Gems Publishing - September 2020

Gems Publishing - September 2020

By Dr. Tom “The Gems Guy” Orent

Which category do you fall into? Your AR (accounts receivable, or total money owed to the practice) is: a) Less than 1:1 with respect to one month’s collections b) Greater than 1:1 c) You have no idea. If you are in category “a,” congratulations for running a sound dental “business” (at least from the perspective of this one parameter). If you’re in category “b,” figure out why you are there and what to do to improve the situation. Of course, if you are in category “c” ... you just don’t know ... you’re living dangerously! Reach out to your Personal Gems Concierge, as they can assist you with “b” or “c.” If you’re in “c,” the first step is to run the numbers. AR is the entire amount of money owed to your practice. It includes money owed by patients, finance companies, and insurance companies. It should not include money that will likely never be collected.

Light Up Your Gems Dashboard!

This graphic image is just one of the many modules in your Gems Member

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After practicing five years without performing write-offs, he may have accrued over $70,000 of uncollectable receivables, which are still “on the books”! If John were in the 1:1 range of AR to monthly collection, he should be carrying approximately $60,000 receivables. Yet, without the appropriate monthly bookkeeping, his computer is telling him that he has $130,000 outstanding!

not what you will ever allow in the future!), but based upon her history, you can count on her paying down her entire balance fairly soon. Do nothing with Mrs. Jones. At this rate, you’ll never get paid. Mrs. Smith has an overdue balance of $1,000. Over the last six months, she made random payments of $30, $25, $10, and $40. Based upon her history, you’re not only never going to see the money, but you will likely lose the patient as well. This is the point at which you send them the one-time- only “Amnesty Letter,” in which you offer them one-half off their remaining balance if they send in the other half within 10 days. Most won’t. Some will. If they do, terrific. Their balance is zero and you invite them back in for care. Assuming they don’t, then 14 days later, you write it off. Zero the balance out. All practice management software has a code for “bad debt write-offs.” What if Mrs. Smith decides to pay six months later? Simple. Not likely she will, but if she does, then simply reinstate the balance and enter the payment! For full details on how to systematically clean up your overdue accounts receivable, get a copy of my “Amnesty Letter,” and more, check out GoldMine UnderGround Team Training Toolkit 005, “Taming Your Accounts Receivable,” or ask your Personal Gems Concierge for assistance.

“Take a 60-second glance at your Gems Ratio module at least once per week. It will not require more than 60 seconds and could easily help you add tens of thousands of dollars revenue per year.”

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Imagine this happening in major league baseball!

Dashboard. This shows your “Gems Ratio,” three-month floating average net collections, and your accounts receivable, at a given point in time. You should take a 60-second glance at this module on your Gems Dashboard at least once per week. It will not require more than 60 seconds and could easily help you add tens, possibly even hundreds, of thousands of revenue dollars per year. If you are not yet up and running on your Gems Dashboard, ask your Personal Gems Concierge to get you started ASAP. Don’t wait! It’s an included benefit of your membership. The moment it’s fully lit up you’ll have at least one “aha!” moment. One of our Gems Family Members (I’ll call him John) has never written any bad debt off his books. He’s been in practice for about five years and thinks he is doing okay financially. Yet his practice numbers are not as meaningful as they could be if he were tending to the bad debt write-offs. Knowing your Gems Ratio (see the graphic on the cover) can help you make critical decisions regarding when it would be more profitable to allow certain patients longer- term internal financing and when doing so may be detrimental to your bottom line. If you are not routinely “cleaning up” the old accounts, the information available will be less meaningful. John hasn’t performed any write-offs in five years. His production and collection are roughly $720,000 annually. Let’s assume that 1%–2% of his production will become uncollectable. Perhaps $600–$1,200 per month — or up to $14,400 annually.

The Boston Red Sox are slugging it out in the World Series. It’s the top of the ninth inning. The scoreboard tells them they have a very comfortable lead — 18 runs to 3. The Sox

decide to pull their starting pitcher, along with half of the other positions. It’s time to give them a rest while allowing some of the less- experienced players to enjoy a few moments in the limelight. The only thing the Sox didn’t realize was that the scorekeeper accidentally left the prior three games’ runs up on the board! In reality, they were trailing 2 to 1! Once each month, you should determine which accounts are uncollectable. After 90 days overdue (and in the absence of an agreed-upon written extended payment plan to which your patient is adhering), you’ll take one of two actions.

“If your Gems Ratio is < 0.8:1, on the surface that may appear to be a good place to be. But it’s NOT!”

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Based on history, you’ll have your money within 4–6 months. Mrs. Jones has an overdue balance of $1,000. During the last six months, she made three random payments of $250, $380, and $425. It’s not ideal (and it’s certainly

After watching Gems Ratio and AR on your Gems Members’ Dashboard, you’ll understand how to drill down a bit deeper (sorry for the pun). For example, you may see the AR (all money owed to your practice)

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Identify and Live by a Happy Medium for Highest Profitability

Dashboard graphic that the “Green Zone,” or ideal Gems Ratio, is from 0.8:1 up to 1.1:1. If your Gems Ratio is > 1.1:1, there is too much money owed to your practice. It’s not only coming in too slowly, but you are also at higher risk of never seeing some portion of it. If your Gems Ratio is < 0.8:1, on the surface that may appear to be a good place to be. But it’s NOT! Heck, if you take it to the extreme and require full payment (even the insurance portion) for all treatment in advance, then you’ll have ZERO AR … a “Cash Practice.” Sounds good, right? You may think you’ll sleep better at night knowing that nobody is going to get your care without paying for it. But it’s a false sense of financial security. You’ve choked out a huge portion of the production you could have done by having a more lenient financial policy.

“You may think you’ll sleep better at night knowing that nobody is going to get your care without paying for it. But it’s a false sense of financial security.”

The zone we’ve identified as “green” on your dashboard is 0.8:1.1. Keep your Gems Ratio in the green zone for maximum productivity and profitability. Too high and you’re giving away the store. Too low and security is so tight that nobody can get in! For full details on financial options, financing sheets, long-term internal financing, and more, visit GoldMine Team Training Toolkit 006, “Financial Options and Exactly How to Sell Them.” Gems Ratio is but a fraction of what’s available on your Gems Members’ Dashboard. Be sure to connect with your Personal Gems Concierge today to get your Gems Dashboard up and running!

stays fairly constant (flat line) and your Gems Ratio (AR divided by three-month floating average monthly net collections) hovering around 1:1 for a number of months. Then you note a sudden sharp decline in AR. The significant drop could mean that your staff has worked overtime calling patients and collecting outstanding balances. Or it could just as easily indicate that your team had not performed routine write-offs for ages. Then last month, you lit a fire and appropriately identified and wrote off $20,000 in bad debt! There is yet another possible reason your AR heads downward. You may have taken a week or two off. How would that affect AR? Simple. Collections continue to come in from patients and insurance companies, yet production grinds to a halt in your absence. As outstanding balances continue to reduce without new ongoing production, the total AR (money owed to the practice) will decline. This isn’t necessarily good or bad. It is, however, important that you understand why it’s occurring. Without such insight, you may assume that the collections efforts of your team have finally helped you to turn the corner on a chronic AR problem. It’s one of many reasons that we’ve programmed your dashboard to use three-month floating average monthly net collections. It accounts for periodic fluctuations in collections.

Gems Ratio = AR/Average Monthly Net Collections

If John has an outstanding AR of $60,000, and he is collecting $60,000 per month, then his AR to monthly collections ratio, his Gems Ratio, is 1:1. Notice on the Gems

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Pro  table PPOs, based in Phoenix, AZ, specializes in helping dental practices across the United States take advantage of opportunities to participate more pro  tably with insurance PPOs. Working with hundreds of practices of all size and specialties, Pro  table PPOs has been able to help them successfully add millions of dollars in increased revenue to those practices. Clint is a published author, a frequent speaker across the United States to dental groups on the subject of dental insurance participation, and is passionate about helping practice owners gain a better understanding of how to optimize their PPO plan participation to increase business pro  ts. When not working with dental practices, he and his wife keep busy with 3 kids and pursuing hobbies including skiing, scuba diving and travel.

