Home Practice ManagementMarketing 2017: The Year of the Bankrupt Dentist

2017: The Year of the Bankrupt Dentist

by Graig Presti

Dentists all over North America go bankrupt every day. I talk to thousands every year.

Bankruptcy can sneak up FAST on a private practice, one day things are fine, then a year later…boom… you’re in a tail spin.

I’ve noticed a recent uptick in dentists on the verge of bankruptcy… pleading for my help. Unfortunately for them, it’s too late.

A year ago, sure…things were “fine”. But times are changing, and it’s happening faster than anyone expected.

I received a letter just the other day from a doctor who is contemplating filing for bankruptcy and shutting the doors of his practice because he didn’t listen to my words of warning just this time last year. He sat on his hands and “hoped” things would change on their own.

I can’t help this person, because he failed to take action. But the bigger lesson here is “inaction and indecision”.

Remember more harm is done by indecision than bad decision.

This doctor’s financial collapse is not an isolated incident. I’ve seen more doctors contemplating bankruptcy in the last 2 months than in the last 10 years!

So, why is this happening now?

There are six simple, yet indisputable facts for this occurrence (but are ignored by 99% of dentists who refuse to change):

1. Corporate dental practices have been invading cities and breaking private practices over their knees in a matter of months, regardless of market size (urban or rural).

2. Patients are spending less money than ever (hoarding cash due to economic uncertainty, looming economic policies, employment uncertainty, and a new, unproven president).

3. LARGE private mega practices are buying up everything in sight, including market share.

4. The dental hygienist practice is rapidly expanding (reducing the need for dentists)

5. Insurance is being manipulated and dominating the market place.

6. There WILL be a recession in 2017

However…despite all of these awful things lurking on the horizon, this is NOT a death sentence. You can fight this and win.

Please, I urge you to NOT be a stick in the mud, who refuses to change because 2017 can be that year for change.

Let’s do it together!

Let’s save this industry from its slow, lengthy undoing and raise it up to greatness again. I want to help you put an action plan together to fight this.

One of my private clients (who will remain nameless) is already breaking his competition in half … buying practices, just killing practices that won’t change. He’s even got mobile dentistry in the areas he can’t cover with a brick and mortar presence.

What’s the secret? It comes down to controlling how your potential patients perceive you. Start by focusing on:

• Reviews – Research shows that your patients might start with a “word of mouth” recommendation from the friends and family, but before following up, that doctor gets vetted extensively through online Google patient reviews. And guess what… the more glowing 5-star Google reviews you have, the more that person trusts you before they ever pick up the phone.

• Branding – No, your logo is not the extent of your brand. Branding is about the image you portray to the public, and encompasses everything

from the way your staff answers the phone to the practice photo that shows up on a Google search. It all is part of building a perception of being a known, likeable, trustworthy practice.

• YouTube – It’s 2017. You can’t afford not to be on the #1 site for online video and the #2 search engine in the world. (Your prospective patients certainly are.) And guess what…it’s no coincidence that Google owns YouTube. Your presence on YouTube and other social media channels affects your Google rankings, and vice versa. Participation on all of these outlets should be looked at as part of a conversation – the conversation your patients want to have with their doctor. So don’t sell; educate, inform and participate in a way you would if they were standing next to you.

• Getting your Google house in order – Like it or not, the patients you want are looking you up on Google before anywhere else. They type your name (or “dentist” and your city name) in that search engine, and to put it bluntly, whatever the results are have a direct effect on your production and practice’s bottom line. YOU CAN NOT afford to look bad on Google, and that means controlling the reviews and ratings, practice information, location information, and more. It’s absolutely essential that you get this right.

I know this sounds complicated. And frankly, there are indeed a lot of moving pieces. To help simplify things, I’ve put together a simple, streamlined action plan just for “profitable dentist” subscribers. By downloading and following it to the letter, you will have an ironclad defense against the six pitfalls I mentioned above. Check it out by clicking this link: localsearchfordentists.com/tpd

Graig Presti is a featured keynote speaker, best-selling author, and CEO of three-time Inc. 500/5000-recognized company Local Search For Dentists™, making them the fastest growing company in all of dentistry. They are helping thousands of dentists all over the world gain dominance in their local market and consequently have record years.

Presti has been featured in INC. Magazine, Huffington Post, Newsweek, The Wall Street Journal, and on medias such as NBC, CBS, ABC, Fox, CNN, and more. With over a decade in worldwide marketing experience, Presti’s proprietary marketing systems have helped thousands of dentists achieve more freedom, new patient numbers and reach their income.

CEO LocalSearchForDentists.com, A 3x Inc. 500/5000-Approved Company

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