Shannon Patterson talks with Orthodontic Products’ Chief Editor, Alison Werner, about how the crisis is affecting residents – including the impact on classes, graduation, and licensure exams. She also focuses on how COVID-19 is affecting their job search and pending employment offers. Moreover, she offers advice to residents about how to manage this time and to established doctors who are wondering if they should be hiring now. Watch The Interview Here.
Chris Bentson was recently featured on The Propreneur Podcast with Dino Watt. The 36-minute episode focuses on the question, “What Is Disruptive Innovation?” Chris shares insights regarding practice growth, profitability, and provides an overview of practice modality changes and shifts that are taking place in the orthodontics industry. Additionally, Chris chats about the forecasted 2020 dental industry trends. The tidbits of knowledge shared in the podcast provide listeners with an understanding of how practices are currently performing and encourage listeners to think strategically about changes needed in their practice to remain successful in the future.
One of the greatest challenges that private practices are now facing is Growth. Here are three things that you can do to make your practice grow:
1. Communicate differently to your patients.
2. Create a culture in the office that feels like you.
3. Prepare two-tiered pricing.
The Propreneur Podcast:
The Propreneur Podcast is a show dedicated to building entrepreneurial skills in private practice owners. You’ll hear from industry experts, orthodontists, and dentists on topics like sales, marketing, leadership, and systems. For all the business and leadership strategies you wish they’d taught you in graduate school. New episodes are released every Tuesday and Thursday.
Chris Bentson is featured in the new episode of People & Practice, LLC‘s The Survival Guide For Orthodontists podcast, hosted by Dr. Leon Klempner and Amy Epstein. Chris discusses how orthodontists can take the disruption in the industry and use it to their advantage by offering the same convenience patients are seeking from mail order alignment companies.
This episode digs deep into the nuts and bolts of what forces are affecting the industry and the tools available right now to help independent and small group practices beat the big box orthodontic companies.
- How has disruption by Smile Direct Club and Invisalign affected small independent practices
- The future of orthodontics is bright for the practice that adopts teledentistry technology
- Address the growth of corporate dentistry and consolidation of practices
Listen here: https://pplpractice.com/episode-5/
About the Podcast:
The Survival Guide for Orthodontists, is the podcast that makes YOU the authority in Orthodontics in your community. Get ready for insights on how to compete on expertise and trust against mail order and retail orthodontics. It’s not always about the lowest fees. Dr. Leon Klempner and Amy Epstein, co-founders of People & Practice, know the business of orthodontics. They bring you insights, tips, and guest interviews focused on helping you thrive in a massively disrupted industry. Put more patients in chairs by competing on expertise and trust, not the lowest fees. The podcast is available on the People & Practice website, Apple Podcasts, and Soundcloud.
By: Shannon Patterson
The population changes every year in the United States. Generally we see a positive change with the overall populations meaning more births and deaths, however, a few states had more deaths than births according to the U.S. Census Bureau.
According to the Bureau’s factors that contribute to the 2016-2017 estimates for populations for the 50 states results are international and domestic migration and the “natural population change,” which is the net births minus deaths.
The results showed that two states, Maine and West Virginia, actually saw more deaths than births. Maine’s natural population went down by 0.9 residents per 1,000, while West Virginia’s dropped by 1.7 residents per 1,000. However, Utah had an excess of births over deaths contributing to why it’s ranked the third fastest growing state with natural increase.
Idaho was the nation’s fastest-growing state over the last year. Its population increased 2.2 percent to 1.7 million from July 1, 2016, to July 1, 2017. The next largest percentage increases in state population were; Nevada (2.0 percent), Utah (1.9 percent), Washington (1.7 percent), and Florida along with Arizona (1.6 percent).
The two fastest growing states Idaho and Nevada experienced “domestic migration,” which is defined by the number of residents who move into a state from another, minus the people who moved out of that state. The census showed that the Northeastern and Midwestern states tended to lose population due to domestic migration as more residents moved out of the state than into the state. By region, the Western and Southern states mostly saw gains from other parts of the country. States that saw dramatic increases due to domestic migration were Idaho, Nevada, Oregon, Washington, Arizona, and Montana.
Overall, the southern and western regions led America’s population growth. In 2017, 38 percent of the nation’s population was in the Southern states and 23.8 percent in the Western states.
