THE CANADIAN DENTAL PODCAST

EPISODE 4: MARKET UPDATE FOR 2020

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Show Notes


Why you need to listen to this episode:

Summary

In today’s episode, our guest, Timothy Brown, the CEO of ROI Corporation, gave a profound statement stating, “You have no right to be worried about money right now.” That statement is true knowing all the opportunities that are available for all of us right now. 

Today, we talk about how you can protect your staff and your business, which is a pressing concern for all dentists right now. 

We also expand on things that you can do to prepare your practice, so once this is all over, you’re ready. You can accommodate the influx of clients that are getting away from other practices that didn’t even manage to get in touch with them during this situation. 

Tune in and see for yourself the impact of the decisions that you will do today for your business. 

Topics discussed in today’s episode: 

  1. [0:01:29] And as all dentists know, the number one expense in every single dental practice in Canada is wages; salaries, wages, benefits, and that's typically between 30 35% of gross revenues. So if the average practice in Canada is generating about a million a year in gross revenue top line, they have roughly 300 to 350,000 a year in wages or upwards of 30,000 a month with benefits, 7,500 a week. So 1500 a day.
  2. [0:02:38] Business owners, and we're talking to dentists of Canada here that have sent their staff home without pay, are vulnerable because there are always a minimum of 1000 job openings in dental Canada every single day.
  3. [0:03:39] Corporate Canada, corporate dental Canada owns depending on who you speak to, upwards of 1000 dental practices right now. 
  4. [0:04:20] So what they're doing in this downtime is they're connecting through networks to your staff and they're making them job offers that when they are allowed to reopen, which the same time that you would be that they'll come work for them and not you.
  5. [0:05:29] So doctor, if you sent your staff home without pay, they're probably being contacted and they may be recruited away during this shutdown. That's a problem.
  6. [0:06:37] So what we do know is that your staff is home, they are without pay in many cases, they're vulnerable. There's lots of ways to reach those people through all the social networking that's out there and the recruiters are on full time because they can work from home.
  7. [0:07:49] Some of these people in dental practice assistants, receptionist, hygienists, dental associates have very powerful social networks. And unbeknownst to many owners, that network includes a lot of your patients, doctor, owner. Those are your patients, doctor, owner, not theirs.
  8. [0:08:28] The statistic is in Canada that most Canadians are within $200 of insolvency. So if you think they're going to go for a month, two months, three months with no paycheck it's not going to happen.
  9. [0:11:31] At least try to generate some time for the employees to come back to work at least a little bit. I've never seen a dental practice in Canada that does not need a deep clean and it could always be cleaned again. That's just the nature of dental practice.
  10. [0:12:18] The employer and the employees are now allowed to come back together. Imagine having an all day morning huddle and going over every chart in the practice from A to Z, every single chart. Imagine the value of one updating, refreshing charts, contacting patients, updating medical histories.
  11. [0:12:46] Every dental practice in Canada has hundreds of thousands, if not millions in either un-diagnosed or unaccepted treatment planning.
  12. [0:13:45] And dentists that are sitting at home trying to make insurance claims and their staff is sitting there getting contacted by corporate Canada is a major missed opportunity and a very, very serious miscalculation in my opinion.
  13. [0:14:56] You have no right to be worried about money right now because your business is being hacked, if you will, or penetrated by outside recruiters who are trying to take those really important people away from you because they need them and they have the money and the system to reach them. You better defend yourself.
  14. [0:17:31] This is not the time to sit around and worry about overhead and you may have to invest in some wages when you least want to do it, doctor, but to not do it. What is the cost of losing a senior staff member?
  15. [0:21:27] I think you need to get ready to get open and when that happens, I think you're all going to be very busy. And I would plan on extra hours, over time, expanding your hours, opening three nights a week instead of one or every Saturday, whatever it takes, Sundays, whatever it takes folks.

Shareable quotes from this episode

" Are they quitting because they don't like you or are they getting better job offers?."

" Human resources is a challenge to every business owner."

" There are things that can be done and you could employ your staff for that."

" Businesses exist through remote strategies all over the place."

" Losing a patient is lost revenue of 1 to $2,000 a year per good full time."

" Culture equals results."

" The revenue's off. It's not down. It's turned off."

" Great wealth is going to be created because of this and unfortunately where there's tragedy, there's also opportunity."

Download episode 4 transcript

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