The Independent Dentist and Dental practice transitions. Think carefully.
For the Independent dentist, the concept of retirement and how to approach it raises big concerns.
Summary: A reasonable and attainable alternative to traditional retirement is to move to a model of only promoting and ethically selling the procedures you love the most at appropriate and profitable fees for as long as you want or need income. Recently, we made it easy to obtain proven ready to use advertisements for reconstructive dentistry-cases that many dentists love doing and who’s average case sizes start at $10,000–without needing to travel for the consulting. You can read more about this and get an application here.
In the past 6 months, I’ve had a number of heart-felt conversations with dentists, member and non-member independent dentists, regarding “retirement” and the fears they have about not being “able” to retire and the various schemes they consider some of which actually create more financial risk and greatly increase stress and health risks……
Frankly, a lot of independent dentist practitioners are worried. No matter how they slice or dice it they aren’t meeting the objectives of building nest eggs that are multi-million dollars in size.
Keep in mind that there are a lot of reasons why financial planners push for these big numbers. Indeed many of them are taught to understand behavioral science’s fear of loss (not being able to retire) and use such to motivate-sell their products. Regardless of their caring for the provider’s well-being revolves around the planners favorite radio station which they are undoubtedly tuned into (WWIIFM) – what’s in it for me FM – in their case commissions on product sales or management fees. Also, realize that those hired by our professional organizations to “help” with retirement directly pay the ADA for that right – 100% true.
I think you’d agree we’re in a changed age and one that continues to change faster than predicted. Even the best futurist can’t really “see” into the future thus there is a 100% chance that 1, 5, 10, or 20 years from now will all come about differently than any of us expect and those unknowns will effect how we operate and earn our keep.
One of the biggest see changes we’re seeing right now in dentistry is a shrinking percentage of the population that is insured and a shrinking insurance pool happening simultaneously. The old easy model of money in dentistry has dried up. Yet, outside of that dead model, we see providers thriving because of some very very specific actions.
In our member’s monthly publication, I’ll go into more detail about nearly a dozen trends that are disrupting how we think about retirement.
Fundamentally, outside of all the economic, demographic, and even global factors at work that point to the old way of thinking about retirement as no longer valid for the independent dentist, here are the five fundamental ones to get clear on with your thinking.
1) For high volume practices (most), the human body can’t keep the pace up as it deteriorates. You will hit a brick wall with ability to perform at ever faster paces as you age.
2) If high volume is a dying proposition, profitable procedures that create a high profit per hour at a reasonable pace is paramount- this item is the true crux for a long term answer to the issue.
3) As no one knows when health will fail or accident looms insurance of all kinds is a must.
4) Understanding that all bets are off on cashing out big practices or ever having “enough” saved for the ever inflating future means figuring out alternatives in what you do and how you do it as a dentist.
5) Figuring out 1-4 and being happy in the end result which is daily activity is very very important. Longevity studies continue to point to the one factor beyond all others that contributes to long life and that is “daily purpose.” Dentists who fully retire have ZERO purpose. Take a look at the centarian obit pages – you’ll go a lifetime without reading of one.
Knowing all of the above, why not choose to promote for the procedures you love and that are profitable and which can be done for a lifetime? These can and will even change with time as technology changes but no matter what, they can be effectively promoted for and ethically sold at appropriate fees by CHOOSING to do so.
A number of our members are thinking exactly along these lines, they’ve acquiring advertisements for profitable cases done at paces that allow a lifetime of practice and are also getting know how to adapt and change their promotion as dental technology changes. Simultaneously, they’ve also learned how to systematically and ethically sell at profitable fees- a skill that will also be used for the rest of their careers.
Acquiring new skills takes time and capital investment. Fortunately, from an ethical selling and advertising standpoint that cost and time is far less than it would ever take to return to obtain a master’s degree and the cost less than a semester in most dental schools. Peanuts…..
Our McAnally Selling System Program provides ready to use advertisements for finding bigger, more profitable, elective cases that dentists love doing (and which can done until you’re 85) and that teaches you to promote effectively no matter what changes come along in dentistry is now available 100% online. No longer is a travel component involved.
Not only does it deliver cases that start on average at the $10,000 point but it gives you the life-long ability to ethically and effectively sell at the fees allowing you to work at the pace you’d like for as long as you’d like or need. Now, that’s REAL peace of mind for the independent dentist.
To learn more check out my #1 top selling book on Amazon.
