Last year around this exact time I wrote a very polarizing blog post that garnered a lot of media attention from the dental community and was viewed by over 103,175 dentists on Social Media that boldly predicted 2018 would be “the year of the bankrupt dentist”. There are often times in my career that I wish I was dead wrong, but unfortunately, over the last decade, every single prediction I’ve made has come true. Now while I’m not some sort of Nostradamus 🧙♂️ …2018 was not kind to the majority of solo dentists in this country and it’s not getting any easier as the trend is bleeding well into 2019 with no end in sight. I’ll actually be speaking about this massive issue at Dental Economics Magazine’s, Principles of Practice Management event in July, I encourage you to attend and say hi. 🙂
See I have the unique privilege to have founded Local Search For Dentists®, the ONLY 4X Inc 500/5000 Approved Dental Marketing Agency, which affords me the rare opportunity to communicate with thousands upon thousands of dentists on a weekly basis. Unfortunately, in 2018 I received more “pleading” letters than EVER BEFORE from dentists (of course who are NOT my clients!) filing for bankruptcy or darn close to it…begging for my undying help. And here we are, well into 2019, and unfortunately, I’m still in receipt of these letters of desperation from dentists all over North America. UGH! So sad …but also so unnecessary. Dentistry is “not what it used to be” and has changed forever because of some very specific things and you must be prepared!
I desperately urge you NOT to ignore this blog post as it may just save your practice, your family and your livelihood. The industry I love so much, Dentistry, is under attack. And It’s happening as I type this.
I DO write this to warn, inform and help. NOT scare.
Dentists all over North America are going bankrupt (or REALLY struggling financially) and they’re contacting me…pleading for my help. We know this to be true because JADA has reported fewer dentists own dental practices now than a decade ago. Unfortunately for them, it’s too late, but you, I can 100% help.
Here’s an example of one of the emails I’ve received. I’ve redacted his name for the sake of privacy.
See how fast bankruptcy and cash flow issues can creep up on a private practice? A year ago, things were “fine”. I can’t help this person, but the bigger lesson here is “inaction and indecision”. Remember more harm is done by indecision than a bad decision. That is more bankruptcies notices in 6 months than in 10 years!!!
Too many doctors believe that
“What used to work will keep me successful forever”.
The facts for this occurrence are simple (but ignored by 99% of dentists who refuse to change!)
- Corporate dental practices and dental support organizations (DSO’s) with huge marketing budgets and DEEP pockets are invading cities and breaking private practices over their knees in a matter of months, regardless of market size (urban or rural). DSO’s now comprise 20% of the dental market1 …WOW…that’s not good for the solo practitioner as that number will only increase this year.
- Patients spending less money than ever (hoarding cash due to economic uncertainty, looming economic policies, employment uncertainty, and a polarizing political environment).
- LARGE private mega practices buying up everything in sight, including market share.
- Insurance manipulation and domination of the market place.
- Young Millennial dentists (with less clinical skills than you) who know how to invest in modern marketing methods for their practice in this new dental economy.
- Dental Practices lose 12% of their patient base (national avg) each year and have no marketing system in place to replenish these patients year over year. (src: ADA)
- Dentists using “old and outdated” new patient acquisition strategies, like “word of mouth”, or a “website” which is NOT marketing (or worse yet…you do NOTHING at all to attract more new patients!).
This didn’t just happen overnight, either. Cultural, technological and economic shifts have led us to this moment. And though you might have had your head down as the storm rolled in, institutional money has had their beady, little eyes lasered in on these evolving wants and needs.
They watched. Realized. Adapted. And as conditions became right, they struck.
Enter Private Equity.
Enter SmileDirectClub and other disruptors.
This is NOT a death sentence. I can help you fight this and win!
Do NOT be a stick in the mud, who refuses to change. 2019 can be that year for change. Let’s take action and do this 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 word of WARNING: This action plan will disappear without notice! So don’t delay.
Check it out by clicking the link below (it is truly the only way for me to help you succeed and survive):
Be Bold & Do Something Great!
Founder & CEO of Local Search For Dentists ®, The ONLY 4-TIME Inc. 500/5000-Approved Dental Marketing Agency
#1 Best Selling Author
Dental Economics Magazine Author & Contributor
PS- Life does get in the way but THIS is the simplest way to keep patients on track, reactivating patients and SPARKING that REFERRAL fire all in one fell swoop with almost ZERO effort what so ever…
Check it out by clicking the link below:
One of my private clients (who will remain nameless) is already breaking his competition in half ….buying practices, just killing doctors who won’t change.
So, if you’re struggling with making heads or tails of what to do that can specifically help you grow your practice then this action plan is a “glove fit for you”.
Check it out by clicking the link below: