We are recording this episode live in a plane flying from Nashville to Raleigh. Sully is joined by Dr. Will Jones and Dr. Ford Gatgens. We talk about AEGD, AGD and CE courses and whether they are worth it. We also talk about insurance issues from dropping some types of insurance to going entirely fee for service.
We discuss the fears around losing patients and possible problems if the economy changes. We also talk about buying a practice, hiring and building a team, turnover, and the anxiety it can cause. We talk about discovering what type of boss you want to be, establishing a vision for your practice, using technology to help patients, and more. Join us on our hour long in-flight conversation.
You can find our guests here:
Show Notes:
[01:56] Dr. Ford graduated in 2006. He did a residency in 2007. He filled in for a doctor in East Tennessee. He bought his existing practice in 2009. His practice is Accent Smile center in Dickson, TN.
[02:54] He worked over the years to add additional services and create the practice according to his own philosophy.
[03:09] He uses technology to help patient outcomes. He also does digital dentistry, laser dentistry, and implants.
[03:47] Doctor Jones graduated in 2014. He focuses on surgery and sedation dentistry. He bought his dad's practice, and he is 100% owner, but his father is an associate 2 days a week.
[04:24] They are currently struggling with when to add an associate and with hiring the right team members. They are also moving into a new office.
[06:19] For Dr. Jones, taking a year long program allowed him to better implement what he earned.
[09:04] The benefit for Dr. Ford was placing a lot of implants and the opportunity to hear professors from all around the United States. It also gave him the confidence to go out in private practice and tackle some of those bigger cases.
[13:50] Sully thinks a good associateship is the gold standard of what you can do post practice.
[16:05] Being reliant on a PPO makes it hard to be reimbursed for advanced dentistry. Maybe there is a middle ground to become less insurance dependent.
[19:32] You can't just drop your insurance patients, you also have to have enough new patients to cover that gap.
[20:36] The plan is to gradually drop one or two insurance providers first. Patients that value higher level service are what we want.
[21:53] Sully believes that the insurance will get them in the door, but he still has an opportunity to do work beyond what the insurance covers. He doesn't want to lose his initial patients in the door.
[24:01] Dropping some services, you can look at your adjustments and put that money towards marketing and be ahead of the game.
[25:22] Dr. Ford is at the point where he's going to make some decisions about his insurance providers that he accepts.
[28:37] Another option is continuing a discount with some patients even if you drop their insurance.
[29:20] Dr. Jones shares his struggles with buying his father's practice. He also struggles with discovering what type of boss he wants to be.
[31:16] He decided to find a way to be nice, yet let people know that it's his money on the line, and things need to be done a certain way.
[32:00] They've hired three new people in the past two months, and it has been great.
[33:46] In Dr. Jones's practice the staff turnover has led him to discover what type of boss he wants to be.
[35:16] After about six months, Dr. Ford started doing an upgrade on his practice. Not all team members have the same vision.
[36:21] Once you get clear on what type of boss you want to be and what your vision is, there are some things that aren't negotiable.
[37:52] There are challenges when employees have been doing things a certain way, and you want to upgrade to digital from paper.
[39:13] Become clear on what your goals are and then share that vision and that passion. When people aren't on board, that's where the hard conversations come in.
[40:16] Being a good leader is something you constantly have to work at. It's also important to surround yourself with good leaders and good mentors.
[42:05] Your long-term success comes down to your leadership skills.
[43:34] It's important to define roles.
[45:44] The more direction you give, the better the team response.
[49:51] It's human nature not to listen to the new guy.
[52:00] It's realistic to come into a practice and maintain the same team, but you will probably need to add people as you grow. There could be generational issues, and it's always good to take the time to communicate and build relationships.
[54:36] Share your vision with your team, so they will understand where you are coming from.
As always thanks so much for listening! If you like the show we would love for you to review the show on iTunes as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.
