WEBVTT 00:00:29.109 --> 00:00:30.631 Welcome to Dental Unscripted, 00:00:30.690 --> 00:00:37.893 where Mike D'Inzio and 00:00:37.933 --> 00:00:39.075 Paula Quinn break down the 00:00:39.115 --> 00:00:40.314 practice ownership journey, 00:00:40.795 --> 00:00:46.198 one episode at a time. 00:00:46.218 --> 00:00:47.497 Starting up, buying, 00:00:47.658 --> 00:00:49.478 and running a successful dental practice. 00:01:01.933 --> 00:01:03.215 all right all right guys 00:01:03.255 --> 00:01:04.215 welcome back to another 00:01:04.236 --> 00:01:05.977 episode dental unscripted 00:01:06.418 --> 00:01:07.498 you guys know who I am 00:01:07.539 --> 00:01:09.581 michael dincio one of the 00:01:09.600 --> 00:01:10.781 crazy people that run this 00:01:10.802 --> 00:01:12.843 show and uh we've got some 00:01:12.903 --> 00:01:15.887 really fun uh folks on here 00:01:15.906 --> 00:01:17.168 if you guys have not been 00:01:18.028 --> 00:01:19.290 uh paying attention I've 00:01:19.310 --> 00:01:20.691 got a new co-host and her 00:01:20.730 --> 00:01:22.852 name's paul quinn hi paula what's up hey 00:01:24.013 --> 00:01:25.373 So Paula helps me run. 00:01:25.433 --> 00:01:26.914 And what's that? 00:01:26.933 --> 00:01:28.435 So I'm just knocking things over. 00:01:28.734 --> 00:01:29.156 Oh, boy. 00:01:29.236 --> 00:01:30.695 She's out of control again, folks. 00:01:30.835 --> 00:01:32.496 I don't know. 00:01:32.516 --> 00:01:34.337 But no, Paula Quinn is on. 00:01:34.638 --> 00:01:37.780 And now we are tandem this 00:01:37.859 --> 00:01:39.540 program and tandem here and 00:01:39.620 --> 00:01:40.641 having fun doing it. 00:01:41.522 --> 00:01:42.742 And then we also have Michael Clark, 00:01:42.762 --> 00:01:43.843 which who is one of our 00:01:43.882 --> 00:01:45.082 newest coaches on the team. 00:01:45.123 --> 00:01:45.843 Michael Clark, 00:01:46.563 --> 00:01:48.704 an executive coach based out of Seattle, 00:01:48.724 --> 00:01:49.245 Washington. 00:01:49.305 --> 00:01:50.325 Hey, Michael, what's going on, brother? 00:01:50.882 --> 00:01:51.603 How you doing, Michael? 00:01:51.844 --> 00:01:52.387 I'm doing well. 00:01:52.427 --> 00:01:52.867 Hi, Paula. 00:01:52.888 --> 00:01:52.927 Hi. 00:01:55.480 --> 00:01:57.061 We had Michael join us today 00:01:57.081 --> 00:01:58.302 because of his unique background. 00:01:58.322 --> 00:01:59.462 But today is kind of all 00:01:59.503 --> 00:02:01.924 things kind of patient finance, 00:02:01.983 --> 00:02:03.403 patient acceptance, 00:02:04.405 --> 00:02:05.765 trying to get the most out 00:02:05.825 --> 00:02:07.686 of every opportunity that 00:02:07.706 --> 00:02:08.725 comes to the practice. 00:02:08.985 --> 00:02:11.826 And the last time I had an 00:02:11.848 --> 00:02:14.008 episode on this topic was 00:02:14.027 --> 00:02:14.808 in twenty twenty. 00:02:14.868 --> 00:02:16.489 I looked it up and it was 00:02:16.528 --> 00:02:17.349 with Care Credit. 00:02:18.289 --> 00:02:21.010 Michael Clark's former employee, 00:02:21.050 --> 00:02:22.211 hence why he's on the show today. 00:02:22.711 --> 00:02:23.512 Employer, sorry. 00:02:24.171 --> 00:02:26.193 And yeah, it was a good conversation. 00:02:26.233 --> 00:02:27.674 I thought we should bring it back up. 00:02:28.655 --> 00:02:30.836 But before we do, a little housekeeping. 