Presentation on theme: "The Business of Dentistry From Employee to Entrepreneur."— Presentation transcript:
The Business of Dentistry From Employee to Entrepreneur
Fearless Ingnorance “Rookies put their head down,work hard,stay positive, live fearlessly and are naïve enough to be successful Rookies arent tainted by rejection, negative assumptions or past experiences. They believe that anything is possible.They bring an idealism,optimism, and passion to their work because they believe in their future.” Dr Mike Abernathy, The Super General Practice
What is “Ok” 54 years old 225,000 net worth Divorced at least once 67% dislike their profession 47% have abused alcohol or drugs during their career Have endured at least 3 career lawsuits Only have 1.5 days of hygiene per week in their practice(should be 8 days a week or 2 full time hygienists Have a 91% collection rate ( should be 98%) Have a 42% recall rate should be 80% Produce a little over $425,00 per year with a 67-74% overhead (should be 50-60%)
What is “Ok” 10% or so will THRIVE outside of the PPO environment 68% will either be some form of HYBRID in that they will be partially PPO and partailly PRIVATE care, or all PPO. 22% will either go broke, or go to work for corporate dentistry, which will be 90% PPO Dr Mike Schuster
The Business of Dentistry Upon graduation, you will have 20% of what you need to know to make a living in Dentistry Dr Gene Heller 1/4/2012
What is Business Its… time – people – money People always overestimate how complex business is… “There aren't that many things you can do with a business. Its not as if you are choosing among 2000 options.” Jack Welch CEO GE
What is Business People Process Product Damarcus Lamonica The Profit
What is an Entrepreneur One who organizes, administers, manages and assumes the risks of a business or enterprise You are hopefully paid a premium for assuming that risk.
The Marketplace Today Growth of Corporate Dentistry PPO “commoditization” of Dentistry Current Trends – Social/Economic Future Trends – Social Economic
Corporate Dentistry High Debt/Little Training Giant ROI for Owners and Investors
Consumerism Consumerism is a social and economic order that encourages the purchase of goods and services in ever greater amounts You have to promote and encourage what the Consumer wants … not what you want You must communicate a consistent message to the right people and be empathetic to what the consumer is experiencing in the current economy
Who is the Dental Consumer Female Make 80% + healthcare decisions Women Centric Who has the $$$$$$
Current Trends How The New Economy Has Changed Dentistry Roger Levin DDS 12/2011 1. Fewer New Patients Presenting to Dental Practices 2. Many Dental patients Are Rejecting Elective Treatment (currently 81% of dental appointments are single tooth treatment) 3. Insurance carriers have created lower reimbursement plans 4.Dentists are marketing more than ever 5. Young Dentists are graduating with significantly more debt
Current Trends 6. Americans will have less money to spend on retail and service sector businesses including dentistry 7. Dentists will be retiring later than ever
Dealing With These Trends 1. Marketing 2. Educate every patient about all services 3. Educate every patient about all financial options 4. Ask for referrals
View of The Future Dr Mike Kesner Incorporate Systems that Increase Efficiency and Quality Learn to Market Develop a Team Driven Practice Become Consumer Friendly
View of The Future Dr Mike Kesner Dental Expenditures continue to rise at a rate of 6.2% per year Dentistry is a $105 Billion per year Industry that is expected to rise to $170 Billion by 2020
The Practice of “General Dentistry 2012 and beyond” Faith Popcorn – Skill Sets for the next decade Being best in your field will not be so important – be in top 15% and be more adaptable Don’t be single minded – dip into every discipline Consider speaking Spanish Develop Interpersonal skills such as caring, negotiating, judgement and leadership Entrepreneurial skills will be key
Today’s Primary Objective 1. How do you prevent from becoming a Commoditized Dentist 2. To become an Entrepreneur - Find a Niche, Create a Brand around it 3. Indentify Relevant “NICHE” Markets 4. Predominately web based marketing
Types of Marketing 1.Internal 3 most powerful and inexpensive (human connection) Your Direct Financial success will be determined by your ability to master human connection tools 2. External (Gretzky Phenomenon) Web 2.0 Building Brand Equity Web Site/Optimized/Organically Positioned/Google Places/Youtube/Facebook Some Snail Mailings directed to landing pages Social Networks directed to landing pages Self Publishing ( Women Centric)
Commodity Trap The primary way out of the commodity trap is to establish yourself as an expert or authority on “something” The Health Centered “Hybrid” GENERAL practice is the largest opportunity in our lieftime.
Origins of the Niche Markets - USP- Dan Kennedy - unique selling proposition - A subset of General Dentistry that serves the needs of a specific population of patients. Why am I so excited about web /social media is - The potential for you to Tell your Story and Create Your Brand is unprecedented in human history And to do it at a fraction of the cost of traditional media!
Someone Woke Up and said… I am a Cosmetic Dentist
Branding …A brand is the idea or image of a specific product or service that consumers connect with…
Branding Branding and the State Board The Consumer responds favorably to branding It defines and segments your services
Offering Specialty Services in General Practice Sissy Cases vs Hero-dontics Standard of Care
Niche 1 – Botox, Dermal Fillers Louis Malcmacher DDS MAGD Commonsensedentistry.com 440-892-1810 When would you do it and Why?
Implant Retained Dentures/ All on 4 Wants Vs Needs Issues; Loose dentures Adhesives Cleaning their dentures Poor esthetics, Poor overall function They NEED to be able to enjoy and taste their favorite foods.
Wants Vs Needs Demographics going forward are ridiculous Who is your market? 1.Denture 2.Partial 3.Missing Teeth.
Way outside the box The Biological, Health Oriented, Dental Practice is the LARGEST EMERGING MARKET opportunity in modern History 1. Biological Caries and Perio Risk Assessment 2. Minimally Invasive Dentistry 3. Remineralization and Antimicrobial Therapies 4. Advanced Non-Surgical Perio Therapy
Internet 1.0 to 2.0 The Internet is a VISUAL MEDIUM A Web Site is a LIVING BREATHING ORGANISM SOCIAL NETWORKS are emerging as marketing platforms of unheard of proportions
Social Media “ Use twitter once in the morning and once in the afternoon. There are several resources online for articles to which you can link. Get to know your community. Post things about what you are doing.You want to build up local traffic. Have your staff “tweet” or post to facebook. Use dental students or retired dentists to write blogs for you. You can actually conduct a great campaign in as little as 10 minutes a day” dental economics may 2010
Hyper Targets Male/Female Age High School Some College College Student College Grad Grad Student Post Grad Single/Divorced Recent Breakup In a relationship Recently Engaged Engaged Recently married Married No kids Expecting Just gave birth Proud parent
Landing Pages Long Tail, Direct Response, Direct Mail campaign using Landing pages
Long tail keyword phrase Long tail keywords are keyword phrases from 3 to 5 words used to refine search terms to something highly specific. There is generally very little competition for these phrases and they are easier to position.