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Bulletproof Dental Practice Podcast Episode 79

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guests: Tyler Yim and other students from Temple University

Watch full video of the interview by clicking here!

Questions:

• What is the most valuable resource you use when you were learning how to run a successful business and still use today?
  • YouTube is a great learning source.
  • Don't be afraid to take risks. Failure is a great way to learn.
  • Look to textbooks for dental education and model successful retail businesses for business education.
  • Podcasts are another great resource.
  • Look for CE outside the realm of dentistry.
• Did you utilize coaches and consultants as you were growing?
  • Craig is a huge Tony Robbins fan. Suggests looking outside of dentistry.
  • Pete and Craig share a coach to hold each other accountable.
  • You never want to get to the point where you think you've figured it out and don't have to learn anymore.
  • Look for a coach outside of dentistry, more in business.
• Knowing what you know now about DSO's, how would you change your business model?
  • There is a lot of runway for awesome, quality practices. Whatever model you ultimately choose just be sure you shoot to be the BEST you can be.
  • Consumers are expecting a lot. It's very hard to do alone and solo as a new dentist. There's safety in numbers.
  • The future for dental specialty is concerning, particularly because of disruption from technology. The future belongs to the super GP.
  • It'll be easier to have larger offices in a wider geographic area.
• What do you recommend to new grads as far as overcoming obstacles?
  • Work for someone for a couple years instead of starting a practice right away. Very few licensed dentists are ready to go right out and kill it on their own.
  • GPR's are valuable.
• What would be the most ideal pathway for getting the largest scope and the most experience at the fastest amount of time?
  • Surgical GPR's are a good investment.
  • Immerse yourself as much as possible in technology.
  • Learn all you can about occlusion, as it's the basis for everything.
  • Invest in CE.
  • Study public speaking and body language.
  • To be awesome you have to have clinical excellence and good rapport with patients.
• How does the future of dentistry look with having associates as employees vs offering ownership?
  • Most corporations do not care if you work there for 2 years and then take off. They plan that into their business model. Look for long term alignment and ownership.
  • The ownership mentality is something you must have. Do not join a practice if you're not looking to be there long term.
• Focus on having one great practice vs. a lot of mediocre ones. Don't scale too quickly.
• Have you experimented with influencer marketing on social media like Instagram?
  • Influencer marketing is the most underpriced attention out there.
  • It's hard to utilize because you may not know how to source those influences in your community.
• Would you start an Instagram page while in school? Would you buy a domain name for SEO purposes?
  • Yes, develop your own brand RIGHT NOW. Buy the domain but don't try to start building SEO currency. Develop yourself as dentist first, then when practice is open work on promoting your brand.
  • Start a dental relevant Facebook page and dental relevant Instagram page.
• How do you pitch to specialists? How do you get them to work for you?
  • You can't build anything part-time. Figure out how to work together to keep them full-time at your practice.
• Are there are certain specialties that will be protected against consolidation and/or corporate takeover?
  • Whoever owns the patient owns the life cycle of the money. It'll be very hard as a specialist to own that patient.
  • The price disparity between general UCR and specialist UCR will collapse.
• Who do you look to – outside of dentistry – for marketing ideas?
  • Storytelling marketing is key.
  • Inspiration can come from anywhere. Take cues from other retail businesses; Starbucks, Apple, etc.

References:

Good to Great by Jim Collins

Delivering Happiness by Jim Hsieh

Built to Sell by John Warrillow

T Bone Speaks Dentistry

Dental Hacks Podcast

Dr. Paul Homoly

Toastmasters

The Thank You Economy by Gary Vaynerchuk

Pre-Suasion by Robert Cialdini

Chris Ramsey

Donald Miller

Gary Vaynerchuk

Tony Robbins

Tweetables:

The speed of your mistakes dictates the speed of your learning. - Dr. Craig Spodak

Your speed of innovation is going to be equal to the speed of your success. – Dr. Craig Spodak

The cheapest marketing strategy ever… CARE. – Gary V

Peer pressure makes everybody better. – Dr. Craig Spodak

If you don't make it easy for patients to do business with you, someone else will. – Dr. Craig Spodak