00:02:30.895 --> 00:02:33.157 So if you guys are paying attention, 00:02:33.176 --> 00:02:34.538 Dental Unscripted is a new 00:02:34.677 --> 00:02:36.078 brand and new program for us. 00:02:37.338 --> 00:02:37.959 We're trying to get 00:02:38.098 --> 00:02:40.121 everybody consolidated to this. 00:02:40.540 --> 00:02:42.181 If you follow us on Startup 00:02:42.241 --> 00:02:43.701 Unscripted and you're 00:02:43.741 --> 00:02:45.843 listening to Startup Unscripted, guys, 00:02:45.883 --> 00:02:48.784 this channel is going to be 00:02:48.824 --> 00:02:50.026 a no more soon. 00:02:50.746 --> 00:02:52.647 So please get over to Dental 00:02:52.668 --> 00:02:53.829 Unscripted and subscribe to 00:02:53.870 --> 00:02:54.550 that one because we're 00:02:54.590 --> 00:02:55.972 still going to have startup 00:02:56.491 --> 00:02:59.034 topics for you on Dental Unscripted. 00:02:59.756 --> 00:03:02.498 Same with Acquisition Unscripted. 00:03:02.538 --> 00:03:03.240 Same thing if you're 00:03:03.280 --> 00:03:04.360 listening on that channel. 00:03:04.920 --> 00:03:06.663 Get over to Dental Unscripted. 00:03:07.563 --> 00:03:09.246 It's just simply Dental Unscripted. 00:03:09.265 --> 00:03:10.007 It's navy blue, 00:03:10.086 --> 00:03:11.709 turquoise with a big tooth. 00:03:11.748 --> 00:03:11.868 So... 00:03:12.909 --> 00:03:13.790 That's that. 00:03:14.110 --> 00:03:16.431 And then as you guys can see behind me, 00:03:17.112 --> 00:03:18.674 if you're hanging out on 00:03:18.713 --> 00:03:20.854 YouTube and participating 00:03:20.955 --> 00:03:22.757 online through all of our socials, 00:03:23.616 --> 00:03:24.657 you will see behind me, 00:03:24.677 --> 00:03:26.639 I've got all this gear behind me. 00:03:26.699 --> 00:03:29.360 And today we are proudly 00:03:29.600 --> 00:03:31.062 sponsoring or being 00:03:31.122 --> 00:03:33.144 sponsored by Candid Pro. 00:03:34.563 --> 00:03:36.265 And so before we get started, 00:03:36.306 --> 00:03:37.165 I just wanted to give you a 00:03:37.205 --> 00:03:37.847 quick shout out. 00:03:38.794 --> 00:03:39.775 On that announcement, 00:03:40.495 --> 00:03:41.876 if you guys aren't aware, 00:03:42.515 --> 00:03:44.556 Candid Pro is a clear liner 00:03:44.596 --> 00:03:48.056 system built for general dentists. 00:03:48.217 --> 00:03:49.977 That's what I said, general. 00:03:50.076 --> 00:03:50.956 General dentists. 00:03:51.236 --> 00:03:54.418 And it's kind of a cool program. 00:03:55.978 --> 00:03:57.918 We actually had an episode 00:03:57.937 --> 00:03:59.538 like two or three episodes back. 00:03:59.558 --> 00:04:00.438 So you should definitely 00:04:00.498 --> 00:04:01.338 check that one out. 00:04:01.799 --> 00:04:02.658 But they've designed this 00:04:02.699 --> 00:04:03.758 program specifically for 00:04:03.818 --> 00:04:04.558 general dentists. 00:04:04.718 --> 00:04:06.219 And you'll understand why 00:04:06.319 --> 00:04:07.680 once you watch that episode. 00:04:08.800 --> 00:04:09.781 But their whole thing is 00:04:09.820 --> 00:04:11.581 about driving predictable 00:04:11.722 --> 00:04:15.003 outcomes with more work efficiency. 00:04:15.044 --> 00:04:16.964 So more efficient process around that. 00:04:18.346 --> 00:04:19.446 And ultimately that's 00:04:19.485 --> 00:04:20.846 supposed to drive more profit. 