SmartBox Dental Marketing

Having trouble watching this video? Click here.

Patient Attraction Episode 1180

When the economy is booming, smart dentists will focus on accomplishing 2 things. The first is to attract the patients who will allow them to work less, earn more, and enjoy life. The second is to position their practices against the inevitable economic downturn that is sure to follow. After the break, I’ll tell you about my new book, Rise UP! The Keys to Ultimate Dental Practice Success. It’s your all-in-one guide to thriving no matter what the economy eventually does. Stay tuned.

– Thanks for watching the Patient Attraction Podcast.

– I’m Colin Receveur, CEO of SmartBox.

– I’ve written quite a few books on dental marketing.

– My most recent book is different.

– It’s a unified approach to ensuring that your dental practice can thrive regardless of what happens.

– And when I say “what happens,” that doesn’t just refer to the economy.

– You’re facing unheard-of levels of competition: corporate dentistry, new dental school grads, and large group practices like we’ve never seen.

– Dental insurance reimbursement is on a downward trajectory, and that trend is certainly going to continue.

– Right now, employment is very high, and demand for dental care is overwhelming a lot of practices.

– The Great Recession of 2008 taught us that things can turn around in a matter of months, if not weeks.

– And the recovery was long and hard.

– Right now, you can make a lot of money if you’re willing to keep a frantic schedule and work way too many hours.

– That’s not the best way to make money by any means, it’s just one way.

– But the rosy economic factors that are fueling demand for care can vanish.

– And where will that leave you?

– My new book, Rise UP! The Keys to Ultimate Dental Practice Success, provides the knowledge and strategies you need to thrive …

– … No matter what happens, and without working yourself half to death.

– You’ll learn how to take, hold, and profit from the high ground in your market.

– That’s where you find better dental patients who represent far greater value to your practice than what you’re getting now.

– Dr. David Moffet of theultimatepatientexperience.com was kind enough to write the foreword for my book.

– Here’s part of what he wrote.

– “I’m excited about this book, and I’m looking forward to seeing the growth of the dental offices that apply the principles and systems that are explained on the pages inside.

– “This book is a game-changer.

– “Read it once, and then reread it. Then read it again.

– “Highlight it. Write in it. Bend the corners of the pages.

– “But most importantly, use the information inside this book.

– “Put the ideas and concepts into action in your dental office.

– “These ideas are not theories. They are tried and proven.

– “You owe it to yourself and to your family to build the best possible dental office that you can.

– “And you owe it to the people of your community that they find out about you, because you are the best dentist around.

– “The ideas in this book will make sure that more people find you.”

– If you’re ready to take and hold the high ground in your market, visit ultimatedentalpracticesuccess.com to order your copy.

– It’s just $4.95 – I’ll cover the shipping and handling.

– Prosper in this booming economy and prosper even during the downturn that is coming.

– Like Dr. Moffet wrote, you owe it to yourself and to your family to build the best possible dental office you can.

– Join me for our next podcast.

– Until then, keep moving forward.

The post The Keys to Ultimate Dental Practice Success appeared first on SmartBox » The Patient Attraction Podcast.

The post The Keys to Ultimate Dental Practice Success appeared first on SmartBox » The Patient Attraction Podcas[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1179

The end goal of all your dental marketing should be to put patient butts in your chairs. From what dozens of dentists have told me, getting more new patients isn’t a problem. In fact, they’re practically swimming in patients. The vast majority of those patients, though, don’t provide much value to the practice. Here’s a secret: Too many better patients – who represent far greater value – call dental practices but are never appointed. SmartBox is doing something about that, and I’ll tell you how to appoint many more better patients after the break.

– Thanks for watching the Patient Attraction Podcast.

– I’m Colin Receveur, CEO of SmartBox.

– Every one of the thousands of dentists I’ve talked with swears that their front office does a great job appointing new patient callers.

– SmartBox has the hard data to show that’s not true.

– For an entire quarter, we recorded every single incoming call to all our dentists at a particular service level.

– Then we carefully analyzed those calls.

– The results were shocking.

– In many cases, fewer than 30 percent of callers were appointed.

– More calls went unanswered during business hours than were answered.

– Many callers who could have been appointed weren’t because of poor phone technique by the front office.

– Many calls were answered, but the callers hung up after being placed on hold for too long.

– Now, you’re probably thinking, “That doesn’t happen at my practice!”

– How would you know?

