The 7 Deadly Sins of Dental Financial Arrangements

Couple things. First, you’re probably already pretty good at financial arrangements, and two, financial arrangements are not going to make your patient experience, but they can break your patient.

We don’t want to scare and confuse our patients. So we want clarity. We want efficiency. We want effectiveness. We want to ensure that the financial arrangements are friendly but firm.

In this episode, I discuss how dental practices mess up financial arrangements. So if you want tighter case acceptance systems, prevent one-star patient reviews, and have seamless financial arrangements, so your life gets easier, 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:

  • “How can we tighten things up? Because as practice owners, there are so many moving parts that it behooves us to just pause.”
  • “You can find one or two things to make sure that your financial arrangements don’t create any ill will after you’ve gone to great lengths to create goodwill.”
  • “What you think is firm financial arrangements may not be firm enough.”
  • “Surprises kill your reputation.”
  • “Case acceptance is not an event. Case acceptance starts when the patient first hears about you.”
  •  “If you push me into buying, first of all, I ain’t gonna buy. And I’m probably gonna find somebody else who’s more in a relationship with me than driving to a sale. And patients read into that.” 
  • “We have to become masters at asking questions and asking for permission before talking money.”
  •  “I don’t want a patient to be more connected to their relationship with their dental benefits than to me as the dentist.”

Featured on the Show:

  • I appreciate your feedback. Let me know what you learned and loved here: [email protected].

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Patient Trust Starts With This

What are the key elements of happy, healthy, high-performance teams? How do we turn conflict into opportunities for collaboration? How does collaboration turns into innovation and that innovation turns into a remarkable patient experience? Finally, and more importantly, do you have a system for small talk?

Doc…

  • if you want to boost case acceptance, 5-star reviews, word-of-mouth referrals, and 
  • If you want to create your own economy and have your employees connect with your patients so you can have patients know, like, and trust you, then

Tune in now as we discuss why there’s nothing small about small talk.

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:

  • “The economics are creating a significant headwind and the easiest way to win this game is to create your own economy.”
  • “If dental teams have a system for small talk or at least some frameworks or guidance and embrace that, it is the on-ramp to trust, rapport, case acceptance, referrals, et cetera, and really good things happen.”
  • “Research says 7% of communication is verbal. That means the rest is tonality and physical communication.”
  • “We want to humanize ourselves, not to the level of unprofessionalism, but just to create a human-to-human connection.”
  • “Stories are humanizing. They are trust-building if done tastefully and not inappropriately. So don’t be caught off guard, have stories worth sharing.”
  • “Little tiny things create small talk and the small talk creates a big connection. And the big connection creates even bigger chances for reputation building, referrals, and all of the things that you really need in private practice.”

Featured on the Show:

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Will You Accept the Evangelist Challenge?

How do you level up your marketing strategies, especially in this digital age? You might be dancing on TikTok or pointing at things on IG reels. And I think that’s great, but word of mouth is still a compelling way to generate enthusiasm — mainly Evangelism Marketing.

Evangelism Marketing is an advanced form of word-of-mouth marketing. It’s a cost-effective way that keeps your clients loyal, your brand trustworthy, and your culture robust. Very far from blabbering and spewing nonsensical dental jargon that results in practically nothing.

Today’s podcast is about enthusing your clients. We’re going to be addressing the problem that many practices have become overly reliant on digital platforms. We’re going to infuse some enthusiasm into your routine. We’re going to create a surge of surprise and delight, and I’m going to throw out what I call the Evangelist challenge. Are you curious now? Stay tuned and find out.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

Key Quotes:

  • “Individuals, patients, in this case, want to make the world a better place. And evangelist customers or clients or patients spread their recommendations and recruit new customers for you, just out of belief in you and what you can do.”
  • “If your administrators are maniacs about capturing where patients heard about you from, make sure that they are so good at that.” 
  • “If you have a practice of 2000, 1% is your super clients — this is your evangelist.”
  • “There’s an unlimited opportunity on a practice to do this sort of thing, to pour into your patients, to make remarkable experiences and be extraordinarily extraordinary.”

Featured on the Show:

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A Patient Experience Is Now Essential

According to the 2018 Gladly customer service expectation survey, 68% of customers are willing to pay more if a company offers them excellent service.

How well do you know your customers? What do they love? What gets them excited? What are the things that they most value? These small details account for an exceptional experience that when patients leave your practice, they can’t help but talk about you.

In this episode, I will talk about how you can up the ante in providing remarkable experiences for your patients and the importance of transitioning your team from a sales culture to a marketing culture. Lastly, I’ll share a Ritz Carlton ritual that you can immediately implement in your practice and within the culture. I hope this podcast will help you see that doubling down and creating a remarkable experience for your patients is mission-critical in 2022.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

Key Quotes:

  • “In that high volume posture, the possibility is to start to escape the downward pressures on your fees and increase your profits by creating a marketing culture and remarkable patient experience.”
  • “The bottom line is that a large percentage of practice success stems from how a patient is made to feel, not just how happy they are with your clinical care or the dental outcomes.”
  • “In today’s experience economy, patients not only want value but expect exceptional service.”
  • “You need to know yourself as the owner, as a leader. You need to know the team. The team needs to know why they exist, where they’re headed and what they stand for.”
  • “If you were gonna play a sustainable game, you have to be a little bit selfish and say, this is the type of patient I like to serve. And this is the type of dentistry that I like to do.”
  • “Sometimes an experienced dental professional is more task-oriented than relationship-oriented.”

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Top 6 Patient Breakup Mistakes Dental Practice Owners Make

Before you tap that play button, I want you to ponder these questions first: What do patients consider when they choose their dentist? And what makes them go and explore dental services from other dentists?

In medicine, research shows that 30% of patients leave the doctor’s office because of long wait times. Unfortunately, the number is higher when it comes to dental offices. The long wait times can make a patient believe that you’re in a poorly run business. And if it’s a poorly run business, you have subpar clinical standards.

In today’s episode, I will discuss the six top reasons why patients break up with dentists. Then, we will talk about patients’ perception of us and how we can maintain that in a positive frame, and how we can prevent the consequences of patient attrition. I’ll also share lessons from medical doctors’ mistakes so that you can prevent patients from even wondering if the grass is greener somewhere else. So just sit back, relax and enjoy the show.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

Key Quotes:

  • “As smart business owners, we have to manage the upside push for growth and minimize the downside. And what’s the downside when it comes to enthusing clients? I think that’s when patients leave the practice, when they break up with us, and when there’s patient attrition.”
  • “Oftentimes, we’re able to maintain the relationship with the patient once they feel understood. And even if we weren’t, we can learn things that will help our processes, our systems. So as we strove to get better and better, we looked for more gems in those situations.”
  • “Now urgent care is a big patient perception because what is no big deal to you might be a really big deal to patients.”
  • “Patients aren’t loyal. If they’re feeling, feeling mistreated or ignored, or that you’re always running behind, they might find those greener pastures.”
  • “If patients feel like they’re just a number on a spreadsheet that you’re pushing treatment on them, that you have aggressive sales tactics, that you don’t have their best interests at heart, that then they’re going to feel inclined to be a patient somewhere else.”

Featured on the Show:

  • Quote: Customers perceive service in their own unique, idiosyncratic, emotional, irrational, end-of-the-day, and totally human terms. Perception is all there is!” — Tom Peters
  • I appreciate your feedback. Let me know what you learned and loved here: [email protected].

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