Dear Valued Patients

I hope this email finds you well. I am excited to announce that we have added two new doctors to our dental practice to serve you better. More on them to come in future emails and newsletters, as well as the reasons I think you’ll love them and the added new benefits that come with being a patient at our office.

So why more doctors?

Well, for two major reasons:

  1. To meet the increased demands for our services. There simply isn’t enough time in the day for me to see every patient, and dedicate the time needed to grow the practice and make an impact on our community and the level of “Gold Star Service” we provide.
  1. As we’ve added more services, I am dedicating more of my time to Smile Transformation, TMJ/Botox, and Sleep Apnea treatment where our patients need me the most. This requires alot of time and resources, as well as specialized training. 

The decision to expand our team was also made to better serve you and meet the increased demand for our cosmetic, gum health, preventative, clear braces services.

As you may know, our practice has been growing at a rapid pace over the past few years. I have been fortunate to have such a fantastic group of patients to serve, and it is because of your support that we have been able to expand, impact our community and provide comprehensive services. However, with this growth, my schedule has become increasingly busy, making it difficult for me to provide the same level of care to each and every patient.

That’s why I am thrilled to introduce you to our new doctors, Dr. Marcus Pope and Dr. Beni Carrera. They bring a wealth of knowledge and experience to our practice and are both dedicated to providing the highest level of care to you and our team. 

Dr. Pope graduated from Virginia Commonwealth University and has been practicing for over a decade. He is a member of and leader in the Utah Dental Association, and has received advanced training in restorative dentistry. Dr. Pope has a passion for creating beautiful smiles and helping patients feel better about themselves.

Dr. Carrera grew up in the Chicago area, and received her Doctor of Dental Medicine degree from the University of Utah and completed a General Practice Residency locally as well. She is a member of the American Dental Association and has helped countless patients save their teeth and enhance their smile.

With the addition of Dr. Pope and Dr. Carrera, we are now able to offer even more services to our patients. Whether you are looking to improve the appearance of your smile with cosmetic dentistry or seeking treatment for sleep apnea, our team has the expertise and experience to help.

As always, our practice remains committed to providing the highest level of care to our patients. We believe that every patient deserves individualized attention and care, and we are dedicated to making sure you receive the treatment you need to achieve your oral health goals.

Thank you for your continued trust and support. We look forward to seeing you at your next appointment and introducing you to our new doctors.

Have a great week!

Don’t forget  you can automatically be entered to win a Botox treatment for headaches, TMJ or aging/wrinkles this month. Click, call or text for details on how to be entered to win.

Big Dental Practices Can’t Afford “Stupid”

Did you ever see the 1988 classic movie “Big” with Tom Hanks? Recently I was at a workshop in Santa Monica and I saw one of the Zoltar machines as seen in the movie, which reminded me of the story.

The story follows Josh, a 12-year-old boy who, after making a wish at a carnival fortune-telling machine, wakes up the next day as a 30-year-old man.

As an adult, Josh initially struggles to find a job and a place to live, but he eventually lands a job at a toy company where he excels in his work, thanks to his unique perspective as a child trapped in an adult’s body. He also falls in love with his coworker Susan, but their relationship becomes complicated as Josh’s true identity is revealed.

The film explores the themes of childhood, adulthood, and the importance of staying true to oneself. It was a critical and commercial success, grossing over $151 million at the box office and receiving numerous award nominations, including an Academy Award nomination for Best Actor for Tom Hanks.

Which begs the question, do you want to be BIG, or just profitable?

Too many practice owners today are running around scared. Scared of competition, DSOs, insurance and a race to the bottom in price. But you don’t have to participate. Big can be good, but big alone does not make someone better.

One of my absolute favorite business books of all time is The Road Less Stupid by Keith J. Cunningham. Keith is an entrepreneur and author who has helped thousands of businesses worldwide. In his book, he shares valuable insights on how to avoid “stupid” mistakes and improve business performance. Here are six key principles from his book that you can implement in your practice today, to avoid “stupid” and costly mistakes:

  1. Clarify your thinking: Understand the importance of clear thinking to make smart decisions. Take the time to think through your practice profit an growth problems and identify the root causes. Use “thinking time” 2-3 days a week for 20-50 minutes to brainstorm ideas, ask questions, and develop a plan of action. I promise it can be some of the most productive and profitable time you spend each week.
  1. Ask better questions: Asking the right questions is key to making better decisions in your practice. When making big decisions, ask”what if” questions to anticipate problems and avoid mistakes. Constantly challenge assumptions and test ideas of the industry norms and common practices in our profession. Be able to live with the upside and downside of your decisions.
  1. Learn from mistakes: This one is tough for many of us, but I’ve learned that by embracing failure as a learning opportunity, we can really grow and our true personality surfaces. As long as you analyze your mistakes and identifying the lessons learned, you are on the right path. Use these lessons to improve your processes and avoid similar, costly, “dumb tax” mistakes in the future.
  1. Focus on the critical factors: Identify the critical factors that drive practice performance. Focus on the key drivers of success and allocating resources accordingly. Monitor your progress and adjust course as needed. Use a weekly practice growth scorecard to measure and monitor your numbers. 
  1. Communicate effectively: I believe that effective communication is not only essential for practice success, but can eliminate or reduce 99% of our problems as business owners. Use clear, concise language to communicate ideas and expectations. Listen to your team managers and top performers actively and seek feedback to improve your communication.
  1. Take action:Take action today to achieve your goals. Set specific, measurable targets and develop an action plan. Break down your complex goals into smaller, achievable 90 day milestones and track your progress.

By applying these principles in your personal and professional life, you will see and feel the financial, interpersonal and cultural changes in your practice. I know they have helped me immensely. 

If you’d like help with implementing them, or just don’t know where to start, then you should apply to join our next 6 week Advanced Membership Mastery Network mastermind group. You can learn more and apply at yourpracticegrowth.com/amm

Have a great week!

Would Warren Buffet Buy Your Practice?

I hope this message finds you in good health and good wealth. Today, I wanted to share with you some key principles that I believe Warren Buffett would evaluate if he were to buy your practice today. As one of the most successful investors in the world, he has shared many ideas over the years about life and business. Here are what I believe to be the top 7 most relevant to practice owners: 

  1. Keep things simple: Warren Buffett believes in keeping things simple and avoiding unnecessary complexity. He follows the KISS principle – Keep It Simple, Stupid. In his own words, “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”
    • Don’t overcomplicate your practice or chase shiny objects. 
  1. Invest in yourself: Buffett stresses the importance of investing in yourself, whether it’s reading books, attending conferences or improving your skills. He says, “The most important investment you can make is in yourself.”
    • This doesn’t mean simply to take more CE courses or learn new procedures, but rather how to be a leader and investor in your business. These are far more valuable skills than just clinical skills alone, and they allow you to teach and train your team to replicate your clinical care.  
  1. Practice patience: Warren Buffett is known for his long-term perspective on investing. He believes in buying good companies and holding on to them for years. He advises, “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”
    • Future revenue is more important than today’s revenue. Although both matter, you are in it for the long haul, to build a valuable asset that you can one day sell for multiples on your initial investment. Plus it creates jobs and expands your local economy. 
  1. Manage Risk: As he says, you should not test the depth of a river with both feed in the water.
    • Don’t put all of your eggs in one basket. Don’t get too many baskets either.
  1. Don’t save what’s left over, spend what’s left over after saving.
    • Another great book on this is Profit First or Profit First for Dentists. You can look back on older episodes of our podcast for more info on this, but it’s a great way to manage your expenses. Always pay yourself and your practice first, and have a profit account setup with your bank. 
  1. Surround yourself with the right people: Buffett believes in surrounding himself with people who share his values and vision. He advises, “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you’ll drift in that direction.” He once said, “In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you.”
    • Develop a hiring process (if you don’t have one, feel free to contact us for a copy), and stick to it. Only hire “A Players” and don’t settle for B’s and C’s.
  1. Honest advice is an expensive gift. He says, “The more you learn, the more you earn.”
    • Don’t expect honest advice from cheap people. Pay to be part of coaching and mastermind groups, this has been one of the most motivating, fun and high ROI activities I’ve been a part of over 13 years of practice ownership. 

I hope these principles will be helpful to you in both your personal and professional life. If you have any thoughts or questions about these principles, please do not hesitate to reach out to us, or join our next Advanced Membership Mastery mastermind group at yourpracticegrowth.com/amm.

Happy New Year!

I hope this email finds you and your team well. I wanted share with you a powerful communication to share with your team, and how it can benefit your practice this year.

As you may have heard, Elon Musk recently sent out an email at 2:30 AM to all of his employees announcing that remote work is coming to an end at his companies.

Here are 5 lessons you can apply from this email to leading your own practice:

  • Increased collaboration: By bringing your together for training and in person meetings in the same physical space, it can foster the kind of collaboration and creativity that leads to breakthroughs and success.
  • Better communication: In-person interactions leads to better communication, help to build trust and increase efficiency in problem solving. This is way better than just texting or sending emails.
  • Improved work-life balance: Having defined work hours, and a schedule that allows for personal time, can help improve work-life balance, and increase overall job satisfaction. This allows you and your team to be free at home and fully committed while you are in the office.
  • Increased productivity: Studies have shown that team members who work in an office setting tend to be more productive than those working remotely. Lead and work with your team to help them learn and succeed. Don’t make the practice all about the doctor.
  • Enhanced company culture: A physical office can help to foster a stronger company culture and sense of community among employees. You pay rent or a mortgage, so use that physical asset to your advantage, for your team and patients. Make the experience power fall and environment warm and welcoming so everyone feels safe within your four walls, especially in the world that is becoming increasingly more noisy.

