By Jayme Amos. Get free updates of posts here
Can you produce 6 crowns per month?
Then you can afford a startup dental practice loan…for an incredible new office.
It’s true but you probably don’t believe me.
IN THIS ARTICLE:
1) I’ll show you how 6 Crowns per month will pay for your new office
2) You’ll learn the most dangerous truth of Affordability-vs-Success (this is why some practice owners go bankrupt)
Most dentists know they could benefit from a new, modern office.
The respect from patients is rewarding.
The increased case acceptance would be wonderful.
And the pride of owning a practice you can show off is the dream of many dentists.
But the costs sound overwhelming.
Its not easy to imagine taking on another half-million dollars in debt.
Do you agree?
Well, what I’m about to share with you may come as a jarring shock to the way you think about affording a startup practice.
Before we begin this discussion…
…you need to know that this article is only for doctors who truly want the satisfaction of opening a practice that represents them well and is highly successful. If you’re one of the doctors who isn’t willing to create or see possibilities that other miss, no further reading is necessary.
But if you’ve ever envisioned treating patients with confidence in a brand new facility (not one that saw better days 2 decades ago) then you’ve imagined how good you would feel if you knew you knew you could easily afford a startup practices.
The affordability of such a practice – one that you designed from scratch to represent your clinical standards – is more affordable than you think.
The truth is this:
If you can produce 6 crowns per month, your new office is completely paid for.
Yes, its true – and I’ll prove it below – the payment on a startup dental practice loan will be easily paid for as long as you know you can produce a few crowns a month.
What if it was easy and affordable?
Would you take that bold step forward another step?
What if you could get a modern, attractive facility that gave you a huge amount of pride…and allowed you to grow to new levels?
For the production levels that almost any doctor is capable of.
Would you explore the possibilities?
THE MATH BEGINS
Step 1: What is the Cost of a Startup Dental Practice Loan?
As you may remember from our previous article about start up costs Click Here to refer back to this article, there is a range of $350,000 – $550,000 for a standard 1 doctor start up practice.
With that, you’ll need a loan.
Even if you could pay cash, I would be happy to share with you the benefits of taking out a loan. We’ll save that discussion for another day.
Step 2: Your Loan
Today, lets look at the monthly cost of that loan for your startup practice.
The monthly cost of opening a new dental practice is $3,582.16 per month.
Click Here to see the math.
That’s a lot of money each month.
But you might be surprised to learn the simple plan to easily afford your dental practice loan.
I’ll show you how to do this in a way that won’t even affect your lifestyle.
I want you to check out a resource:
My newest book discusses dental banks and the right location (See if there are any remaining copies available at no charge, from our 1000 book giveaway Click Here )
Step 3: Why “6 Crowns”?
The average crown fee is above $1000 nationally. (if your crown fees are below this number, you really need to give me a call to discuss fees for your area – I’ve helped reset thousands of fees for doctors and the financial impact is powerful even if you’re a PPO provider). If you don’t think PPOs will raise your fees, think again and check out this article on PPO Fee Negotiation.
It’s quite likely that your collections-per-crown, on average, is above $600 per crown.
But, in the spirit of being conservative with our math, lets assume you only collect $600 for a crown.
Now – multiply $600 by 6 crowns.
$600 Collection per crown x 6 Crowns = $3600
TIP: Here is a little homework you can do on your crown-collections: average together your fee-for-service-cases and your PPO crown cases. We normally see the average collected fee totaling around $750.
Remember, the average startup dental practice loan will cost you $3,582.16 per month.
Your “6 Crowns” will earn you $3600.
Are you starting to see how affordable this will be in your new practice?
If you can produce 6 crowns per month, you can simply and easily afford a new practice!
Consider what this could be worth to you:
– An amazing facility
– The pride of a wow-factor practice
– Respect from patient who are impressed
– Compliments from colleagues
– Higher income levels
– Clinical capabilities enhanced, unrestrained
– The ability to attract the best staff
Your Contrarian Thoughts?
Clients will occasionally tell me, “that’s decent math Jayme but I would have produced those 6 crowns with or without my startup dental practice loan.
My answer? I humbly disagree.
Am I allowed to say that? I mean, remember, I’m not a dentist.
Is this startup dental practice loan guy really saying he disagrees with something like the total number of crowns you’ll produce?
This is how I’ll prove it to you:
I’m about to prove to you how, on your existing patients, in your new office, you’ll be able to produce 6 MORE crowns than you currently do.
Do the following for just 1 week, come back and email me your results.
They may shock both of us.
I’ll prove this to you in 7 steps:
1) For 1 week, keep a 3×5 Card in your pocket.
2) Pretend every patient is your mother.
3) Pretend every patient has the money of Donald Trump.
4) Ignore the mental image of your mother looking like the Donald.
5) Write a tally of each crown you would offer your wonderful, loved, rich mother.
6) At the end week, multiply the number by 4 (representing 4 weeks)
7) Compare that number to your average monthly crown production over the last year.
What most doctors find is that their total number of needed crowns aren’t being accepted.
Try that for a week. In just about every instance, the results have been surprising.
Patients aren’t completing all the best dentistry for them.
“In most offices, there are dozens of crowns per month that go undone.”
Why aren’t patients accepting the best care?
Most would answer, “patients can’t afford it”.
Again, I disagree.
Want proof? Ask the patients who “can’t afford it” what kind of phone they have.
90% of patients now have smart phones – and I guarantee their dental insurance didn’t pay the Apple Store for that phone.
Patients CAN afford the right care.
But what will help them WANT to pay for the right care?
Some of the explanation comes from having a facility that communicates the quality of your work. Some of the explanation comes from a staff that doesn’t have the learned skills to present the cases that make it easy for the patient to say yes. Some of the explanation comes from the need to build skills on patient financing tools. Some of the explanation is connected to the doctors willingness to speak to his loved, Donald Trump mother (who will say yes to the best care when its communicated properly).
Regardless of WHY the crowns aren’t being done, look at that 3×5 card.
The 3×5 Card will remind you, prove to you, that the NEED is there in the patient’s mouth.
The income is waiting to be collected through necessary care.
6 Crowns per month will pay for your new facility.
Your dental practice loan will be a non-issue if we get this right.
You may be shocked by how many times over you could afford a startup dental practice loan.
This is how, with just 6 crowns per month, your ability to afford a startup dental practice loan is completely within reach.
You can do this.
My team is here to help.
You can do the BEST dentistry in a new facility.
Your case acceptance can RISE dramatically.
Your income, fulfillment and wealth will change permanently.
But don’t take my word for it.
Ask a few colleagues who have amazing facilities if they regret opening their office.
I dare you (wink!)
Your new practice could be your piece de resistance.
This could be what defines you for the rest of your career.
This could be a future that you’re impressed by.
A future that you create.
Would you like to see how this worked for Dr. Alexis?
Watch her story here.
For our high level consulting clients, we help get you the practice you’ve been imagining…in 6 crowns or less.
PS: Go watch Dr. Alexis’ story!Check out our reviews at Amazon!