Gem Publishing July 2018

Gem Publishing July 2018

6 Marketing Gems You Can Take to the Bank! Before Maximizing New Patient Flow

By Dr. Tom “The Gems Guy” Orent

Just start with a goal to increase by one new patient a week.

We discussed the basic math behind how increasing by just one new patient per week, which is 50 for the year (with two weeks off for good behavior), can add $240,000 to your revenue over a six-year period. What we didn’t explain was how that compounds from year to year. The average lifetime value (ALV) of a patient is $4,800 over their six-year sales cycle. You’ll see roughly $60,000 of that revenue in the first year. In the second year, that same patient brings in another $36,000. But when you add the Year 2 group of the additional 50 new patients, their revenue combines with the first group and creates a snowball effect — one that takes you to a quarter-million dollars and beyond. The following table illustrates this concept:

In our last issue, we defined capacity and broke down how to maximize new patient flow. A practice at capacity is open six or seven days a week from 7 a.m. till 9 p.m. They use every square inch of space, even possibly expanding the square footage of their building. All hygienists’ and doctors’ chairs are booked out for the next two months, and they can’t squeeze in a patient even if they wanted to. The fact is that very few practices are truly at capacity! Practices at capacity are generating $3,000,000 to $6,000,000 per year per location. If you are not at capacity, then one proven effective method (of several) for increasing revenue is simply to increase new patient flow — and it doesn’t have to be by huge numbers.

Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Total

Year 1

$60,000

$60,000

Year 2

$36,000

$60,000

$96,000

Year 3

$36,000

$36,000

$60,000

$132,000

Year 4

$36,000

$36,000

$36,000

$60,000

$168,000

Year 5

$36,000

$36,000

$36,000

$36,000

$204,000

$60,000

Year 6

$36,000

$36,000

$36,000

$36,000

$240,000

$36,000

$60,000

Continued on page 7...

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InsidersCircle.com | 1-888-880-GEMS (4367)

The Secret to Unlock Consistency, Competency, and Conversion

Verbal-Skills Training — aka Role-Playing!

By Tom Rich, MBA, GG12 Senior Practice Analyst

there are definite consequences if/when it’s done wrong, compared to practicing with a safety net, most people will opt for the “safe” environment.

If there is one word that sends dread through the hearts and minds of your team, it’s “role-playing.” Most people hate it because it’s uncomfortable, they don’t like being put on the spot or in the center of attention, they don’t know what to say or are not confident about how to say it, or they believe that nothing good can come from a “fake” conversation. “It just doesn’t feel natural. They’re not my words.”

There are two simple ways to overcome people’s resistance to role-playing.

No. 1: Stop calling it “role-playing.” What we call a thing shapes our perception of it. For example, several farmers petitioned the government to allow them to change the name of “prunes” to “dried plums.” The idea was that by repositioning the product, it would become more appealing to those who classified it with “old-people food” or “nature’s laxative.” So, instead of saying “role-playing,” call it “Verbal-Skills Training.” No. 2: Everyone plays, using every verbal skill. No matter their title or position, everyone in the office should participate in every Verbal-Skills Training. That means everyone … doctor, hygienist, front-desk staff, back-office staff … everyone. Why? First off, shared experience (good or bad) brings people together — it helps them feel and act like a team. Second, it is a great opportunity to hear how everyone presents to discover the best way to do it. For example, if everyone presents two times and there are eight people in the office, everyone will be exposed to the Verbal-Skills Training 16 times! Finally, when everyone plays, the practice (including the patients, the doctors, and the team, etc.) all get the benefit of cross-training, which means everyone on your team will be consistent on how to answer a question like, “Do I really need fluoride?” This one habit will do more than virtually any other tip, trick, or technique to drive the success of your team. The best part is this is just one of the 6 Critical Factors to maximize your practice’s revenue and success. To look more in-depth on this or to discover the other 5 Critical Factors, go to InsidersCircle.com, click on “Site Map” in the upper left, then click on “GG12 Monthly Team Training Toolkit” in the bottom right, and select “085 6 Critical Factors.”

