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Hello Doctor,
My name is Dane
Smith. You may not recognize me by name, but I’ve practiced dentistry in Oregon for over
20 years and I have some very important
practice-building information to share with you
and what I am
about to share with you could very well change the
direction of your practice . . . forever.
Ready to listen? A lot of our dental colleagues wonder how
little things like letting your team sell
dentistry for you (as opposed to you trying to
“sell” a patient!), or making and using
“out-of-the-box” ideas and observations can make
such a difference to the bottom line.
Running ANY kind of successful business isn’t
rocket science and it’s not hard in what some might
consider the traditional sense.
There are a thousand different details, all of
which are very much the same, in virtually every
kind of business, which adds to and “creates” the
success.
One of those little details which is so critical
to a practice’s success, and even more so today
than just a few years ago, is . . .
The value of allowing people to make payments
to
get
what it is they need, especially health care.
HERE'S WHAT I MEAN
-
You know, it doesn’t take most of us a second
thought when we buy a new car for $25- or $30,000,
or finance a set of new wheels and tires to the
tune of $1,200 or $50 a month for 3 years! And that, my friend, is the big, dark, well-kept
secret most big businesses use: They allow their
customers to purchase big ticket items for small,
easy, monthly installments at a fair interest
rate.
DANGEROUS ADVICE?
It’s frustrating to
me because I hear a lot of
consultants in the industry giving dangerous
advice like: “Don’t Be The Bank for Your Patients!”
Well, why not? Why should we let the banks get
ALL the money?
Banks, in most cities, large and small, generally
have some of the tallest buildings.
Banking is a great, very profitable business to be
in!
So, why don’t you want to be the bank for YOUR
patients? (Is there anything wrong, ethically or
morally, with YOU getting the 18% a year instead
of the banks?) I’ll tell you why- You haven’t been educated on HOW to be the
bank!
Do you expect one of your patients to know
everything there is to know about a root canal?
Endodontics? Implants? Heck no!
But let me tell you this- Most finance companies
would prefer you didn’t know their deep, dark secret of
how much profit there really is in being the bank!
Do you know it’s all about calculated risk? Do you
know there is a simple formula ALL finance
companies out there use to determine if they will
extend financing to one of your patients or not?
Listen, the good news is I am NOT
suggesting you go
out, get a charter from the state agency which
regulates banks, nor am I suggesting (or telling) you
to contact the Feds and get the ball rolling there
for direct loans from them to finance your
patients.
What I am suggesting you do is take a look at just
how financing ALL or part of your patients will
impact your bottom line.
I don’t have the room here, nor the time, to
devote to how finance companies evaluate the risk
associated with financing patients, but I do have
the few lines required to reiterate the importance
of allowing ALL of your patients the opportunity
to be financed.
It goes like this, and I am sure you’ll agree-
About 50% of your patients (likely more), will NOT
qualify for regular, traditional bank financing .
. . I’m talking about CareCredit®, Dental
Fee Plan, and the many others out there. In fact,
there are DENTISTS, your colleagues out there that
don’t qualify EITHER!
BUT, they are good people! They pay their bills on
time to those they owe. They have been at the same
job for a number of years. They have a family and
so on. So do
them and yourself a favor-
Let them pay for their dentistry over time and you
could double your production, time and time again!
These folks are JUST as deserving of your best,
high-quality treatment you provide to those who
can get financed through traditional means.
The question is- How do you extend financing to
this group of people, limit YOUR risk, and get
paid very well in the process?
And, we don’t have to be talking about a $5,000
case, either!
Many times, every single day, my office finances
folks that can’t write a check for $600 (The
majority of Americans live paycheck to paycheck
and have less than $300 in savings!). BUT, they
can afford to make 12 payments of $50 a month.
Before I give you the answer in how YOU can be the
bank (and do so very profitably!), let me give you
some background on the effect that financing had
on my colleague, Max Higbee’s office-
• When he first offered it, Max offered thirty-day
financing and his practice production (and
word-of-mouth referrals) quickly doubled. In fact,
it took just 60 days.
• Then he offered 60-day financing. The same
result. His practice doubled again -- in roughly
60 days.
• Thinking he had the proverbial bull by the
horns, Max decided after some thought (about 10
seconds worth) to offer 90-day and then 12-month
financing.
• His production exploded, case acceptance rose
very quickly and the result was the same. His
practice doubled again.
How did he do this? How did Max, a dentist in a
rural, central Oregon area, achieve such rapid practice
growth? Was it JUST the financing?
The short answer- YES! Plain and Simple.
Offering financing was exactly what maxxed-out (no
pun intended), his practice. Associates, (several of them, were right around the corner),
he
was adding as fast as he could possibly find,
hire and train them!
Now, another exciting
secret is this- He did all of it without ONE penny of his own
money. He didn’t secure a loan from the bank, either. I was so excited about Max’s results and the ease
of the process, that I joined Max in investing my
own, hard-earned cash into a company, based right
here in Oregon.
I now sit on the Board of Directors for
American Financial
Services, a dentist-owned
company . . . Probably the ONLY dentist-owned
financing company out there!
And, our management team is the best in the
industry (not just the dental industry, but the whole BANKING industry). We have seasoned
dental professionals running the company, in
ownership of the company, and listening to and
caring for the clients of the company. I’m not telling you all this to brag. Quite the
opposite. I have seen the power of what extending
financing can do for the health of patients. And,
for the health of a dental practice’s bottom line.
There’s a lot of information about how all this
works that I don’t cover here in this letter. And
frankly, if you’re busy doing dentistry, (and you
should be) all these things can be covered with
your team on how it works. It’s easy. It’s fast.
There’s no outside 3rd party telling you who you
can do treatment on and who you can’t.
That said, I’d first recommend calling Bob
Moothart – at AFS (American
Financial Services), and
tell him Dane sent you. The toll-free number is
1-888-669-4553.
Thanks for taking the time to read my letter. Give
Bob a call right away.
Sincerely,
Dane Smith, DDS
Independent Dentist
Board Member
American Financial Services, Inc.
P.S. ONE LAST THING . . .
Be ready to discuss your TOP 3 goals:
Production Goal: $_____________
Collection Goal: ______%
Cash Flow Goal: $______________
The sooner you call . . . the sooner you’ll reach
your goals!
Call now. 1-888 669-4553 |
