The Dentalpreneur Podcast w/ Dr. Mark Costes Mark Costes

On today’s episode, we have this part two episode, with our guests concluding an enlightening discussion on crucial practice metrics. They delve into the importance of expanding capacity before investing heavily in marketing to avoid misleading results. They highlight reactivating existing patients and managing attrition before ramping up marketing efforts. The conversation covers the significance of monitoring and managing collections, including patient and insurance accounts receivable, to maintain financial health. They also explore metrics for determining when to bring on an associate and emphasize the need for data-driven decisions, analyzing practice trends, and understanding financial indicators to tackle staffing and production challenges.
EPISODE RESOURCES
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On today’s episode, we have a two-part series featuring Ashlee Hirschfeld, DSI Black Belt coach, Summer Kassmel, and DSI analytics expert Jake Conway. They dive into the crucial numbers that matter in dental practices. In part one, the discussion centers on how dentists rely on metrics to guide their decisions. They address common struggles and opportunities for both new and experienced doctors, emphasizing the importance of clarity and awareness from a numbers perspective. The conversation explores hygiene department performance, including key metrics like hygiene production percentage, its implications, and the impact on overall practice success. They also discuss considerations for bringing on associate doctors, using hygiene demand and exam mix as indicators, and the significance of analyzing practice metrics for informed decision-making. Don't miss part two, where the conversation continues. Tune in tomorrow for the conclusion.
EPISODE RESOURCES
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On today’s episode, we have a clip from a recent Dental Success Summit in Scottsdale, Arizona, where Mark elaborates on the Systemization Jumpstart. He discusses the best ways to initiate systemization in your practice and build a strong foundational infrastructure.
Mark covers the End of Day Protocol, explaining its rationale and steps for implementation. He also details the AM Office Manager Protocol, outlining the responsibilities of the office manager before the morning huddle. Additionally, he introduces the Downtime Protocol and references Peter Drucker's famous quote about the inefficiency of being efficient at tasks that shouldn't be done at all.
The episode also explores the Time Journal Exercise, offering insights on what tasks to eliminate, outsource, and delegate, along with the most effective methods for doing so. Mark shares valuable tips on creating an organizational chart and conducting weekly growth meetings. He emphasizes the importance of structuring these meetings to engage the team fully, establish lead measures, and implement a framework for key performance indicators (KPIs) and accountability.
EPISODE RESOURCES
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On today’s episode, we wrap-up with part two of a two-part episode. If you haven't listened to part one of the "When It's Done" episode, make sure to go back and listen to it first. It will make a whole lot more sense.
Today, we are going to focus on the entire workshopping exercise that we call the Ideal Practice Exercise. This exercise provides you with a lot of clarity about what you want your practice to look like when you transition out of practice ownership and clinical dentistry. Mark really believes in the power of visualization and having a clear target to aim for, especially as you navigate the minutiae, monotony, and stress of everyday life as a dental practice owner. It's this overall vision that helps you get through some of the toughest times and keeps you focused when the whirlwind seems to get the best of us.
Throughout this workshopping exercise, there will be pauses. Listen to each question carefully, and if you can, take the time to follow along and complete the exercise as Mark reads through the questionnaire.
EPISODE RESOURCES
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On today’s episode, we have a mastermind meeting we had in 2019 in San Diego. We delved into a powerful visualization exercise, exploring what your practice could look like when you transition out of clinical dentistry.
In this first part of a two-part series, Mark discusses two of his favorite mentors, Vince Lombardi and John Wooden, emphasizing their focus on mastering the basics to achieve success. He highlights the importance of continuous improvement and the need for experienced professionals to have reminders, minders, and accountability to stay on track.
We also touch on Stephen Covey's seminal work, "The 7 Habits of Highly Effective People," particularly the habit of "begin with the end in mind" and its critical role in realizing one's full potential. Mark shares a visualization exercise that we will explore in detail in part two of this series.
Additionally, Mark discusses the herd mentality in humans, using a study on sheep and human behavior to illustrate the need for a clear plan to avoid the average, unfulfilled life that many Americans experience.
EPISODE RESOURCES
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On today’s episode, we delve into the intricate art of decoding hard conversations. Alastair emphasizes that the number of challenging dialogues you are willing to engage in is a key determinant of success in any area of life, be it personal relationships or business endeavors. Sharing insights drawn not from textbooks but from personal missteps, Alastair offers a practical template for navigating these difficult discussions.
The crux of the matter lies in our struggle with wanting to be liked while also striving to have our needs met. Authenticity, deemed a vital business asset, plays a crucial role here. We often dress alike and drive similar cars, yet claim to be unique. The same contradiction surfaces in our conversations. By examining a grievance we harbor, we can break down hard conversations into three components: the legend (the story we tell), the characters (those involved), and the need (what we actually want).
EPISODE RESOURCES
https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast