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PUW 17
Practice Under Water | Mystery Guest "Tom" Part I
Don't Ride the High of New Practice Ownership
Tom acquired a practice last January. And it's tempting to sit back and enjoy the momentum. But George sees key factors that have been ignored: If Tom doesn't improve his new patient flow and keep his front desk accountable for reappointment rates, then his new acquisition will never be sustainable. Luckily, our guest Tom is an excellent clinician; excited to set himself up for the long game.
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PUW 16
Practice Under Water | Mystery Guest "Nathan" Part II
More Money, Less Happiness
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made, and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to plunge into our interview with our returning mystery guest, who we call "Nathan." He has owned his practice for a touch over four years that has seen steady organic growth; however, he is starting to have burnout, and he is looking toward Matt and George for advice on what his next step should be within the realm of mindset and metrics.
Digging in, we find out that Nathan is taking the path of least resistance when he needs to make decisions about his dental practice, mainly when he looks at his income and feels he is doing "OK." Nathan does not delegate well, which trickles down through his employees and results in his lack of leadership. This flies in the face of his goal, which is to bring on an associate.
George also learns that Nathan is feeling rushed when he is working, and this negatively affects his treatment plan. George asks Nathan what stands out in his numbers - Nathan immediately realizes the fillings to crown ratio is way off, and his diagnosis percent is meager. George gives Nathan advice about how to move forward with his treatment plan and what services he needs to maximize based on his metrics.
Listen in to find out how Matt jumps into Nathan's mindset and how to empower his staff to diagnose and how to diagnose comprehensively when presenting treatment to patients. Matt and George point out Nathan's low hanging fruit, such as calibrating his hygienists, which he can perform more efficiently or delegate to other staff members.
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PUW 15
Practice Under Water | Mystery Guest "Nathan" Part I
More Money, Less Happiness
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made, and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to plunge into our interview with our new mystery guest, who we call "Nathan." He contacted us because he is a fan of our show. He found his practice through his wife, who is an orthodontist. A dentist asked her if she knew anyone who is looking to buy a practice, Nathan had been thinking about buying a practice, and dove into the opportunity in 2015. The staff of the dental practice accepted Nathan as the new owner; therefore, he did not have to make significant staff changes in his new business. The former owner referred out endodontics and oral surgery, which Nathan knows how to do, so these two procedures were quickly added to his repertoire of offerings.
Nathan has owned his practice for a touch over four years that has seen steady organic growth; however, he is starting to have burnout set in, and he is looking toward Matt and George for advice on what his next step should be within the realm of mindset and metrics.
Digging in, we find out that Nathan does not have a clear picture of his metrics, creating a sense of "feeling lost" about his dental practice. He came to the show to take away nervous pain points about bringing in another doctor to the practice. Nathan wants to know the tangible numbers he needs to reach to bring another doctor into his practice. He has nearly doubled the income of his practice since his initial purchase in 2014.
George also learns that Nathan wants to practice three days a week and work on the business one day a week with an associate on board. He wants to add specialty offerings to his practice, but still have a personal feel to his office. In addition to adding staff, Nathan feels that he needs a mindset change, even though his revenue has increased every year.
Listen in to find out how Matt jumps into Nathan's mindset stumbling blocks, his quality of life, and how he can balance his lifestyle, workload, and grow his business to his goal numbers.
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PUW 14
Practice Under Water | Mystery Guest "Jim" Part II
At the Brink of Practice Extinction
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made, and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to plunge into our interview, part II with our returning mystery guest, who we call "Jim." He contacted us out of desperation with his new start-up practice quickly going downhill and bleeding out at the rate of around $10,000 per month, with maxed-out credit cards, no savings, and no working capital! Jim is the textbook example of what NOT to do when you start your start-up: excessively spend on equipment, buildout, and leave yourself with no capital to run your business.
Digging in, we find out that Jim is not well-trained in any dental specialties - even Invisalign. A walk-in customer came in and purchased his membership package, paid cash, and asked for this treatment. George discusses how he can handle patients who are looking for treatments outside of Jim's repertoire.
George also learns that Jim doesn't have a good idea of how to approach patient care or how to consult patients. George encourages Jim to get out of his comfort zone one step at a time. George suggests treatment philosophy confidence for Jim, especially when he has comfortable customers and more clinical time available.
Listen in to find out how Matt jumps into Jim's skills and what he can easily add to his clinical toolbox to boost his monthly income to get him out of his financial storm. Find out how George encourages Jim to let go of his fear and being more focused on what he spends his time and energy on his business.
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PUW 13
Practice Under Water | Mystery Guest "Jim" Part I
At the Brink of Practice Extinction
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made, and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to plunge into our interview with a new mystery guest, who we call "Jim." He contacted us out of desperation with his new start-up practice quickly going downhill and bleeding out at the rate of around $10,000 per month, with maxed-out credit cards, no savings, and no working capital! His business is so slow, Jim has only had one crown in the first five months. Jim contacted Matt a couple years ago, Matt looked at his numbers, and his numbers looked great to start-up a new practice, based on the demographics of the area.