A number of common factors affect migration patterns throughout the country. Residents move from state to state for economic and educational opportunities as well as quality of life factors and the cost of living. Many of the fastest growing states have midsize cities with quality school systems, low unemployment rates, and offer affordable housing.
To determine the fastest growing and shrinking states, the WSJ reviewed the one-year population change of all 50 states from 2015 to 2016 with data from the U.S. Census Bureau. Below is a list of the fastest growing and shrinking states in the U.S.
The population of Idaho increased by 1.8% in 2016. Idaho has a relatively high birth rate, and natural growth accounting for about one-third of all new Idahoans in 2016. The remaining population growth was due to the large influx of residents from other parts of the country. A net total of 17,143 Americans relocated to Idaho in 2016, far more than in most states.
The population of Utah grew by 2.0% in 2016, nearly three times the 0.7% national population growth rate and the fastest pace of any state. Unlike most fast-growing states, the majority of Utah’s population increase was due to natural growth. Utah has the largest average family size in the country. While Utah’s high birth-to-death ratio accounted for most of the state’s population growth, Utah’s population also grew more from inbound migration than many other states.
The population of Nevada increased by 2.0% in 2016, The state has sustained strong population growth over the past decade, growing by 16.5% from 2006 to 2016, nearly twice the 8.3% national growth rate.
Like many of the fastest-growing states, Florida’s rapid population growth was largely due to migration. About 9 in every 10 new Floridians either moved from another state or from another country.
Washington state’s population grew by 1.8% in 2016, more than twice the 0.7% national population growth rate. The state’s strong population growth over the past decade was accompanied by a large increase in their GDP. The states information sector such as industry giants including Microsoft, Amazon, and Expedia ignited the growth.
Since 2006, Oregon’s population has grown at an average rate of 1.1%. Approximately 3 in every 4 new Oregonians in 2016 moved to the state from another state (domestic migration), with the remaining population increase due to natural growth. Many new residents likely came to Oregon for economic opportunity.
Colorado’s population grew by 1.7% in 2016, among the fastest pace of any state. Like many of the fastest growing states, domestic migration contributed the most to the states rapid population growth. A net influx of 50,216 Americans relocated to Colorado in 2016.
Arizona’s population grew by 1.7% in 2016, more than twice the 0.7% national population growth rate. Most of the state’s growth was again due to new residents migrating from another state. A net total of 61,544 Americans relocated to Arizona that year in 2016.
Fastest Shrinking States
West Virginia was one of two states to see both negative natural growth and net migration loss in 2016. West Virginia, which has one of the oldest populations of any state, has the highest death rate and one of the lowest birth rates in the country. Approximately 2,700 more West Virginians died than were born in 2016, accounting for one-fourth of the state’s total population loss. Most of the population loss was due to people leaving the state. Major factors causing people to migrate out of West Virginia were the high unemployment rates and poverty. In total, West Virginia’s population decreased by about 10,000 residents in 2016, the most of any state relative to population size.
While the population of Illinois has increased nearly every year in the past five decades, the state’s population declined in 2014, 2015 and 2016. The state’s population shrank by 0.3% in 2016, the second fastest pace of decline of any state. A large share of the population loss was due to residents leaving the Chicago-Naperville-Elgin metro area. In a survey conducted by the Chicago Tribune, residents who had moved out of the city in recent years cited high taxes, unemployment, poor weather, and violent crime as primary reasons for leaving Chicago. The population decreased by over 37,508 residents with the majority of them being from the city of Chicago (19,570).
The population of Vermont declined by 0.2% in 2016, the third largest contraction of any state. Most of the population decline was largely due to outbound migration. Approximately 2,000 more residents moved out of Vermont in 2016 than moved in, nearly the largest loss of any state when adjusted for population size. Vermont’s population growth was also impacted by the state’s low birth rate.
The state’s population shrank by 0.2% in 2016, the fourth largest decline in the nation. Connecticut’s population has declined substantially in recent years, with approximately 20,000 residents exciting since 2013. Unfortunately, many of the residents leaving the state are young, college-educated professionals. The population loss will likely hurt the state’s economic potential.
Wyoming was the only state to grow more from natural growth than the United States as a whole in 2016 and still have population loss overall. Approximately 2,800 more new Wyomingites were born than died in 2016, however, heavy outbound migration led to negative population growth in Wyoming overall. Overall 3,823 more residents moved out of Wyoming in 2016 than moved in, more than in any other state relative to population size.
