strive for perfection | achieve results practice reboot · practice reboot 2 “a pessimist sees...

Dr. Michael J. Goldberg

Strive for Perfection | Achieve Results

PRACTICEREBOOT

2PRACTICE REBOOTStrive for Perfection | Achieve Results

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”

~Winston S. Churchill

Churchill became famous during WWII. People were looking for leadership and praying for survival. We are currently experiencing an event that could be considered analogous to WAR.

Everyone is asking the following question during these trying times.

WHAT SHOULD I DO NOW?

Believe it or not, there’s quite a lot you can do and in fact, SHOULD do.

Now is the time to take advantage of a unique situation, one that has taken much out of your control. Now is the time to control what you can.

Now is the time to forgive yourself for the past, while taking responsibility for your future.

You now have a unique opportunity to do a REBOOT.

Think about it.

WHEN HAVE YOU EVER BEEN ABLE TO FOCUS ON A SINGULAR THING?

WHEN HAVE YOU HAD AS MUCH TIME AWAY FROM YOUR PRACTICE?

In this report, I will give you some strategies to use to REBOOT your practice and perhaps even your life.


First,

WHY should you listen to me?My name is Michael Goldberg and I have been a dentist since 1976. I have had an amazing career, having done everything there is to do in dentistry other than leading organized dental organizations.

I have been in academia in various capacities and have taught practice management since 1984. My wife, Laurie has also been in the dental field as a practice manager and works with me as consultant as well. I’ve authored 4 books as well.

My bio is available online and I won’t bore you. What I can tell you is that through 6 decades, through 5 recessions, through the hyperinflation of the 70’s and 80’s and the HIV crisis in the 80’s, through being near ground ZERO on 9/11 and the 2008 crash, I NEVER has a down year.

In fact, during that time, I built and sold 2, 7-figure practices (without a broker).

I’ve also made some mistakes. Each one has made me stronger because I learned the lessons that came with the pain.

We want to help YOU cope with the pain, which so many are now feeling. More importantly, we want to help decrease the pain you’ll experience as this crisis diminishes and eventually disappears.

While we can be pretty certain that the issue with this virus itself will eventually disappear, I think it is fair to say that this crisis will have a significant and lasting impact on EVERYTHING.

We are passionate about serving and helping others. Now, we have turned our attention to helping as many dentists, as best as we can, navigate the ROARING 20’s.

Little did I know when I named my last book just how prescient that title would be. Oh My God! Who could have predicted the 2020, COVID-19 Pandemic?


I’m going to be straight and to the point. I’m not going to pull punches. I’m a believer in the 80/20 rule. I believe that 80% of dentists won’t act. They’ll fall victim to “analysis paralysis”.

20% of dentists will act but most will follow what everyone else is doing. They will get average results, if they’re lucky.

I would submit that these times are unique and require MASSIVE thought and action. I also believe that only 1% of the 20% will follow most of the advice I will outline here. Only 1% will take MASSIVE ACTION. And, its massive action during such times that creates winners.

The challenge is not to focus on this crisis. That’s too painful. The challenge is to learn from previous ones, observe the trends and adapt NOW, before the crisis is over.

That requires strategic thought. That is what I hope this report will stimulate. It’s why you’ll see many questions asked.

The 1% will be the ones who not only survive, they will come out of this crisis stronger, more nimble and thrive in whatever environment the future holds.

One thing is for sure; NO ONE CAN SEE AROUND THE CORNER!

“Most great people have attained their greatest success just one step beyond their greatest failure.”

~ Napoleon Hill author of “Think and Grow Rich”


SUCCESS LEAVES CLUESI’ve been fortunate to be able to look back and dissect my career and figure out WHY I’ve been blessed. You might believe in LUCK. I don’t. I believe that you make your own “luck”.

Early on in my career, I was fortunate to attend a seminar where I was first introduced to Dan Kennedy. That began a journey of learning marketing and other business-related topics that helped me withstand the turbulence of owning a practice.

Following Dan Kennedy, who is not a dentist, has given me a totally different perspective on business. It is that perspective that I hope to impart to you.

I have been blessed. My wife and I have raised 2 wonderful children and have 4 amazing grandchildren. We all live within a mile of each other and we’re amazingly interdependent and happy.

To get the most out of this book and to prepare yourself, try to honestly answer the questions I’ve posed. They are annotated by this symbol .

My suggestion is to write down the questions and answer them on PAPER. Yes, the act of writing is important in memory formation. Become an active participant in your future.

“Most people miss Opportunity because it is dressed in overalls and looks like work.”

~ Thomas Edison


Perspective

It’s important to learn from the past. Even though this is a Black Swan event, there have been other events that have reshaped the landscape of dental practice.

During the mid 80’s HIV became a factor that significantly impacted dental practice. We can learn some lessons from that era.

Because of the HIV crisis, several things occurred that affected dental practices. We take these things for granted now, but dental practices had to cope with a new reality.

Here are some of the changes that took place in the 80’s in response to HIV.

1 Patients stayed away from the dentist. HIV then, was a death sentence and no one knew for a while exactly how it was transmitted. So, people and authorities over reacted.

2 Patients were slow to return to dental practices even after “draconian” measures were instituted. Offices had to provide PPE’s such as gloves, masks and protective clothing to staff. Autoclaves flew off the shelf and sterility marking tape had a new market. Some offices even put washing machines in.

3 Room turnover became an issue as surfaces were cleaned, some covered with foil or plastic wrap, instruments scrubbed and/or ultrasoniced. The entire room breakdown and set up became way more cumbersome.

4 Patients were slow to return to the dental office as rumors of HIV transmission lasted for nearly a decade.

5 There was discrimination against Gay dentists. No one wanted to risk going to an openly gay dentist, unless they were gay too. This drove some dentists back into the “closet” or prevented them from coming out in the first place. One of my friends and a colleague actually committed suicide over this additional stress in his life.

6 The cost of instruments and supplies to dental practices skyrocketed.

7 Laboratories instituted an “Infection control” fee or imbedded it into increased lab costs.

8 Materials were repackaged. “Single dose” and other infection control strategies added to the cost of materials.


We now take these post-HIV things for granted. Those of us who began practice prior to HIV had to adjust to a new normal as YOU undoubtedly will in the coming months and years, post Covid-19.

2008 was definitely the worst economic setback of my 6 decade-long career. And yet, while my revenue was flat in 2008-9, I didn’t experience the 25% drop most of my colleagues did.

The current crisis is akin to the HIV and 2008 crises on steroids. This is a Black Swan event.

My goal here is to not have this become an extinction event for YOU, like it did for them.

Through all the changes in my career, some things have remained constant. My core values, for instance, have never waivered.

I have also built my life, which I consider quite successful, on 5 pillars.

FAMILY, FAITH, FORGIVENESS, FITNESS and FINANCES

I’d like to suggest that without the first 4, the last one doesn’t matter. It’s the reason rich people commit suicide or have nervous breakdowns. They have the money but lack in one or more of the other areas.


WHAT ARE MY CORE VALUES?

WHAT ARE THE PILLARS THAT SUPPORT MY LIFE?

I will be asking you many questions such as these. I urge you to ask yourself these questions as well. And, I urge you to write them down. The answers will give you clues as to what to do and where and from whom to seek advice.

I will cover the following subjects, with the following caveat. I cannot give you financial, accounting or legal advice. Though, a Dentist, I can’t even give you oral health advice. Such advice should be personal and based on your unique and individual situation. There are no canned or formulaic answers.

You should have a team of experts and advisors at your disposal. These people should know you and your business. The better they know you, the better their advice can be tailored to your situation.

You should make sure you have their attention. “The squeaky wheel gets the grease.”

Â Leadership, Mindset, Health Â Financial Survival Strategies Â Patient Communications Â Your TEAM and HR issues Â Marketing Â Lessons from the 70’s, 80’s, 90’s, 9/11 and 2008 Â TRENDS to watch Â Protecting the VALUE of your practice.

In this e-book, I will be guiding YOU to ask yourself questions. Albert Einstein said that; “if I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than 5 minutes.”

Well, none of us are probably as smart as Einstein but I would submit that as he said in the quote above, at least in regards to our practices, our business lives DO depend on our answers to the right questions.


“Expect change. Analyze the landscape. Take the opportunities. Stop being the chess piece; become the player. It’s your move.”

~ Tony Robbins


Leadership and Mindset

“Your ability to solve problems and make good decisions is the true measure of your skill as a leader.”

~ Brian Tracy

You now need a DAY ONE mindset. That’s what made Jeff Bezos, one of the richest men in the world and his companies so successful.

Day One means that you’re hungry to remain relevant are able to analyze trends and move quickly to adapt to the change.

Having a Day TWO mindset is acceptance of a static posture, waiting to respond rather than being proactive.

Having a Day two mindset, especially in rapidly changing times is a formula for irrelevance.

If you’re a dentist you probably remember the following companies, which suffered from a Day 2 mindset.

Where are they now?

Household words, synonymous with photographic equipment and film, including dental film, they did not adapt quickly enough to the digital revolution and they became irrelevant and disappeared.


WHAT AM I DOING TO AVOID BECOMING IRRELEVANT?

And how are you answering this, probably the most important question of all;

WHAT WILL BECOME MORE RELEVANT TO MY PATIENTS WHEN THE “ALL CLEAR” IS GIVEN?

YOU are the leader of your business. And yes, a dental practice is a business. In earlier times, you might not have treated is as such but now, things are different. If you don’t act like a business in ALL the aspects that entails, you will fail.

Like it or not, YOU ARE A CEO.

You might also be the leader or co-leader of your family. That too becomes more important during a crisis. You are being looked up to for guidance.

If you have children, this is an especially important time. They will learn from the lessons you wittingly or unwittingly impart to them.

People will forever view you based on how you acted during this crisis.

Your personal health is of utmost importance as well. Not only are YOU in the healthcare business but without you, a healthy, vibrant leader, the business probably doesn’t exist.

Many of us, myself included, focused on everyone else’s health to the detriment of our own bodies and health. What I learned is that, MY HEALTH, and yours are key ingredients in long-term success.

YOU MUST TAKE CARE OF YOURSELF or you’ll be no good to others.

DO I HAVE A DAY ONE OR A DAY TWO MINDSET?

AM I THE LEADER THAT MY FAMILY AND MY PRACTICE NEEDS NOW?

AM I HEALTHY AND AM I AN EXAMPLE FOR OTHERS?

DO I PRACTICE WHAT I PREACH?


The good news is that LEADERS are not born. There isn’t a leadership gene. Leaders are made and the skills that are required to become a leader can be learned.

DO IT NOW.


Financial Survival StrategiesPeople might wonder why this is next. The issue is simple. Unless your business is financially able to survive and eventually thrive, you cannot support all the people that are dependent on you.

As with your mindset and health, without a supportive business structure and systems, your practice will not be able to support those who depend on it.

Your business needs to run like one. It has to have all the financial underpinnings that a solid business has.

You haven’t been taught these and probably, like most of our colleagues, have relied on old systems and what’s worked in the past. After all, you made it this far!

Sorry Charley that won’t fly anymore.

You need to know your numbers and have the right information at hand. You need to have systems in place. You need to have a financial team behind you to complement what knowledge you lack. You’re a dentist and not an accountant. You’re not an attorney and you’re not a Human Resources expert.

Don’t try to go this alone. Get expert advice.

The government has many programs now that can help you. Its up to you and your financial team to figure out what programs are right for you.

WHO DO I NEED TO PUT ON MY TEAM TO GET THE BEST FINANCIAL ADVICE?

DO I HAVE A HISTORICAL OR A PROACTIVE ACCOUNTANT?

