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Weekend Reading for Dentists (July 7-8)

Posted on by Brian Hanks

A weekly newsletter that gives you 5 of the best dental articles from around the web, summarized to keep you informed because you’re a busy dentist.

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Stay Ignited and Own it!
(Dr. David Rice – Dental Entrepreneur)

Author David Rice paints an inspiring picture of what might be considered a typical path through dental school and the first few jobs as a dentist. Read this to get inspired! This article is a great reminder of what is great about the career of dentistry, and a fantastic reminder of the kind of impact you can have on patients and yourself. “We all know that first dental school professor who tried to drag us down. We all love that dental school mentor who not only pulled us back up. He or she redefined us and the way we look at the world. You’re going to have practice experiences that make you question why the heck you’re spending all the hours your spending now. And then you’ll have the ones that do just what that mentor did. They’re like that one golf shot you catch just right and fire you up to play again.” Read this article to get the shot of motivational adrenaline you need to continue to make progress on your goals.
Estimated read time: 6 min

Playing Plinko with Your Dental Practice
(Graig Presti – Dental Economics)
Author Graig Presti, one of the better dental writers out there, delivers a great reminder around the importance of the basics: knowing how many patients walk through your door, getting more patients through the door, and providing phenomenal patient treatment. While light on specific advice, this article provides in a well-written way a solid reminder to owners to get a grasp on the essentials to achieve your goals.
Estimated read time: 3 min
Future of Dentistry: Telemedicine?
(Nadeen/Lean LLC)
The dental accounting firm of Nadeen/Lean provides some informed speculation about the future of patients using their phones to interact with your practice. The article makes for interesting reading. Even though, it’s a bit like reading (and dreaming!) about the day that driverless cars take over. The authors make some interesting points about potential changes to the tradition “one doctor plus several hygienists in one office” model using telemedicine. Read and think about how things might look years and years down the road, but my personal opinion is that you probably don’t need to worry about your job today.
Estimated read time: 4 min
The Disappearing Solo Practice Model in Dentistry
(Dr. Marc Cooper – DentistryIQ)
Author Marc Cooper unsuccessfully tries to make the case for why solo practices will disappear. While wrong, the article is worth reading to see an example of messaging that’s hitting dentists. The article makes some interesting points, some of which are even valid. However, read carefully and you’ll notice that, though full of citations, none of the assertions in the article (e.g. “DSOs can deliver dental care for less per patient and with greater convenience than solo practices” or “…solo practices can’t handle the increasingly complex systems that modern dentistry demands.”) are actually backed up with data or research. The citations listed point to general business strategy-based articles around the web, but nothing dental-specific. Again, interesting reading but to be read with a critical eye.
Estimated read time: 6 min
 
Are the Numbers in Your Dental Practice Really What You Think They Are?
(Dayna Johnson – DentistryIQ)

Author Dayna Johnson gives some really specific, and helpful advice about patient retention. A personal pet peeve of mine is the belief in dentistry that marketing solves all problems. As if bringing new patients in the door is the end-all, be-all strategy and nothing else matters. Dayna shatters this belief with specific examples, and (my favorite part) very specific advice on which codes to analyze and how to crunch the numbers to see how your practice compares to the magic 90% retention number that separates the well-run, from the other variety of practices.
Estimated read time: 6 min

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Brian Hanks

Brian Hanks is an author, advisor, certified financial planner specializing in helping dentists evaluate and acquire a dental practice of their own. Brian developed his dental practice acquisition framework to help dentists navigate the complex and overwhelming process. Brian's book, How to Buy a Dental Practice: Find, Analyze, Negotiate, and Purchase the Right Dental Practice for You, details the basic pitfalls that new dentists often make, and lays a roadmap for a successful acquisition. His consultancy, Dental Buyer Advocates, provides hands-on guidance and expertise for evaluating practices, negotiating with sellers, closing on a practice, financing, transitioning a practice from the seller to the new buyer's management, and much more. Brian has a business management degree from BYU, a finance MBA from University of Michigan, and a CFP certification from Northwestern University. He lives in Salt Lake City, Utah with his family and serves dentists nationwide. See Brian's 27-point dental practice acquisition checklist: https://www.dentalbuyeradvocates.com/dental-practice-acquisition-checklist/ Learn all about the process of buying a practice: https://www.dentalbuyeradvocates.com/buying-a-dental-practice/