The 3 Threat Types Compromising the Integrity (and Profit) of Private Practice Dentistry

Last week, I laid the groundwork for the most time-sensitive and applicable virtual training I’ve ever done for Weekly Report Doctors. It’s turning out to be our most registered Whiteboard Session I’ve hosted all year. Rightfully so.

If you haven’t registered, you should do that now…

Live Whiteboard Session with Scott J Manning, MBA:

“Overcoming Today’s Most Pressing Threats
to Private Practice Dentistry”

Your Keys to Conquering Dentistry’s Most Daunting Challenges
By Engineering Your Practice For Minimum Volume and Maximum Profit

Friday, July 21st at 11:00am Eastern / 8:00am Pacific

The reason it’s so vital is because of the critically important success principle I teach (second to only taking responsibility for the creation of your own desired outcomes)… being PROACTIVE instead of REACTIVE.

In Dentistry today, there are threats we all face but instead of being vulnerable – if we are proactive – we can actually create opportunities, rise to greater profitability, and engineer a practice built for the long-term. Simply put, we can take private practice ownership to a new level of independence and success.

You might recall the basic business school concept of SWOT (Strengths, Weaknesses, Opportunities and Threats).

However, you know we don’t live by the textbook here. Instead, we write our own playbook and play our own game, we break the status quo and blow up the system of norms, we operate as contrarians and go against the grain.

We turn everything into opportunities. We eliminate weaknesses. We build practice models around your strengths. And we show no fear in the face of threats as we conquer any challenge that stands in our way.

The only way to do that though is to be smart, aware, responsible, and proactive with these very real threats.

This is why I am here, to provide you clarity, confidence, conviction, commitment; allowing you to reach your full potential, maximize the prosperity of your, and achieve your ultimate ambitions.

Together, we are going to conquer these very threats in my live, virtual training next week. If you haven’t registered, do so now. Avoiding my warning is a threat itself you are choosing to endure unnecessarily.

We will turn threats into triumphs before you even experience any negative impact from them.

Now, let’s dive into both the external and internal challenges that diminish the long-term sustainability of Private Practice Dentistry and erode an Independent Doctor’s autonomy and prosperity. There are three very specific categories of threats…

Indirect External: such as economics, labor shortages, social trends. These are factors that affect a wide range of businesses, not just dentistry.

You might see this represented in your practice with the tightening of pocketbooks, people running out of free money, or less discretionary income available.

We have the employment dynamics that always have implications; we’ve mostly fought through the worse of it but still exist depending on the region and city.

Most of our doctors and teams in the DST Universe are immune to these indirect external threats because they have created your own economy, built a career-oriented team, established a proper patient culture, and built a business with a solid foundation.

If you want to join them in overcoming these challenges, both your for patients and for your profits, don’t miss next week’s Whiteboard Session.

Actually, these are quite easy. You would think the ones you “can’t” control are tough and unavoidable, quite the opposite. I’ll show you why.

However, there are more pressing, urgent, always present, specific-to-dentistry threats that matter even more. Next up…

Direct External: insurance reimbursements, competition, government control, commoditization and corporatization of dentistry. These are the big factors that affect dentistry specifically across the country but also deep down uniquely inside the framework of your area and community.

In my book, The Four Freedoms of Dentistry, I engineered a very clear math formula to crush insurance dependence in your practice. We’ll add some options to this with even more flexibility next week.

Competition is all about how you approach your practice and if you are actually an exclusive, fully differentiated practice versus ‘just another alternative’ falling victim to being a commodity.

This actually represents our greatest opportunity in the history of dentistry. More leverage exists within the solutions to this threat than you could ever use. This will make the other threats a moot point.

Lastly, I have very purposefully saved the most important threat type for the end. Your greatest threats and therefore your greatest opportunities happen to be the ones that you have the most tangible and direct control over…

Direct Internal: doctor autonomy (not being in full control of every decision), practice operations (not resulting in necessary profit), doctor workload (burnout, not enough time, doing too much). These are the controllable factors for your specific dental practice.

This is most evident when dentistry is being watered down, too much time is wasted, proper protocols are not being execute, follow-through being sloppy (or absent), fixing problems that could have been prevented, or anything that is taking up resources but not resulting in proportional profit.

This also includes the doctor being overworked (or better worded ‘under leveraged’), working harder instead of smarter, lacking balance resulting in burnout, not enough time, or doing too much but getting too little.

All of these internal issues are manageable if not entirely preventable. However, it requires a dental practice with a clear vision, concerted efforts, disciplined action, specific goals, and worthy mission.

I will leave you here, abruptly, because the direct internal threats is the place we’ll go in great detail next week.

The first key to overcoming any and all threats is to know what they are. The second key is knowing how to turn them into leverage points by capitalizing on them.

You’ll need to arm yourself with more than information but actual tools, strategies and resources to flip what would be disadvantages advantages.

And we’ll do that in my Practice Success Whiteboard Session next Friday…

Live Whiteboard Session with Scott J Manning, MBA:

“Overcoming Today’s Most Pressing Threats
to Private Practice Dentistry”

Your Keys to Conquering Dentistry’s Most Daunting Challenges
By Engineering Your Practice For Minimum Volume and Maximum Profit

Friday, July 21st at 11:00am Eastern / 8:00am Pacific