The Power of 80/20 with Graham Dersley

The Power of 80/20 with Graham Dersley - Relentless Dentist Podcast

Dr. Graham Dersley is back on the podcast! A prosthodontist with a clinical focus on dental implantology, Graham owns and operates two startup practices in the suburbs of Maryland. In this episode, he shares how he has grown these practices using a concept not commonly discussed in dental circles: the Pareto Principle.

Also called the 80/20 rule, the Pareto Principle states that 20% of the invested input is responsible for 80% of the results obtained. Throughout his career, Graham has seen the truth behind this concept and has adjusted his own practices to focus on the top 20% of patients. Doing this allowed him to not only grow his practices, but also improve his overall satisfaction with his work in dentistry. Listen in to learn how he did it and how other dentists can do the same.

Key Quotes:

  • “A lot of us might get to a point where we plateau, and really focusing on the things that have the greatest impact is so important.”
  • “I have a certain type of practice model that I’m moving my practice toward, and that doesn’t just happen by treating everybody the same or trying to bring everybody in off the street into your practice. You have to be very intentional about it.”
  • “The bottom 20%—and really even the bottom 50%—are such a small percentage of your profit, and if you can clear up some time and some headspace to focus on the top 20% … you’d really come out a lot ahead.”
  • “Early on in my practice, I wanted to be the dentist for everybody, and I’d lose sleep at night from that patient that complained about the outrageous cost of that single filling … Now, I just see it as a blessing—they’ve identified themselves as the bottom 20 type patient, and I don’t have to worry about focusing on them.”
  • “These patients, when you find the right ones who are motivated and ready to go, you know, one of these patients can be worth 100 typical average new patients.”
  • “Initially, you might be working with a dental marketing company whose main goal is increasing the gross number of your patients without much regard to the quality level of those new patients … If they could instead bring in two really awesome patients, you’d have a better ROI.”
  • “[Defining your top 20%] is really about increasing your skillset and being able to deliver services that your competition is not, and being able to articulate that you can do that through a marketing message.”

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Securing Your Financial Future with Jordan Goodman

Securing Your Financial Future with Jordan Goodman

Today’s guest, Jordan Goodman, has spent the last 40 years focused on one mission: to help Americans do better with their money. Known as “America’s Money Answers Man” and a nationally recognized expert on personal finance, he’s had a vast career, spanning newspapers, magazines, books, radio, podcasts, and television. He also offers plenty of resources on his website, www.MoneyAnswers.com.

Thankfully, Jordan has experience with dentists, and he has grown knowledgeable about things that are unique to the profession. In this episode, he offers practical advice, websites, resources, and strategies to help dentists do better with their finances. Listen in to hear his valuable advice and learn what actions you can take today to secure your financial future.

Key Quotes:

  • “If you have private loans—8, 9, 10%—as well as the federal loans, which may be at better interest rates, combining them all into a 2-3% rate is going to save you some money and hopefully help you get out of debt a little bit quicker.”
  • “Another thing a lot of people are not aware of is you can refinance your student loan debt to typically about 2%.”
  • “Older dentists are finding it harder to find people to sell their practice to because the younger ones coming out of dental school are so indebted that they just don’t have the money.”
  • “Dentists may be surprised; they may be able to get financing that in the past, they didn’t think was possible.”
  • “Buying a home in the first place—there are all kinds of discounts available that you might not be aware of because you as a dentist are considered an American hero.”
  • “The real question you want to ask your bank (and they don’t want to answer it) is, ‘How fast do I pay off my principal?'”
  • “Make your money work for you. A lot of people have money sitting in the bank—in CDs and savings accounts and money market funds—earning zero, and it’s going to stay that way as far as the eye can see.”
  • “I’m trying to give things that are in favor of the dentists, not the financial institutions.”

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Chasing the American Dream with Tiger Safarov

Chasing the American Dream with Tiger Safarov - RD PodcastTiger Safarov is a firm believer in the American Dream. After coming to the United States when he was twenty years old—with the plan to earn enough money to buy a BMW and move back to his home country of Russia—Tiger was thrilled to learn that starting his own business in the U.S. was as easy as filing the paperwork and opening a bank account. Knowing firsthand how difficult it was to start a business in Russia, he jumped at the chance to start a company here.

Now the founder of Zen Supplies, an inventory management platform for dental supplies, Tiger has realized his own American Dream. In this episode, he shares his entrepreneurial journey, as well as why he sees being an immigrant as a huge advantage.

