In this episode, we're pulling one of the sessions from Online-First Summit 2020 with Joe Merrill, Co-Founder and VC at Sputnik ATX. He explains who grows during an economic downturn, shares examples of how they're doing it today, and how you can position yourself for growth during this time.  Grab your tickets for Online-First Summit 2020 at 20% off with the code 'subscribers': http://www.onlinefirstsummit.com/

#59 A VC Explains How to Grow in a Recession | Joe Merrill #OnlineFirst2020

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In this episode of the podcast, host Moby welcomes guest Dr. Sonny to discuss the challenges of starting a fee-for-service dental practice and how to market and grow such a practice. They address the fear that many dentists have about potential patients asking if they accept insurance and how to handle that question effectively. Dr. Sonny emphasizes the importance of clarifying the insurance situation when potential patients inquire. He explains that if a practice is not in-network with insurance companies, it means they are not listed in the publications sent by insurance companies to their subscribers. Therefore, if someone is calling the office, they likely found the practice through other means. Dr. Sonny suggests explaining to patients that while the practice does not have contracts or agreements with insurance companies, they do accept insurance as a form of payment for services rendered, but it may not cover the entire bill. They also discuss the challenge of managing a fee-for-service practice alongside an insurance-based practice. Dr. Sonny highlights the ethical considerations and the importance of delivering the same quality of care to all patients, regardless of their payment method. He believes that committing to a specific model, whether fee-for-service or insurance-based, provides clarity and consistency for both the practice and the patients. The conversation touches on the mindset required for transitioning to a fee-for-service model and the need for effective marketing strategies. Dr. Sonny emphasizes the importance of customer service and the role it plays in attracting and retaining patients. He encourages dentists to communicate the benefits of maintaining a healthy mouth, addressing problems such as bad breath, aesthetics, and overall well-being. Additionally, Dr. Sonny suggests that organized dentistry should play a role in educating the public about the importance of regular dental care. Overall, the discussion revolves around the need for dentists to be intentional in their approach, choose a model that aligns with their values, deliver high-quality care, and effectively communicate the benefits of their services to potential patients.

7. How to Run a FFS Dental Practice | Dr. Sonny Spera, Host of FFS Dentist Show

White paper mentioned:  https://docs.google.com/document/d/16UYpsf2QFh0EY_3PjUf2l2z1LvxmC0yrI5lv8w4bzgU/edit   Dental Growth Calculator:  https://docs.google.com/spreadsheets/d/1H-xgY90MsCJnPZFOARsqrFEZvW1Eckasbblgg4d2rFE/edit#gid=782589355    Welcome to another episode of the Dental ROI Show, where we delve into the essential elements that drive dental practice growth. Today's discussion revolves around the core factors that significantly impact revenue expansion in the dental industry. One of the primary focuses of this episode is the notion that achieving growth goes beyond setting ambitious goals. Instead, it requires a thorough understanding of the inputs that contribute to tangible outcomes. Our exploration centers on a white paper titled "Increasing Your Revenue by 134% with a Strategic 20% Improvement," which provides valuable insights into this approach. The episode emphasizes the importance of improving new patient volume by 20% while simultaneously reducing patient churn by 20%. By implementing these strategic changes, dental practices can experience substantial growth in their lifetime revenue. Meticulously analyzing industry data and trends, we examine the potential impact on your practice's financials. Within the dental landscape, challenges are abundant, including increasing costs and mounting student debt for new practitioners. Despite these hurdles, our episode illuminates how a calculated approach to growth can yield remarkable results. By focusing on acquiring new patients and fostering patient retention, practices can realize exponential revenue growth. To illustrate the significance of these inputs, we explore average patient acquisition and loss figures. Typically, a dental practice gains around 27 new patients per month but experiences an average loss of 20 patients within the same period. By closely examining these numbers, we can uncover the potential for net new patient growth and the subsequent increase in lifetime revenue. Our aim is to provide you with practical tools and insights that empower your practice to thrive in the ever-competitive dental landscape. To further support this mission, we invite you to visit dentalroi.com, where you can access our dental growth calculator and gain a deeper understanding of the numbers specific to your practice. Remember, by focusing on the inputs that drive growth, rather than solely fixating on lofty output goals, you can unlock the true potential of your dental practice and secure substantial revenue increases. So join us as we explore the strategies that pave the way to success in the dental industry.