While the U.S. population grew by 0.7% in 2016, the population of Pennsylvania shrank by 0.1%. The change was largely due to residents who moved out of the state; approximately 45,600 more residents exited the state than moved in making it one the largest domestic outflow states in the nation. Pennsylvania’s population loss was also partially due to the state’s low birth-to-death ratio. Overall, Pennsylvania grew less from natural growth than any state other than New Hampshire, Maine, and West Virginia.
The population of Mississippi declined by approximately 660 residents in 2016. The population loss was largely due to outbound migration to other states. Roughly 7,500 more Mississippi residents moved out of the state than moved in during 2016. While Mississippi had positive natural growth in 2016, the state’s death rate was relatively high, and the natural population growth was lower than the national average. Many residents exited the state due to the state’s low quality of life, and depressed economy. Today, over 20% of state residents live in poverty, the largest share in the country.
New York is one of many Northeastern states whose populations are rapidly declining due to outbound migration. While the state gained a net total of 118,478 new residents from other countries, over 190,000 residents moved out of New York to another state in 2016 than moved in.
This article was featured in the August 2018 edition of The InSight, our monthly email published for orthodontic residents and doctors seeking practice opportunities. This monthly email provides news and information focused on the fast-changing orthodontic industry and its relation to current and future orthodontic careers, highlight commonly asked questions that are timely to the young orthodontic community, and provide a current list of available practice opportunities. Click here to sign up for the email.
The fourth quarter edition of the Bentson Copple reSource is now available. Each quarter, the reSource orthodontic newsletter publishes articles regarding the current issues and concerns within the world of orthodontics. This edition features five articles focusing on a variety of timely and relevant topics for today’s orthodontic community. Below is a brief overview of each article included in the latest Bentson Copple reSource (Volume XII, Issue IV).
Communicating Amongst Ourselves
By: Chris Bentson
Orthodontists spend time, money, and effort communicating to their patients and general drawing areas, but how much time do they spend communicating with one another? The orthodontic industry is ever evolving and Chris Bentson looks into the recent popularity of ortho-focused Facebook Groups. Ten large groups are discussed within this article, including Mari’s List, The Digital Orthodontist, and OrthoPreneurs, along with a brief description of each. This short, but extensive, list provides groups whose discussions range from digital marketing to podcasts to woman in orthodontics and everything in between. This is a great overview of the Facebook Groups every orthodontist should join!
More Than the End Result
By: Debbie Best
The importance of open communication and transparency is so very vital in taking care of customers/patients in any situation. Debbie Best talks about an unfortunate experience with a company she did business with and how it applies to the rules of basic customer service. She discusses taking the time to update and educate each patient and parent. “It is only the extraordinary companies who stand out above their competitors,” and communication is a common thread to make that happen.
Building Your Focus Vault
By: Curt Steinhorst
“We have entered the age of distraction,” states Curt Steinhorst in this discussion about focus or the lack thereof. Four factors that can have an effect on how much we are able to focus and concentrate are as follows: energy, experience, emotion, and environment. Creating a vault or a barrier in order to separate yourself from others to prevent interruption is important. Those who take control of their attention will see their value in the marketplace multiplied. This article advises on tips and tools to aid in taking control of our most precious asset – our attention.
“MOP” ing Up Profitability with a Bucket of the Accidental Patient
By: Dr. Jonathan L. Nicozisis
Manual Osteo Perforations (M.O.P.’s) and high frequency vibration combined with Invisalign has allowed this orthodontist and author to capture a whole new audience of people previously not willing to step foot inside an orthodontic office. Here, using Invisalign with Propel is something many doctors don’t think they need, but can have very positive results for the patients, as well as the practice. Any business-minded orthodontist should consider the pairing of these two technologies in potentially reaching into an untapped market.
12 Years Later…
By: Laura Overcash
Our Marketing Director, Laura Overcash, reflects on the past 12 years of the Bentson Copple reSource. This article is a nostalgic journey that takes us on a quick review of some of the most popular articles and interviews. The variety of content has been and will continue to include articles from doctors, industry leaders, orthodontic consultants, marketing experts, and best-selling authors. Our genuine gratitude goes out to each and every person who has played a part in this over the last 12 years.