Digging in, we find out that Jim's biggest concern is his debt load. He took out personal credit card debt to get "fancy equipment" he wanted for his brand new practice. Jim didn't want to "spend too much time thinking about what is best and what I needed," which is evident in his practices. He admits to "just signing on the dotted line" when equipment reps would offer him a new tool to buy.
Matt finds out Jim's breakdown of outstanding debt: $260,000 of student loans, a start-up loan of $520,000, borrowed $50,000 to supplement his start-up loan, and $100,000 in personal credit card debt for a total of right below $1million in debt.
Matt also learns that Jim doesn't have a good idea of what his actual numbers are in his practice and hasn't front-loaded his numbers to find out what his budget is and what he can and can't spend money on right now - or even when he was starting his new practice. Jim hasn't kept any metrics to date and isn't sure how much he is bleeding out every month. His estimate of monthly costs to stay above water is around $20,000. With only averaging 20 new patients per month, Jim understands he needs to have more patients to, at a minimum, survive. He is currently working two days a week at an associateship to keep his business afloat. Although he does not like working there and would rather spend his time at his office, he isn't sure what he should do to make this goal happen.
Listen in to find out how Matt jumps into Jim's numbers, including his hours in his business and his calls to scheduling ratio. Find out how Matt's outside perspective can get Jim's business in shape and influence Jim to be more focused and intentional with his energy and how he is investing himself and his time in his practice.
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PUW 12
Practice Under Water | Mystery Guest "Doug" Part II
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made, and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to plunge into Part II of our interview with our mystery guest, who we call "Doug." He contacted us to figure out what types of analytical information our team could find about his practice. Doug wants an outsider opinion and a "bird's eye view" on his practice. Listen to episode 11 to find out the background behind Doug's background on enjoying his journey, how he is trying to move forward with his new practice and guilt around his missing goals.
Digging in, we find out what Doug would like to do with his practice, and we look at his metrics to see how he can get there. Matt finds out that Doug has the second-highest Google reviews in his town at 250 reviews by using Swell and having his staff ask for reviews.
Matt finds out that Doug wants to learn how to track marketing ROI. Doug doesn't have the bandwidth to follow-through with these metrics. He struggles with not knowing how his marketing money is working, but he continues to spend money on marketing because he is bringing in new clients. Is his PPC really making sense from an ROI standpoint? Matt brings in a checklist of quick and easy things to derive some basic numbers from his ROI without putting in a lot of time to be more intentional about his marketing time.
Listen in to find out how Matt jumps into what Doug is including and excluding in his financial numbers to drop down his overhead and become a more efficient practice. Matt walks Doug through his numbers and gives Doug a solution to underproducing in his practice so that Doug can intentionally put into action the elements which will bring him to his numbers goal.
Interested in 1-on-1 coaching?
To get today's practice Practice By Numbers dashboard snapshot, click the following link:
https://pages.convertkit.com/f0d9fa2c7e/891325bc90
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PUW 11
Practice Under Water | Mystery Guest "Doug" Part I
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to interview a new mystery guest, who we call "Doug." He contacted us to figure out what types of analytical information our team could find about his practice. Doug wants an outsider opinion and a "bird's eye view" on his practice.
Digging in, we find that Doug started out in a medicare office, which he totally disliked. He then moved onto running a couple different associate offices, then bought a practice, which he has now owned for two years. At the time of purchase, the practice was pulling in $1.8 million. He would like to grow his business from 2500 patients to 3000 patients by cutting three insurance groups. His priority goal is to drop three insurances, as he wants to increase the quality and increase the amount of billing per patient. Doug has three full-time hygienists and full office staff. Doug would like to move from working five days to working three days. He finds creating continuity and having all his systems in order a bit hard in his office. His end goal is to work more with sleep apnea, implants, and reconstruction. Doug is currently not using any software to look at his numbers.
Matt finds out that Doug wants to open up time to have more free time, as now he feels like he is pushing too hard, and money isn't necessarily going to make him happy. The practice is more profitable, even though he is making less gross income. Doug has paid off over $300,000 in student loans to date. He looks at other practices and feels that the "grass is always greener" because other practices have so much going on. Doug also doesn't take the time to celebrate for himself.
Listen in to find out how Matt digs into Doug to find out why he is making excuses for his inaction. Matt walks Doug through his commitments, questions about how he feels about his practice, and what he can do to accomplish his goals.
Interested in 1-on-1 coaching?
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https://shared-practices.ck.page/24dcd189db
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PUW 10
Practice Under Water | Mystery Guest "Liam" Part II
Interested in 1-on-1 coaching?
To get today's practice Practice By Numbers dashboard snapshot, click the following link:
https://pages.convertkit.com/f0d9fa2c7e/891325bc90
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to interview a new mystery guest, who we call "Liam." Liam wanted to give back to the podcast world, which is the main reason he decided to come onto the show today. Liam is 40 and has just purchased his first practice. He waited a long time as he went through several residencies and fellowships. In GPR, he found that he liked surgery and implants. He worked in perio, inside a fellowship, until he was $400,000 in debt.