6. Increase your Revenue by 134% by doing THIS

In this episode, Dr. Siddra Iqbal discusses her journey of starting her own dental practice with a partner. She mentions that the idea of starting her own practice has always been there, but she took her time to find the right partner who shares similar values and work-life balance goals. Having a partner in business is important to her because it provides emotional support and someone who understands the challenges and decisions involved. When it comes to planning the practice, Dr. Iqbal mentions that she took a course called the Breakaway Seminar, which provides a helpful outline and guidance on setting up a dental practice efficiently. They are focusing on their own vision, which is aesthetic dentistry and providing a welcoming and comfortable environment for patients. They believe in offering personalized care and building strong relationships with their patients. Dr. Iqbal feels excited and motivated about the journey ahead and is confident that their partnership will lead to a successful dental practice.  Dr. Siddra Iqbal: https://topdentistsofamerica.com/project/dr-siddra-iqbal/  Website: https://dentalroisystems.com/

5. How to Plan a Practice (with a Partner)

In this episode of the podcast, host Moby welcomes Dr. Brian Jackson, a dentist with a fascinating journey in the field of dentistry. Dr. Jackson shares how his inspiration to become a dentist stemmed from his uncle, who graduated from dental school and immediately ordered a Porsche, leaving a lasting impression on young Dr. Jackson. As he delves into his story, he discusses his transition from working as an associate dentist to venturing into private practice. Dr. Jackson narrates his experience of being part of a Dental Service Organization (DSO), which involved significant capital investment and expansion. However, he eventually realized that his true passion lay in helping people through dentistry, leading him to make the decision to walk away from the DSO and pursue his own practice. The conversation explores Dr. Jackson's journey of transforming the practice he purchased from three operators to a thriving establishment with over a million dollars in revenue. He shares the challenges and accomplishments he encountered along the way, emphasizing his pride in providing dental care and assisting his patients. Additionally, Dr. Jackson offers valuable advice for aspiring young dentists entering the private practice realm today. With his wealth of experience, he provides insights into building a successful dental practice and highlights the importance of finding joy and fulfillment in helping others. Tune in to this episode to gain valuable insights from Dr. Brian Jackson's inspiring story and learn from his expertise as a dentist dedicated to making a positive impact in his patients' lives.  More about Dr. Jackson: https://topdentistsofamerica.com/project/dr-brian-jackson/  Website: https://dentalroisystems.com/

4. Walking Away from a Successful DSO to Focus on Doing What You Love | Dr. Brian Jackson

In this episode, we delve into the world of search engine optimization (SEO) and its relevance for dental practices today. While SEO has traditionally been a valuable strategy for growing businesses, we explore why its effectiveness has diminished and why alternative patient acquisition channels should be prioritized instead. We begin by highlighting the historical significance of SEO in the dental industry, explaining how it helped practices rank higher on search engines and attract patients in the past. However, there are two key reasons why SEO is less effective now. Firstly, there is increased competition, with more dental practices investing in SEO, including group practices and those backed by venture capital. Secondly, search engine results have evolved, with paid Google ads dominating the top positions. The top search results for dental practices are often occupied by Google Ads and Google My Business profiles on Google Maps. This prompts the question of the return on investment (ROI) for traditional website SEO efforts, as they may only lead to appearing further down the page. Allocating resources towards Google Ads or optimizing Google My Business SEO could yield better ROI, as they have a more prominent presence in search results. While SEO still plays a role in dental growth, it should not be the primary driver. Instead, developing patient acquisition channels that can be tracked and measured for ROI is advised. Examples include targeted ads, offer marketing, and list activation, which allow dental practices to assess the effectiveness of their investments and make data-driven decisions. Ultimately, relying solely on SEO for business growth is cautioned against, as it is primarily an optimization strategy rather than a growth strategy. Dental practices should prioritize measurable and trackable patient acquisition channels that offer higher ROI potential. By aligning marketing efforts with tangible results, practices can make informed decisions and achieve sustainable growth in today's competitive landscape.  Website: https://dentalroisystems.com/

#59 A VC Explains How to Grow in a Recession | Joe Merrill #OnlineFirst2020

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