Links and Resources:
The Millennial Dentist Website
@Millennialdentist on Facebook
On Instagram
Dr. Sully…@Millennialdentist on Instagram
Dr. Peyman…@drpeyray on Instagram
This is part two of Sully’s chat with Dr. Tarun “T-Bone” Agarwal. In the last episode, we talked about how to take your practice further faster. Today, we kick things off with the difference between a dental practice and a dental business. T-Bone stresses the importance of having a business that allows you to do the procedures you want and work the hours you want.
He also talks about bringing in associates and how to sell your practice for 4X instead of 1X. We discuss how a partnership is like a marriage and how true leadership comes from having skin in the game. We also discuss the possibility of unlimited earning potential and how the dental business mindset is about sustainability and creating a great lifestyle for yourself and everyone else around you.
You can find T-Bone here:
T-Bone Speaks Dentistry Podcast
Show Notes:
[02:16] The difference between running your practice and running your practice as a business or the difference between a dental practice and a dental business.
[03:49] With a dental practice you are the clinician and the dental practice leader. T-bone wants to see people move towards owning a dental business.
[05:25] It's better to own one practice as opposed to two.
[09:25] Growing from 1 million to 2 million has an overhead of about 45%.
[12:17] There is no point in growing a business if it loses the culture of you.
[12:42] A dental business gives the owner the ability to take almost unlimited vacations and can operate without you. It's all about flexibility.
[14:04] By bringing in someone else, you create a passive income stream.
[14:51] You can also sell 25% four times.
[18:47] A dental practice will have an earning ceiling, but a dental business has unlimited earning potential.
[20:13] Owners can afford to take time off. They need another practitioner to keep the rest of the team working.
[21:46] We go through seasons of life. The dental business mindset is about sustainability and creating a great lifestyle for yourself and everyone else around you.
[28:19] T-Bone is convinced that we will see nurse practitioners and PAs in the dental office during his lifetime.
[29:54] You need a dental business so that if there's a family emergency you will be able to go deal with it without closing down your practice or business.
[31:22] Flexibility gives us choices to do what we want to do.
[32:39] What are the steps for young dentists to take to get over that first hump having a business mindset. Have financial flexibility and control your spending.
[35:12] Early on, it's more of a spending problem than an earning problem.
[35:57] Don't get into the mindset of if you earn more you need to spend more.
[36:20] You need to live underneath your means and create financial margin.
[37:00] Treat your business like a business by paying yourself as an associate.
[37:33] Associate pay is usually 30%. Pay yourself 30% of what you collect. This will allow you to create the mentality of what your business actually does.
[40:14] Once you have a mortgage you're tied to it. Renting can allow you to save money and have flexibility.
[41:55] When you treat your pay mentally like a business, you can then start making good decisions.
[43:19] The T-Bone Speaks podcast is going to have a 3 part series on associates.
[43:45] The time to get serious about bringing in an associate is when you're earning around a million.
[44:20] A good business prepares for their future. You have to start getting ready for adding an associate before you do so.
[49:11] Don't waste your time scrimping and saving, learn new procedures and ways to earn more money.
[49:56] You want your team to focus on growth.
[51:00] If you're only doing a few of something, you are way better outsourcing it.
[52:59] Don't take certain procedures in house until you have reached critical mass with them.
[53:29] Your energy and focus should be on building a practice that can sustain two doctors.
[54:43] Focus on creating an environment and culture that can do more procedures.
[57:19] Everyone should have an associate, and it would change their lives.
As always thanks so much for listening! If you like the show we would love for you to review the show on iTunes as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.
Links and Resources:
The Millennial Dentist Website
@Millennialdentist on Facebook
On Instagram
Dr. Sully…@Millennialdentist on Instagram
Dr. Peyman…@drpeyray on Instagram
T-Bone in the Office (Part 1)
Dr. Tarun “T-Bone” Agarwal is here today. T-Bone is a dentist, a podcast host, and passionate about helping other dentists turn their practice into a business. In this episode, we talk about the importance of planning ahead of time for the following year and writing down your goals and aspirations.