– You’re spending your very crowded and very rushed days in operatories, not hanging out in the front office.

– I’m not saying anything against your staff or anyone else’s.

– I’m sure they’re great people doing the best they can.

– But every new patient caller who isn’t appointed is a total waste of your marketing investment.

– Even worse, you’re losing out on the high case value of the better patients in your market.

– Those are patients who don’t much care about price, insurance, or discounts.

– They can and will pay more for the right dentist.

– They tend to be fiercely loyal to the dentist they choose, which means high lifetime value to your practice.

– And they’re slipping away over the phone.

– Like I said, we decided to do something about this problem, and our Patient Attraction Phone Training and Certification course was born.

– Our proprietary, self-paced, dental practice-specific training is light years ahead of generic customer service training.

– SmartBox’s online training program incorporates everything your staff needs to become new patient-appointing powerhouses.

– Dr. Travis Watson of Marietta, Georgia, is a big fan.

– He said, “We have had tremendous results from working with SmartBox and Colin.

– “It has been fun.

– “The relationships we’ve formed have been great.

– “The favorite things that have kept me excited is the fact that we can monitor the calls coming in, listen to the calls, and really help our front desk grow in terms of verbal skills.

– “Because it’s one thing to get the calls, but you’ve got to convert those calls.

– “That has helped me coach my team a little better.”

– You can stop losing better dental patients over the phone.

– Our Patient Attraction Phone Training & Certification is available as one of our amazingly affordable Practice Perfection Suite products.

– For more information, email us at [email protected] or call 502-509-1413.

– Better dental patients are out there in your market.

– Make sure that every last one is appointed when they call your practice.

– Better dental patients are the key to working less, earning more, and enjoying life again.

– Join me for our next podcast.

– Until then, keep moving forward.

The pos[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1178

Have you ever heard this old joke? One guy asks, “How goes the rat race?” The other guy says, “I think the rats are winning.” I don’t think that dentistry is supposed to be anything like a rat race, but it sure seems to be for way too many dentists. They’re running between rooms trying to keep up with a ridiculously busy schedule. And the “cheese” isn’t even all that good. Those dentists are working too hard for too long for too little. When we come back, I’ll tell you how to drop out of the rat race for good. Stay tuned.

– Thanks for watching the Patient Attraction Podcast.

– I’m Colin Receveur, CEO of SmartBox.

– I think it’s safe to say that the U.S. economy has recovered from the Great Recession.

– Numbers are up overall while unemployment is nearing record lows.

– With this ongoing boom, more and more people are looking for dental care.

– That sounds great until you consider what the vast majority of prospects want.

– They want the least amount of care at the lowest price.

– And they want the lowest price because, despite recent small gains, wages have been pretty much flat for more than a decade.

– People are working, but they can’t afford a lot of dental care because the cost of dental services has far outgrown their ability to pay.

– Crowds of low-value patients pretty much define the dental rat race … with bad cheese.

– The dentists I talk with tell me they’re practically running from room to room.

– They’re not just booked, they’re overbooked.

– A lot of practices have extended their hours or even remained open an additional day to cope with the flood.

– So they’re working too hard for too long for too little in return.

– This is a lousy way to run a dental practice – unless you have no outside life.

– Dr. Scott Watterson of Jackson, Michigan, has a life, and he wants to focus more on that.

– He said, “I have 4 kids and a wife and we’re all busy, but sometimes being busy practicing dentistry is not what I want to be busy doing.

– “I coach soccer, I am involved with my kids’ lives, I value my marriage, and we spend a lot of time together, but not enough.

– “And so, at the end of the day, at the end of life, I want to be able to look back and say I spent the time I needed to with those that mattered most.

– “I feel SmartBox is going to make a big difference in my practice moving forward.

– “And so, that’s what my goal is.”

– Does that sound like a pipe dream to you?

– If so, I understand.

– You’re probably too caught up in the rat race to look up and see that there’s more out there.

– There’s an old saying – when you’re up to your butt in alligators, it’s hard to remember that your original intention was to drain the swamp.

– So, we’ve got rats, and alligators, and dentists who are half killing themselves for not enough in return.

– Enough, already.

– Let’s end this.

– SmartBox provides a steady stream of better patients to our doctors so they can focus on doing the dentistry.

– But they get to do the dentistry on many more better patients.

– Those are patients with the ability and willingness to pay more for the right dentist.

– Better patients make up about 30 percent of most markets, so it’s not like there’s a shortage.

– With better patients providing much higher average case value, you don’t have to work nearly as hard to make more money than you are now.

– And that gives you time for living and enjoying life.

– If you’re ready to quit the dental rat race, here’s what you need to do.

– Visit smartboxdentalmarketing.com and reserve your free, no-obligation Practice Discovery Session.

– We’ll schedule a 25-minute phone call with you at a convenient time.

– The results from that call will allow us to create yo[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1177

Let’s face it– conspiracy theories are all over the internet. But every so often, something happens to show that there’s substance behind some of the accusations. It turns out that, according to the Federal Trade Commission, the three biggest vendors in dental products engaged in a conspiracy against small dental practices. If you’ve wondered why your costs for materials and products were so high, this might explain part of it. As a solo or small group practice, you don’t have the pull to prevent something like this from happening again. But you can make the cost of supplies pretty much irrelevant to your success. I’ll be back after the break to tell you how. Stay tuned.

– I’m Colin Receveur, CEO of SmartBox.

– Thanks for watching the Patient Attraction Podcast.

– I’m a business owner like you, and the thought of companies conspiring to drive up my costs makes me see red.

– Here’s what the FTC in February 2018 alleged against the 3 largest dental products distributors in the U.S.

– These companies – Benco, Henry Schein, and Patterson – control some 85 percent of the distribution of dental supplies, equipment, and services.

– The complaint alleges that the 3 companies entered into an agreement to withhold discounts from certain buying groups and to not compete for those groups’ business.

– Those groups were composed of solo and small group practices.

– Without those discounts, those practices wound up paying more than they would have otherwise … practices like yours, most likely.

– There’s an additional allegation that Benco committed “invitation to collude” by repeatedly inviting Burkhart Dental Supply to join the conspiracy.

– Okay, enough with the news recap.

– Your practices and others like it have been shafted by big business.

– You’ve almost certainly paid more for products, supplies, and equipment than you should have had to.

– For small practices that don’t have great margins, those higher costs can be a big deal.

– Almost all dental practices advertise low prices, insurance acceptance, and discounts.

– And since almost all practices in a market do the same, there’s an ongoing price war.

– Price wars are bad for margins.

– High costs are bad for margins.

– Frankly, this is bad business.

– Hopefully, you and other dentists like you will be able to enjoy the discounts you deserve.

– But there’s no question that corporate dentistry and large group practices have advantages of scale that you’ll still struggle to match.

– So, how about we make the whole thing irrelevant?

– No, seriously – when your average case value is much higher, the costs of supplies and equipment is a minor factor in your success.

– The way you get higher average case value is by attracting better dental patients.

– Better patients make up around 30 percent of most markets.

– And they don’t care about low prices or discounts.

– Better patients actually have the discretionary funds and the willingness to pay more for the right dental expert.

– Don’t get thrown by the word “expert” – it doesn’t mean the same to patients as it does to dentists.

– Better patients are looking for a likeable, relatable, and trustworthy dentist to solve their dental problems.

– That’s a very different proposition from price-driven patients.

– Attracting better patients requires an integrated approach to all your online and offline marketing.

– You can’t simply tell prospects that you’re the right dentist for them; you have to show them in your doctor videos, social media, and blog.

– They need to hear it from other patients, too, and that’s known as social proof.

– There’s a lot more that goes into creating and maintaining an integrated approach to attracting better patients.

– It’s a big ask [...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1176

If you’re a fan of the old black-and-white films, you’ve probably seen a couple of the Keystone Kops movies. If you haven’t, long story short: Bumbling cops in uniforms run around frantically – even into each other – and suffer numerous mishaps, but eventually they get their man. What I hear from dentists these days is that their practices are beginning to resemble that old-time series. Dentists are running frantically between rooms because their schedules are ridiculously crowded. After the break, I’ll tell you how you can work less and earn more.

– Thanks for watching the Patient Attraction Podcast.

– I’m Colin Receveur, CEO of SmartBox.

– The great thing about a strong economy and low unemployment is that many more people are seeking dental care.

– That’s also the terrible thing about it.

– Dentists all over the country are suddenly swamped with patients.

– They’re drowning in patients, and they describe themselves as roller-skating between operatories trying to keep up.

– I can only imagine what it’s like in multi-dentist practices.

– It probably resembles the Keystone Kops at times.

– But while the patient numbers have soared, average case values haven’t.

