Howard answers takes a look at recent inflation hikes and how the dental indsutry is handling it. Join the community at www.dentaltown.com
Howard answers "What tips do you have for work life balance?" Join the community at www.dentaltown.com
Howard answers "How do you know when it's time to start your own practice and how did you manage having children and being a practice owner?" Join the community at www.dentaltown.com
Howard answers the question "What is something you wished you had learned sooner in your dental career?" Join the community at www.dentaltown.com
Nolan Patel is a recent graduate of the University of Michigan School of Dentistry. He started off working in private practice part time for his mentor and part time at a DSO. At the beginning of 2021 he switched full time to the DSO and has recently started looking into practice ownership. To stay up to date with dentistry he attends Spears CE courses and in his free time you can find him checking out local bars and restaurants in Chicago. Join the community on Dentaltown at https://www.dentaltown.com
Howard answers the question "sometimes patients don’t want exam with the prophy for whatever reason. Can you submit exam code with the prophy if dr. doesn't see patient? What is the legal status around this? Join the community at www.dentaltown.com
On this episode, Dr. Farran answers the question "What would you say is the most important part of owning a practice, but often gets overlooked."
How do you compensate hygienists for additional cleaning? Dr. Howard Farran takes community questions and gives you his uncensored take on everything dentistry related. Reply to these videos, or use the hashtag #askhoward on Twitter or Facebook to submit a question for Howard. Join the community on Dentaltown at https://www.dentaltown.com
As seen on the Doctors, founder of the nation’s largest new dentist and student community, Dr. David R. Rice travels the world speaking, writing and connecting today’s top young dentists with tomorrow’s most successful dental practices. In addition to igniteDDS, David is Chief Editor of DentistryIQ and leads a team-centered, restorative and implant practice in East Amherst, NY. With 28 years of practice in the books, he’s trained at The Pankey Institute, The Dawson Academy, Spear and most prolifically at the school of hard-knocks. Join the community on Dentaltown at https://www.dentaltown.com
Dr. Gebrehiwot was born in Eritrea, East Africa. He won a diversity visa lottery to come to the United States and arrived here without any family or friends or any sense of direction. When he arrived, he worked odd jobs while starting with English for Second Language Speakers at Phoenix Community college. After graduation he was fortunate to get a job with Motorola as a Product engineer. Working for Motorola provided health and dental insurance, which allowed him to go to the dentist for the first time ever in his life. This very experience shook him because he had calculus, cavities, bleeding gums and so on. After following through with his oral care, and the impact it left him to have a better self-esteem, he decided to switch gears and change careers into dentistry. He started dental school at the age of 32. After dental school he worked as an associate in different corporate dentistry and finally he decided to start a scratch practice in Wylie, Texas. Join the community on Dentaltown at https://www.dentaltown.com
Try using a longer leash to attract and retain the most talented people that reflects your company’s mission and values which includes building an employee-focused culture. You build your patient base with word of mouth referrals, the same holds true with attracting new talented employees and why they should be involved in the recruiting process. We have several mother / daughter employees who claim working together all day is the best part of our benefits package.
Your treatment plans must last at least five years. Patches will come back to bite you, especially on the elderly who usually outlive everyone’s expectations.
Dentists could learn a lot from Sol Price (1916-2009), the founder of Price Club in 1963, which became Costco, which pioneered the membership, absolute pricing authority, warehouse store retail model. The membership model is currently one of the hottest trends in retail. A store that tries to be all things to all people will end up being nothing to anyone. A retailer reflecting honesty, credibility, and a definite direction that can be understood by its customers and vendors will have a good chance to make it. Costco’s 3 Business Categories: Personnel, Product & Facilities. Costco’s 6 rules: Have the right kind, in the right place, at the right time, in the right quantity, in the right condition, at the right price. Costco counts on very significant productivity because they pay high wages and benefits. If you buy into the concept that Costco is the low-cost provider of goods and services and also pay the highest wages in retail and have the richest benefit plan, then we must be getting better productivity, because of every dollar that we spend on our business, $0.70 is on people. There’s a categorically false notion that the only business model in the service industry is the minimum-wage business model. Costco people work for years making great money plus health benefits. 87 million people have a Costco card because they have absolute pricing authority meaning if you see it at Costco, you’re sure it’s the best price you can find. Advertising is cost. The only secret to lower prices ins lower cost. So, if you spend 1-3% on advertising, you’ll raise your cost which will raise your prices. Advertising is like heroin, once you start doing it, it is very hard to stop. Word of mouth is the lowest cost most effective type of advertising. Costco saves 2% a year in costs by not advertising. In 2017 Amazon spent $6.3 billion in advertising, Target $1.4 billion, Walmart $2.9 billion. The average markup at Costco is just 11%, Walmart is 24%, Supermarkets 30%, Home Depot and Lowe's 35%.
In baseball and HR, three strikes and you’re out. So, if you fire someone and they’re surprised, you need to reexamine your ability to manage and lead your team. Sometimes no matter how many times you tell someone they’re not performing and meeting expectations, they just don't get it. However, more times than not, managers and leaders want to avoid confrontation and they don't ever address the issues with someone and instead avoid the person. That's being a horrible leader or manager. Let’s say you open at 7:00 am and your assistant rolls in at 7:05. Young dentists are mad but don’t say anything. The better managers, as soon as time permits will call the employee back into their private office and explain the problem, open up a word document and leave while the assistant types out in their own words what went wrong and explains why it won’t be a reoccurring problem. Many times, you comeback to learn that she does this because she always stays an hour after we close while the other assistant flies out the door and she doesn’t think it’s fair. This is what you need know so you can build a winning team as opposed to other more common method where the first time it made you mad and you didn’t say anything. The second time it made you madder and you still didn’t say anything. Then the third time you erupt like a volcano and fire them. This person had no idea this was going to happen, they have monthly bills they need to pay, and now they’re shocked, saddened, and unemployed, all because their coach never showed up for the game. Watch any professional game and watch how the coach is intimately involved during the entire game, standing at the sidelines calling in plays, time outs, etcetera. Now watch Doc go back to their private office in between every patient and shut the door. If this is you, then you need to delegate to an office manager that has the same authority to make plays that match their responsibility. You’re either the coach or a player, cuz you can’t be both. So, play ball... and okay to win.
Getting to Yes by Tracking No means you better know your overhead and break even point for the day. The average net income for: Dental Specialists ($320,990) General Practitioners ($197,190) Dentists who owned their own practices ($244,980) Dentists who were employed at a practice ($147,950) Oral and maxillofacial surgeons $448,140 Periodontists: $330,690 Endodontists: $307,460 Pediatric Dentists: $304,280 Orthodontists: $289,190 Prosthodontists: $219,950