Business Bankruptcies just hit their highest rate of default since 2009. Competition is getting sharper. Corporate practices and DSOs are getting bigger and smarter. Patients are getting more informed (or misinformed) by online research and leaving more negative online reviews. Inflation just keeps rising! While insurance keeps paying less. And you are trying to run a profitable practice amongst all of this turmoil. But I have news, you don’t have to participate in all of
If you could sum up the big idea of why you started (or bought) your practice in the first place, what would it be?Said another way, what is your PURPOSE? It’s not seeing patients or doing your favorite procedure. It can’t be those things, because you are in the people business. Your purpose is bigger than that. It might be community impact, quality of life, or leading a team. For many practice owners I meet
Are You a Generalized Special(ist) or a Special Generalist? I’ll explain more on what I mean by this shortly. In our ever-evolving professional and economic environment, this is a question worth pondering as you navigate the turbulent landscape of dentistry. Several years ago, an old acquaintance of mine moved to Utah to start his specialist practice. He had the drive, the education and a great area to practice in. Unfortunately, within just a few years
“I wanna glide down over Mulholland, I wanna write her name in the sky.” This line for the hit could be related to the importance of setting goals and striving to achieve them as a leader. “I’m gonna free fall out into nothin’, gonna leave this world for a while.” This line could be related to the idea of taking risks as a leader and stepping outside of one’s comfort zone in order to achieve
There is a concept that has become increasingly relevant in today’s globalized practice marketplace – commoditization. The term “commoditization” refers to the process by which goods or services become interchangeable with one another, thereby eroding the uniqueness and value of individual offerings. Back in undergrad, I read a thought provoking book that created a long lasting effect on my view of owning a business. In his book “The World Is Flat,” Thomas Friedman argues that