– Do the math, and those dentists are working too hard for too long for too little.

– That’s the problem with volume practices.

– Dentists get all those patients because they advertise on low price, insurance, and discounts.

– In return, they get patients who represent low value to the practice.

– And with low prices and discounts, margins are very tight.

– Not only that, but many of those patients are one-offs with no loyalty to the practice.

– So those dentists keep marketing for more, low-value patients.

– It’s possible to make money that way, but it’s hard on the dentist and the staff.

– And it’s not nearly as much money as they could be making with better patients.

– Of course, some dentists like Dr. Michelle Haynes of Highlands Ranch, Colorado, have found the way to see more patients and make more money.

– She said, “Since we’ve been working with SmartBox, we actually have had a 30 percent growth or higher each year …

– “… which is pretty incredible, so we’re thrilled about that.

– “We’re busier than we’ve ever been and more profitable than we’ve ever been.

– “That’s what we want, right?”

– Busier than ever AND  more profitable than ever.

– She’s not accomplishing that through margin-slashing, low-price advertising that brings in price shoppers and one-and-dones.

– She’s getting better dental patients thanks to SmartBox – and one heck of a return on her investment.

– Here’s what else she said: “We love getting our reports monthly on just what our return on investment is with SmartBox.

– “We’ve been thrilled to see we average about 20 to 1 return on investment with our marketing dollars spent.

– “It was even as high as 50 to 1, so that has been pretty exciting to see just the growth we’ve been able to accomplish.”

– THAT is how you make money in dentistry.

– Not by working yourself to death on low-value patients.

– Not by running frantically between rooms.

– Not by working too hard for too long for too little.

– Since you’re still watching this podcast, something I’ve said has resonated with you.

– If you’re ready to change your practice from high-volume to high-quality, better patients, here’s how to get started.

– Go to smartboxdentalmarketing.com and reserve your free, no-obligation Practice Discovery Session.

– We’ll schedule a 25-minute phone call with you at a convenient time.

– The results from that call will allow us to create your completely personalized Patient Attraction Roadmap.

– Your free, no-obligation Roadmap will give you recommen[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1175

Dental competition is at an all-time high. Record numbers of corporate practices, large group practices, and individual practices are all competing for the same prospect pool in every market. In spite of that, dentists report being overwhelmed by the sheer number of patients seeking dental care. That brings up a question: what are the greatest challenges you face in your practice? When we come back, I’ll report on what dentists across the country are facing and how they’re rising to those challenges.

– I’m Colin Receveur, CEO of SmartBox.

– Thanks for watching the Patient Attraction Podcast.

– “Dentist” is consistently ranked as one of the 2 best professions.

– That ranking is based on working conditions, work-life balance, and earning potential, among other factors.

– But if you talk with a lot of dentists like I do, you’d be hard-pressed to believe that dentistry is all that great.

– The dentists I talk with describe themselves as being on roller skates, rushing between rooms trying to keep up with jam-packed schedules.

– They’re doing a huge amount of routine exams, drill and fills, and maybe a crown once in a while.

– They’re staying open longer and even on more days to try to meet the demand.

– And they’re very, very tired.

– To be sure, the  younger dentists are holding up better than their more experienced peers.

– But that kind of schedule is hard on anybody.

– Now, if these dentists were making a lot of money, it might all be worth it.

– But you know what?

– They’re not making anywhere near what they should be for all that hard work.

– Insurance is a big reason why dentists’ average case value isn’t all that great.

– Patients come in looking for only the care that insurance will cover.

– And with dental insurance companies shifting costs to patients, the policies cover less and less.

– I’m sure it’s not news to you that dental insurance reimbursements are dropping.

– And all that insurance billing eats up huge amounts of staff time.

– Beyond insurance, practices are competing for prospects who are basically driven by price and convenience.

– Price wars between dental practices are very common, with one dentist undercutting another’s price only to be undercut by another practice.

– Trying to offer the lowest price cuts margins to the bone.

– So, to sum up what I hear from dentists all over the country – dentists are working too hard for too long for too little.

– Some of them are wearing out, or afraid that they will.

– And they’re bored, which may be the worst part of what’s going on right now.

– The patients they’re seeing require only a fraction of their expertise.

– Those dentists aren’t feeling professionally gratified.

– They just feel like they’re in an endurance contest.

– If any of this resonates with you, it’s time to make some changes.