You probably have an accountant. Is your accountant someone who just gives you reports on what’s happened or does s/he give you advice as to what to do in the future?

I would suggest that NOW, more than ever, you need an accountant who is proactive.


DO I NEED TO MAKE A CHANGE?

DO I HAVE THE RIGHT SYSTEMS IN PLACE?

Systems are keys to effective and efficient operations. I have written a list of every system there can be in a dental practice. Please ask for it and we’ll gladly send it to you.


Patient CommunicationsYour most valuable asset is your patient list. If you’re a specialist, it also means your referral list. Regardless of what happens, these people have built a relationship with you. They need your services. They need YOUR ATTENTION.

Ignore them at your peril.

Now is the time to increase your communications with your patients. These are the people who will enable you to get started anew. And, the better your relationship with them and the better your communication, the faster you will get up on your practice feet again.

If you’re not currently doing a newsletter, start. If you’re not sending out emails on a regular basis, start. If you’re not wishing them a Happy Birthday, start.

Call them, Facetime them, email them, write them a handwritten note. Do whatever you can to show them that YOU CARE. Because, if they don’t feel that you care about them, they will never care about you or what you can do for them.

“STICKY” RELATIONSHIPS LAST LONGER

The “stickier” you are to your patients, the “stickier” they’ll be to you. This applies always but is even more important now.

I could have lost my physical office and be able to rebuild it, as long as I had my patient list and contact information.

Actually, this happened to me twice. And twice, I was able to rebuild in very short order.

HOW “STICKY” ARE MY PATIENTS TO ME AND MY PRACTICE?

WHAT CAN I DO NOW TO BE “STICKIER”?


Your TEAM and HR issuesAs I mentioned before, you are probably not an HR expert. And, HR matters are often State-specific. You need an expert here as well.

There’s an overriding issue here that most dentists fall victim to.

YOUR STAFF ARE NOT FAMILY

Sorry, but its true. You can be overly generous and treat them like family but they are NOT.

YOUR family has your unconditional love. Your staff might even care for you deeply but it is CONDITIONAL. How many would work for you for free?

So listen to the HR experts and do what you need to do for your particular situation.

Your overriding concern should be to keep the practice afloat so that everyone, your staff and YOU have a profitable business to return to.

The financial health of the practice should be in everyone’s best interest.

So, if you must furlough or layoff staff, present it in those terms. This is a survival tactic meant to assure that they will have a job to come back to.

The next thing about your staff is that you now have an opportunity to evaluate WHO you want to keep.

DO I HAVE ALL “A” PLAYERS ON MY TEAM?

DO I HAVE EMPLOYEES, KNOWING WHAT I NOW KNOW THAT I WOULDN’T REHIRE?

DO THEY EACH LIVE UP TO THE PRACTICE’S CORE VALUES?

DO I HAVE PRODUCTIVE STAFF THAT WORK TOGETHER AS A TEAM?

WHAT IS MY PRODUCTIVITY PER FULL TIME EMPLOYEE (PPE)?


Don’t know the answer to the last question? Again, most dentists can’t answer it either. But don’t take solace in that. This is a KPI (Key Practice Indicator) that YOU MUST KNOW.

It’s simple. If you have 5 full time equivalents (hygienists are included) and you produce $125,000 per month, then your PPE is $25K. At this level, YOU would probably be properly staffed.

This is the financial definition of PPE, which has taken on a new meaning and will forever be etched into our collective consciousness.

If you’re financial PPE number is less than $20K per month per employee, you’re probably overstaffed or underproductive.

WHAT IS MY PPE KPI?

Realize, that once you’re given the “all clear” signal to get back to work, work will not be as it was prior to Covid-19. It will take time to ramp up at best. At worst, it might never return to pre-covid levels. YOU should take that into consideration when rehiring employees.

Now is the time to take stock of what you have and make necessary changes to improve your team’s functionality.

DO I HAVE THE RIGHT AND THE RIGHT NUMBER OF STAFF?

DO I HAVE THE RIGHT FRAMEWORK TO FACILITATE MY STAFF’S PRODUCTIVITY?

When this is over, there will be lots of dental staff looking for new jobs. They will be looking for employers who have built solid practices and that had treated their employees fairly.

DO I HAVE AN IRONCLAD HIRING AND HR SYSTEM?

Now might be the time to get that part of your practice house in order.

DO I HAVE THE RIGHT STRUCTURE AND RHYTHM OF MEETINGS TO FACILITATE IMPLEMENTATION AND ACCOUNTABILITY?


We believe that without the right schedule and structure of meetings, implementation is a crapshoot.

HOW LUCKY DO YOU FEEL?

We believe that meetings, more than any other singular system enables healthy and efficient team functionality. It’s the glue that keeps staff together and the lubrication that keeps the gears from getting stuck.

Now, more than ever, having such productive meetings are crucial.

HOW CAN I CHANGE OR IMPORVE MY MEETINGS?


MarketingWe always differentiate between INTERNAL and EXTERNAL marketing.

Now, is the time to focus on internal marketing. Things like newsletter, emails and even social media such as your Facebook page are forms of INTERNAL MARKETING.

Your website is both internal and external marketing and is very important now. Now is the time to update its content. Provide TIMELY content relevant to the concerns your patients or ideal prospective patients have.

WHAT IS MY USP (unique selling proposition)?

DOES MY WEBISTE AND ALL MY MARKETING ACCURATELY REPRESENT THE MESSAGES I WISH TO CONVEY?

AM I ATTRACTING THE RIGHT PATIENTS?

Forget the services you render. Everyone renders services. What’s the answer to the following question?

WHY SHOULD I (the patient) COME TO YOU RATHER THAN GOING TO THE NEXT DENTIST?

If your website (and each of your employees) can’t answer this question, you have bigger problems that just the finances. Your marketing sucks!

GOOD NEWS! You’re not alone and when you fix this, you’ll be way ahead of your competition!

NOW IS THE TIME TO FIX IT

As we have no idea about the long-term impact of this crisis, you would be wise to judiciously spend your marketing dollars. Focus should be on keeping your current patients, cultivating referrals and lastly, marketing to prospects.

WHAT TYPES OF INTERNAL MARKETING CAN I DO?

PRIORITIZATION is the key with your marketing.

WHERE CAN I NOW GET THE MOST BANG FOR MY MARKETING BUCK?

DO I HAVE SYSTEMS IN PLACE THAT MEASURES THE EFFECTIVENESS OF MY MARKETING?


Lessons from the 70’s, 80’s, 90’s, 9/11 and 2008I have been fortunate to practice in 6 decades. That has exposed me to many crises, none of which measure up to the magnitude of the current one.

There are, however clues in each crisis that might have some relevance to our current situation.

The 70’s had inflation. The 80’s had HIV and a stock market crash of “Black Monday” fame. The 90’s had the “dot com bubble”. 9/11 was particularly relevant to my practice, which was in Midtown Manhattan. 2008 as well presented a significant financial downturn that affected many dental practices.

And yet, the current crisis, because of its length, depth and global scale is unique. It combines both a health scare (like HIV) and a financial collapse. Lessons learned from the previous 5 decades might or might not be applicable.

Such a crisis might need new thinking.

“Problems are not stop signs, they are guidelines.” ~ Robert H. Shuller

Here are, what I believe to be a few take-away lessons.

1 There will be inflation sometime down the road.

2 People will always react in their own self-interest

3 The stock market rises and falls and diversification is always a good idea.

4 People do not need another reason NOT to go to the dentist.

5 People, if not otherwise educated, or in pain, assume that dentistry in a luxury.


6 Government often overreacts by instituting harsher measures than is actually required under the guise of “protecting the public”, often at the expense of the dentist.

7 Having a cushion is not a luxury, it’s a necessity

8 ONE source of revenue is a formula for trouble

9 Having someone else control your one source of revenue is worse.

10 Your skills at doing dentistry must be supplemented by skills elsewhere, like communication, writing, marketing and business.

WHAT LESSONS HAVE I LEARNED FROM MY OWN OR OTHERS’ PAST NEGATIVE EXPERIENCES?

HOW CAN I APPLY THEM TO THE CURRENT SITUATION?

There will certainly be operational changes and changes to the market (your patients). What these changes will be, no one can predict with certainty. The ability to spot them and adapt to them as quickly as possible could mean the difference between a successful and an unsuccessful practice.

AM I ADAPTABLE?

“Every problem is a gift. Without them we wouldn’t grow” ~ Tony Robbins

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TRENDS to watchHow you come out of this crisis will, to a certain extent depend on what you do now.

One of the most valuable things to do is to observe and think. In particular, I mean looking at the trends that are apparent now and that might continue or morph once the crisis is over.

For example; what commodities have disappeared?

And, I’m not talking about toilet paper, though I’m sure there will be books written about why this occurred and how obsessed Americans must be with their asses.

I’ve noticed several things that are relevant to dental practice.

1 Cleaning supplies

2 Ammo and Guns

3 Certain foods

4 Certain Drugs

5 Anything related to anti-inflammatory action

6 Anything related to boosting the immune system

7 Filtration systems of all kinds

WHAT DOES THIS TELL ME ABOUT THE MARKETPLACE?

WHAT TRENDS DO I SEE HERE?

HOW CAN I MAKE USE OF THIS KNOWLEDGE WHILE CRAFTING MY PRACTICE’S FUTURE?

WILL ACCESSIBILITY BE MORE OR LESS OF AN ISSUE IN THE FUTURE?


Protecting the VALUE of your practiceAs many dentists rely on the value of their practice as an integral part of their retirement plan, protecting this valuable asset is important.

After 2008, many dentists saw their retirement portfolio’s shrink and delayed retirement for 5-8 years.

The result was that few practices were available for sale in the years immediately after 2008. The same promises to happen here.

The big difference is that the 2008 crash and the resultant lack of practices for sale eventually drove the prices of practices up. Recently, record prices have been paid for dental practices, as dental practices have recovered to pre 2008 levels and have been quite profitable.

The dental practice value bubble might have burst. But like in 2008, the worst hit will be cosmetic practices, which focus on treatments deemed ‘elective’. That is, unless you market to a segment of the population that has been financially or emotionally untouched.

Root Canal and Oral Surgery practices, or groups that offer such “emergency” services might not experience as drastic a decline in revenue or value.

WHAT SERVICES DO I PROVIDE THAT CAN BE FRAMED AS TO BE SEEN AS NOT ELECTIVE?

The more you can tie those services into the trends mentioned above, the better.

HERE’S A BIG HINT

What services do dentists provide that are “anti-inflammatory” and boost the immune system?

What do we know about Sleep, Airway and Breathing the role that dentistry can play in them?


There are opportunities. Your job is to find them and see how they fit with YOU and your practice’s strengths and circumstances.

WILL TMJ, BREATHNG AND SLEEP BE CONSIDERED “VALUED” PROCEDURES?

HOW CAN I PROMOTE ANTI-INFLAMMATORY AND IMMUNE BOOSTING PROCE-DURES IN MY PRACTICE?

Ultimately, valuations are based on cash flow and profitability. So, the sooner you can get up and running, the better.

Your ability to rebound from this crisis will show a potential buyer just how valuable a practice you have.

DO I NEED THE VALUE OF MY PRACTICE AS PART OF MY EXIT STRATEGY?

DO YOU HAVE AN EXIT STRATEGY?

HOW WILL THIS IMPACT MY EXIT STRATEGY AND/OR RETIREMENT?

If you need help answering any of the questions raised, give us a call or better yet, just schedule a complimentary, 15-minute consultation.

Let Practice Perfect Systems ease your pain.

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