho for under $300 a case with a $5k 3d printer Pros and Cons for 3D Printers Moonray Quality printer Plays nice with more materials Simple printer Formlabs Quality printer Closed approach on what materials they will develop profiles for Recommended Digital Printer: Moonray Not because of accuracy but because of materials Speed of print Multi-functional Scanner used to capture information: Shining 3D DSEX Scanner Scans in 5 minutes PVS vs Digital Scanning PVS is preferred, cost is better, builds experience, is less demanding and easier Digital Scanning makes you a better Dentist Discovery of Scanning Impressions Relatively new 2-3 years ago Digitizing workflow and improving accuracy Never send a physical impression to lab Take a physical impression then scan Send STL file to Lab Pronto (Uber for Dentistry) Lab will send back a digital crown made from file Do not need a printer for this process unless you want to print a model to cross-check Recommend Digital Wax ups on everyone because it’s valuable Hire 1 employee that only makes digital wax ups DSD vs Digital Wax Up DSD offers a higher level of service DSD is more expensive Denture Technology One of the most important things a new Dentist should learn Insurance reimbursement for Dentures is very poor yet the lab bill is the highest Dentures are time consuming Digital dentures do not solve these issues Digital dentures are more expensive, does not cut down on time, does not cut down on appointments Blue Sky Plan helps solve these issues with free software, Lab Pronto, printers & scanners Technology is ready to deploy in dentures. A few options include: Print teeth in white and print base in pink then bond together Monolithic denture MFH is a fav Print base, place teeth, then let lab process   References: Moonray 3D Printer Formlabs 3D Printer Shining 3D Scanner Blue Sky Plan Lab Pronto IDT Dental Lab Darin Throndson   Tweetables: You can’t unring the bell when you show patients what they can look like. – Dr. Peter Boulden Cheaper, easier, better is the goal. – Dr. Cory Glenn

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Bulletproof Dental Practice Podcast Episode 79 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guests: Tyler Yim and other students from Temple University   Watch full video of the interview by clicking here!   Questions: What is the most valuable resource you use when you were learning how to run a successful business and still use today? YouTube is a great learning source. Don’t be afraid to take risks. Failure is a great way to learn. Look to textbooks for dental education and model successful retail businesses for business education. Podcasts are another great resource. Look for CE outside the realm of dentistry. Did you utilize coaches and consultants as you were growing? Craig is a huge Tony Robbins fan. Suggests looking outside of dentistry. Pete and Craig share a coach to hold each other accountable. You never want to get to the point where you think you’ve figured it out and don’t have to learn anymore. Look for a coach outside of dentistry, more in business. Knowing what you know now about DSO’s, how would you change your business model? There is a lot of runway for awesome, quality practices. Whatever model you ultimately choose just be sure you shoot to be the BEST you can be. Consumers are expecting a lot. It’s very hard to do alone and solo as a new dentist. There’s safety in numbers. The future for dental specialty is concerning, particularly because of disruption from technology. The future belongs to the super GP. It’ll be easier to have larger offices in a wider geographic area. What do you recommend to new grads as far as overcoming obstacles? Work for someone for a couple years instead of starting a practice right away. Very few licensed dentists are ready to go right out and kill it on their own. GPR’s are valuable. What would be the most ideal pathway for getting the largest scope and the most experience at the fastest amount of time? Surgical GPR’s are a good investment. Immerse yourself as much as possible in technology. Learn all you can about occlusion, as it’s the basis for everything. Invest in CE. Study public speaking and body language. To be awesome you have to have clinical excellence and good rapport with patients. How does the future of dentistry look with having associates as employees vs offering ownership? Most corporations do not care if you work there for 2 years and then take off. They plan that into their business model. Look for long term alignment and ownership. The ownership mentality is something you must have. Do not join a practice if you’re not looking to be there long term. Focus on having one great practice vs. a lot of mediocre ones. Don’t scale too quickly. Have you experimented with influencer marketing on social media like Instagram? Influencer marketing is the most underpriced