Dr. David Phelps, with Freedom Founders, and Jerry A Jones, discuss getting from Plan A to Plan B and how any dentist can get there. Check it out here. Enjoy!
In this special episode, Jerry talks with Doug Fettig, CPA with Aldrich CPA (formerly AKT) about all of the keys to financial success in dentistry.
Doug has over two decades of experience as a CPA and a finance professional, providing him the unique ability to understand dentists’ needs and help them grow efficient and profitable practices. His insight allows him to effectively communicate business concepts to dental practices while strategically addressing tax, investment, and retirement planning needs. Doug has spoken at numerous dental seminars, academies, study groups, and vendor forums around the country and he is known for his energetic, engaging, and entertaining speaking style. As a dental business advisor, he is adept at collaborating with dental practices and incorporating Aldrich’s expertise to help dentists grow their practices and increase their profitability.
Some of the many topics covered are:
-Attitude and Mindset in money and investing
-Student loan debt for dentists
-and much, much more…
We hope you enjoy and make it a great week!
My last blot post was about bringing awareness to the massive loss businesses suffer when they don’t focus on keeping their existing customers or patients.
87% of your patient loss is due to 3 big reasons, all of which you can control!
After all, statistically speaking, you only lost 1% to death and 3% to those moving (Unless your practice is at a military base, of course, or a senior living center, and I have two Members in those situations – different challenges, there!).
And, the biggest reason patients never return to your practice?
They feel as if you don’t care about them. They feel you’re indifferent whether they return or not.
Or, perhaps, in some cases, they can’t handle the arrogance or “talking down” they get when they’re lectured.
(If that’s you, Bub… if you think you’re Gods-gift to Dentistry, remember, not a single patient of yours gives two sh*** about you, until they know you give two sh*** about them. So, my suggestion, address that attitude of yours, first.)
Here are two things you can do to coagulate the blood, stop the bleeding, halt the exodus:
1.) Send a printed monthly newsletter via the mail. If you’ve never done this, you’re missing out on the biggest secret to keep your patients surrounded by an “iron cage” and keep them from wandering out of the pasture. (Contact JJD for more information. We’ve been mailing patient newsletters to improve retention, increase referrals, and improve case acceptance, for over 20 years!)
2.) Offer that Olive Branch a few times a year to those who haven’t returned in 13 months.
Here at JJD, we have a couple options for reactivation. We have a letter to send to patients who only showed for that initial appointment and never came back. We all have those, right?
We also have a series of communications that go out for those who have become inactive over time.
What if you ONLY ever improved retention by 5% or 10%? What if you reactivated 5 to 10 patients each month on average?
What if your reputation improved? What if your practice started growing from more referrals than you ever thought possible?
All good problems to have, dear reader.
Anyway – here’s a letter we crafted recently for one of our Members that I wrote about earlier. You’ll see what’s it’s intended to accomplish after reading it.
Use it. Leverage it. See what happens. Sending a single letter like this will only cost you a dollar or $1.25. You can mail 1,000 of them for far less!
Get on it. Stop losing your patients and take action, today.
Every dental practice, every business out there, has this problem. They invest a ton of cash to generate a new patient, client, customer. People call, show up, buy whatever. But, the worst possible thing happens…after they leave, they don’t refer anyone and they never return.
The relationship is short-lived and extremely UNprofitable.
Not a single business owner I know wants a one-visit interaction with a customer. Even funeral parlors shoot for that second customer – the spouse – if there is one.
We all want ‘em: repeat visitors that pay, stay and refer!
It stands to reason that we want to do everything we can to make that first visit a positive impression.
Even doing so can and will result in losing some customers.
According to Jonathan Reeves, a columnist for sociallyin.com, the top 5 reasons why you lost customers or patients are:
3% move away.
5% form other relationships.
14% are dissatisfied with your product or service.
68% leave because they don’t believe you care.
If you look at which of those reasons you can influence, you cold potentially affect 87% of those leaving, and keep more of them…
…if you worked more diligently and systematically at never letting them go.
What would keeping 87% of those you’re losing now, mean to your practice?
If you lose 10 each month to those bottom 3 reasons (the biggest 3), and you capped that to just losing 2…after 1 year, you’d have fewer openings in hygiene, for one.
Two, you’d have less of a need for new patients. You’d be investing less in external marketing.
The value of your practice increases, too.
I won’t cover what you can do here to go from losing 10 to just 2, but rather, I wanted to make you aware of the problem…and that you’re spending buckets of duckets every month on generating new patients when it might not be 100% necessary.
Maybe it’s time to put some thought (and action) into retaining those you have and replicating them via referrals and increasing their value to your business via education and more opportunities to interact and invest in their own health.
In my next blog post, I’ll share a letter I crafted recently for one of our ClearPath Society® Members, who after seeing his ROI on a single ad run, decided to double down on his efforts to reactivate those who only showed up for one appointment.
You see, when you get a 6:1 ROI on an ad, your attention should be piqued that maybe in fact, there is some BIG value to be captured!
One-month old start-up practice owner, ClearPath Society® Member and proficient call tracking aficionado, Dr. Daniel Binkowski, has been with the ClearPath Society® since February 2017. Daniel was referred to us by Ideal Practices Founder, Mr. Jayme Amos. As adept as Dr. Binkowski is at using our Ad Systems to further his dental business he is also smart in utilizing our 15-year old, trademarked, Dental Health Care Club™ or DHCC. DHCC is a System created by ClearPath Society® Founder and dental office owner, Jerry Jones, to help his Guests (patients) at his Wellness Springs Dental® put their dental work into an in-house payment and savings program.
Daniel has done a fantastic job of making his dental practice “Real and Reachable.” Dr. Binkowski’s main goal for joining the ClearPath Society® was to blow the doors off his new, rural-Iowa start-up practice with huge numbers of new patients before he even opened; you will see in the graph below that he was succeeded! And, they keep coming in! He received 35 phone calls in the first 30 days; of those 35 phone calls nearly two-dozen made appointments and he’s been very pleased with the resulting production as well!
It is widely held that in a general practice Dentists pay upwards of $250 per each new patient across all media, including direct mail, newspaper, digital, etc. Daniel paid less than half of that at about $112. And again, he is still getting phone calls from his initial new patient blitz from an extremely conservative investment!
As a member of JJD’s ClearPath Society®, Daniel has continuous access to both a dedicated and experienced Graphic Designer and Member Ambassador along with JJD Founder, Mr. Jerry Jones, all of who guide doctors through successful deployment of ad strategies, tools and techniques. What’s more, phone success training is also a factor of Dr. Binkowski’s success with JJD.
To find out more about the ClearPath Society go to: http://clearpathsociety.com
Take a look at how steady the calls were for an entire month!
This month’s LLH publication will knock your socks off; a commemorative issue that will feature the Solar Eclipse…sure to be a keepsake for your clients. And who do they have to thank…you!
If you’re not already using LLH as a simple way to keep your clients engaged, you should consider it. Contact your Member Ambassador or Lauren, at (503) 339-6000 for more info.