The Business of Dentistry From Employee to Entrepreneur
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Fearless Ingnorance Rookies put their head down,work hard,stay
positive, live fearlessly and are nave enough to be successful
Rookies arent tainted by rejection, negative assumptions or past
experiences. They believe that anything is possible.They bring an
idealism,optimism, and passion to their work because they believe
in their future. Dr Mike Abernathy, The Super General Practice
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What is Ok 54 years old 225,000 net worth Divorced at least
once 67% dislike their profession 47% have abused alcohol or drugs
during their career Have endured at least 3 career lawsuits Only
have 1.5 days of hygiene per week in their practice(should be 8
days a week or 2 full time hygienists Have a 91% collection rate (
should be 98%) Have a 42% recall rate should be 80% Produce a
little over $425,00 per year with a 67-74% overhead (should be
50-60%)
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What is Ok 10% or so will THRIVE outside of the PPO environment
68% will either be some form of HYBRID in that they will be
partially PPO and partailly PRIVATE care, or all PPO. 22% will
either go broke, or go to work for corporate dentistry, which will
be 90% PPO Dr Mike Schuster
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The Business of Dentistry Upon graduation, you will have 20% of
what you need to know to make a living in Dentistry Dr Gene Heller
1/4/2012
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What is Business Its time people money People always
overestimate how complex business is There aren't that many things
you can do with a business. Its not as if you are choosing among
2000 options. Jack Welch CEO GE
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What is Business People Process Product Damarcus Lamonica The
Profit
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What is an Entrepreneur One who organizes, administers, manages
and assumes the risks of a business or enterprise You are hopefully
paid a premium for assuming that risk.
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The Marketplace Today Growth of Corporate Dentistry PPO
commoditization of Dentistry Current Trends Social/Economic Future
Trends Social Economic
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Corporate Dentistry High Debt/Little Training Giant ROI for
Owners and Investors
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Corporate Dentistry
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Consumerism Consumerism is a social and economic order that
encourages the purchase of goods and services in ever greater
amounts You have to promote and encourage what the Consumer wants
not what you want You must communicate a consistent message to the
right people and be empathetic to what the consumer is experiencing
in the current economy
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Who is the Dental Consumer Female Make 80% + healthcare
decisions Women Centric Who has the $$$$$$
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Current Trends How The New Economy Has Changed Dentistry Roger
Levin DDS 12/2011 1. Fewer New Patients Presenting to Dental
Practices 2. Many Dental patients Are Rejecting Elective Treatment
(currently 81% of dental appointments are single tooth treatment)
3. Insurance carriers have created lower reimbursement plans
4.Dentists are marketing more than ever 5. Young Dentists are
graduating with significantly more debt
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Current Trends 6. Americans will have less money to spend on
retail and service sector businesses including dentistry 7.
Dentists will be retiring later than ever
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Dealing With These Trends 1. Marketing 2. Educate every patient
about all services 3. Educate every patient about all financial
options 4. Ask for referrals
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View of The Future Dr Mike Kesner Incorporate Systems that
Increase Efficiency and Quality Learn to Market Develop a Team
Driven Practice Become Consumer Friendly
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View of The Future Dr Mike Kesner Dental Expenditures continue
to rise at a rate of 6.2% per year Dentistry is a $105 Billion per
year Industry that is expected to rise to $170 Billion by 2020
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Real Estate
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Oral Surgery
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Dental Implants
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Cosmetic Dentistry
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Orthodontics
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Dentures
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Future Trends Faith Popcorn Brain Reserve
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The Practice of General Dentistry 2012 and beyond Faith Popcorn
Skill Sets for the next decade Being best in your field will not be
so important be in top 15% and be more adaptable Dont be single
minded dip into every discipline Consider speaking Spanish Develop
Interpersonal skills such as caring, negotiating, judgement and
leadership Entrepreneurial skills will be key
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Todays Primary Objective 1. How do you prevent from becoming a
Commoditized Dentist 2. To become an Entrepreneur - Find a Niche,
Create a Brand around it 3. Indentify Relevant NICHE Markets 4.
Predominately web based marketing
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Types of Marketing 1.Internal 3 most powerful and inexpensive
(human connection) Your Direct Financial success will be determined
by your ability to master human connection tools 2. External
(Gretzky Phenomenon) Web 2.0 Building Brand Equity Web
Site/Optimized/Organically Positioned/Google
Places/Youtube/Facebook Some Snail Mailings directed to landing
pages Social Networks directed to landing pages Self Publishing (
Women Centric)
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Commodity Trap The primary way out of the commodity trap is to
establish yourself as an expert or authority on something The
Health Centered Hybrid GENERAL practice is the largest opportunity
in our lieftime.
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AAOSH http://youtu.be/IHAQ9VJ2QVU
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Niche Marketing
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Origins of the Niche Markets - USP- Dan Kennedy - unique
selling proposition - A subset of General Dentistry that serves the
needs of a specific population of patients. Why am I so excited
about web /social media is - The potential for you to Tell your
Story and Create Your Brand is unprecedented in human history And
to do it at a fraction of the cost of traditional media!
