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Navigating Business Models in Dentistry · The Millionaire Dentist™

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  Speaker 1: Hello everyone, Welcome to the Millionaire Dentist Podcast, brought to
• 0:07
  Speaker 1: you by four Quadnans Advisory. On this podcast, we break
• 0:11
  Speaker 1: down the world of dentistry, finances and business practices to
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  Speaker 1: help you become the millionaire dentists you deserve to be.
• 0:17
  Speaker 1: Please be advised we do speak with an honest tongue
• 0:19
  Speaker 1: and may not be safe for work.
• 0:24
  Speaker 2: Hello and welcome. This is Casey Hires back at the
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  Speaker 2: Millionaire Dentnist Podcast in studio with co host Jared Bridgeman. Casey,
• 0:30
  Speaker 2: you're looking pretty sharpen your jacket today? Oh? Thanks? Nice?
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  Speaker 2: Is that Neil Newish? Newish? Okay? Older, I get I
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  Speaker 2: like all the pockets. I can keep a loss enge,
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  Speaker 2: can my chapstick? I can keep a clean X. Yeah.
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  Speaker 2: Just really, anything you want to put in a pocket,
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  Speaker 2: you can put someone near lapel too. Ooh nice decorated up. Yeah,
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  Speaker 2: and little Johnny Cash. We're in a little black today. Yeah.
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  Speaker 3: Yeah, Casey, I'm pretty excited about about today. We've got
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  Speaker 3: you and I have a meeting with your team, and
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  Speaker 3: I'm just excited that we get to go out and
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  Speaker 3: then hang out and have some encouraging words and get
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  Speaker 3: some you know, for me free food. I'm all about
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  Speaker 3: that too.
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  Speaker 2: Yeah, well, our listeners can relate with your team and staff.
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  Speaker 2: It's important to do some things along the way, and
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  Speaker 2: what we do here is incredibly serious and important and
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  Speaker 2: life changing. But yeah, it's good that we take some
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  Speaker 2: time to spend time together to talk big ideas and
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  Speaker 2: break bread and yeah, have a meal of food. Yeah delicious.
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  Speaker 2: That's so nice. And I get to, you know, not
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  Speaker 2: be at home for a couple hours. I like, you know,
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  Speaker 2: at home. You don't like me, you know, home not
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  Speaker 2: twenty four damn it. My wife's listening now.
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  Speaker 3: Casey, we you and I have been talking recently as
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  Speaker 3: we're sitting here, when we brainstorm for about five minutes
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  Speaker 3: on what our podcast topics will be.
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  Speaker 2: And today you have big brains, like some more than
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  Speaker 2: enough time. Honestly, I get headaches a lot just because
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  Speaker 2: my brain's so big. We were talking about excuses that
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  Speaker 2: dentists make and how that can sometimes tie into practice
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  Speaker 2: types like business models. Is this strategy?
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  Speaker 3: Yeah, right right, And so you know, right off, right
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  Speaker 3: off the bat, let's kind of go down the list
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  Speaker 3: of the different different types of business practices there are
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  Speaker 3: for that, I would say, you know, The first one
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  Speaker 3: always sticks out my mind is like a very insurance
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  Speaker 3: heavy shop.
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  Speaker 2: Oh yeah, it's it's the classic I need to be busier. Yeah,
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  Speaker 2: so I'm going to accept all insurance. As we've talked
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  Speaker 2: about that a lot.
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  Speaker 3: Right, Well, one of the questions I wanted to ask
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  Speaker 3: you is the psychology of a practice owner, who is
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  Speaker 3: who is doing a really successful job running an insurance shop.