T-Bone shares his wisdom from over 20 years experience and building a practice from scratch. We talk about the importance of clarity, and T-Bone shares the three key focus areas of patients, team, and clinical skills to go further faster. He shares tips on helping your team grow and you scale by learning to replace yourself. This episode is packed with so much knowledge that we had to split it up in two parts. Enjoy!
You can find T-Bone here:
T-Bone Speaks Dentistry Podcast
Show Notes:
[02:51] T-Bone lost his father-in-law last year and it put a damper on the year. They still grew, but it wasn't his best year.
[03:22] The first step to moving forward is reflecting on the past.
[03:39] T-Bone didn't set goals or plan out his 2018. He feels that this lack of planning showed.
[03:55] He's actually a big believer in sitting down and writing out goals. This year he went to a seminar about planning out your goals for the year.
[04:35] T-Bone was here in town for the seminar and decided to stop by the office for the podcast.
[04:57] It's not only important to write out your goals. It's important to share your goals and have accountability.
[05:14] Last week Sully and his office took half a day to recap what has happened in the past year of 2018.
[05:50] It's important for the owner of the business to recap before he recaps with the team.
[07:53] It's a good idea to map out what you are going to say before you discuss it with your team.
[09:14] For T-Bone, 2018 was a non clarity year. If you don't have clarity you're going to be in trouble.
[10:33] T-Bone makes the same resolution every year. That is to eat healthy and lose weight.
[10:58] He feels that the best time to plan for the following year is in September and October, so that you really have time to set the stage.
[14:10] To get further faster, you have to focus on your patients. You have to focus on your team. You have to focus on your clinical skills.
[14:42] With patients you have to address their time, their fears, and their money.
[15:12] Do more in one visit, make your dentistry last longer, and make appointments more convenient.
[15:42] T-Bone's office is going to go to a 7:00 to 7:00 schedule.
[18:26] Do something different to be there for the patients.
[19:13] The easiest way to address fear is to offer sedation in your practice. Nitrous Oxide, oral sedation, or more advanced sedation.
[22:47] Good old-fashioned TLC also helps address fear.
[23:05] Money boils down to price vs affordability.
[25:02] Affordability is about offering payment plans versus the price of the procedures.
[25:48] Step two is addressing your team and how you lead your team.
[26:17] Teach your team to learn how to replace themselves. Teach your team to know the score. Teach your team to own the space.
[26:38] Replacing yourself is about personal growth. If you train a replacement, you are able to move up.
[32:19] When you understand what's going on in your team members lives, then you can formulate a plan with those person.
[33:18] Just listen and avoid the advice monster.
[34:03] Ask questions to get them to get to your advice.
[37:56] Number two is about knowing the score. Be specific with your team members about their role and how you want them to grow.
[41:28] Ease people into new roles.
[45:06] Owning your space is about knowing everything that happens in your operatory.
[46:46] People want ownership and leadership. Make certain jobs certain people's responsibilities.
[47:30] Teach people to replace themselves, so they can advance. Know the score and specific things about your part of the practice. Teach people to own their space.
[50:31] Superstars get different treatment but everyone gets treated fairly.
[50:49] Clinical diversity. To get further faster focus on three areas of your professional life.
[51:31] We have to make a progression beyond dental school dentistry.
[52:02] The top five services are perio, hygiene, restorations, extractions, and endo. A practice is moved to a level two practice by implementing the bottom 5 procedures which are socket grafting, implants, ortho, sleep, and sedation.
[52:54] Implement the bottom five procedures at a high level.
[54:23] T-Bones goal for 2020 is to replace himself and only do the procedures he wants to do.
[56:39] It's so critical for young dentists to start to write down their goals.
[59:26] It's never too late to get started and clarify your goals.
[01:00:50] Learning is key and it should never stop.
As always thanks so much for listening! If you like the show we would love for you to review the show on iTunes as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.