attention out there. It’s hard to utilize because you may not know how to source those influences in your community. Would you start an Instagram page while in school? Would you buy a domain name for SEO purposes? Yes, develop your own brand RIGHT NOW. Buy the domain but don’t try to start building SEO currency. Develop yourself as dentist first, then when practice is open work on promoting your brand. Start a dental relevant Facebook page and dental relevant Instagram page. How do you pitch to specialists? How do you get them to work for you? You can’t build anything part-time. Figure out how to work together to keep them full-time at your practice. Are there are certain specialties that will be protected against consolidation and/or corporate takeover? Whoever owns the patient owns the life cycle of the money. It’ll be very hard as a specialist to own that patient. The price disparity between general UCR and specialist UCR will collapse. Who do you look to – outside of dentistry – for marketing ideas? Storytelling marketing is key. Inspiration can come from anywhere. Take cues from other retail businesses; Starbucks, Apple, etc.   References: Good to Great by Jim Collins Delivering Happiness by Jim Hsieh Built to Sell by John Warrillow T Bone Speaks Dentistry Dental Hacks Podcast Dr. Paul Homoly Toastmasters The Thank You Economy by Gary Vaynerchuk Pre-Suasion by Robert Cialdini Chris Ramsey Donald Miller Gary Vaynerchuk Tony Robbins   Tweetables: The speed of your mistakes dictates the speed of your learning. - Dr. Craig Spodak Your speed of innovation is going to be equal to the speed of your success. – Dr. Craig Spodak The cheapest marketing strategy ever… CARE. – Gary V Peer pressure makes everybody better. – Dr. Craig Spodak If you don’t make it easy for patients to do business with you, someone else will. – Dr. Craig Spodak

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Bulletproof Dental Practice Podcast Episode 78 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Trevor Maurer, President and CEO of Smile Source   Watch full video of the interview by clicking here!   Key Takeaways: Smile Source is not a DSO, it’s an affiliation of great dental practices. When presented with 4 logos,15% of consumers would choose services from “Dr. John Smith.” “Monarch Dental, Dr. John Smith” has a 22% preference. “Dr. John Smith, a Member of ABC Associates” has a 27% preference. “Smile Source, Dr. John Smith” has a 37% preference. Practice names do matter. Any affiliation above “Dr. John Smith” will carry significant weight. Fewer than 10% of current grads want to own a practice. That percentage goes up significantly after a few years practicing. When choosing a practice name, Trevor recommends having the dentist’s name in it somewhere as a sub-brand but have an affiliation with something much larger. Smile Source’s research favors a sub-brand doctor name. The doctor’s name adds community connection, while the main brand associates with something larger, with benefits. When a patient asks for a brand by name, the doctor gave it to them 87% of the time. However, patients only ask for specific brand names 4% of the time. Branding is great, but don’t be bullied by brands. The greatest fear in dentistry right now is fear of corporate takeover. Corporate is targeting schools because they’re not getting the talent they want from established market. Private equity is pouring money into the market right now, and for the time being it’s good for everyone. Money is making good returns, the labor pool is interested in the message, and there’s a gender shift. You used to be able to get by opening a dental office with a “place to sit and a place to spit,” now you need so much technology and HR experts. You don’t need to go corporate to get that kind of help. Smile Source helps the little guy win. Smile Source has resources to allow dentists to work together to pool their resources, you get the benefits of larger practices while still being individually owned. The majority of practices in the country are part of the traditional cottage industry. Private practitioners need to recognize that most patients want extended hours. 21% of dentists are part of a group or DSO. The right time to bring in an associate is when you have the best time, money, and energy. You’ll find people who have just come out of dental school. They’ll need to understand their production might be low to start and they have to hustle to make themselves valuable to the practice. Finding an associate is all about finding the right relationship for your practice.   References: Built to Sell by John Warrillow   Tweetables: Patients are consumers before they’re patients. – Trevor Maurer Stay committed to the process of growing. – Dr. Peter Boulden If the rate of change on the outside exceeds the rate of change on the inside, then the end is near. – Jack Welch