At Pinecrest Practice Growth, we understand the power of working with an A Player team and qualified patients, and we want to help you grow the number of members, not just the average patients, in your practice.

Have a great week, and if you haven’t already, join the private Facebook group here for access to more great lessons for your practice.

P.S. Here’s that private Facebook link to the Growth by Membership Dentistry one more time: https://m.facebook.com/?tbua=1#!/groups/1825497977770845?group_view_referrer=search

How To Start or Create a Fee For Service Dental Practice

How do you start, or transition to a fee for service dental practice?

This is a great question and there’s no right or wrong answer, but it really just depends on your goals and what you want to accomplish. First, we typically suggest practices put together that we call a 1-Page Practice Growth Plan (PGP).

It’s simply a single sheet of paper with two sides printed on it. On your PGP, you’ll put your goals for this year, your goals for the next 3 years and your goals for the next 10 years. Then, from those goals, you’ll work backwards and decide what you want, who you’re going to involve and the (Big Why) purpose behind why you’re doing it.

The biggest and most important use of your time in this exercise is to sit down and put a pen to paper, and ask yourself “what is the purpose of your practice?” 

Don’t be mistaken…

You DON’T want to create a patient driven practice, a doctor driven practice, or even an insurance driven practice. That’s right, I said “DON’T!” 

Why you may ask? 

Because what will really drive you, and give your team meaning is when you develop a purpose driven practice. All those other resins are important, but they’re not as important as your Purpose.

So if you’re going to set up a fee for service practice, you need to first decide and write out your mission and why you want to have a fee for service practice. Because a lot of dentists that I’ve met over the years have good intentions. They often say, “well, we don’t want to be insurance dependent and we want to do what’s right for our patients.”

But then the real world hits you right upside the face, and you start to get questions about insurance and cost, and you realize that your patients have lives that are involved around a lot of things. Going to the dentist is often low on the priority list for many people. So you can get desperate and lose your purpose trying to please too many people.

Don’t become a “we treat everybody” practice. That is a quick way to a stressful disaster with lots of loose ends and an overworked team and doctor.

For example, we encourage you to be insurance friendly, but not be insurance driven.

The first practice we purchased (back in 2010) was only seeing patients about two days a week. We implemented new services and some marketing because I wanted to be in the office four days a week.

After about a year we grew to five days a week. Then even some six day weeks until we added more providers and was able to ease back off some of the days I was seeing patients. In that process, we learned a lot about insurance patients, fees for service patients and how to approach each one. We learned that by developing membership plans we could better attract and retain the right patients for us and our Purpose. 

Keith Cunningham author of The Road Less Stupid, put it this way: “growth is what you say ‘yes’ to. Success is what you say ‘no’ to.”

Are you just trying to grow? Or are you working to be successful and profitable?

(And my biggest caution would be if you’re going to have a fee for service practice, don’t mix it with too many insurance driven systems because your patients will get a mixed message.)

We take the approach that we are insurance friendly, but not insurance driven. As of right now we do accept one insurance plan and that’s because we’ve negotiated a much lower write off and it has been an excellent source of quality new patients. Because get a higher reimbursement than average and we look at that write off as essentially a marketing expense to acquire new patients.

The dark side of accepting a plan is that you have to pay that “marketing” or acquisition cost every time you see the patients. That write off is much less than what it would be accepting with most insurance contracts, which we’ve chosen not to pursue. 

We’ve learned over the years that our membership patients are 5x to 8x more valuable than our cash patients or insured patients. Many of our patients even come to the office with insurance and they end up dropping it and going with our membership plan, especially if they’re looking for an individual type plan. These are often your patients who are retired or self-employed, or they’ve changed jobs.

And when you run these reports and your software, there are a couple that we suggest you run. One would be what your collections are based on. Insured versus non-insured patients. And then you can extract that data and compare it. And that’s how we’ve figured out. You know, that our membership patients are bringing five to eight times more to the table that might make it easier for you to drop some insurance plans that you’re not interested in.

Remember, it’s not the best use of your time or your team’s time to continually chase the lower and lower potential opportunities. So, hopefully this has been helpful. We look forward to your questions for the next video and we appreciate the feedback and insight.

If you’re interested in learning more, you can reach out to us by reaching us at the contact information below, and we look forward to seeing you next month.

Best,

Dr. Tyler Williams 

For just $7, you can download a really cool tool we’ve put together. It will allow you to attract as many patients as you want month after month using Facebook. And did I mention, no expensive ads?!?

To be frank, it will need a little “elbow grease,” to get the results you are looking for. These could be the patients that are going to help you and your team meet your annual goals for the rest of 2022 and beyond. 

If you’re interested, simple email us at twilliams@yourpracticegrowth.com and put “Qualified Referrals” in the subject line.