The recent news of SmileDirectClub’s voluntary Chapter 11 bankruptcy filing has sent shockwaves through the orthodontic industry. As professional trainers in the orthodontic industry, it’s crucial to dissect the lessons that can be learned from this development. Hindsight may be 20/20, but there are valuable takeaways from this situation. Disrupting Through Price: The D2C Model on Trial One of the most significant theories put to the test here is the Direct-to-Consumer (D2C) model’s ability to disrupt the orthodontic industry through competitive pricing. SmileDirectClub (SDC) initially gained attention for its lower-cost alternative to traditional orthodontic treatment. However, their recent financial struggles…
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I’m attending the 2023 British Orthodontic Conference in London and it has been such a fantastic meeting. After dozens of pages of notes, I’ve been copying down questions and topics to review with the orthodontic and pediatric dental residents I teach. I’ve also made a list of areas where I need to rethink my approach, including some really thoughtful questions on third molars and anterior open bite treatment proposed by Dr. Flavia Artese. My excitement continued to increase for direct printing of orthodontic aligners and 3d metal printing after listening to Dr. Simon Graf. The relationship between orthodontic treatment and…
There’s a general sense that the Federal Reserve might pull off a soft landing but high inflation isn’t making the task an easy one. Even though most economists now predict (85%) that we might actually avoid a recession in the US, Wall Street is skeptical. The US inflation rate is 3.67%, up from 3.18% last month and 8.26% last year. It’s higher than the long term average of 3.28%. Existing home sales in the US are off from 4.88 million a year ago to 4.07 million last month, trending down 2.16% month-over-month and nearly 17% year-over-year. All four major U.S.…
Hey there, Ortho Warriors! 👋 It’s your friendly practice management enthusiast, Dustin, back with some fresh insights into the world of orthodontic practice culture. Buckle up, because today we’re diving deep into the three pillars that can make or break your practice’s vibe: Communication, Consistency, and Oversight. Let’s jump right in! 1. Communication: The Superpower of Smiles Picture this: a patient walks into your orthodontic office, filled with a mix of excitement and nervousness. What’s the first thing they encounter? Your team’s warmth and welcoming smiles. Effective communication sets the tone for the entire patient experience. From the moment they…
I’m often baffled at the way most orthodontists set their fees. They ask around and see what other colleagues are charging and they set their fees somewhere in that range. It’s not the worst way to set fees but it’s really dangerous. The problem with trying to price-match a competitor’s fees is that you have no idea what their overhead costs are, how much they pay assistants, how efficient they are with clinical treatment, what share of chair time goes to clear aligners versus fixed appliances, adults versus kids, etc. Setting the right fees for your services is crucial for…
As we step into another week, I’ve been pondering a thought-provoking quote: “No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.” These words from Heraclitus capture the essence of change, its inevitability, and the transformative power it holds. In today’s fast-paced world, change isn’t just a constant; it’s the defining feature of our journey. It’s like embarking on a river voyage where the water never stays the same, and neither do we. As the leader in your practice, we believe that understanding and adapting to change is not…
In today’s competitive fields of dentistry and orthodontics, establishing a strong public presence is essential to reaching a broader audience, building trust, and showcasing expertise. Harnessing the power of the press and publicity can significantly enhance your professional reputation and create valuable opportunities to educate, inform and create goodwill. Recently, the American Dental Association and a handful of talented dentists were featured in an article on Today.com written by Sarah Jacoby. It fires on all cylinders. You can check out my LinkedIn profile and read the post to see why their article is so great. For this blog post, we…
It still feels too hot in the midwest for it to officially be Pumpkin Spice Season, but I’ll take any sign that cooler weather and football are on the way. So, as I wait for temperatures to drop out of the triple digits, let’s take a few moments this Friday to consider the consumer experience through the lens of Starbucks. As always, if there’s something I can do to assist you in your professional or personal goals, don’t be a stranger. Reach out to my team and join me on a monthly coaching call, where we all get smarter together……
“A majority of life’s errors are caused by forgetting what one is really trying to do.” – Charlie Munger John Doe by Dr. David Phelps Munger’s words resonate in my own life, and in what I see in my work with hundreds of hardworking professionals and high-income earners. Many years ago when I was driven to work all hours of the day, trying to create a financial security moat of protection for my family, I had a sudden realization that changed the trajectory of my life. I was working hard on my dental practice while also building my real estate…
Customer acquisition cost (CAC) is a critical metric for the success of any business, including orthodontist practices. A high CAC can strain your marketing budget and hinder your ability to attract new patients. In this article, we will explore how to lower your orthodontic practice’s CAC through effective digital marketing strategies. We will draw insights from a case study involving Postmates, a delivery app, to provide actionable steps for orthodontist practice owners. Problem: Postmates aimed to reduce its CAC from $40 while increasing conversions to hit its growth milestones. Approach: The marketing agency pivoted from targeting “meal delivery apps” to…