– Dentistry doesn’t have to be this way, but to make dentistry everything it should be, you’ll need to change your marketing approach.

– You need better dental patients.

– Just ask Dr.  Kevin McMahon of Edgewood, Kentucky.

– He said, “When I saw SmartBox, I said, ‘Hey, that’s cool.

– “‘They do it all.

– “‘They’ll do my website, they’ll do my Google AdWords, they’ll do my organic search, follow up with me, they’ll meet with me.’

– “I liked that aspect of it.

– “I’m being more productive in things that I’m doing.

– “I’m moving toward the larger cases, implants, things like that, and have associates do other work.”

– What SmartBox has helped Dr. McMahon achieve, we can help you achieve.

– If you’re ready to change the model for your practice – from high-volume to high-quality patients – here’s your first step.

– Visit smartboxdentalmarketing.com and reser[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1174

Here’s a memorable quote from Dr. Michael Abernathy, the founder of Summit Practice Solutions: “If you’re not working towards something that’s going to give you freedom, what in the world are you working towards? I’ll tell you: MORE WORK. There’s a better way. You just need the blueprint to build it.” After the break, I’ll tell you the blueprint for dentists succeeding on their own terms, regardless of their practice goals. Stay tuned.

– I’m Colin Receveur, CEO of SmartBox.

– Thanks for watching the Patient Attraction Podcast.

– When did dentistry stop being fun, and why?

– When did dentists start rushing between operatories seeing way too many routine patients?

– If you feel like you’re on a treadmill going nowhere, you have a lot of company.

– Most dentists these days are working too hard for too long for too little.

– That’s the result of a “me too” marketing approach.

– Dentists tend to market based on low price, specials, discounts, and dental insurance.

– There are a number of problems with that approach.

– One is that it gets you into a price war with your competitors.

– That keeps driving down prices, which shaves your margins to the bone.

– Another problem is that it typically gets you low-value prospects with no loyalty to your practice.

– That keeps you spending more on marketing to replace them.

– Traditional dental practice marketing keeps you working too hard for too long for too little.

– Yeah, that’ll take the fun out of dentistry and keep you running between rooms.

– So, that’s how dentistry arrived at this sad state of affairs.

– How’s it working out for you?

– Hopefully, you’re happy, fulfilled, and optimistic about the future.

– Hopefully, you’re able to work at a relaxed pace and on cases you enjoy.

– Hopefully, you have time and energy for family, friends, and yourself.

– Or are your days pretty much the same old, same old?

– Are your days filled with routine, low-value, and simple cases?

– Are you feeling chained to your practice and wondering how long you’re going to be able to keep going?

– Dentistry is too good a profession to be this bad.

– The way to make dentistry everything it should be is to retarget your practice marketing.

– In almost every market, around 20 to 30 percent of dental prospects just don’t care about what you’re advertising.

– These better prospects aren’t driven by price, insurance, discounts, or specials.

– They’re looking for something different – the right dentist for them.

– Better patients have the ability and willingness to pay more for the dentist they choose.

– As a group, better patients tend to be very loyal to a dental practice.

– Their lifetime value to your practice is many times what you get from price shoppers and one-and-dones.

– With better patients in your chairs, you can work less, earn more, and enjoy life.

– Dr. David Porter of Gillette, Wyoming, has a particular goal in mind with his marketing.

– He said, “My expectations are certainly changing often, but really, I want flexibility.

– “If I want to practice less days per week, which I think at some point I will, I believe SmartBox is going to be able to help me do that.

– “If it’s to bring on some type of an associate, I think that SmartBox is going to be able to help me in that direction as well.

– “It’s really helping me gain control of what I want to do rather than things being dictated to me.”

– Flexibility and choice – those sound like good things for you to have.

– SmartBox will help you get there.

– We provide a steady stream of better patients so our doctors can focusing on doing the dentistry.

– And SmartBox dentists can do a lot more of the cases they really enjoy.

– T[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1173

Are you bored with doing mostly routine exams and drill and fills? I don’t blame you. You completed 4 long years of dental school and made a huge financial investment to become the skilled professional you are today. There’s more to dentistry than routine cases, and the cases you love to handle should be part of your everyday practice. When we come back, I’ll tell you how to put the challenge and fun back in dentistry. Stay tuned.

– Thanks for watching the Patient Attraction Podcast.

– I’m Colin Receveur, CEO of SmartBox.

– Dentistry has turned into a numbers game for the vast majority of dentists.