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Kim is the founder of Powerful Professional, a business coaching and education company. She was recently named #475 in the Inc 5000 and Forbes called her a must-read author for business books. She is a multi-seven-  gure business entre- preneur with no business degree and a tendency to say “crazy pants” more than is socially acceptable. She is the best-selling author of The Ultimate Guide to Instagram for Business and The No BS Guide To Direct Response Social Media Marketing, with Dan Kennedy. (Fun fact: she uses a thesaurus when she writes or she would use the word “awesome,” “cool,” or “very” 7,452,675 more times than she already does.) She’s an in-demand speaker, having shared the stage with Tony Robbins, Grant Cardone, Kevin O’Leary and Gary Vaynerchuk. She’s a Boss. A mom. A wife. A daughter. A friend. And knows that’s why God gave us prayer, laughter, and coffee. Kim Walsh-Phillips “DISCOVER THE POWER OF LEVERAGE AND AVOID THE SIREN’S SONG OF MANAGED CARE” 4 Break free from the limiting beliefs that destroy your practice from within 4 Blow through production bottlenecks 4 Achieve the freedom and  exibility you deserve 4 Unlock the sales and persuasion technique hidden in Mark Twain’s writings 4 Smash every revenue and pro  t record by using these 3 tools 4 The #1 thing you MUST do before dumping your PPOs 4 The real math of new patient attraction 4 How research from a camera company PROVES that dentists should avoid or at least reduce their dependence on managed care 4 Why it’s more pro  table, and less risky, to be out-of-network 4 Create an environment where more gets done with less headache, heartache, and hassle 4 The lifetime value of PPO patients vs fee-for-service How research from a camera company Planet Gems Senior Practice Analyst, Mr. Tom Rich brings an undeniable level of marketing and management expertise to the Gems team. With over two decades of professional experience, Tom has written over 2000 direct response advertisements, managed large and small call center operations, and has recruited and trained hundreds of sales professionals. Tom has helped companies and clients (ranging from Fortune 50 companies to smaller operations) maximize their sales and marketing strategies. Through his efforts, the companies he has worked with have made or saved over $542,000,000. Tom has experience in a wide variety of companies across several industries, ranging from retail to health care. In his time working with Dr. Tom Orent and Gems, he has been instrumental in working one-on-one with dentists to help them recognize the immense amount of opportunity in their practice and assist them make the right decisions to enable them to harness that potential and to ultimately obtain the practice of their dreams. He also helps Gems with new client and referral attraction strategies and campaigns through online and of  ine marketing. His primary focus is helping Gems and its members implement sales and marketing campaigns that drive an immediate measurable result. Tom has been an integral part of the team and has a knack for discovering (and conveying) how to help dentists realize the goldmine they have been sitting on. Tom earned his MBA, specializing in Marketing and Consulting, from the Thunderbird School of Global Management and a BA in Marketing and Mandarin Chinese from the University of Utah. Tom Rich, MBA Senior Practice Analyst

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A shopper is on the phone, and the patient has refused even a FREE consultation appointment. Since you know they are not scheduling, you have nothing to lose (and possibly a new patient to gain) by asking them a couple of quick questions. About 90% of them will still say thanks, but no thanks. But how cool (profitable!) would it be if you could begin converting 10% of all prospective new patients who called but were not going to schedule? “Sure, Mrs. Jones, I understand you’re not quite ready to set up an appointment just yet … but let me share one thing with you … “I’ve been in dentistry for seven (fill in your number of years) years now, and if my spouse were relocated to Phoenix tomorrow for a job change … there are four critical questions I’d want answered before I’d even consider setting up an appointment with any dentist.”

2. “And I’d ask if the office uses air abrasion technology that allows the Dentist to fix small cavities with NO DRILL and NO SHOT!” 3. “Before I would even consider setting up even a consultation, I’d be CERTAIN that the Dentist has early morning and/or late hours (e.g., 7 a.m. or at least to 7–8 p.m.) because there’s no way we want to be leaving in the middle of work to go to the dentist if we don’t need to!” 4. If the caller told you they don’t have dental insurance, you can say: “Mrs. Jones, if my spouse and I didn’t have dental insurance, I’d want to be certain that the practice I chose offers a Dental Health Benefits Savings Plan for those of us without insurance.”

implants … THE latest technique that allows them to place the implants in just one visit, walk out able to eat ANYTHING they want, and EVEN use their OLD denture on the new implants!” 6. “Of course, I’d be ABSOLUTELY CERTAIN that Dentist was using a DIGITAL X-RAY system in order to reduce radiation to you and your family by 90% of what’s still used by many dentists today.” 7. “I’d ask about Invisalign … the new invisible braces technique where you don’t even need to wear brackets or wires to get your teeth straightened!” Give out these tips and get your caller thinking. You just might hear from them again in the near future.

5. “I would want to know if this Dentist was certified in the newest FDA-approved mini

Each question should eliminate 1/2 to 3/4 of your local other general dentists!

Choose four questions total. Use some of these if they apply, and/or create some of your own. Which questions you use is not important. Most important, use things that differentiate you SO MUCH that VERY FEW other offices could ethically answer YES if asked these questions. Here they are. 1. “Mrs. Jones, you know I’d ask if that office uses an FDA-approved laser cavity finder … because the research shows that offices NOT using this device are missing 76% of all of THE most common cavities!”

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Dr. Chanania Stern, Israel Dr. David Bagan, Spain Dr. JaroslawKokolus, Canada Dr. JimRedd, Canada Dr. Lori Logan, TX Dr. Anthony Foster, NY Dr. David Lerner, NY Dr. Amanda Ekstein, NJ

Dr. Gordon Geick, NH Dr. Randall Sagisi, CA Dr. Trish Takacs, KY Dr. Thomas Sokoly, DC

Dr. Darius Arlauskas, WA Dr. Jarett Hulse, TX Dr. Jonathan Penchas, TX Dr. Charles Wahl, NJ Dr. Brett Goldsmith, NJ Dr. Kathryn Kennedy, IL Dr. SeanMelton, MT Dr. Rhonda Gilmore, TN Dr. Keith Kelley, MI Dr. Sagar Lunagaria, PA Dr. Richard Higgs, AZ Dr. Edik Haghverdian, CA Dr. Jason Oh, CA Dr. IanMcLaughlin, MA Dr. Gary Braunstein, CA Dr. Rande Kaminsky, PA

Dr. Jenny Perkins, AL Dr. Suzanne Popp, CA

Dr. Anne Cline, TX Dr. Mat Kiisk, CA

Dr. Ryan Crain, TX Dr. Aaron Knop, TN Dr. Kate Randall, ME Dr. Jim Erpenbach, TN Dr. Genevieve Fernandes, NJ Dr. Cary Chavis, DC Dr. Toni Carr, TX Dr. Stephanie Teichmiller, AL

Dr. Stephen Conrad, AZ Dr. Grant Johansen, AZ Dr. Bonnie Benjamin, PA Dr. Ezra Trachtenberg, NY Dr. Jeff Lowe, KS Dr. Brandon Grantham, TX

Dr. Todd Larsen, UT Dr. Afshin Vahadi, TX Dr. PhilipMiner, TX Dr. Allan Linehan, KY Dr. John Friedmann, TN Dr. Margaret Neal- Stubblefield, VA Dr. Steve Thompson, TX

Dr. Cristin Lewis, TN Dr. AdamHainley, NY Dr. Jane Cooney, IL Dr. David Bottke, IA

Dr. Chelsea Perry, MA Dr. Nancy Nguyen, CA Dr. Joshua Hood, AL Dr. Joe Adams, CA

Sudoku

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Relationship-based new patient acquisition is important, and practices NEED to have a system in place to make sure this happens every month. However, this type of practice growth is limited by the number of hours in the day in which you can be out interacting with your community. You also have a practice to run! You can only grow your practice through relationships to the extent that you can interact with others and build personal relationships with them. Once you have a good, trusting relationship, you can ask for referrals or make patients and those you trust an offer. This takes time. Dental practices should absolutely be actively engaged in relationship-based marketing, but they need to have additional means to acquire new patients to grow. That’s the value of the second option for new patient acquisition.

2. Marketing-Based Discovery: With this strategy, a new or prospective patient stumbled onto your practice through an ad

or targeted marketing. They may have seen an ad you were running. They may become interested after seeing your ads a few times as your name becomes familiar to hear. Next, they may check out your online reviews, your social media, and other platforms to see if your practice is a “good fit.” This has been a standard practice for centuries … except now it’s on a digital platform. The problem with traditional marketing is that it can be very time consuming, inefficient, and expensive. On average, it costs a dental practice $250 (to as much as $350) to acquire a new patient through traditional marketing in the U.S. This cost is likely higher if you’re in a city like New York, Boston, Los Angeles, Chicago, or Dallas, where the cost of media is higher. Knowing that, Dentists may be aversive to funneling gobs of money into marketing strategies that may only work every once in a while. You need a constant influx of new patients to maintain a healthy practice, but how can you do this efficiently without breaking the bank?

By Lisa Weber, RDH — The $600K RDH, GG12 Certified Coach & Marketing Strategist

All of your patients have one thing in common. Every single one of them went through four phases on their way to actually becoming your patient. Phase 1: Awareness: Whether by referral, advertising, or a simple Google search, your prospective patient discovered you and your practice. Phase 2: Interest: Then they became interested in your practice. Perhaps they heard great things about you or maybe saw an irresistible offer in one of your marketing campaigns. Whatever it was, that interest motivated them into phase three. Phase 3: Contact: The prospective patient decided to contact you. They either called your practice to schedule an appointment or shared their contact information with you to request more information or an appointment. Phase 4: Action — Finally, they scheduled an appointment, showed up, and BECAME your patient.

Every patient follows these steps, but their discovery begins on one of two paths: relationship-based discovery and marketing discovery. 1. Relationship-Based Discovery: Often, new patients learn about you, your practice, and the wonderful services you offer through referrals. These can come from a trusted coworker, family member, or friend. Referrals are also common from other “influencers” in your community, like clergy members, realtors, doctors, or anyone else in a position that requires a high level of trust. As such, the relationships that you and your team build with your patients and community will lead to more “relationship- based” new patients. For example, if your dental assistant tells her hairdresser about the amazing cosmetic dentistry you do and shares your business cards — or a gift card toward care — you’ve planted seeds with the hairdresser (and their staff) that just might grow into a new patient relationship.

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A SIMPLE SOLUTION

Building your dental practice using marketing funnels is the best way, in my opinion, to see real practice growth quickly and affordably. Marketing funnels allow you to get your message in front of large numbers of highly targeted prospective patients quickly while automating the process at a fraction of the cost of other traditional marketing methods. What exactly is a marketing funnel? A marketing funnel is the entire journey of a prospect first becoming aware of your practice until they are a new patient sitting in your chair! They are literally funneled into your practice. Think back to those four phases … awareness, interest, decision, action. Your marketing funnel puts solutions to their specific problems right in their lap. It does the marketing work for you through simple, affordable steps. Awareness begins online, usually through Google, Facebook, and YouTube ads, boosted social media posts, videos, and more. In the interest phase of the funnel, people intrigued by the ad are led to a mini, topic-specific website through the ad that’s usually about 2–5 pages in total and about one topic ONLY. There are no other distractions, including no links to your social media or any other place until you have their contact information. The marketing funnel holds the prospective patient’s hand through the process of gathering information and requesting or scheduling an appointment. That leads them seamlessly into the final phases of the funnel and to becoming your new patient. Here’s the outline of what that website should look like and what it should do.

DELIVERING THE GOODS

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gurus. Any of your team members can be trained to make this marketing magic happen! It’s accessible for anyone to learn, and coaching from our Gems Family can get you set up.

When people opt in or share their information, the next step is to deliver what you promised. Depending on your marketing goal, the next step might be to automatically email them an e-book, a special report, some kind of checklist or guide, or even a link to a video you recorded answering common questions people have about the specific procedure from the landing page. All of this immediately begins to build relationship and trust. It positions you as THE expert. You could even take this one step further and allow them to schedule an appointment with you online. The process is accomplished by using simple, inexpensive, but super sophisticated software. GONE are the days that you need an entire team of web designers or tech

3. THE FORTUNE IS IN THE FOLLOW-UP

Finally, you have a quick and easy way to automatically follow up with prospects that share their information with you but never make an appointment. It is very easy to “nurture” these leads with a series of automated emails that position you as the “trusted authority.” We never know what’s going on in someone’s life or why they didn’t schedule. Perhaps something unexpected happened, and it was a big expense. By nurturing these leads, and by providing valuable information, YOU become the

1.

YOUR LANDING PAGE

A landing page is the first page a prospective patient visits on your mini-site. It is all about the topic they were interested in, and the ONLY purpose of the landing page is to collect contact information from the prospect in exchange for information they want. It then immediately takes them to the next step of your funnel.

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6. THE TEETH WHITENING FUNNEL: This funnel targets patients who are tired of discolored and yellowed smiles. We want to offer them an effective, clean treatment program designed to give them the smile they crave. No matter what your goals, or what kind of cases you’d like to do more of, a marketing funnel can be created to attract exactly THAT patient! When you figure out what kind of funnel you want, you then create highly targeted ads and drive that prospective patient to your funnel’s landing page.

beautiful smiles, and that’s what we are promoting … because that’s their biggest obstacle. And we can fix it!

obvious choice for their care when they are ready to schedule an appointment.

2. THE INVISALIGN FUNNEL: This funnel targets patients who want straight teeth but don’t realize just how many options they have to fix

We can even retarget people with our marketing funnels. If someone made it to your page but didn’t share their information with you, there’s a good chance they got distracted. Clearly, they were initially interested; they clicked your ad for more information. Once they have landed on your marketing funnel page, and even if they didn’t share their contact information, using retargeting, we can easily put additional “reminder ads” in front of them to encourage them to take action. Finally, at the bottom of the funnel during the decision and action phases, we have people who take you up on your irresistible offer, schedule an appointment, and become your patients.

their smile. This could also be used for Clear Correct, Six Month Smiles, Fast Braces, traditional ortho, or whatever you offer.

3. THE SNORING AND SLEEP APNEA FUNNEL: This funnel not only attracts

patients searching for better sleep … but it also gets the attention of spouses who are tired of trying to sleep through snoring!

ARE YOU READY TO TRY MARKETING FUNNELS?

The most effective and efficient way I have found to build a practice is to have marketing funnels working for us 24/7. While we still do some of the more traditional marketing, we are doing less and less of it because we found that marketing funnels are THE BEST WAY to fill our schedule with ideal patients without relying on referral relationships or expensive and often inefficient traditional marketing. If you’d like more help and training on building funnels to work for your dental practice, ask your Personal Gems Concierge to book a coaching call with your Coach today, and we will walk you through the process.

4. THE NEW PATIENT HYGIENE

FUNNEL: We are often targeting fee- for-service patients, some of whom who don’t have dental insurance. They want great service, but they’re on a budget. We’re mindful of this through the funnel. (We also have a Dental Health Savings Plan funnel that targets patients who may need more extensive care but don’t have dental insurance.) 5. THE EMERGENCY PATIENT FUNNEL: Just as the name suggests, we want prospective patients to think of us when the next dental emergency pops up. If we can get them into this funnel before it happens, we’re more likely to be the practice they call.

WHAT KIND OF FUNNEL DO I NEED?

When it comes to marketing funnels in a dental practice, you are only limited by your imagination. Ask yourself this: What procedures do you want to do more of? That is the service that needs a funnel. But don’t limit yourself. In my practice, we currently have many different marketing funnels running simultaneously. Each funnel attracts a different type of patient my Dentists want to see more of. To guide your decision-making process in creating funnels, these are some of our active funnels right now:

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THE IMPLANT FUNNEL: Just as the name suggests, it’s all about implants. It attracts patients who are looking for single-tooth implants, multiple implants, All-on-4, implant-retained dentures, denture stabilization, and implant-supported bridges. You name the implant, it’s in the funnel. We know these patients want stable,

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