New Gaidge CEO: Looking Ahead and Moving Forward
An Interview with Ryan Moynihan
As you may recall, we featured Ryan Moynihan’s article, Gaidge Market Report in last quarter’s newsletter. We recently had the opportunity to interview Ryan about his new role as CEO and his outlook for Gaidge, an orthodontic practice management tool. Since 2010, Gaidge and its analytics tools have become a leader in reporting practice performance, as well as industry trends. Ryan chats about the future of Gaidge and how this reporting tool can help accelerate growth for all orthodontic practices.
The third quarter edition of the Bentson Copple reSource is now available. Each quarter, the reSource orthodontic newsletter publishes articles regarding the current issues and concerns within the world of orthodontics. This edition features five articles focusing on a variety of timely and relevant topics for today’s orthodontic community. Below is a brief overview of each article included in the latest Bentson Copple reSource (Volume XII, Issue III).
Teledentistry & Market Expansion
By: Chris Bentson
Our lead article in this edition of the reSource written by Chris Bentson discusses, among several things, the definition of teledentistry and the question of whether or not your practice can benefit from this new concept. A brief description of teledentistry is provided with insights into Smile Direct Club’s direct-to-consumer marketing model – just one company using this business model. Can the orthodontics market expand using teledentistry? No one can predict the future, but this article will provide some insights and food for thought.
Neon Canvas: Painting the Picture of an Orthodontic Practice
An Interview with Kyle Fagala, DDS, MDS
Dr. Kyle Fagala wears many hats; he is the owner & orthodontist at Saddle Creek Orthodontics, as well as the co-owner of Neon Canvas. He shares a bit of his digital marketing genius in this reSource-exclusive interview focused on his digital marketing company Neon Canvas. As a co-founder, he is involved daily in its strategies, goal setting, and output. The company is passionate about helping other doctors succeed. He believes if practice owners are ignoring digital marketing, thousands of dollars are being left on the table. Social media management is imperative to telling your story and creating a successful marketing campaign. In closing, Dr. Fagala shares his three pieces of advice regarding digital marketing that no orthodontist should miss.
The Power of a Brand
By: Dr. Clarke Stevens & Davin Bickford
Learn about two successful companies in this article. Launched by WildSmiles, Inc. in 2015, Mascot Braces has created tremendous added value for practices participating in one of the fifteen programs the company has currently launched. Mascot Braces translates the impact of a billion-dollar collegiate market into individual orthodontic practices. A comprehensive understanding of Mascot Braces can be explained in four categories: Brackets, Marketing, Exclusivity, and Profit. This article introduces this revenue-generating product and explains how it can easily be utilized in your office.
Gaidge Market Report
By: Ryan Moynihan
Gaidge has partnered with orthodontic practices across the United States, Canada, the Caribbean and Australia to automatically gather and deliver key performance indicators that assist doctors, managers and team leaders in assessing needs, setting goals and driving practice performance. Gaidge Business Analytics includes the opportunity for orthodontists to compare key practice performance indicators across practices much like their own to benchmark and keep pace with the market. This high-level article offers the most current year-to-year data (through 2nd Quarter 2017) comparing net production, net collections, adult exams, patient exams and case starts. Gaidge’s new CEO dives into the company’s robust database of information to share this “big picture” data and industry trends, to help practices compete in today’s market.
Rhinogram: A New Communication Tool for Your Practice
An Interview with Douglas Ford
In today’s digital world, HIPAA compliance remains an important issue to all orthodontic practices regardless of size. Rhinogram is a modern day, HIPAA compliant, communication tool that can be easily integrated into any practice. Douglas Ford, Vice-President of Marketing and Customer Care, chats about the benefits this all-in-one solution offers to help practices adapt to a changing mindset when it comes to patient conversations. Rhinogram easily connects orthodontists with prospective patients, referrals, and team members all in one location, turning a practice’s main phone number into a text-enabled communication line. This interview dives into the ends and outs of this new communication tool and how it allows practices to focus on what they do best…taking care of their patients.
Financial Policies & the Health of Your Practice
By: Michelle Shimmin
International lecturer and trainer, now a consultant with 26 years in the orthodontic industry, Michelle Shimmin discusses the health of your practice and strength of your financial processes. She states, “If you are not keeping track of and correlating your monthly production and starts with your monthly collections number, you need to start now!” There is no accurate way to know this information aside from keeping track of your production, number of starts, and monies collected. Michelle outlines three important questions each orthodontist should ask: Where are you now and where would you like to go? Are you growing at a rate you’re pleased with? Are you meeting the goals you set for your practice last year? Understanding how many new patient exams you do on a monthly basis and your closing rate provides valuable information and assists in uncovering areas to improve on.
