Dental Practice Profitability
The Madow Brothers, founders of The Madow Center for Dental Practice Success, believe that there is nothing better than being a dentist who truly helps people while also making a legitimate profit. To employ a metaphor in order to bring home the point, we urge you to discover why the dental sharks are doing better than the dental guppies in a world where patient care and ROI should be of equal importance! As a practicing dentist, please read on to discover ways to accrue instant cash for your practice and pocket.
Sometimes in life, an honest conversation with one’s self can be a great source of revelation and that certainly applies to being a practicing dentist nowadays. This article urges you to ask yourself if you are you a dental shark or a dental guppy? Please take a moment of honest self-reflection to ask yourself if you rule the dental world or if you continually get swallowed up by the competition?
Dentists, along with most everyone seem to love the TV show Shark Tank. And why not? It’s fun to watch people pitch their businesses to the sharks – a panel of wealthy investors who can turn from welcoming to brutally critical at the drop of a Genius Juice Coconut Smoothie (or “Teeth in an Hour”…reference the T.V. show “Arrested Development.”).
So here are seven Shark Tank lessons from the most famous shark of them all, billionaire Mark Cuban. And sorry Mark, we paraphrased them for dentistry!
1. Learn to sell. You are always selling – to your patients, your fellow team members, and your community. But don’t sell a product – solve a problem.
2. “Everyone has the will to win – but the winners are those who prepare.” You can dream of having a great dental practice all day long, but what are you actually doing to achieve it?
3. Your patients can tell you what is broken and how to fix it. But you have to listen to them. Listen!!
4. One thing we can all control is effort. Put in the time to become an expert in whatever you’re doing. It will give you an advantage because most people don’t do this. This is not just clinical expertise, it’s people skills and running the practice.
5. “The beauty of success, whether it’s finding the partner of your dreams, the right job or financial success, is that it doesn’t matter how many times you have failed – you only have to be right once.”
6. Get an advisory network. No one has all the answers or ideas.
What do you think? This is great advice that will work for anyone at any practice! One thing is for sure – learning from successful people (like “The Sharks”) is much better than asking that quasi-successful loudmouth schmo at the local study club what he thinks!! It’s time to swim with the dental sharks!
Here’s how some recent Madow friends have done when they compared their payouts:
Company X: $6450
So.Dental R: $10,125
Company Y: $1410
So.Dental R: $7010
Company Z: $2340
So.Dental R: $5710
Wow – that’s pretty much free money! So if you are not recycling your scrap, now is the time to start. And if you ARE, now is the time to switch to Southern Dental Refining! Just click here to get started!
Due to the COVID pandemic we took a break from recording the podcast. After all, it didn’t seem right to be “secret shopping!” But we will be back very soon! In the meantime, it’s a great time to catch up on some back episodes. We deconstruct calls from potential new patients and learn many lessons along the way. It’s time to join in the fun and learning!
Meet the Madow Brothers
Dr. David Madow
Influencer, Speaker, Author & Coach at The David Madow Lifestyle Show + Co-founder of The Madow Center for Dental Practice Success.
Dr. Richard Madow
International Keynote Speaker, Author, Award Winning Musician & Composer, Coach and Co-founder of The Madow Center for Dental Practice Success.