The "PEP" Talk

I recently celebrated Father’s Day by attending the convocation ceremonies at the University of Chicago Graduate Business School as one of my sons received his MBA. The faculty speaker at the ceremony was Steven Neil Kaplan, Neubauer Family Professor of Entrepreneurship and Finance. While Dr. Kaplan’s research previously has focused on private equity and entrepreneurial finance, corporate governance and finance and mergers and acquisitions, he most recently studied personality traits of CEO that produced the most significant results for their companies. Previous studies by authors such as Jim Collins (Good to Great and Built to Last) have shown the value of such character traits such as humility, team players, good listeners and the ability of hire the “right” people, in transforming companies. Despite the fact that leaders in Collins’ studies did produce great results in transforming their companies, there are many leaders who have these exact same traits who are unable to achieve similar results. Dr. Kaplan’s research revealed three traits that seemed to be pivotal producing success. These character traits are proactive, efficient and persistent, “PEP.” Dr. Kaplan’s research confirmed that these three characteristics were universal in leaders who were able to make a difference. Dr. Kaplan encouraged the graduates to approach their business careers with “PEP.” As I listened to Dr. Kaplan, I had to agree. In my own personal journey as a dentist ceo, I find that when I am proactive in approaching a challenge, attack it in an efficient manner and follow through to the end, my results are stellar but when I sit back and wait, fail to get to the heart of the matter efficiently or acquiesce to the pressure of those around me, my result are less than adequate. Some of the most remarkable successes as a dentist ceo have been directly related to my level of “PEP.”

Staff Development

One of the greatest rewards I saw as dentist was in the growth and development of my staff. Finding ways to foster this development can be a challenge. Our weekly staff meetings always had time allotted for staff education. Finding materials that were applicable and geared directly to the staff was sometimes a challenge. Of course there are mandatory topics such as OSHA training, CPR and first aide recertification and HIPPA training. Other topics were discussed on an as needed basis. The availability of the online publication “Dental Assisting Digest” provides a valuable resource in staff development. It covers such topics as infection control, technology, and x-ray techniques. Check it out at http://www.dentalassistingdigest.com/.

Dental Marketing: Lessons from Harley Davidson

David Scott in his book, "The New Rules of Marketing & PR" advises markets to scrap the traditional 4 "P's" of marketing, namely, product, place, price and promotion, for a simpler more effective approach. He recommends marketers first consider their organization's goals and then focus on their buyers. One only needs to look at Harley Davidson to see how effective this approach is.

In the late 90’s it seemed that Harley Davidson was just another American company struggling to stay afloat amid the stiff foreign based competition. Americans had repeatedly witnessed the weakening of “our” corporations as the foreign competition heated up. The automobile industry was a prime example of a once proud industry that was brought to its knees as foreign automobile manufacturers were able to not only match but surpass American manufactures in the areas of quality and value. One couldn't help but wonder if Harley Davidson would face a similar fate as foreign competitors such as Honda, Suzuki, Yamaha and Kawasaki continued to encroach into Harley Davidson’s market. But the performance of Harley Davidson stock indicates just he opposite.

A look at the Harley Davidson mission statement and their marketing strategy reveals some valuable insights for company’s success. Harley Davidson’s mission statement doesn’t focus on the obvious but rather focuses on life improvement through dream fulfillment; “We fulfill dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments”

While other motorcycle manufactures have marketed to the more obvious younger riders, Harley Davidson has focused on older, more financially stable market. As the “baby boomers” age, they look to recreational outlets that enable them to fulfill the dreams that have been shelved while they pursue their career goals and raise a family. As the kids leave and the career seems to be on auto pilot, they find themselves wondering, “is that all there is?’ At the same time the prospects of qualifying for a senior citizen discount has lost some of its allure. All of a sudden the idea of donning the leathers and riding off into the sunset on a “hog” sounds pretty appealing. Harley Davidson's mission of dream fulfillment resonates strongly with this market. In fact is resonates so strongly that Harley Davidson has been able to capture 49% of sales at the same time pricing their product 50% more than their competitors.