Game of Loans – Understanding & Managing Educational Debt
By: Shannon Patterson, CPR, CMSR
Student loans and the mountain of educational debt are discussed in this article along with several available payback options. Knowing the amount one owes, learning about personal financial management and setting goals to fast-track loan repayments can really alleviate undue stress and anxiety as one begins their orthodontic career. Residents and early-career orthodontists should explore repayment options thoroughly. Asking for financial guidance before making a major decision on a repayment plan is key, especially if the debt load is very high – $200,000 or more. Build your strategy in today’s game of loans by working with advisors who are experienced with physician education debt and the economics of career progression, rather than generalists.
Managing the Orthodontic Practice Using Big Data Insights
By: Stephen Dixon, Tamer Jarada & Dr. Hirsham Badawi
Clinical documentation plays an important part in orthodontic care by tracking patient treatment progression. If clinical documentation is incomplete or erroneous, organizations are at risk of not following through on what needs to be done for a particular treatment. Documentation also provides a way of tracking inventory and treatment effectiveness, and it serves as a bulwark against litigation. Enter big data analytics. To reap the benefits of reduced operating costs and better patient experience, orthodontists must get better at harvesting structured data from their operations. A real-life scenario is discussed in this article focused on emergency visits from bracket bond failures using Oral4D. Using documentation, a practice (as illustrated in the example) can collect metrics on its operations, reorganize and collect metrics again to see if there is room for improvement.
The Bentson Copple reSource has been in publication since 2006, producing 246 articles and interviews from 109 individuals. Our Marketing Director Laura Overcash and I were discussing some favorite articles and while thinking about all the information published since 2006, several articles come to mind as favorites.
The first one, “Five Principles for Creating a Culture of Excellence,” was published in the 4th Quarter 2016 edition. This article written by Bob Burg and John David Mann is a special one for me because I had the privilege of speaking with Bob when asking him to write for the publication. I have also become a kind of connoisseur of their books. When the business parable the Go Giver was shared with us by an orthodontist, I really loved what it had to say and how it applies to not only business, but the way we live and interact with people every day! The five principles discussed are so important in creating a positive and welcoming office culture. The lessons here are appreciated and shared many times. If you haven’t read this book, I recommend that you do.
“Smile for a Lifetime: Serving a Community of Needs, located in the 3rd Quarter 2016,” written by Jill Reynolds, wife of orthodontist Dr. Mark Reynolds, is another one of my favorite articles. I have spent many hours volunteering, especially with children, so of course this one really hit home. Here, she discusses the impact Smile for a Lifetime (a great organization) has on those families who cannot afford braces. Treatment is provided to qualified candidates throughout the community, bringing this amazing opportunity to those families. As a mom of three girls, I know full well how lucky we were to be able to provide this treatment for my children. Unfortunately, not all families can do so. Therein lies the beauty of Smile for a Lifetime and the orthodontists who are part of this wonderful service.
Another article that really resonated with me was in the 1st Quarter 2017 edition, written by the very creative Adam Mead. “Be You-nique, Not Just Unique: Establishing a Brand-Centric Culture” is another discussion about creating your brand or culture. Adam talks about the power of being yourself, being unique, allowing yourself to be set apart from everyone else. It is a key factor of success in orthodontics and pretty much everything else when it comes to standing out in a crowd. It is who you are and what you represent. When thinking about this advice in regard to myself and our newsletter, I believe we have really begun to utilize this technique.
Thanks for reading this post and please direct any and all comments to me, email@example.com, as I am always looking for ways to improve the reSource and increase our readership. Of course, inquiries about a subscription would be better, much better.
You may have noticed our company logo has changed on our website, on our social media pages and even on header of this blog page. Bentson Clark & Copple, LLC is officially Bentson Copple & Associates, LLC. The name change has also affected the newsletter; the official name of the publication is now the Bentson Copple reSource. Don’t worry, everything about the publication will remain the same! You will continue to receive the highest quality news and information regarding the business aspects of operating a successful orthodontic practice! The newest edition of the reSource is no exception. We are excited to publish the largest newsletter in the history of the publication with a total of 16 pages and seven articles/interviews. Below is a sampling of the 2nd Quarter newsletter.
