8 Habits of Highly Performing Practices

Bulletproof Dental Practice Podcast Episode 30 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Watch the full video of the lecture by clicking here!  Start with Why Born & raised ATL Buckhead - flagship practice “To use my God-given talents to provide for my family, friends, and team. To use dentistry & business of dentistry to create a legacy. To enjoy my finite life and to know I maximized it and I mattered.” My Practice Evolution Start, today, where I’m going? 2002 - Graduated dental school 2005 - Started FFS practice 2009 - Opened 2nd location (Buckhead), added 2 associates (during recession) 2016 - Acquired PPO practice (investor not clinical), multiple real estate acquisitions 2017 - Building 3rd location, 2nd acquisition, 5th property acquisition, 2 more associates 2020 - Consulting, Exit (roll-up) EBITDA Struggles like anyone… 2015 vs 2016 Failed partnership $560k embezzlement Extreme clinical burnout Family demands The lesson it taught me - KEEP GOING The difference between success and failure can be just one more step Re-engineered my life Purpose of work is to provide for our life Work to live, don’t live to work Changed my work schedule and moved to 9 days clinical / month Take off one week per month Got balance and focus back Balance circle Exciting times in dentistry Dentist listed as #1 of 100 Best Jobs by US News & World Report Digital technology convergence Technology is exploding with digital convergence Digital impressions Dentistry caught Wall Street attention too! Valuations can be excellent if you get large enough 10 - 20X EBITDA is not uncommon Podcast launched late 2016 All about systems & marketing Why start a podcast? Habits of Highly Performing Offices These are not just my habits, not claiming to have it all figured out You are the average of the 5 people you spend time with EXCEPTIONAL & contagious culture Realize you’re not the most important person Get an awesome team and then get out of the way Team will protect your environment Value of having a morning meeting, covering: REVIEW DENTAL INTEL Production / Collection / Goals Same day opportunities Actual monthly growth (NP - attrition) Outstanding treatment? Outstanding balance? Marketing opportunities? PRIDE in physical space Team loves their offices Spend more time there with family Your practice has guests all day long - be proud & invest in it Focus on patient experience Rehab? Do it. Build? Do it. Clinical excellence & patient education Lots of lip service but few execute on communicating excellence to the people who matter What good is clinical excellence if you can’t use it Become a marketing master Storytelling Video, video, and more video Addicted to social media Not outsourced Not spewing dental, but creating entertainment Examples Marketing on social media Follow trends, look at the app store Online reviews & process Why is Amazon the leader in consumer? Our process Time is precious so incentivize Google & Yelp are the leaders, Facebook is a far 3rd place Yelp hack Number obsessed Monitor numbers daily (morning meeting) DENTAL INTEL What you track & focus on naturally increases Pearson’s law: That which is measured, improves. That which is measured and reported, improves exponentially. Focusing on WRONG metrics... Not just NP Not just collections Better metrics… # patient visit $ per patient visit % overhead ACTUAL monthly growth Value creation Video / education Patient experience Website / marketing Law of reciprocity INVEST IN YOU CE, podcasts, meditate, enhanced food & nutrition, personal trainer, personal coach, executive assistant, complex physical w/physician, Bulletproof coffee You better be GOOD first, lots of peeps depend on you Set goals & review them daily Balance circle What’s going to move the needle forward TODAY BE EPIC as a goal, in all areas of your life We get one ticket on ride called planet Earth Resources: Dental Success Summit