– It’s become more about how many patients you see than about how much you make from each visit.

– Numbers games are fine for machines.

– Automated factories can crank out vast numbers of widgets.

– But you’re not a robot, you’re a flesh-and-blood human being.

– Most of your working parts can’t be replaced.

– And bending over the chair hour after hour can take a heavy toll on your back and neck.

– Not to mention that routine cases are boring and use a fraction of your talents.

– I’m not running down routine dental care.

– But it’s about like hiring a Nobel Laureate to write limericks.

– Dentistry should be more than an unending daily grind.

– Some dentists have found the way to make dentistry everything it’s supposed to be.

– One of those dentists is Dr. Ron Receveur of New Albany, Indiana.

– By way of full disclosure, he’s a SmartBox client and my dad.

– Ron had a general practice for many years, but he got tired of the daily grind.

– He spent considerable time and money to find the right ways to make the transformation from routine dental practice to specialty practice.

– He has an associate who handles the general practice side of things, but Ron only works 3 days a week.

– And he handles only the cases he loves to do – dental implants and consultations.

– The practice increased its collections from $1.8 million to $3.4 million in just 4 years.

– He can’t wait to get into the office  on workdays, and he’s usually done by 3 p.m.

– How does that compare with your workweek?

– Now, you might think that Ron is a special case, and that’s right to some extent.

– But he’s decided to share the secrets of how he became the relaxed, happy, fulfilled dentist he is today.

– In conjunction with SmartBox, Ron presented his first Dental Practice Transformation Seminar in May in Louisville, Kentucky.

– The event was more than a success – it was packed with dentists eager to get out of the dental rat race.

– This wasn’t a one-off event.

– Ron Receveur is presenting his Dental Practice Transformation Seminar again in the fall.

– The details are still being worked out, but I’ll keep you posted.

– The reason for telling you about Dr. Ron is to make this point.

– The path to success on your own terms is getting better dental patients.

– I mentioned that Ron is a SmartBox client.

– Here’s what he had to say about working with us.

– “The number of visits to my website is down during the time that I’m collecting a lot more money …

– “… so we’ve extrapolated that information from more visits, less money to less visits, higher-quality patient, more collections. It’s working.”

– Whether you transform your practice into something resembling Ron’s or just want to do more of the cases you love, you need better dental patients.

– SmartBox provides a steady stream of better patients to our dentists.

– They get to focus on actually doing the dentistry rather than riding herd on their practice marketing.

– It’s a success formula that has helped more than 550 dentists on 3 continents succeed on their own terms.

– Your path off the den[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1172

Back in the day, dentists who were ready to retire or move on could count on selling their practices for multiples of earnings. Those days are gone, and they’re not coming back. If you’re counting on the sale of your practice to fund your retirement, you’re in for a rude awakening. After the break, I’ll tell you why dental practices aren’t selling like hotcakes and the best way to safeguard your retirement. Stay tuned.

– I’m Colin Receveur, CEO of SmartBox.

– Thanks for watching the Patient Attraction Podcast.

– There are more dentists practicing now than at any other time in U.S. history.

– Given that there are numerous areas of unmet need, this next statement might sound strange.

– But dental practices are a glut on the market.

– No, seriously – the sheer number of private, group, and corporate practices has changed the dynamics of selling a dental practice.

– Back in the day, the number of available practices was far lower, so sale prices were much higher.

– Today, it’s common for practices to sell for 70 percent or less of earnings.

– Your $3 million practice is worth maybe $2.1 million at sale.

– That probably isn’t the kind of retirement you planned.

– So if earnings aren’t the key to a fulfilling retirement anymore, what is?

– It’s making more money now and investing for your retirement.

– You might be thinking, I’m already slammed with patients and practically on roller skates rushing between rooms.

– How am I supposed to make more money than I’m making now?

– There’s a 2-word answer to that question: better patients.

– Better patients make up at least 20 to 30 percent of almost every market.

– These are prospects who have the discretionary income to pay more for the right dentist.

– They represent much higher lifetime value to your practice than what you’re getting now.

– With better patients, you can work less, earn more, fund your retirement, and enjoy life while you’re getting there.

– Does that sound too good to be true?

– Not according to Dr. Sean Hanson of Salem, Oregon.

– He said, “I will be able to spend more time away from the office, and that’s really my biggest thing.

– “Ultimately, I can go and take a week vacation with my kids and take them to Europe or go somewhere farther away than just California.

