What is the Key to Growing Your Practice in an Economic Downturn? (with Dr. Roger Levin)

As the country experiences strange financial anomalies only prevalent in economic downturns, we’ve decided to show you how to prepare for the worst while still expecting to turn a profit and grow your dental practice. We are joined once again by Dr. Roger Levin, Founder of Levin Group – the leading practice management and marketing consulting firm in dentistry – and he begins today’s conversation with his thoughts on the current economic climate and how economic downturns have affected dentistry historically. Then, we discuss what dentists and surgeons should be hyper-aware of at this time of financial uncertainty, why uncertainty is the only guarantee, how financial pressure affects the way practices operate, and the undeniable importance of paying careful attention to your referral marketing program. We also unpack the three stages of success, what fee-for-service practices should be focusing on, how referral marketing helps boost ROI, and the upside of being optimistic amidst a recession. To end, Dr. Levin examines patient financing options, the correlation between staffing and economic turmoil, the dangers of cutting all expenses as a knee-jerk reaction (especially those that pertain to practice efficiency and staff morale), and why he’s willing to fully reimburse your purchase if you don’t like the books he recommends. 

Key Points From This Episode:

• Dr. Roger Levin explains how previous economic downturns have affected dentistry.
• Why uncertainty reigns in the current economic climate. 
• What dentists and oral surgeons should expect and look out for during these uncertain times. 
• How the economy affects practice behavior and protocols – more work for general dentists.
• Why surgeons need to maximize their referral marketing potential to stay ahead.
• The three stages: Achieving success, maintaining success, and protecting success. 
• How fee-for-service practices fare in economic turmoil, and what they should be focusing on.  
• Strengthening relationships with referral doctors and how referral marketing boosts ROI. 
• The upsides of recession and the role of optimism in succeeding in uncertain times. 
• Unpacking doctor and patient behavior in economic unrest and how to avoid common pitfalls.    
• A quick look at patient financing options. 
• How staffing and financial instability correlate. 
• The dangers of the knee-jerk reaction to immediately cut all expenses; production vs profit. 
• Dr. Levin’s recommended books, and why he’s willing to reimburse unsatisfactory purchases.

Links Mentioned in Today’s Episode:

Dr. Roger Levin on LinkedIn — https://www.linkedin.com/in/roger-levin-69ab744/ 

Levin Group, Inc. — https://levingroup.com/ 

Levin Group, Inc. on YouTube — https://www.youtube.com/@LevinGroupInc 

American Association of Orthodontists — https://education.aaoinfo.org/ 

Conquering Crisis — https://www.goodreads.com/book/show/217182453-conquering-crisis

The 5 Types of Wealth — https://www.the5typesofwealth.com/  

Kingmaker — https://www.goodreads.com/book/show/203956642-kingmaker 

Everyday Oral Surgery Website — https://www.everydayoralsurgery.com/ 

Everyday Oral Surgery on Instagram — https://www.instagram.com/everydayoralsurgery/