Align Turns Twenty – Why You Should Care
By: Chris Bentson
Our first article in this edition of the reSource focuses on Align Technology, Inc. As the company reaches its 10-year anniversary, Chris Bentson offers insights into their industry relevance. The article provides a glimpse into the company’s history and leadership, offers a brief analysis of the company’s stock price and shares general information pertinent to the orthodontic community. With consolidation and competition in the specialty accelerating and Invisalign’s growth rate four times above the market, who knows what the future may hold for Align Technology!
Let’s Chat: Insights from Marketing Experts
An Interview with Jeff Wilson & Scott Hansen
Our team recently ‘chatted’ with Scott Hansen, Owner of OrthoChats and Jeff Wilson, Founder of Ortho Engagement, who are both leaders in the marketing channel of online chat. This side-by-side interview offers insights into the quickly expanding world of chat and what services are available and which companies offer them. Both Jeff and Scott reveal how and why this form of digital marketing can help to improve the overall patient experience. Their unique backgrounds and their marketing perspectives offer readers awareness into why live chat can easily become a successful part of your orthodontic practice’s marketing plan.
What You Need to Know about EasyRx’s New Ownership
An Interview with Todd Blackenbecler
Chris Bentson speaks with Todd Blackenbecler, President and CEO of EasyRx as he reveals his new role in this company and the ways it can streamline and organize the prescription and lab process in one’s orthodontic practice. Dr. Marc Lemchen, founder of Dolphin Imaging, is onboard helping to create a product that improves the practice-lab prescription process, which ultimately positively impacts the bottom line of the practice. The 100% cloud/browser-based system has recently announced integrations with popular practice management software and the team looks forward to what the future may hold.
Highlights from the 2017 ADSO Summit
By: Doug Copple, CVA & Shannon Patterson, CPR, CMSR
There are many questions when it comes to Dental Service Organizations (DSOs). In order to learn more, two Bentson Copple & Associates team members attended the Association of Dental Support Organizations (ADSO) Annual Summit – a two and a half day meeting featuring a variety of speakers from diverse backgrounds, both inside and outside the dental marketplace. Doug Copple and Shannon Patterson share their eye-opening takeaways from the meeting in this article. Shannon discusses the focus on patient experience and the DSO employee/associate model. Doug also examines the patient experience, as well as continuing education & professional development, technology, access to capital and efficiency ethics & regulations.
Five Year Follow-Up: What’s New with Mari’s List?
An Interview with Mari Sawtelle Dunn
Mari’s List is an elite orthodontic buying group and study club celebrating its 5-year anniversary! The company, founded by Mari Sawtelle Dunn, has negotiated deals individual orthodontists are unable to obtain on many of the best quality products and services available. This interview is focused on the growth of the company and the four core benefits of Mari’s List – evaluation of current spending, buying list, coaching and the Facebook study group, where questions are asked and ideas are shared. Mari’s core value of providing exceptional savings and customer service, while maintaining one-on-one service is evident throughout the interview.
Lifecycle Design for Your Orthodontic Office
By: Joyce Matlack
Each doctor needs to consider the current and future needs of one’s office space while focusing on the long-term return investment. When preparing for your ideal future orthodontic practice, Joyce Matlack explores a variety of options available in selecting and building your perfect office. This article explores six paths an orthodontic career may take in regard to office design: academics to private practice, start up to successful flagship, or opening a satellite (or two), bringing on an associate and reducing days in the office, selling your practice and building a semi-retirement office or moving to a satellite.
The Competition Has Changed
By: Angela Weber
Many industries, including orthodontics, have felt the forces of ‘disruption.’ In a recently conducted OrthoSynetics study, it was found that 68% of consumers don’t understand the difference between the role of a dentist and the role of an orthodontist. Angela Weber discusses several steps an orthodontist can take to educate potential patients and address the changing landscape today – by simplifying the orthodontic treatment process, becoming an educational source, making personal connections and reflecting on the competition.
Robert Noyce, co-founder of Intel Corporation, once said, “Knowledge is power. Knowledge shared is power multiplied.” The Bentson Copple & Associates’ team is passionate about making a measurable impact in the lives of the doctors we touch. One of the ways we do this is by sharing knowledge. The Bentson Copple reSource, our quarterly newsletter, offers an outlet to do just that.
For over 12 years, the reSource has focused on the non-clinical business topics that are important to today’s orthodontists, their practices and their future endeavors, via articles and interviews. Over the past few months, the Bentson Copple reSource publication team has been discussing ways to make the publication more valuable and provide more knowledge to our subscribers.