Links and Resources:
The Millennial Dentist Website
@Millennialdentist on Facebook
On Instagram
Dr. Sully…@Millennialdentist on Instagram
Dr. Peyman…@drpeyray on Instagram
The Coaching Habit: Say Less, Ask More & Change the Way You Lead Forever
We are excited to be back. Our special guest today is Jeff Gladnick the founder and CEO of Great Dental Websites a company that focuses on creating and marketing dental websites using their proprietary software platform. Sully also happens to be a client.
We talk to Jeff about what makes a good website and how Google actually looks at a website and ranking factors. We also talk about call tracking, social media, advertising, domain names, the importance of video, and what dentists need to know to have a website that gets views and attracts patient calls.
You can find Jeff here:
Great Dental Websites on Facebook
Show Notes:
[03:42] Having a great website is important for dentists today. Many dentists struggle with SEO and all the aspects of creating a great website.
[05:19] Jeff has a background in software. His Dad was a dentist and Jeff ended up creating a website for his dad. He has eight dentists in his family and word got out and he started creating more sites.
[07:18] Jeff has been an entrepreneur his whole life and creating dental websites seemed like a great business. Things took off, and he now has a staff of 50 or so.
[10:02] What Google cares about is the content. They don't want the same answer on every single website.
[12:12] The age of a domain matters, and it could also take three to six months to start ranking.
[12:26] A lot of SEO has to do with building links that are connected to the original website.
[13:33] The marketing strategy that Jeff uses is creating websites that are useful. The problem with social media is you have to be tuned in all the time and the information just comes and goes.
[16:04] If you want your website to actually rank and be a resource for patients, there are few things you need to do. These include schema.org, landing pages that are about a specific topic, have a page for each service you offer, have video, and reviews.
[20:55] Use call tracking numbers.
[21:43] Jeff's company has special built software that they use for call tracking.
[22:59] Jeff shares a method to tell which advertisements are actually effective by using different domains to see which one gets the referrals.
[26:56] You want to have a landing page with the information that people are looking for. Pictures in bios move the needle. Bounce rate is how long it takes for people to leave a website.
[30:31] People want to socially connect with people. If you are willing to share some personal information people will connect with it.
[33:15] Websites can get people to know you before they actually see you. They are more ready to buy when they first come in.
[34:33] Dentistry is very personal and video is a great way to help introduce yourself to potential patients.
[34:50] Creating an emotional connection will set you further down the path.
[37:16] It's powerful to have a video on your website telling your story to your patients.
[40:52] It's getting more difficult for private practices to stay competitive against large group practices.
[42:39] With SEO you want to get into the sweet spot of popular keywords against less popular keywords.
[45:58] You could use keywords to get people to your website and get calls. You need to use tracking in order to see where the calls are coming from. Look for small wins in a lot of different ways. If you can optimize individual services that's great.
[47:02] You should focus on the services that make you the most money or that you want to emphasize.
[49:28] You don't have to build websites from scratch. There are a lot of content management systems you can use like WordPress.
[50:06] Jeff's company likes to have everyone on the same platform.
[50:54] Millennials are more willing to open up and share their lives on Instagram.
[52:31] Great Dental Websites has built a platform to create the best possible dental websites. The quality of an out-of-date website goes down over time.
[53:50] The system they created is always updated. Even though, each client has custom content on their websites.
[54:53] They offer a DIY service for a monthly fee. They also have an agency on top of that to do the heavy lifting.
[01:00:07] Just using the software on Jeff's platform is usually $79 a month. Marketing packages with SEO start around $300 or $400 a month and go up.
[01:02:18] They backup their data four times a day on different physical places. As long as you have really good backups, being hacked isn't the end of the world.
[01:04:46] The client needs to create the content, because it is a partnership to make an amazing personalized website.
[01:08:03] The work and the execution is what it takes to be successful. Do a little bit every day and work on it.
As always thanks so much for listening! If you like the show we would love for you to review the show on iTunes as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.
Links and Resources:
The Millennial Dentist Website
@Millennialdentist on Facebook
On Instagram
Dr. Sully…@Millennialdentist on Instagram
Dr. Peyman…@drpeyray on Instagram