As dentists we face similar challenges as Harley Davidson, competition is strong, not only from our peers but also from other businesses who compete for our patient's discretionary dollars. As Scott recommends, by first determining on our practice/business goals and focusing on our buyer/patients, we can develop a marketing plan that will distinguish us from our peers and reach those patients who are desirous of our services.

Excellence

This morning I had the opportunity to return to George Fox to speak to an O'Brien Dental Lab study club. I couldn't help bask in the memories of attending MBA classes at George Fox. Enrolling in a graduate degree program turned out to be a great way to transition into this phase of my life. As it turned out I not only received a stellar educational experience but I also felt rejuvenated by the process. I was in the company of students half my age at the beginning of their careers as I was transition out of my first career. My perspectives though different were always welcome and respected. The faculty and staff at George Fox typify the description of excellence that I found very early in my dental career that impacted me throughout my practice as I pursued "excellence" in my delivery of patient care and managed my business. How fortunate I was to have found O'Connor early in my career.
"Pursuit of excellence is an attitude…it involves wisdom and sound judgment…it is a lifetime, career-long commitment…it is a way of life…it is doing the job right the first time, every time. It is inner-directed, not the result of external pressure, it is our own self-worth – who we are and the pride and satisfaction that comes from being the right kind of person, not just in doing the right things." James J. O’Connor

Dental Fee Survey

Here is the link to "Dental Economics" fee survey for 2007.
http://downloads.pennnet.com/web_dl/121.pdf

Hygiene Salaries

If you are interested in review hygiene salaries for our are follow the following instructions. Log on to www.rdhmag.com. Go to "Resource Center," and then click on "Download Center" and click on "2007 RDH Salary Survey" to look for your state among those listed.

Dental Economics Practice Survey

Each year "Dental Economics" publishes a practice survey. While it isn't specific for the Northwest, it does help you to get an idea as to how you are doing. Be sure to click on the link at the bottom of the article to see the actual survey.
http://www.dentaleconomics.com/display_article/310626/54/none/none/Feat/2007-Dental-Economics/Levin-Group-Practice-Survey
http://www.dentaleconomics.com/display_article/313107/54/none/none/Feat/2007-Dental-Economics/Levin-Group-Practice-Survey

Transition

If you are wondering about transitioning out of your practice you really ought to check out this site and refer to the FAQ tab.
http://paragon.us.com/new/index.php

The Art of Selling Dentist Services

The selling dentistry is an art, especially during economic times such as those we are experiencing now with the price of gasoline over $4.00 a gallon. Having said that, I am aware of dentists who are very successful in selling large cases. These practitioners are adept at developing relationships of trust very readily. The interior area of the ARC represents the strength of the relationship between the dentist and patient. As the area increases so does the ability to sell dental services. As each point of the triangle is strengthened the internal area increases so does the relationship.

Affinity is defined as the "attraction" between two individual. Affinity can be increased both inside and outside the office. The reputation that the doctor and office has in the community has a great deal to do with the affinity that the patient has as they enter the office for the fist time. The atmosphere that the staff and the doctor create can either increase affinity or decrease it. As the doctor and patient share positive experiences, trust increases as does affinity.

Establishing a shared reality it essential to building the doctor/patient relationship. Unless the patient "gets" it, they will have no interest in making improvements in their dental health. The effective use of such tools as models, x-rays, intra oral camera, and diagnostic tools such as endo ice and a tooth sleuth can aid the doctor in helping the patient "get" the need for dental treatment.

Without good communication skills it is impossible to increase reality or affinity. As practitioners it is important that we learn to ask, listen and clarify repeatedly as we diagnose dental needs and present treatment. Staff members are a valuable tool in the communication process as we have all had the experience of having a staff member come to use after the fact to tell us what the patient related to the staff member once we have left the room. The use of pamphlets and post operative letters and calls can help to minimize the doctor/patient communication gap.