00:04:20.887 --> 00:04:22.387 So, and it does, I think it does. 00:04:22.548 --> 00:04:24.189 And so if you check out the 00:04:24.228 --> 00:04:25.048 link below in the 00:04:25.089 --> 00:04:26.589 description and all that good stuff, 00:04:26.610 --> 00:04:28.190 you'll see a link and 00:04:28.211 --> 00:04:28.971 they're giving you guys a 00:04:29.091 --> 00:04:30.432 really incredible deal just 00:04:30.473 --> 00:04:31.533 by listening to the program. 00:04:31.932 --> 00:04:33.975 So click on that link, get a demo, 00:04:34.595 --> 00:04:35.194 figure it out. 00:04:35.555 --> 00:04:36.276 I think you'll like it. 00:04:37.329 --> 00:04:38.831 And yeah, we'll go from there. 00:04:38.870 --> 00:04:40.151 So let's jump right into it. 00:04:41.673 --> 00:04:42.713 Paula and Michael, 00:04:43.033 --> 00:04:44.535 all things patient finance 00:04:44.555 --> 00:04:45.776 and getting patients to say 00:04:45.795 --> 00:04:46.536 yes to treatment. 00:04:47.396 --> 00:04:48.476 This is a simple question. 00:04:48.918 --> 00:04:51.338 Michael, I'm going to tee it up to you, 00:04:51.358 --> 00:04:51.699 my friend. 00:04:51.899 --> 00:04:54.281 Why even have patient financing? 00:04:54.360 --> 00:04:55.221 Why is that a thing? 00:04:55.521 --> 00:04:56.663 Why should it be a thing? 00:04:57.483 --> 00:04:59.745 Why do I always see it on the counter, 00:04:59.785 --> 00:05:01.045 but yet nobody uses it? 00:05:01.065 --> 00:05:02.666 It has a bunch of dust all over it. 00:05:03.487 --> 00:05:03.987 But why? 00:05:04.088 --> 00:05:05.769 Why use patient financing? 00:05:06.327 --> 00:05:07.528 What's your take? 00:05:07.848 --> 00:05:09.110 You're not wrong, Michael. 00:05:09.930 --> 00:05:10.490 Years ago, 00:05:10.531 --> 00:05:12.713 when I had my own consulting 00:05:12.752 --> 00:05:13.812 business in Phoenix, 00:05:15.213 --> 00:05:16.194 one of the things that I 00:05:16.355 --> 00:05:17.795 ran into all the time was 00:05:17.836 --> 00:05:19.416 the fact that almost every 00:05:19.516 --> 00:05:21.158 office had a massive 00:05:21.238 --> 00:05:24.500 unscheduled treatment list, just massive. 00:05:24.581 --> 00:05:26.141 So if they were producing a 00:05:26.221 --> 00:05:28.463 million and collecting a million, 00:05:29.624 --> 00:05:30.425 they had, you know, 00:05:30.524 --> 00:05:31.625 one point two to one point 00:05:31.665 --> 00:05:33.387 five million in outstanding treatment. 00:05:33.968 --> 00:05:35.949 So so what's happening is 00:05:36.959 --> 00:05:39.401 by not giving the patient 00:05:40.000 --> 00:05:41.302 options that work for them, 00:05:41.922 --> 00:05:43.543 patients are just opting to 00:05:43.583 --> 00:05:47.425 say no or I'll schedule later, right? 00:05:47.524 --> 00:05:50.447 And unfortunately too, 00:05:51.908 --> 00:05:52.949 what a lot of doctors don't 00:05:52.968 --> 00:05:54.370 consider is that the 00:05:54.430 --> 00:05:55.089 treatments they're saying 00:05:55.129 --> 00:05:56.009 no to are typically the 00:05:56.050 --> 00:05:57.071 more expensive treatments. 00:05:58.632 --> 00:05:58.992 So- 00:06:01.471 --> 00:06:03.312 What's bigger treatment plans? 00:06:04.572 --> 00:06:09.454 What do you think a big quote-unquote, 00:06:10.014 --> 00:06:11.774 to the average patient, right? 00:06:11.795 --> 00:06:12.254 What's big? 00:06:12.774 --> 00:06:13.254 What's big? 00:06:13.295 --> 00:06:15.956 Well, big is subjective, right? 