Oct 11, 2019
Practice Under Water | Mystery Guest “Doug” Part I
Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to interview a new mystery guest, who we call "Doug." He contacted us to figure out what types of analytical information our team could find about his practice. Doug wants an outsider opinion and a "bird's eye view" on his practice.
Digging in, we find that Doug started out in a medicare office, which he totally disliked. He then moved onto running a couple different associate offices, then bought a practice, which he has now owned for two years. At the time of purchase, the practice was pulling in $1.8 million. He would like to grow his business from 2500 patients to 3000 patients by cutting three insurance groups. His priority goal is to drop three insurances, as he wants to increase the quality and increase the amount of billing per patient. Doug has three full-time hygienists and full office staff. Doug would like to move from working five days to working three days. He finds creating continuity and having all his systems in order a bit hard in his office. His end goal is to work more with sleep apnea, implants, and reconstruction. Doug is currently not using any software to look at his numbers.
Matt finds out that Doug wants to open up time to have more free time, as now he feels like he is pushing too hard, and money isn't necessarily going to make him happy. The practice is more profitable, even though he is making less gross income. Doug has paid off over $300,000 in student loans to date. He looks at other practices and feels that the "grass is always greener" because other practices have so much going on. Doug also doesn't take the time to celebrate for himself.
Listen in to find out how Matt digs into Doug to find out why he is making excuses for his inaction. Matt walks Doug through his commitments, questions about how he feels about his practice, and what he can do to accomplish his goals.
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