Our mystery guest Liam is a specialist and realized how isolated he would be in periodontics and didn't want to be dependent on others for his income. He did enjoy pairing up and learning specialty skills from other professionals and students. Liam and I compare the traditional educational route and getting a dental degree with CE's.
Liam tells Matt his journey to buying a general practice office. He started in 2011 and was newly married. His wife was a medical student and ranked in a different state for her medical school fellowship. Liam decided to take a position in practice with a path to ownership, but he decided to leave to be with his wife in medical school.
Liam and his wife eventually found a place to call home where he found a position in practice doing implants. The owner had medical issues, and unannounced to Liam was trying to sell the practice while he was working there. This practice was losing $10,000 a month at this point, and the owner offered to sell the business to Liam. Liam called George (from our podcast) and was told not to buy this practice.
Digging in, Liam found that the area around the practice was a high-income area and he was the only periodontist in town. The practice was making $550,000 yearly, and previously was making over $1 million. The owner talked to Liam and offered him his practice for $325,000; however, the bank wouldn't give him the loan. Liam's accountant said the practice was worth $250,000. After 6 months, the owner sold the practice for $225,000.
This year, Liam is on track to do $1million! Since the practice is a GP, he uses referrals from orthodontics and other general dentists for specialty cases.
Listen in to find out how Matt and Liam figure out what metrics he needs to improve or correct to make his practice more efficient, where he wants his practice to go and how he wants to grow his practice.
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PUW 9
Practice Under Water | Mystery Guest "Liam" Part I
Interested in 1-on-1 coaching?
To get today's practice Practice By Numbers dashboard snapshot, click the following link:
https://pages.convertkit.com/f0d9fa2c7e/891325bc90
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to interview a new mystery guest, who we call "Liam." Liam wanted to give back to the podcast world, which is the main reason he decided to come onto the show today. Liam is 40 and has just purchased his first practice. He waited a long time as he went through several residencies and fellowships. In GPR, he found that he liked surgery and implants. He worked in perio, inside a fellowship, until he was $400,000 in debt.
Our mystery guest Liam is a specialist and realized how isolated he would be in periodontics and didn't want to be dependent on others for his income. He did enjoy pairing up and learning specialty skills from other professionals and students. Liam and I compare the traditional educational route and getting a dental degree with CE's.
Liam tells Matt his journey to buying a general practice office. He started in 2011 and was newly married. His wife was a medical student and ranked in a different state for her medical school fellowship. Liam decided to take a position in practice with a path to ownership, but he decided to leave to be with his wife in medical school.
Liam and his wife eventually found a place to call home where he found a position in practice doing implants. The owner had medical issues, and unannounced to Liam was trying to sell the practice while he was working there. This practice was losing $10,000 a month at this point, and the owner offered to sell the business to Liam. Liam called George (from our podcast) and was told not to buy this practice.
Digging in, Liam found that the area around the practice was a high-income area and he was the only periodontist in town. The practice was making $550,000 yearly, and previously was making over $1 million. The owner talked to Liam and offered him his practice for $325,000; however, the bank wouldn't give him the loan. Liam's accountant said the practice was worth $250,000. After 6 months, the owner sold the practice for $225,000.
This year, Liam is on track to do $1million! Since the practice is a GP, he uses referrals from orthodontics and other general dentists for specialty cases.
Listen in to find out how Matt and Liam figure out what metrics he needs to improve or correct to make his practice more efficient, where he wants his practice to go and how he wants to grow his practice.
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PUW 8
Practice Under Water | Mystery Guest "Rock" Part II
Interested in 1-on-1 coaching?
To get today's practice Practice By Numbers dashboard snapshot, click the following link:
https://pages.convertkit.com/f0d9fa2c7e/891325bc90
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to give you differing opinions about our mystery guest Rock and how he should move forward in their practice. George believes he is going to win on this episode, so let's see how well he fares in this instance!
Our mystery guest Rock is very different from our other guests as he only purchased his practice a month ago. He has boiled down his vision where he wants to go in his practice, and besides that, he is a long-time listener and fan of Shared Practices and Practice Under Water. Yes, we are blushing!
In PUW 01-07 Part I, Rock tells Matt his history and how he has come into his space. Rock started off working at a community practice, and at this job, he was forced to expand clinically and wear many hats as a specialist wasn't always around. In his new practice, he found that he is more on cruise control, referring patients out for different procedures.
Rock's new practice consists of six operations with two full-time hygienists, bringing in around $1.5 million per year. He feels that overhead is a bit high, however; many team members have been there for over a decade, which factors into the high overhead.
Digging in for Part II, Matt finds that Rock's practice reminds him of his own office, which isn't very common. Rock felt like he only had one choice for his practice journey until he came onto the show and talked to Matt. Rock tells the history of the practice he purchased, including the office having four doctors practicing at that one location. At present, there is a loss of clients per month.
We review his metrics, including his recall and re-appointments, which are excellent. Rock has a very stable patient base; however, 27% are overdue for a cleaning. The office is only seeing about 20 to 30 new patients per month, which is not enough to keep his patient base steady. This may be the main reason why the practice declined.
Listen in to find out how Matt and Rock figure out what metrics he needs to improve or correct to make his practice more efficient, including associate turnover and operational efficiency.
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