This week on Marketing Monday, Angus Pryor the Practice Growth Specialist will share with you why you absolutely must become an Entredentist to be able to survive or thrive in 2019. Find out WHY by watching the video now.
Now look, my topic for today is why you absolutely must become an Entredentist to be able to survive or thrive in 2019.
Before I answer the question for why you absolutely must become and Entredentist, I want to tell you a little story about me and my background. Four years ago I started Dental Profit System and the reality is that I left a very good a job.
I worked in the pharmaceutical industry, I was in the animal side and about to be really honest with you, I was probably earning more than most of you watching this Here. I had a number of staff. I had excellent relationships. I had a very cushy life. Car provided, private health insurance, very good bonuses and et cetera.
But there was this yearning in me to go and do something more with my life and it helped me understand what was really my own purpose for being on the planet that caused me to want to do this.
You see I know from the stuff that I’ve done and the books that I’ve read and so on, I finally figured out that I’m on this planet to grow people and to grow business. So for me, growing and creating Dental Profit System was not a maybe, it was a must.
I just want you to understand some of the hardship that I’ve gone through with because I know that some of you can identify with this. The reality is at times I’ve had months where I pulled no income from the business at all.
There’s been times where my wife has gone out working full-time. To be frank with you she’s got a medical condition that maybe she probably shouldn’t. So you can imagine the potential guilt that I feel from that but there’s this drive in me to want to grow people and grow business.
So I suppose when I get to thinking about well why do you need to be an Entredentist as we call it. A term that I’ve coined, which is being an entrepreneurial dentist. I just want to give you three bits of data to help you understand why you absolutely must become an Entredentist if you’re not already and if you’re in business.
The first is that the growth of dentist in Australia in the past five years. The number of dentist in Australia has grown 2 1/2 times faster than the Australian population. So while the populations grown at about 7% in the last five years, the number of dentist in Australia has grown at 17%.
Whatever the case, 2018 data is not in yet. But whatever the case that level on increase the dentist will grow faster than the populations. That’s the first thing you need to be aware of.
The second thing, I was at an event last weekend. I had a lot of dentist asked me about relating to insurers. The reality is that the downward price pressure from insurers is basically you’re getting paid less to do what you were doing previously even though your costs has gone up. So that’s the second thing.
The third one, I want you to get your head around. And this relates to the growth of corporates in Australia and that growth is massive. The number of whether it’s your boopers, your HCFs or other groups, I just want you to understand what that all means in Australian context.
Now I can tell you that in the US, which is often when you look at what’s happening in the US, it’s often like looking over the horizon from an Australian point of view. Often what’s happening there turns up here a few years later.
In that context one of the very well known, he’s a marketer, he’s also a Dental Practice owner, a guy by the name of Jerry Jones. He’s predicting that by the end of next year in the US and maybe he needs to reshape his prediction, that 80% of American dentist are going to be working for corporate.
80% are going to be working for corporate. Going to be working for group practice or I suppose if you bring that into Australian context, that would be insurers.
Now you know, we don’t live the US, I know that. But nevertheless, that trend is continuing at a very, very strong rate. The reality is if we get to that point in Australia, maybe that’s going to take five years.
Well, what does that say about those of you that have got your dental practice? Well there’s one of three outcomes in my mind. Either you’re going sell up, you’re going to go broke, where you’re going to shut your shop or you’ve got to do something different and I mean significantly different.
And that’s why I’m saying you must be an Entredentist. You must have an entrepreneurial spirit about you because if you’re hoping that you can just sort of do the same as what you did, you can’t.
Now maybe you’ll get lucky and maybe you’ll sell up. And maybe you’ll get a decent return, in which case good on you. I know you’ve worked hard, you deserve it. Seriously, pat on the back, that’s great.
But to get to a point where 80% of Australian dentist will work for corporates and only 20% are not, that’s suggest to me there’s a lot of practice that are shutting down. I really don’t want that to be the case for you.
So today I’ve talked with great passion about why you need to be an Entredentist. In the coming weeks I’m going to tell you how to do that.