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Thomas Larkin DDS

Thomas Larkin DDS. The Business of Dentistry From Employee to Entrepreneur. The Business of Dentistry. Upon graduation, you will have 20% of what you need to know to make a living in Dentistry Dr Gene Heller 1/4/2012. What is Business. Its… time – people – money

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Thomas Larkin DDS

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  1. Thomas Larkin DDS The Business of Dentistry From Employee to Entrepreneur

  2. The Business of Dentistry • Upon graduation, you will have 20% of what you need to know to make a living in Dentistry • Dr Gene Heller 1/4/2012

  3. What is Business • Its… time – people – money • People always overestimate how complex business is… • “There aren't that many things you can do with a business. Its not as if you are choosing among 2000 options.” Jack Welch CEO GE

  4. What is an Entrepreneur • One who organizes, administers, manages and assumes the risks of a business or enterprise • You are hopefully paid a premium for assuming that risk.

  5. The Marketplace Today • Growth of Corporate Dentistry • PPO “commoditization” of Dentistry • Current Trends – Social/Economic • Future Trends – Social Economic

  6. Corporate Dentistry

  7. Corporate Dentistry

  8. Corporate Dentistry

  9. Consumerism • Consumerism is a social and economic order that encourages the purchase of goods and services in ever greater amounts • You have to promote and encourage what the Consumer wants … not what you want • You must communicate a consistent message to the right people and be empathetic to what the consumer is experiencing in the current economy

  10. Who is the Dental Consumer • Female • Make 80% + healthcare decisions • Women Centric • Who has the $$$$$$

  11. Current TrendsHow The New Economy Has Changed Dentistry Roger Levin DDS 12/2011 • 1. Fewer New Patients Presenting to Dental Practices • 2. Many Dental patients Are Rejecting Elective Treatment (currently 81% of dental appointments are single tooth treatment) • 3. Insurance carriers have created lower reimbursement plans • 4.Dentists are marketing more than ever • 5. Young Dentists are graduating with significantly more debt

  12. Current Trends • 6. Americans will have less money to spend on retail and service sector businesses including dentistry • 7. Dentists will be retiring later than ever

  13. Real Estate

  14. Oral Surgery

  15. Dental Implants

  16. Cosmetic Dentistry

  17. Orthodontics

  18. Dentures

  19. Future Trends • Faith Popcorn – Brain Reserve

  20. The Practice of “General Dentistry 2012 and beyond” Faith Popcorn – Skill Sets for the next decade • Being best in your field will not be so important – be in top 15% and be more adaptable • Don’t be single minded – dip into every discipline • Consider speaking Spanish • Develop Interpersonal skills such as caring, negotiating, judgement and leadership • Entrepreneurial skills will be key

  21. Today’s Primary Objective • How do you prevent from becoming a Commoditized Dentist • To become an Entrepreneur - Find a Niche, Create a Brand around it • Indentify Relevant “NICHE” Markets • Predominately web based marketing

  22. Types of Marketing 1.Internal3 most powerful and inexpensive (human connection) Your Direct Financial success will be determined by your ability to master human connection tools 2. External (Gretzky Phenomenon) Web 2.0 Building Brand EquityWeb Site/Optimized/Organically Positioned/Google Places/Youtube/FacebookSome Snail Mailings directed to landing pages Social Networks directed to landing pagesSelf Publishing ( Women Centric)

  23. Commodity Trap • The primary way out of the commodity trap is to establish yourself as an expert or authority on “something”

  24. Thomas Larkin DDS Niche Marketing

  25. Origins of the Niche Markets - USP- Dan Kennedy - unique selling proposition - A subset of General Dentistry that serves the needs of a specific population of patients. • Why am I so excited about web /social media is - The potential for you to Tell your Story and Create Your Brand is unprecedented in human history And to do it at a fraction of the cost of traditional media!

  26. Someone Woke Up and said… • I am a Cosmetic Dentist

  27. Branding • …A brand is the idea or image of a specific product or service that consumers connect with…

  28. Branding • Branding and the State Board • Origins of Branding in Dentistry • The Consumer responds favorably to branding • It defines and segments your services

  29. Offering Specialty Services in General Practice • Sissy Cases vs Hero-dontics • Standard of Care

  30. Niche 1 – Botox , Dermal Fillers Louis Malcmacher DDS MAGD Commonsensedentistry.com 440-892-1810 When would you do it and Why?

  31. Niche 2 – Oral Surgery Jay Reznick DMD MD Onlineoralsurgery.com

  32. Niche 3 – Orthodontics Brock Rondeau Rondeauseminars.com 877-372-7625 American Orthodontic Society Orthodontics.com 800-448-1601 Staff Training June Williamson Orthoramaseminars.com 888-891-6485

  33. 6 Month Smiles

  34. Invisalign

  35. Niche 4 – Endodontics Kit Weather DDS Endorootcap.com 877-478-9748 Dennis Brave DDS Kenneth Koch DMD Realworldendo.com 866-793-3636

  36. Niche 5-Cosmetic Dentistry

  37. Niche 6 - Implant Dentistry

  38. Niche 6 - Implant Dentistry

  39. Niche 6 - Implant Dentistry

  40. Niche 7-Biological Dentistry-

  41. Way outside the box • The Biological, Health Oriented, Dental Practice is the LARGEST EMERGING MARKET opportunity in modern History • Biological Caries and Perio Risk Assessment • Minimally Invasive Dentistry • Remineralization and Antimicrobial Therapies • Advanced Non-Surgical Perio Therapy

  42. Retainer Based Model

  43. Niche 8 - Dentistry for Diabetics • Dr Charles Martin • Dentistryfordiabetics.com • 877-433-7342

  44. Niche 8 - Dentistry for Diabetics

  45. Niche 9- Healthy Heart Dentistry • Ron Schefdore DMD • Healthyheartdentistry.com • 847-236-0943

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