– “That is ultimately the goal: that I’m not spending my 40s and 50s slaving away doing dentistry.”

– Dr. Hanson is positioned to enjoy the day-to-day practice and getting himself set for retirement because he partnered with SmartBox.

– SmartBox provides a steady stream of better patients so our dentists can focus on doing the dentistry.

– If you’d like to enjoy life as well as the practice of dentistry while preparing for a very comfortable retirement, here’s your first step.

– Go to smartboxdentalmarketing.com and reserve your free, no-obligation Practice Discovery Session.

– We’ll conduct a 25-minute phone call with you.

– We’ll take the results from that call to create your completely personalized Patient Attraction Roadmap.

– The free, no-obligation Roadmap will give you recommendations for thriving in spite of the competition in your market.

– It’s yours to use however you wish.

– The time to take action to secure your retirement is now.

– Don’t gamble on selling your practice to fund your retirement.

– Put your practice on a better-patient footing with SmartBox.

– Join me for our next podcast.

– Until then, keep moving forward.

The post Don’t Count On Your Dental Practice To Fund Your Retirement appeared first on SmartBox » The Patient Attraction Podcast.

The post Don’t Count On Your Dental Practice To Fund Your Retirement appeared first on SmartBox » The Patient Attraction Podcast.[...]

Having trouble watching this video? Click here.

Patient Attraction Episode 1171

When it comes to necessary evils, dental insurance is high up on the list. That’s not to say that dental insurance is bad – it allows many patients to get care that they might not be able to afford otherwise. But insurance is the bane of many dental practices, tying up too much staff time, producing too much frustration, and acting as a limiting factor on the care that patients can receive. Here’s the question, though: Do dentists really have to accept insurance? I’ll be back after the break to provide the definitive answer. Stay tuned.

– Thanks for watching the Patient Attraction Podcast.

– I’m Colin Receveur, CEO of SmartBox.

– What’s the first question from your new patient callers?

– Odds are that first question is, “Do you take my insurance?”

– How did dentistry come to this?

– Part of the reason is that wages haven’t kept up with price increases in the industry.

– By one estimate, the costs of dental care have risen twice as fast as inflation.

– Wages following the Great Recession were flat or even decreased.

– So the gap increased between the cost of dental care and patients’ ability to pay.

– Dental insurance fills part of that gap but at a cost to both patients and dental practices.

– How many hours a week does your staff waste dealing with insurance snafus or outright denials?

– How much time do you spend on the phone appealing a denial or correcting an insurance company’s misinformation?

– And what do you get out of accepting dental insurance?

– You get price shoppers and one-and-dones, for the most part.

– You get patients who only want to pay for the care that insurance will cover.

– You get to run between rooms because your schedule is jammed with low-value patients.

– But that’s what you have to do if you’re going to make any money.

– Look, you’re a highly trained, highly skilled doctor of dental surgery or doctor of dental medicine.

– WHY are you living like this?

– Probably because, like most other dentists, you believe this is the way it has to be.

– But it doesn’t have to be this way, and it shouldn’t.

– Let’s change the model.

– In almost every market, there are significant numbers of dental prospects who have the ability and willingness to pay more for the right dentist.

– That number is as high as 30 percent in some markets.

– That’s a huge pool of better dental patients who don’t much care about insurance acceptance or low price.

– Getting a higher number of better patients through your doors can do wonders for your average case value.

– Just ask Mitchel Friedman of Lincroft, New Jersey.

– He had this to say about working with SmartBox:

– “Our case size was $2500 per new patient.

– “Since SmartBox, it has quickly grown to now $3100.”

– And Dr. Thomas Feder of Belleville, Illinois, added this.

– “Our average case value has increased.

– “People are coming in looking for dentures and implants.

– “The practice is now overwhelming our dental lab.”

– What could you do with a 20, 30, or 40 percent bump in your average case value?

– Why, you could work less and earn more than you’re earning now.

– You could quit running from operatory to operatory.

– You could stop the hassle of dealing with insurance companies.

– You could even arrange to have some time away from the practice.

– So, declare your independence from dental insurance.

– SmartBox will help you make that happen.

– We provide a steady stream of better dental patients so our doctors can focus on doing the dentistry.

– Get started by visiting smartboxdentalmarketing.com and reserving your no-cost, no-obligation Practice Discovery Session.

– It’s a 25-minute phone call that results in a completely personalized P[...]