Key Quotes:

  • “People talk about the American Dream—it’s truly alive because you can still start a business with a bank account … you can start a business without having a business.”
  • “I said, ‘What if I start my own company?’ and the professor said, ‘Don’t even think about it, it’s the dumbest idea I’ve ever heard.’ In two days, I had my own company.”
  • “School was not easy for me, and I wanted to prove that I’m good at something.”
  • “A key take-home for listeners is that sometimes things won’t be as opportunistic—the economy, local markets, staffing issues, patient issues—and being a little scrappy, being willing to do what other people aren’t willing to do is the upper hand.”
  • “There are two types of entrepreneurs: there are ones that are trying to pull out of their rear end an idea and do something about it, and there are other entrepreneurs that are trying to scratch their own itch—and I believe in the second one.”

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Why Profit Should Come First with Mike Michalowicz

Why Profit Should Come First with Mike Michalowicz- RD Podcast

By the time he was thirty-five years old, Mike Michalowicz had founded and sold two multi-million dollar companies. Then, after becoming an angel investor, he lost his entire fortune and started all over again. Driven to find better ways to grow healthier, stronger companies – he created innovative strategies to help businesses thrive.

The author of various impactful business books, including Profit First, The Toilet Paper Entrepreneur, The Pumpkin Plan, and Surge, Mike carries with him a powerful message that can transform the way we run our practices. In this episode, he explains why traditional accounting hurts businesses and shares insight into his profit-first system that will help turn reactionary choices into sound business decisions.

Key Quotes:

  • The fundamental formula for accounting—sales minus expense equals profit—is crushing businesses because profit is not the first consideration.
  • If you really care about your clients, you’ll really focus on profitability, so that you’re not selling unnecessary things, and you’re not just selling to survive. You’re selling resources that people truly need and caring for them.
  • In our business, if we simply wait to see where and when there’s money, we’re in this binge mentality.
  • If we intentionally restrict our money supply available to run our businesses, then we are forced to run frugal operations, as we should – helping our businesses grow faster and stronger than ever.
  • As money starts accumulating in our profit reserve, it becomes tempting to borrow that money. You’ve got to remove the temptation of borrowing from it by getting it out of sight and out of mind.
  • Instead of using a system that makes us change who we are, use a system that works with who we are naturally.
  • If you’re really serious about being profitable, then set up a new checking account. It’s going to be your profit account.

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Bringing Interventional Care to Dentistry with Dr. Jason Campbell

Bringing Interventional Care to Dentistry with Dr. Jason Campbell I met Dr. Jason Campbell at the Voices of Dentistry Summit in Nashville, TN. He has a fascinating story and is engaged in groundbreaking work with patients at his clinic, Cosmetic and Family Dentistry, in Prescott, AZ. From an early age, Jason’s always wanted to be a dentist. Since genetic problems with teeth plagued him from the beginning, he brings a sense of passion to working with patients who present unique challenges.

Jason is a general dentist, but he’s also engaged in complex surgeries and reconstructive dentistry. It wasn’t until he was 14 years old that he was able to get the reconstructive surgery he needed. This allows Jason to relate to patients with challenging cases that other dentists can’t or won’t touch.

Jason is an expert in biomechanical problems and can often bring people relief with minor treatments. He trains doctors to identify underlying causes that often generate a host of symptoms that can lead to an improper diagnosis. He specializes in helping dental refugees who haven’t found success in resolving tooth-related illnesses. In this episode of Relentless Dentist, we’ll talk about how Jason is leading the pack in transforming the practice of dentistry. He’s helping patients who feel like there are no hope and training other dentists to follow in his footsteps.

Key Quotes:

  • I feel like there’s this third thing in dentistry that we’re missing – interventional care.
  • Dentistry is an act of charity. Charity brings good things into your life.
  • You hear of interventional medicine, but you don’t hear that term a lot in dentistry.
  • In dentistry, there really are only three things that we contend with. If we can help people avoid these three elements, we can stop 99% of dental problems.
  • Inflammation systematically increases your risk for type II diabetes. It increases your risk for pancreatic cancer.
  • When you have these three issues: biomechanical problems, acidity problems, and inflammation – that’s what really causing tooth issues.
  • You have to start peeling back the symptoms to get the cause to determine what’s the best course of treatment for the person.
  • There’s life beyond dentistry.

Register now for upcoming API Biofunctional Disorder and Surgical/Implant Courses: www.AdvancedProstheticsInstitute.com

Special Offers for Relentless Dentist listeners:

Save $150 on first course registration with coupon code TRD150

Save 10% on both course registrations with coupon code API10for2

 

 

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