by [email protected] | Nov 23, 2022 | Prescriptions for your Practice
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“You never know who’s swimming naked until the tide goes out.” ― Warren Buffett
As a dental practice owner, you know that the success of your business depends on providing high-quality care to your patients. But to do that, you need to have a well-run operation. Identifying areas that need improvement and making changes will help your business thrive.
Dental Practice Owners: Let’s take a closer look at your Drivers, Demands, Disciplines, & Decisions.
- If you want to know why it’s essential to “romance” your dental practice . . .
- If you want to edit your team before culture cancer sets in . . .
- If you want to get real about your reputation with patients and the respect of your team so you can ensure growth in a cruddy economy . . .
Tune in now!
Listen in and find solutions to common practice issues at Prescriptions for Your Practice.
Check out our New Case Study, “Discover How To Recession-Proof Your Dental Practice In The Next 60 Days So That You Increase Profits & Avoid Losing Key Team Members” now at: http://thenorecessiondentist.com/casestudy.
Key Quotes:
- “We appreciate, as dental practice owners, that it’s a time to be romancing your practice because unless you show it some love and attention, it’s not gonna love you back. It’s gonna get frustrating. It’s gonna get irritating.”
- “Romance is like to court to give your business the love and attention it needs.”
- “All business growth is really personal growth, plain and simple.”
- “You should have a habit of getting your team engaged in helping you as an organization better your best month ever.”
- “Your job, of course, is to coach the team so they’re in a perpetual learning state — that’s leadership. Supporting people and helping them grow — that is modern leadership.”
- “If you don’t have the respect of your team, it’s gonna be really hard to keep a great reputation with your patients.”
- “If you have 17 priorities, you have no priorities.”
- “My goal is for you to do less work and have more money, time, and freedom as your career continues.”
Featured on the Show:
- People: Sam Bankman-Fried, entrepreneur
- People: Warre Buffett, entrepreneur
- People: Phil Stutz, psychiatrist
- People: Verne Harnish, author
- Documentary: Stutz, Netflix
- Book: The Tools: 5 Tools to Help You Find Courage, Creativity, and Willpower–and Inspire You to Live Life in Forward Motion, Barry Michels & Phil Stutz
- Book: Coming Alive: 4 Tools to Defeat Your Inner Enemy, Ignite Creative Expression & Unleash Your Soul’s Potential, Barry Michels & Phil Stutz
- I appreciate your feedback. Let me know what you learned and loved here: [email protected].
by [email protected] | Oct 26, 2022 | Prescriptions for your Practice, Uncategorized
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Is it time to raise your fees?
The biggest problem I see in the marketplace is the increasing cost of doing business. Dental practice owners must have the courage to set their fees high enough that they don’t have to work harder or take a pay cut in this volatile economy. It’s part of the game of doing business.
But how do you know when it’s time to raise your fees?
Doc, if you want to:
- Retain your top team members,
- Understand the different dental patient value systems, and
- Keep up with inflation so you can succeed in a volatile economy, then
Tune in now!
Listen in and find solutions to common practice issues at Prescriptions for Your Practice.
Check out our New Case Study, “Discover How To Recession-Proof Your Dental Practice In The Next 60 Days So That You Increase Profits & Avoid Losing Key Team Members” now at: http://thenorecessiondentist.com/casestudy.
Key Quotes:
- “The underlying problem is that the owner’s confidence and self-esteem play a major role in setting the fees.”
- “We don’t let our personal insecurities keep our practice from growing.”
- “Nurture that savvy business owner, CEO, and entrepreneur who makes intellectual decisions that are best for long-term practice.”
- “There’s a value in a relationship that exceeds and is more important to them [patient] than your fees.”
- “The trust and rapport you’ve built up, that emotional equity has a real value, and it’s worth more to most of your patients than worrying about and getting all frantic about a fee bump.”