Without further ado, we are excited to announce a new, exclusive subscriber bonus, The reSource Minute!!! The reSource Minute will be monthly, one-minute videos that will deliver valuable tidbits of business-oriented information that, we hope, will prove helpful in the operation of your orthodontic practice. These videos will cover a wide range of topics produced especially for you, the successful orthodontist!!!
The reSource Minute is a way for us to share even more knowledge as a thank you for being part of the Bentson Copple reSource subscriber family! If you are a subscriber, The reSource Minute will be delivered via email. The first reSource Minute was recently released and focused on child demographics.
Not a reSource subscriber? Click here to learn more and begin your subscription today!
Bentson Clark reSource is now available. Each quarter, the reSource publishes articles focused on the business of operating an orthodontic practice. The newest edition includes six non-clinical articles. The lead article is the highly anticipated valuation review containing data that is often used by doctors to benchmark his/her individual practice. This edition also rounds out a 5-part series focused on marketing to Millennial mothers, a 2-part series concerning insurance benefits and a 3-part series regarding personalized marketing/branding.
Looking Back at the Practice Valuations of 2016
By: Chris Bentson & Doug Copple, CVA
As a tradition, the first quarter edition of the Bentson Clark reSource begins with the annual review of practice valuation metrics seen during the previous year. This year marks the eleventh consecutive year Bentson Clark & Copple, LLC has published this data set. The information presented within this article is compiled from several high-level statistics extracted from the orthodontic valuations completed by the company during the 2016 calendar year. The averages addressed in this article include net collections, practice income, overhead rate and practice value.
Management of Insurance Benefits – What’s to Like? – Part 2
By: Tina Byrne
In part two of Tina Byrne’s article, she discusses the remaining three “P’s” of an insurance system – preparation, process and punctuality (part 1 focused on plans/participation and practice policy). Tina offers insurance tidbits regarding practice management software utilization, insurance forms, patient education materials, verification of benefits, claim submission, benefit payments and the urgency of handling delinquent patient receivables. Identifying and addressing internal deficiencies will bring about positive change for the practice and patients while assisting the insurance coordinator in handling patient benefits.
Financial Mountain Climbing: What is the Goal?
By: Mart McClellan, D.D.S., M.S. & Tim Streid C.L.U.
Ascending and descending a mountain with a Sherpa is a perfect analogy when it comes to understanding financial success. When orthodontists focus on their own financial efficiency, they will reach their maximum financial potential and make it back to financial base camp successfully! Dr. McClellan and Mr. Streid provide insights in understanding efficiency as it pertains to financial decision-making. Efficient money decisions allow orthodontists to accelerate their wealth and not simply accumulate it. These advisors are the only firm in America who utilize a macroeconomic model for financial decision-making and have an orthodontist as an advisor.
Choosing an Orthodontic Site in a Competitive Environment
By: Scott McDonald
Orthodontists need to think more strategically than ever about what makes a good, bad or simply acceptable site for an orthodontic practice. There are many important variables that factor into selecting a location. Some of which include the following: median household income, educational attainment scores, type of housing, family culture, population growth and competition rates. After examining hundreds of orthodontic offices throughout the United States, Scott McDonald discusses evaluating the metrics of acceptable locations. All of these issues can be operationalized through psychographic data that will define in a rational way what makes one community more “ortho-friendly” than others.
Be You-nique, Not Just Unique: Establishing a Brand-Centric Culture
By: Adam Mead
While being unique sounds great and easy enough to do, it’s actually quite difficult in practice. It really takes guts to give yourself permission to be unique. Adam Mead, founder and owner of brand strategy agency yogg & brand design agency KARV, speaks about branding, the importance of making it unique and how it represents you and your practice’s culture. When used correctly, branding is a “relationship development tool rather than simply a marketing tool.” His experience with orthodontists and many other industries offers eye-opening ideas for doctors to consider.
Reaching Millennial (and All) Moms in 2017 and Beyond
By: Maria T. Bailey
Did you know that less than 15% of Millennials and only 19% of GenX mothers want to actually speak on the phone to a customer service agent (i.e., scheduling rep or office manager)? To maximize mom engagement efforts and get the most out of an $11 billion annual market, Maria Bailey offers tips to consider when marketing to a Millennial Mom. Using significant research and data, this article dives into upgrading customer service options, social media mantra, social listings and audits.