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Everything Dental Blog – February 2014

There are 3 Types of People in the World

Which one speaks to your business acumen?

  1. Those that make things happen
  2. Those that watch things happen
  3. Those that wonder “What the hell happened?”

Interview with Dr. Matt Krieger

EDB: Dr. Krieger, Can you please tell us where you went to dental school and your journey to practice ownership?

Dr.: I attended NJ Dental School, was an associate for 3 years and started my practice from scratch at the age of 30.

EDB: When you were an associate, what type of practice was it?

Dr.: It was a hybrid of FFS/PPO – comprehensive care and bread and butter dentistry.

EDB: Is there any advice that you would give to a young associate dentist who plans on owning their own practice one day?

Dr.: I suggest all associates learn the business of dentistry. In dental school, we learn enough to be an associate in a dental practice and that’s it. Owning a practice and managing a team requires a skill set that we don’t learn in dental school and in almost all cases, as an associate either. It is this skill set that separates successful practice owners from those that never reach their potential.

EDB: Dr. Krieger – When did you decide to embrace PPO dentistry?

Dr.: I never decided to embrace PPO’s.  I started my practice from scratch in 2002, and needed new patients.  It seemed as though everyone who called had insurance and asked if I participated.  Instead of saying no, I said yes and signed up.  My participation came out of necessity and worked out for the best!!

EDB: Why did you take your show on the road?

Dr.: I hate to hear about all of the negativity surrounding the changing economic and insurance climate in dentistry.  I wanted to help teach dentists real strategies for growth and improvement; instead of the typical “let’s all get together and fight against insurance companies.”

EDB: How do you see the Fee for Service business model in 2015 and beyond?

Dr.: A very small percentage (<5%) of practices will remain fee for service.  Most will have to accept the changes that have already occurred in dentistry.  They will either become entirely PPO, or some hybrid.

EDB: What direction would you take if you were opening a practice from scratch today – insurance model? – No insurance/FFS model? –  Hybrid model?  DMO/Medicaid model?

Dr.: Probably PPO/hybrid.  The simple fact of the matter is that the people who are looking to buy our services have insurance, and the type of insurance that they have is PPO.  There are people out there looking for wellness, total health, cosmetics and other services, but they are few and far between.  Any good business needs a consistent flow of consumers.  You have to face the reality of the statistics and the demographics if you want to build a stable business.

EDB: Are Fee for Service practices extinct?

Dr.: Extinct is a strong word.  I think that the traditional business model around which most FFS practices have been built is antiquated, and inefficient.  There will always be people who pay cash for our services.  That will never change.  How we provide those services and the models that allow for growth and prosperity has already changed.

EDB: What role will hygienists play in the future? Do you believe in expanded duties and mid-level care givers?

Dr.:  I’m not sure that what I believe has any impact on what will actually happen.  I believe that under the right system, expansion of function allows for increased profitability and efficiency.

EDB: What do you think about the growth of corporate dentistry? What percentage of the dental practice population will they have in 5 years?

Dr.:  I think that unless we face the hard facts, and make some real changes in the way that we do business, corporations will see opportunity to gain market share.  If we continue to behave like clinicians, and not like entrepreneurs, we will lose ground to aggressive, well-funded business people who see the potential for profit in our profession.  They come at this business from a totally different “place” than most of the dentists that I speak to on a regular basis.

EDB: What do you think will happen to specialists as more offices are engaged in multi-specialty services? Are there any specialists that you think will thrive in the future?

Dr.: There will always be a need for specialists.  How they provide their services will change, but their existence will not.  Standalone specialty practices (especially endo and perio) will be challenged.

EDB: Please tell me why The Million Dollar PPO Consulting Group is a wonderful investment for any doctor growing their business and relevance?

Dr.: Coaching in general is not only a wonderful, but more importantly a necessary investment.  Information, implementation, and accountability are valuable commodities.  Million Dollar PPO can help create and implement strategies for growing your business.

EDB: I understand that you will be speaking at the Big Apple Dental Meeting in March. Can you tell me what your program consists of on Wednesday the 19th and Thursday the 20th? Are they different presentations? Who should attend?

Dr.: The Million Dollar PPO lecture on Wednesday will focus on changes that have taken place in the business of dentistry and how to run a more efficient, profitable practice.  This lecture will focus mainly on business practices.   “High-Tech to High Profit” lecture on Thursday will have a different feel entirely.  This is a lecture on how to use CAD/CAM to increase your profits.  It will provide a clear strategy and outline for single visit treatment.  Both lectures should be attended by not only the dentist, but the entire team.

Register Now! 

BIG_APPLE

Schedule a Day of Training for Your Team!

The Importance of education, competence, initiative and execution has never been greater in the dental community. As PPO dentistry makes inroads and costs continue to rise, there are only two ways to stay ahead. Work longer and harder or become more efficient.

All members of the dental team must be competent, engaged and fully committed to enhancing their work flow and production. This is already a focus for the successful and progressive dental practices as well as for the distribution chain (manufacturers and dealers).

The Big Apple dental Meeting is quickly approaching. This continuing education event is so unique because dentists who reside in the NY/NJ region and even some from as far as Pennsylvania and Connecticut make this meeting an annual ritual.

There is always a menu of qualified speakers and key opinion leaders covering a vast array of topics. One of the nice things about this venue is that there is something for everyone-all staff members.

Make the Big Apple your annual Team Education Day. Improve team harmony and expand the knowledge and skill set of your employees.

Please call Joy Patane at (718) 733-2031 and register yourself and your team for courses right away. You can also go online to register and see all the course descriptions at

http://bigappledentalmeeting.us/files/brochure_2014.pdf

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