Admittedly, those are the biggest downsides, and since so many people are resistant to it, most practices never rehearse what to say to a patient. So, when the hygienist or assistant offers fluoride, patients routinely ask, “Does my insurance cover it?” When they hear that insurance does not cover it, they politely decline, and everyone goes about their day. Here’s the good news: You only have to role-play the things you want to improve or don’t want to get worse. The simple fact is if you want to get constant improvement, it requires constant practice. When given the choice of practicing in real life, where

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$100K MIT Boost

did they accept and schedule one or more crowns as a result? Enter the fee for the crowns accepted and scheduled as a result. Finding just two deep cracks (on otherwise asymptomatic teeth) per week could be worth a SIX-FIGURE BUMP annually! The form helps to ensure you are consistently using transillumination and helps to quantify acceptance rates of the solution you propose (most often crowns). The key to challenges is to begin using them (no more than TWO to start!) … then never stop. Even if you wait 3–6 months after you’ve deployed your first two … adding your third on month seven is terrific! By the end of the year, you’ll be consistently deploying four systems and strategies proven to help you deliver better dentistry and make a whole lot more money. “But Tom, how can I get my team on board?” Well, Dr. Jeff Cohen has a great approach. Micromanaging is one of the worst ways to run a practice, and Jeff has found a great solution. Rather than micromanage, he leads by example and asks his team for their ideas on how to proceed. Show the 13 available GG12 Challenges to your team and allow them to decide where to begin. 083 “$500K* MIT Boost. 16 Gems 1st Class Dental Experiences” provides a complete breakdown of how challenges can transform your practice. Tom Rich shared with us a “Gem” at one of our retreats a few years back: “Measure it, and it’s going to improve ... measure and report, and enjoy exponential improvement!” This sentiment holds true now more than ever, and with the challenge forms we provide on the website, it’s easier than ever. *No, that’s not a typo! Watch this video and see how $100,000 (referenced above) could potentially grow into a $500,000 revenue increase for your practice! experienced anything like our retreats in all their years attending dental continuing education. Experience it for yourself and form a lifelong bond with other GG12 and GIC family members. Register now!

So I know you’re probably thinking, “Tom, what is this MIT boost?” Well, it serves as a moniker for “Measure IT.” Without tracking, your practice has no way to measure progress and gauge growth. That’s one of two reasons we’ve provided the challenge forms on InsidersCircle.com. The other reason is to ensure that the Systems, Strategies and Toolkits … the actions you want taken in your practice are being deployed week in and week out … consistently, and at the highest possible level! These challenge forms, if you apply them properly, can help you help your patients achieve better health while altering the foundation of your practice. Choose JUST TWO challenges. The choice which is entirely up to you. These forms provide a system to not only grow your practice but also to hold your team (and yourself!) accountable. Why just two? ‘Cuz otherwise, you’ll drive your team nuts! Trying to start with too much too soon results in nothing done well. Master two Toolkits and their challenge forms — such as Fluoride and Perio verbal skills or Perio and Cracked Teeth — ONLY after you are seeing consistent and significantly improved results, then add in just one more Toolkit and its challenge form. The forms are simple to follow and can provide immediate results when appropriately applied. Two challenges a week can easily represent a $2,000 increase in revenue — which is $100,000 annually. So let’s use Cracked Teeth as an example. To deploy the challenge, simply enter the first name and last initial of every patient upon whom you used transillumination. Enter Y or N — For the latest up-to-date information about what’s happening on Planet Gems, go to InsidersCircle.com and click on “Calendar” (menu bar, top left of home page). If you have questions, please contact your Personal Gems Concierge or call 1-888-880-GEMS (4367). 90-Minute GG12 Team Training Webinars: GG12 Team Training Toolkit Dental Practice Transformation members, please block out this monthly program. These occur just once each month, but they could easily be the most important 90 minutes you and your entire team will invest. GG12 Office Hours: Twice each month, my office door is open for your visits. This is an optional opportunity for GG12 doctors and team to reach me directly with questions about dental practice management.

July 10; 10:30 a.m. to 11:30 a.m. EDT — GG12 Office Hours

July 18; 11:00 a.m. to 12:30 p.m. EDT — GG12 90-Minute Team Training Webinar

July 25; 8:30 p.m. to 10:00 p.m. EDT — GG12 & Gold PLUS Mastermind Webinar

July 26; 11:00 a.m. to 12:00 p.m. EDT — GG12 Office Hours

September 12–15; GG12, Gold PLUS, and Gold Members’ fall retreat

REGISTRATION FOR THE FALL RETREAT IS NOWOPEN! Click on the fall retreat banner, (top left corner of our homepage).

GG12 and Insiders’ Circle™ Members’ Spring and Fall Retreats: Doctors and team members often tell us they have never

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InsidersCircle.com | 1-888-880-GEMS (4367)

hear the complaint in order to understand precisely what is going on. In some cases, the patient may just want to vent. The conversation could take an hour, but I have close friends today who were complaining customers yesterday. The very first step toward repairing strained relationships is to genuinely listen to your complainers. Empathize Look at the situation from their point of view. If you own your mistakes and truly empathize with their situation, you’ll find the opportunity to create a mutual bonding point. From there, do everything you can for the patient. You’re not on opposite sides; you’re on the same team. The worst outcome for a practice is when a patient becomes angry and leaves. You’ll never have a chance to gather valuable >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10

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