00:06:16.396 --> 00:06:17.156 To one patient, 00:06:17.196 --> 00:06:18.637 big might be having to do a 00:06:18.677 --> 00:06:21.057 crown instead of a three-surface filling, 00:06:21.798 --> 00:06:22.057 right? 00:06:22.098 --> 00:06:24.619 It could be a dental implant. 00:06:24.678 --> 00:06:27.560 It might be like a clear aligner case. 00:06:30.540 --> 00:06:31.081 Doctors are 00:06:31.658 --> 00:06:33.119 start to do all on all in 00:06:33.158 --> 00:06:34.439 four cases you know those 00:06:34.480 --> 00:06:35.500 can be what twenty five 00:06:35.879 --> 00:06:38.341 thirty grand an arch so so 00:06:38.422 --> 00:06:42.944 big is relative right right 00:06:43.004 --> 00:06:43.725 I mean when you ran your 00:06:43.745 --> 00:06:45.805 practice paula did you 00:06:45.906 --> 00:06:47.927 offer patient financing I 00:06:47.947 --> 00:06:49.708 think you did I did and did 00:06:49.728 --> 00:06:50.889 you offer it to everyone or 00:06:50.928 --> 00:06:52.050 just to the quote unquote 00:06:52.110 --> 00:06:53.250 big what did you I guess 00:06:53.310 --> 00:06:54.230 every demographic's 00:06:54.271 --> 00:06:55.430 different your demographic 00:06:55.692 --> 00:06:57.333 in the city big was 00:06:57.392 --> 00:06:59.774 probably a thousand bucks yeah absolutely 00:07:01.499 --> 00:07:03.540 I was probably a little guilty, 00:07:04.641 --> 00:07:07.163 as Michael Clark's going to uncover today, 00:07:07.264 --> 00:07:09.105 of picking and choosing. 00:07:09.766 --> 00:07:11.107 You know, it's hard. 00:07:11.668 --> 00:07:11.947 You know, 00:07:12.449 --> 00:07:13.649 some companies are different than 00:07:13.730 --> 00:07:15.170 others when the ones that 00:07:15.230 --> 00:07:16.411 require you to have a 00:07:16.471 --> 00:07:18.613 promotion and you're hit 00:07:18.634 --> 00:07:20.516 with a bigger financing issue. 00:07:21.956 --> 00:07:22.916 And we can bust through 00:07:22.937 --> 00:07:25.377 those myths today with Michael Clark, 00:07:25.418 --> 00:07:28.180 but there's other options 00:07:28.259 --> 00:07:29.319 out there where you don't 00:07:29.360 --> 00:07:30.521 have to do that and you can 00:07:30.581 --> 00:07:32.942 pass that more on to the patient. 00:07:32.961 --> 00:07:34.362 And that's probably a little 00:07:34.403 --> 00:07:36.863 bit more comfortable for an 00:07:37.024 --> 00:07:38.584 owner to know that. 00:07:39.024 --> 00:07:39.947 they might only be paying 00:07:39.987 --> 00:07:40.908 three percent interest 00:07:40.968 --> 00:07:42.050 instead of fifteen percent 00:07:42.071 --> 00:07:43.673 interest um yeah so we 00:07:43.694 --> 00:07:44.495 should probably talk about 00:07:44.535 --> 00:07:45.336 that a little bit more so 00:07:45.416 --> 00:07:48.641 yes I offered financing um 00:07:48.661 --> 00:07:49.863 was I guilty of picking and 00:07:49.904 --> 00:07:52.369 choosing absolutely um yeah 00:07:53.139 --> 00:07:54.380 Well, 00:07:54.822 --> 00:07:56.423 I think that's a perfect segue to 00:07:56.483 --> 00:07:58.146 kind of like statistics around, 00:07:58.966 --> 00:07:59.867 if I spelled that right, 00:07:59.927 --> 00:08:02.410 statistics around payment methods. 00:08:02.610 --> 00:08:03.211 I hope I didn't. 00:08:03.230 --> 00:08:04.351 You did. 00:08:04.411 --> 00:08:06.355 Every time I do that, like someone chats, 00:08:06.375 --> 00:08:07.596 like you just butchered that. 00:08:07.636 --> 00:08:08.516 I'm like, well, okay. 00:08:08.576 --> 00:08:09.658 Just abbreviate stats. 