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  Speaker 2: What what is the benefits? What what makes them want
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  Speaker 2: to be that way and be successful? What's the benefit
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  Speaker 2: of that? Some of them might not want to be
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  Speaker 2: successful that way? But sometimes the toothpaste is out of
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  Speaker 2: the tooth to the tooth tube the tooth the tube
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  Speaker 2: that the paste for the teeth are in. The toothpaste
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  Speaker 2: is out of the tube. There we go, yes, and
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  Speaker 2: so people look up and go huh right, this isn't
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  Speaker 2: the practice I had dreamed of or necessarily wanted, but
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  Speaker 2: it is what it is. So you can either just
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  Speaker 2: complain NonStop and look up in ten years and be
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  Speaker 2: in the worse spot, or you can go, Okay, how
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  Speaker 2: can I make this profitable? Right? With insurance, there's a
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  Speaker 2: lot of variables. Do you have the space, do you
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  Speaker 2: have the chairs, do you have a lot of data
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  Speaker 2: goes into to the insurance shop. But you can be
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  Speaker 2: profitable with that, but your volume, So you've got to
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  Speaker 2: see a lot of patients, you know, in a ethical way. Yeah,
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  Speaker 2: but there's a path to it. And so when people
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  Speaker 2: complain about insurance, I get it. Patients don't like it,
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  Speaker 2: practice owners don't like it. Insurance is the bad guy.
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  Speaker 2: But are you just gonna, you know, stand in the
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  Speaker 2: mirror at the gym and complain that you're not strong
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  Speaker 2: and thin? You can it's kind of a miserable existence,
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  Speaker 2: not even go to the gym looking at me. I
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  Speaker 2: just did it home and cry. But no, obviously a
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  Speaker 2: heavy insurance right now, some people are truly stuck because
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  Speaker 2: maybe they don't have the capacity of the room. It's
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  Speaker 2: the square footage, the chairs, whatever that might be. But
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  Speaker 2: that certainly is you know, one of the business models
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  Speaker 2: that that you have, it's the insurance one. What's the
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  Speaker 2: opposite fee for service? Right, there's a lot of them
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  Speaker 2: out there. They're quiet at meetings because they almost feel guilty. Right,
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  Speaker 2: I'm producing one five five and collecting one five. Now,
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  Speaker 2: let's let's compare the two.
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  Speaker 3: You know, feed for service sounds less stressful on the
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  Speaker 3: side of you're not you don't need as many patients
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  Speaker 3: to bring in that money. What are some stressors that
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  Speaker 3: a fee for service practice may face that a insurance
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  Speaker 3: shot may not.
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  Speaker 2: If your new patience per month is down for a
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  Speaker 2: period of time, that's going to sting a little more, right, right,
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  Speaker 2: If there's if there's more profit but kind of less
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  Speaker 2: patient room for Yeah, screw, then let's get rid of these,
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  Speaker 2: you know, these bottom feed or patients that I can't
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  Speaker 2: stand in the calf the staff can't stand when your
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  Speaker 2: fee for service a little less margin for right.
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  Speaker 3: Just but I feel like the benefits of it seemed
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  Speaker 3: to outweigh at least how I would work outweigh.
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  Speaker 2: The Yeah, I mean money in can be better. If
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  Speaker 2: people aren't good with money or planning or tax planning,
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  Speaker 2: that can be all or not. Yeah, right, that there's
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  Speaker 2: ways to screw up a fever service practice too. And listen,
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  Speaker 2: we have a lot of clients with both. We have
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  Speaker 2: clients with feed for service practices. Guess what, they have
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  Speaker 2: a whole bunch of things that need fixed to ultimately
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  Speaker 2: take that money home instead of it just falling through
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  Speaker 2: the cracks.
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  Speaker 3: And then of course we've got the people who kind
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  Speaker 3: of bounce both, kind of a hybrid.
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  Speaker 2: Yeah, yeah, that's probably the most common. Yeah, I accept
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  Speaker 2: some insurances. I've cut one or two. I'm negotiating a couple,
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  Speaker 2: you know, trying to head towards fee for service. But
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  Speaker 2: you've kind of got a foot in both sides. Maybe
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  Speaker 2: it's space, maybe there's different variables or logistics that cause that,
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  Speaker 2: or maybe it's just a fear of leap of faith.