- “You’ll need to continue investing in your technology, training, and team to provide a premium patient experience.”
- “Be courageous, be bold, raise your fees, and pay yourself what you’re really worth, which is probably more than what you’re paying yourself right now.”
Featured on the Show:
by [email protected] | Jul 27, 2022 | Prescriptions for your Practice
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“People don’t buy what you do; they buy why you do it and what you do simply proves what you believe.” – Simon Sinek
What’s your purpose as a dental practice owner? Why are you doing what you’re doing? But while you seek out your purpose, why not create a “Why Stack” that you can use to leverage on yourself and keep you going in good times and in bad? I want you to have a thriving practice with plenty of cash flow and high profits. But most importantly, I also want you to enjoy it because that enjoyment part is a requirement.
In this episode, I discuss how to avoid the two BIG cash flow killers.
So if you want to understand how dentists stay motivated in challenging times and finally answer the question “what’s in this for me?” so you can consistently increase your income and net worth, tune in now.
Listen in and find solutions to common practice issues at Prescriptions for Your Practice.
If you enjoyed this episode, please share it with your dentist friends. Check my Instagram (@dr.maloley) and TikTok (@dr.maloley) for your daily dose of thought-provoking content so that you can be a better practice owner. Don’t forget to subscribe to the show on iTunes to get automatic episode updates for The Relentless Dentist! And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the show’s ranking, and I make it a point to read every single one of the reviews we get.
Key Quotes:
- “I think the important underlying conversation to succeeding beyond standard norms over the long term is how do we get enhanced results while reducing stress? Because if we don’t reduce that stress, then bad things happen.”
- “The problem is that there are all these books, hundreds of books talking about finding your purpose, right? And I feel like purposes are now positioned as this big elusive thing.”
- “If you’re gonna be good at leading a team and your team is gonna be good at leading patients to do the right thing for their health, then you’re gonna need more than extrinsic motivating factors.”
- “I think there’s a greed slash ego slash selfishness issue in modern society. But the thing I will say is I do not think that’s a problem with most dentists.”
- “Generally speaking, we are happier when we’re spending money on experiences and less happy when we’re spending on tangible items. But that’s not exactly true either, right?”
- “If you’re a solo practitioner, you get to decide and choose a path of being not on demand, but in demand.
- The more valuable we are, the more income we have.”
- “A little frustration is actually a good thing because you’re uncomfortable and you’re gonna find a resolution.”
Featured on the Show:
by [email protected] | Feb 23, 2022 | Prescriptions for your Practice
Podcast: Play in new window | Download
According to Andy Grove, Productive Paranoia is the ability to be hyper-vigilant about potentially destructive events that can hit your company and then shift that fear into preparation and clearheaded action.
How much time do you spend on offense when facing challenges in your practice? Based on my experience, 90% is the magical number, enough to grow the practice, team, and patient demand. What about the remaining 10%?
In today’s episode, I’ll talk about that 10% defensive mechanism and the steps into productive paranoia that will help you create something that’s not susceptible to market and economic shifts. I will discuss some essentials to ensure that you’re a good steward of that cash flow and that you’re preventing a downside. As you listen in and enjoy the podcast, I hope you put it into action, implement some ideas from today, take notes and get a little more prepared through productive paranoia.
Tune in and find solutions to common practice issues at Prescriptions for Your Practice.
Key Quotes:
- “You, the doctor owner, are the number one asset in the practice.”
- “Busyness does not equate to business, and it needs to get rid of the undisciplined motion and the wasted time motion in the practice each day.”
- “A productively paranoid practice sees the power and series of thoughtful “What if…” questions. And working through these dangers, you can create effective actions and clearheaded preparation that ensures that your practice flourishes no matter what happens.”
- “Make sure that you maintain your calculated aggressive optimism forward-moving; stepping into your vision-type posture is really important, but not to the point of being naive.”
- “Nothing fails like success.”
Featured on the Show:
