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Patient Attraction Episode 1244

– 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 for busy dental practices.

– Dr. Jonathan Gilbart of Hagerstown, Maryland, knows this.

– He said, “I’ve had different companies in the past.

– “They’re good at this, they’re good at that, but they don’t put it all together.

– “I don’t have time to put it all together.

– “I want to focus on my patients and focus on what their needs are.

– “I like to tinker with the stuff, but to be honest, I’m not that great at it.

– “So, I wanted to find a company that could do everything, as far as marketing, for me.

– “I decided to make the leap of faith, and I’m glad that I did because I’ve been very happy with SmartBox …

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