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  Speaker 2: So that hybrid model of yeah, maybe thirty five percent
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  Speaker 2: fee for service sixty five percent. That math adds up right,
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  Speaker 2: sixty Aunt, you've kind of got the hybrid, right, So
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  Speaker 2: you've got some options. You can get a feel for
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  Speaker 2: each one, and if you have a good external team,
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  Speaker 2: do a true assessment of what where's my time best spent?
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  Speaker 3: Right, And it's nice because it just feels like there's
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  Speaker 3: a It gives you that feeling of a safety net
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  Speaker 3: a little.
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  Speaker 2: Bit, just a bit, even for marketing. Yeah, I take
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  Speaker 2: a couple of insurance for sure. Yeah, come see me.
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  Speaker 2: Well when they come see you and your staff and
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  Speaker 2: your your space and everything is top notch. Well, people,
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  Speaker 2: you know, would I talk with the dynasty of the
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  Speaker 2: day like if you have an emergency, the same person
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  Speaker 2: that's going to pay three hundred and fifty dollars to
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  Speaker 2: get that tooth fix is going to pay six hundred dollars.
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  Speaker 1: Right.
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  Speaker 2: Other times it's preventive. Somebody can't pay you know, hardly anything.
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  Speaker 3: Well, speaking of emergency, you know you were recently chatting
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  Speaker 3: it up with an emergency dentist who owned a practice
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  Speaker 3: that was like an emergency practice.
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  Speaker 2: Yeah. I had a nice sit down with somebody who
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  Speaker 2: they've helped people open a lot of practices get into
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  Speaker 2: the more emergency dental pros and cons well, a lot
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  Speaker 2: of them don't have hygiene. Right, you're doing extractions, you're
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  Speaker 2: doing implants, you're doing emergency dentistry. But with no hygiene department,
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  Speaker 2: the opportunity for lower overhead is there. Typically you need
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  Speaker 2: to work the weekends, but my gosh, you can. You
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  Speaker 2: can produce a lot because I don't know if you
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  Speaker 2: know this, but emergencies don't always happen not plan Yeah, yeah,
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  Speaker 2: Monday nine am through Thursday at noon.
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  Speaker 3: Yeah, yeah, so you know kind of you know, walk
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  Speaker 3: us through the differences even with that. So that's usually
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  Speaker 3: because of the emergency style of it. Weekend working even nights.
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  Speaker 3: Sometimes they put like almost a premium on the cost
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  Speaker 3: for that, on the on the cost of the patient.
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  Speaker 2: They can, but there's there's some heavy insurance involved with
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  Speaker 2: some of that too. So there's pros and cons to
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  Speaker 2: each business model. Here's the thing, and we haven't hit
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  Speaker 2: on the last business model yet, but here's the thing.
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  Speaker 2: What is your path? What is your strategy? What is
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  Speaker 2: your vision? What business model do you want? How are
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  Speaker 2: you going to be profitable? Those are basic questions. If
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  Speaker 2: you can't answer, you need to get them answered or
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  Speaker 2: you're going to look up and be what the next
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  Speaker 2: business model? Yes, stay where you are, Yes, stay where
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  Speaker 2: you are. Industry is not exactly what you thought it
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  Speaker 2: would be or hoped it would be. You're doing okay,
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  Speaker 2: but you're still frustrated. So many people are in that
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  Speaker 2: business model of I don't know the B and M
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  Speaker 2: what's that? And moan bitch and moan a little bit,
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  Speaker 2: and then it's easy to deflect blame. Right, So I
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  Speaker 2: hear things like well, COVID that I have an impact. Absolutely,
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  Speaker 2: we're four years removed, Like at some point you can't
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  Speaker 2: hang your hat on just say COVID for every mess up.
