The Future of Dentistry
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Bulletproof Dental Practice Podcast Episode 64
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Key Takeaways:
- Dentistry is changing rapidly; due to technology, millennial mentality, and private equity.
- Private equity owns about 10% of dentists right now but statistics show it will be the majority.
- Private equity is money brought into the market by people expecting a return.
- There will be a correction in the market, Wall Street loves dentistry because even during corrections dental offices will retain patients.
- Private equity wants return on their money within 2-3 years. If they don’t deploy their money within that time they pay penalties. They’re not growing businesses sustainably.
- EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization. It’s a way to define what your business is worth, it’s basically your net revenue, what your business would make without you there.
- Dentists are the pawns in the current financial system.
- Insurance companies are getting into the practice business and could be advertising their providers over yours.
- There are some redeeming factors with private equity and DSO; including partnerships they bring to the table.
- It’s going to get more and more difficult to be a solo practitioner general dentist. Technology is the great equalizer and it takes massive learning and cost to implement.
- Consumer expectations have shifted, and patients demand more and more.
- A surefire way to be successful is to be open from 7pm to 4am, servicing patients who work different shifts. Or – rent a successful dentist’s office during their off hours and see evening and late-night emergency patients.
- There’s a ton of free content out there to learn. You can learn what you need to know without having to buy anything.
- The more you become aware of what’s going on around you the better you’ll be able to run your business.
- Spodak Dental Group is looking for two super GP’s to join the Spodak team!
Tweetables:
When it comes to technology, it’s not “if,” but “when.” – Dr. Craig Spodak
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