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Someone Woke Up and said I am a Cosmetic Dentist
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Branding A brand is the idea or image of a specific product or
service that consumers connect with
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Branding Branding and the State Board The Consumer responds
favorably to branding It defines and segments your services
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Offering Specialty Services in General Practice Sissy Cases vs
Hero-dontics Standard of Care
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Niche 1 Botox, Dermal Fillers Louis Malcmacher DDS MAGD
Commonsensedentistry.com 440-892-1810 When would you do it and
Why?
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Niche 2 Oral Surgery Jay Reznick DMD MD
Onlineoralsurgery.com
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Niche 3 Orthodontics Brock Rondeau Rondeauseminars.com
877-372-7625 American Orthodontic Society Orthodontics.com
800-448-1601 Staff Training June Williamson Orthoramaseminars.com
888-891-6485
Cosmetic Dentistry Minimally Invasive Dentistry no shot, no
drill Background: 6 vs 10 Cerinates to Lumineers Selling Veneer
Cases in a tight economy Denmat.com
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Niche 6 - Implant Dentistry
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Implant Retained Dentures/ All on 4 Wants Vs Needs Issues;
Loose dentures Adhesives Cleaning their dentures Poor esthetics,
Poor overall function They NEED to be able to enjoy and taste their
favorite foods.
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Wants Vs Needs Demographics going forward are ridiculous Who is
your market? 1.Denture 2.Partial 3.Missing Teeth.
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Niche 6 - Implant Dentistry
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Niche 7-Biological Dentistry-
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Niche 7-Traditionaly BOP measures capillary fragility not perio
disease numerous confounding factors drugs, hormones, error Pocket
Depth fraught with error Disclosing Solutions supragingival
Radiographs retrospective, non predictive
Way outside the box The Biological, Health Oriented, Dental
Practice is the LARGEST EMERGING MARKET opportunity in modern
History 1. Biological Caries and Perio Risk Assessment 2. Minimally
Invasive Dentistry 3. Remineralization and Antimicrobial Therapies
4. Advanced Non-Surgical Perio Therapy
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http://youtu.be/A87RoCw-ANY
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Retainer Based Model
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Niche 8 - Dentistry for Diabetics Dr Charles Martin
Dentistryfordiabetics.com 877-433-7342
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Dlife.com launched 2/09 on CNBC
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Niche 8 - Dentistry for Diabetics
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Niche 9- Healthy Heart Dentistry Ron Schefdore DMD
Healthyheartdentistry.com 847-236-0943
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Niche 9- Healthy Heart Dentistry
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Niche 10 - Bad Breath Halimeter.com 1-800-458-6153
Breathcure.com
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Niche 12 Sedation D.O.C.S. Dental Organization for Conscious
Sedation Docsedation.com 866-592-9618 Fellowships/Diplomat
Status
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Niche 13 - Sleep Apnea Mysleeptest.com 50% of cpap users are
non compliant 25% of American have sleep apnea 40 million chronic
snorers Kent Smith DDS
Develop a UNIQUE Service 1. Minimally Invasive Composite
Dentistry 2. Occlusal Diagnosis and Treatment 3. TMD and Sleep
Apnea 4. Health Centered Approach to Dentistry Dr Mike
Schuster
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Incorporating Social Media
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Internet 1.0 to 2.0 The Internet is a VISUAL MEDIUM A Web Site
is a LIVING BREATHING ORGANISM SOCIAL NETWORKS are emerging as
marketing platforms of unheard of proportions
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Social Media Use twitter once in the morning and once in the
afternoon. There are several resources online for articles to which
you can link. Get to know your community. Post things about what
you are doing.You want to build up local traffic. Have your staff
tweet or post to facebook. Use dental students or retired dentists
to write blogs for you. You can actually conduct a great campaign
in as little as 10 minutes a day dental economics may 2010
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Twitter Allows you to disseminate information instantaneously
to an unlimited audience anywhere
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Facebook Advertising Facebook.com/advertising
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Hyper Targets Male/Female Age High School Some College College
Student College Grad Grad Student Post Grad Single/Divorced Recent
Breakup In a relationship Recently Engaged Engaged Recently married
Married No kids Expecting Just gave birth Proud parent
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Facebook - Split Test
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Heat Map Tracking Clicktale.com
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Heat Map
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Facebook Advertising Factors Jeremy Schoemaker case study July
2010
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Titles
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Body
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CTR Click Thru Ratio
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Landing page mydentist.com/facebook
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Direct Mail & Landing Pages
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Direct Response Internet Advertising I prefer predominately
DIRECT-RESPONSE Oriented ADS Both web and snail mail Ask for
someone to do something and you incentivize them.
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Radius Mailing A physical mailing that takes place around a
given address defined by a radius, 1 mile, 2 miles etc. Infousa.com
Radiousconnection.com Neighborhoodgreetings.net
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Demographic Mailing Based on Niche criteria
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Landing Pages Long Tail, Direct Response, Direct Mail campaign
using Landing pages
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Long tail keyword phrase Long tail keywords are keyword phrases
from 3 to 5 words used to refine search terms to something highly
specific. There is generally very little competition for these
phrases and they are easier to position.