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  Speaker 2: Screw up or thing you're not happy with. Staff not
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  Speaker 2: going away, always going to be challenging and frustrating, easy
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  Speaker 2: to hide behind and staffing that's I mean, that's across
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  Speaker 2: the board, not name your industry. Yeah, everyone's hard, ye right,
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  Speaker 2: I mean what old people said when we were younger
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  Speaker 2: is next generation they don't know how to work. Same thing,
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  Speaker 2: different evidence to back it up, but yeah, it's not
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  Speaker 2: going away, so you can just decide to live in
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  Speaker 2: this COVID. My staff stinks there's no tooth decay? What
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  Speaker 2: no tooth tocare? I mean, there's just less tooth decay.
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  Speaker 2: I've heard that recently. Is there facts? Is there evidence
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  Speaker 2: maybe maybe in certain affluent areas that there is less
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  Speaker 2: tooth decay? I don't know. I just have heard that
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  Speaker 2: excuse a little bit more and more and more, or
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  Speaker 2: just it can't be done or my geography, right, those
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  Speaker 2: five or six excuses sometimes realities. But if you hide
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  Speaker 2: behind them month after month, year after your decade after decade,
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  Speaker 2: guess what, you're not going to have been all you
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  Speaker 2: can be and been a good steward of your talents
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  Speaker 2: and your platform better. And yeah, unfortunately we see that.
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  Speaker 2: But it's like choose your model, stay where you are
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  Speaker 2: and complain emergency dentistry. That's not for everybody, but you
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  Speaker 2: can make a lot of money. I mean, if you're
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  Speaker 2: just rope doing dentistry and your overheads ninety five percent,
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  Speaker 2: maybe you need a change, right, I mean, my gosh,
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  Speaker 2: maybe maybe you look into a different option or hybrid
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  Speaker 2: or feed for service or insurance shop. But not knowing
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  Speaker 2: isn't good enough. Hope is a terrible business strategy. The
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  Speaker 2: excuses I mentioned they are factors. Don't buy into the
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  Speaker 2: boogeyman and just can't be done and just live in
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  Speaker 2: and that. No, you're right, because you know, if these
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  Speaker 2: things don't get to a.
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  Speaker 3: Point where you're you know, you're happier with your practice
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  Speaker 3: and it's time for you to retire. If your practice
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  Speaker 3: isn't all that appealing, you're gonna have a hard time selling.
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  Speaker 2: Yeah, if a younger dentist is looking to buy a
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  Speaker 2: practice to an older, cynical, jaded, defeated, excuse riddled owner,
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  Speaker 2: I don't know that that's the most attractive practice, correct.
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  Speaker 2: And while you're not going to lead with all your
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  Speaker 2: excuses as a practice owner, trying to sell that stuff
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  Speaker 2: stinks on you. It comes off of you. I've been
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  Speaker 2: in rooms with them, like unfortunately I can see. But
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  Speaker 2: guess what, while you're complaining about your practice and not
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  Speaker 2: having any proactive you know vision, Yep, there's a lot
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  Speaker 2: of dentists out there making a lot of damn money
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  Speaker 2: and having a happy life doing it. And they're okay,
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  Speaker 2: and they like the industry because they've answered these questions.
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  Speaker 2: They know what their business model is. So while you're complaining,
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  Speaker 2: somebody else is out making money. Guess what it can
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  Speaker 2: be done? Yep. And we have the advantage of seeing
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  Speaker 2: numbers and data from practices all over the country. So
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  Speaker 2: when I hear these excuses for the two hundredth time,
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  Speaker 2: I have to bite through my tongue sometimes because it's real.
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  Speaker 2: The struggle is real, it is challenging, but just staying
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  Speaker 2: in your excuses and it's just it's a terrible place
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  Speaker 2: to be. Make a decision, pick a business model, be profitable,
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  Speaker 2: find a team that can help you do something. But
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  Speaker 2: just maybe maybe I just seem to take a break
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  Speaker 2: from the road. You can tell. I hear a lot
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  Speaker 2: of bitching and moan and then the loudest cries come
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  Speaker 2: from the cheap seats and those people crushing it to go. Yeah,
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  Speaker 2: I could get better in these. Every time you hear one.
