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The Triangle of Death Can Solo Practice Survive…. Obamacare. Corporate Dentistry. Managed Insurance. The Triangle of Death….Can the Solo Practice Survive? Obamacare Managed Insurance Corporate Dentistry. Dr. David Phelps. Dr. Mike Abernathy. Dr. Chandler George.

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the triangle of death can solo practice survive

The Triangle of DeathCan Solo Practice Survive….

Obamacare

Corporate Dentistry

Managed Insurance

the triangle of death can the solo practice survive obamacare managed insurance corporate dentistry
The Triangle of Death….Can the Solo Practice Survive?Obamacare Managed Insurance Corporate Dentistry

Dr. David Phelps

Dr. Mike Abernathy

Dr. Chandler

George

Jerry Jones

the triangle of death
The Triangle of Death

Jerry Jones, Phd-Ent.

free gift
Free Gift
  • No cost, no obligation opportunity at end of the webinar
the truth
The Truth

“Your systems are precisely designed to give you the exact results you are getting today”

– Mike Abernathy

case study
Case Study
  • Solo practitioner 30 yrs
  • Very accomplished – “high end”
  • “Nice office, nice staff” – office ‘hidden’
  • Small zip code – 16,000 w $75K avg income
  • 1: 856 Dr/Patient ratio
  • No insurance
  • Patients are 50-65 – demo is age 33 -37
  • No kids, surgery, endo, ortho or implants
case study1
Case Study
  • 10 NP’s per month
  • Best year 2008 – every year down
  • 4 other DDS – all take insurance
  • Marketing – no strategy – all tactical
biggest challenge survey
Biggest Challenge Survey
  • Practice issues
  • Financial and retirement issues
  • Taxes – “It’s not what you keep, but what you make that matters” – completed in July

Laurie@DavidPhelpsInternational.com

biggest challenge survey practice
Biggest Challenge Survey - Practice
  • Exit strategy – when and how? “I may have to work until I die”
  • Regulation and complexity of running a small business/practice
  • Staff issues (inability to hire and lead)
  • Rapid changes in practice and staying profitable with third party intervention, corporate dentistry, etc
  • Getting my accounts receivable on a steady course (cash flow)
  • How to find quality associates or potential partners
  • I'm losing patients to PPO's (managed care insurance – lower reimbursements, audits etc) – am I forced to join?
  • My market is highly over-served and extremely competitive
biggest challenge survey practice1
Biggest Challenge Survey - Practice
  • Overhead up, profit margins down...it's getting harder and harder to be profitable
  • No time to live my life or spend time with my family - I'm emotionally and physically spent
  • Divorced and starting over at 55 - I need a fast track!
  • I'm accumulating too much debt - I'm scared that it's getting out of control
  • Corporate clinics out-marketing and out-servicing solo practitioner
  • Getting an associate with an unentitled attitude that I can trust to take good care of my patients
biggest challenge survey practice2
Biggest Challenge Survey - Practice
  • PPO's (managed care insurance) taking over employer-sponsored insurance
  • Working harder for the same or less net income
  • Not consistently producing/collecting what I target as goals
  • Whether to participate with insurance plans and accept their fees
  • Having enough to pay federal income taxes
  • Motivating the team to reach goals
  • Need more quality full-fee new patients (marketing and sales conversion and the intrusion of Obamacare and managed care insurance)
  • Lack of desire for patients to spend money on dentistry (marketing, “consumerism, ” sales and conversion issues)
our history
Our History
  • Clinical excellence – “it’s all about us”
  • Build it and they will come – “business?”
  • 4 day/week banker hours
  • Boutique practices – cosmetics, implants
  • Not what people want! (what is the demand for a prosthodontist today?)
mcdonalds
McDonalds
  • Demographic study
  • Convenient – hours and location
  • Consistent product
  • Fast service
  • Family
  • Value - affordable
  • Systems
  • This is what corporate is doing today
state of the industry
State of the Industry
  • 30 years of brainwashing
  • Doctor as the artisan
  • Solo or duo was the model
  • Fee for Service and Indemnity Insurance
  • Cosmetic craze of the 90’s
  • High end boutique practices
  • Complexity – technology and materials
  • Regulations of small business
state of the industry1
State of the Industry
  • New grads….
  • $250K+ in education debt
  • High capital costs of de novo practice
  • Want to practice in the major metro centers
  • 50% are women
  • Dual income – want flexibility
  • Corporate hiring @ $200K salaries
state of the industry2
State of the Industry
  • Obamacare

- Will it affect dentistry?

- Licensure may require participation

  • Managed Insurance

- Is now exclusive vs inclusive

- Audits of procedures

state of the industry3
State of the Industry
  • Corporate Dentistry

- Here to stay

- Hours

- Insurance

  • Marketing
  • Vendor negotiation leverage
solutions
Solutions
  • “Begin with the end in mind” – S. Covey
  • Are you an ‘early adopter’ or ‘laggard?’ Do you tend to “wait and see?”
solutions1
Solutions
  • Multi-doctor group practice

- Associates?

- Partners?

  • Multiple location practice

- Minority partner in each location

  • Franchise model

December 11-14 2014 FF Mastermind - Dallas

freedom founders mastermind
Freedom Founders Mastermind

“Before real change can occur, YOU have to

change”

How?

freedom founders mastermind community www freedomfounders com
Freedom Founders Mastermind Communitywww.FreedomFounders.com
  • Collaboration of like-minded entrepreneurs
  • Limited to 20 primary members/partners
  • Focused on where YOU are and what YOU need NOW
  • Feedback -> Focus and Clarity
  • Connection and Access
  • Speed -> Implementation -> Transformation
  • Support and Accountability
  • Network = Net Worth
free gift1
Free Gift

No-Cost and No Obligation Opportunity

Survey -> 30 minute assessment phone call

www.FreedomFounders.com/freedom

Possible invite to Freedom Founders as guest – space limited for September 11-14 Mmind

  • Entrepreneurial practice focus
  • Tax strategies
  • Real estate investment connection
  • Network = Net Worth
the next move is up to you www freedomfounders com freedom
The Next Move is Up To Youwww.FreedomFounders.com/freedom
  • Keep doing what you’ve been doing and get the same results
  • Commit to seeking real solutions to provide security and peace of mind for your family
  • FEAR –

- “something could go wrong and I screw up everything

I have…”(even though I don’t like what I have)

- “I don’t have the time to do anything else…” (so you

can manufacture time and will have more later?)