By: To date, the biggest obstacle during the COVID-19 pandemic has been maintaining a full and effective team through hiring and training protocols. Previously, the obstacles were government shutdowns, economic uncertainty, fear, illness, and an emotionally and psychologically rattled workforce.
All these obstacles have frozen practice owners and dentists with uncertainty. Countless new office buildouts have been suspended, DSO investment deals have gone cold and offices have halted growth plans, with many dentists looking for exit strategies.
Though we are still struggling to maintain a standard of outstanding employee training, we are seeing a resurgence of patients advocating for themselves. While some patients are scared and delaying elective care, others are rushing to get treatment that will improve their overall health. This seems to be the national trend for multi-practice owners.
Owners who are fighting to keep their teams working are experiencing a busy push. Many office owners who were able to retain team members are seeing as much as 80% to 110% of pre-COVID collections. I have talked to many doctors who are experiencing huge boosts in Invisalign starts. In July alone, our group started more cases (74) than any month prior.
This type of success can be attributed to 3 key changes:
Adopting and adding new procedures, protocols and campaigns to reach those wanting safe treatment.
Adjusting economics for uncertainty.
Providing a safe environment for patients and team members.
Personally, I have had to work harder than ever, sacrificing passion projects and salary to invest heavily in our team. These are the primary changes I’ve made:
I’m now focusing on virtual patient communication platforms (virtual consults, virtually monitoring Invisalign cases and online pay portals, for example) and have worked with our team on campaigns to demonstrate office safety protocols to patients.
I forfeited my salary for two months, reduced family spending, and condensed my team to survive the unpredictable winter.
I’ve followed the Centers for Disease Control and Prevention (CDC) guidelines and advice from experts such as Drs. Leslie Fang and Lisa Germain. I’ve invested thousands of dollars to keep myself and my team members healthy. This includes air purification, CDC compliant PPE, clear barriers, spaced out workstations for admin, and fogging machines. (Please notice I have chosen “safety” as the third change. If we cannot come back strong, why even come back at all if it is unsafe?)
Getting Through The Dark Tunnel
Successfully dealing with these challenges stems from our ability to adjust and not relinquish. Not able to go on that vacation you planned, or go to the gym like you used to or take that course you were looking forward to? You must adapt, shift and refocus.
Over the course of my career, I’ve had to change my skills and mindset with the demands of each milestone. I’ve named these periods of change “dark tunnels.” Each step of transitioning, from associate dentist to practice owner, practice owner to multi-practice owner, and multi-practice owner to CEO of a 70+ employee organization, has required a dark tunnel period of sacrifice, change and realignment. Successfully navigating this pandemic requires such sacrifice.
In Scaling Up: Mastering the Rockefeller Habits 2.0 (a great read for those looking to add multiple offices after this pandemic), these periods of change are referred to as “valleys of death,” or periods when businesses die. As of today, I know that one 150+ office DSO has filed for bankruptcy, and another has frozen investments and is in the liquidation process. There will be more...
The Good News
There is light at the end of this tunnel. As the economy recovers in the coming years, opportunities will emerge for those who prepared. Inventory of offices for sale will increase. Populations will shift to more rural markets requiring new dentists, and dental insurance will take new forms. For hungry dentists looking to grow, opportunities in digital platforms will flourish.
As with the great recession of 2007, dentistry will recover from this crisis, and my indicators say it will actually recover more than most industries. If we examine just the last six months, major dental companies have seen a sharp “V” shaped return. Though the worst may still be yet to come, dentistry will bounce back.
What are the keys to optimizing? Invest in your skills and preserve your money. Stay mobile and ready to pivot when opportunities present. As for me, I’ll be looking for ways dentists can grow, collaborate, evolve and become more efficient and productive in the post-COVID years to come.