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  Speaker 3: Of these excuses, do you have to trade it's like
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  Speaker 3: the first time you've heard it.
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  Speaker 2: Like when we were talking to somebody tooth has been recent,
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  Speaker 2: I'm like, I'm sorry what.
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  Speaker 3: I was just thinking about back my in my retail days.
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  Speaker 3: If something didn't ring up right away, people like, oh,
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  Speaker 3: it's free, and I need to act like and laugh.
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  Speaker 3: I was the first time you ever heard that joke?
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  Speaker 2: Now, I mean pretty straightforward. Try to be pretty genuine
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  Speaker 2: and if people tell me something I've heard, I just say, hey,
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  Speaker 2: you be shocked if this isn't the first time I've
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  Speaker 2: heard this. You know, the choice is what are you
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  Speaker 2: going to do with it? What we've been talking about,
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  Speaker 2: choose your heart. It can be hard, meaning you fix it,
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  Speaker 2: or it can be hard that you live in this
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  Speaker 2: reality for hopefully not decades, but sometimes that happens. We
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  Speaker 2: see it case.
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  Speaker 3: If someone wanted to come and listen to us more,
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  Speaker 3: do you and your team often go out and speak
• 12:48
  Speaker 3: around the country. I know we're going to be in
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  Speaker 3: uh outside Detroit, Michigan, We're going to be in Grand Rapids, Michigan,
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  Speaker 3: the Bloomfield.
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  Speaker 2: Hills, New Troy Hills. That's right, very nice area. These
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  Speaker 2: are both probably less tooth decay, more affluent. That's right.
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  Speaker 2: I'm sure there's something to it. Let's not hang our
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  Speaker 2: hat on it. Yeah, we'll be in Grand Rapids, We'll
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  Speaker 2: be in Bloomfield Hills. We're doing a couple of large
• 13:07
  Speaker 2: study clubs, so we're gonna be in New Orleans the
• 13:10
  Speaker 2: night before Smile Con. That's right.
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  Speaker 3: We'll be at Smile Con as well. That's right, yeap,
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  Speaker 3: So look out for those Austin, Texas and Dallas, Texas.
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  Speaker 2: Keep an eye out.
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  Speaker 3: We're coming to you in November as well. If you
• 13:22
  Speaker 3: need anything, if you have questions, if you want to
• 13:24
  Speaker 3: schedule a call, anything like that, go to four Quadransadvisor
• 13:28
  Speaker 3: dot not.
• 13:28
  Speaker 2: If you need anything, well, true, let's not. Let's let's
• 13:31
  Speaker 2: limit this.
• 13:32
  Speaker 3: If you need someone to talk to and have a
• 13:34
  Speaker 3: shoulder to cry on, I'm your guy now, I'm just
• 13:38
  Speaker 3: kidding about that. But feel free to visit our site.
• 13:41
  Speaker 3: There's an events tab you can check out where we're
• 13:43
  Speaker 3: going to be. You can listen to older episodes of podcasts,
• 13:46
  Speaker 3: so please check us out. Thank you Casey so much
• 13:48
  Speaker 3: for joining me today and I hope you have a
• 13:50
  Speaker 3: great day.
• 13:51
  Speaker 2: Thanks.
• 13:54
  Speaker 1: Hello everyone, welcome to the Millionaire DENTNIS Podcast, brought to
• 13:57
  Speaker 1: you by four QUADNANS Advisory. On this podcast, we break
• 14:01
  Speaker 1: down the world of dentistry, finances and business practices to
• 14:04
  Speaker 1: help you become the millionaire dentist you deserve to be.
• 14:07
  Speaker 1: Please be advised we do speak with an honest tongue
• 14:10
  Speaker 1: and may not be safe for work.