00:08:09.677 --> 00:08:09.958 Stats. 00:08:09.978 --> 00:08:10.098 Okay. 00:08:11.459 --> 00:08:12.540 Let's do some stats. 00:08:13.901 --> 00:08:16.504 I love stats, and I'm a numbers guy, 00:08:16.543 --> 00:08:19.365 and I think numbers speak. 00:08:20.706 --> 00:08:22.627 I will transition this to Michael, 00:08:22.668 --> 00:08:23.809 but I will say the last 00:08:23.869 --> 00:08:28.072 time that Paul and I coached a client, 00:08:28.091 --> 00:08:31.754 I'll never forget, it was a one point six, 00:08:31.814 --> 00:08:33.395 seven million dollar practice. 00:08:33.917 --> 00:08:35.337 And we did a care credit 00:08:35.717 --> 00:08:39.000 analysis on how many times they did 00:08:40.509 --> 00:08:41.289 Forget CareCredit, 00:08:41.509 --> 00:08:42.711 they're not sponsoring us today. 00:08:42.770 --> 00:08:44.352 Candid is sponsoring us today, 00:08:44.393 --> 00:08:46.514 but it was CareCredit and 00:08:46.635 --> 00:08:48.356 they did like this analysis 00:08:48.518 --> 00:08:51.220 and they used it like one 00:08:51.279 --> 00:08:52.341 time in twelve months. 00:08:52.361 --> 00:08:54.384 And I was like a one point 00:08:54.423 --> 00:08:55.745 six million dollar practice 00:08:55.965 --> 00:08:58.989 offered it one stinking time. 00:08:59.389 --> 00:09:01.331 Before you get into statistics, 00:09:01.530 --> 00:09:03.393 the thing that I hear 00:09:03.472 --> 00:09:06.154 because I do case acceptance, 00:09:06.274 --> 00:09:08.636 patient enrollment all the time. 00:09:09.238 --> 00:09:11.940 What I always hear is the 00:09:12.019 --> 00:09:13.761 team thinks they know 00:09:13.802 --> 00:09:15.423 what's holding the patient back. 00:09:15.602 --> 00:09:16.384 Yeah. 00:09:16.403 --> 00:09:17.424 They don't know. 00:09:18.604 --> 00:09:20.705 they'll, they'll make up something. 00:09:20.904 --> 00:09:22.525 No, they don't, they don't want that. 00:09:22.546 --> 00:09:23.267 They don't need that. 00:09:23.346 --> 00:09:26.087 They just need time to think, or, you know, 00:09:26.187 --> 00:09:28.450 it's, it's, you just don't know. 00:09:28.909 --> 00:09:31.291 So what I learned, you know, 00:09:31.630 --> 00:09:32.611 through Michael Clark 00:09:32.652 --> 00:09:34.533 before he coached with us 00:09:34.613 --> 00:09:36.653 is you should just always lead with it. 00:09:36.933 --> 00:09:37.215 You know, 00:09:37.534 --> 00:09:38.774 you pretty much should always 00:09:38.835 --> 00:09:41.096 lead with your options, but he's more, 00:09:41.116 --> 00:09:42.658 a little bit more of an expert on that. 00:09:42.697 --> 00:09:44.097 So I'll let him talk about that. 00:09:44.839 --> 00:09:44.938 Um, 00:09:46.203 --> 00:09:47.965 And if you want to go straight into stats, 00:09:48.004 --> 00:09:48.865 we can right now, 00:09:48.905 --> 00:09:50.187 but I think it's important 00:09:51.167 --> 00:09:52.607 for teams to know that. 00:09:54.349 --> 00:09:55.549 No one's following up on 00:09:55.570 --> 00:09:57.091 that one point five million 00:09:57.630 --> 00:09:58.772 unscheduled treatment. 00:09:59.511 --> 00:10:02.274 And the ones that are, right. 00:10:02.453 --> 00:10:04.134 I'm sorry to interrupt, 00:10:04.154 --> 00:10:05.676 but the ones that are, 00:10:06.677 --> 00:10:08.138 I used to ask because they 00:10:08.158 --> 00:10:09.057 would have a team member 00:10:09.177 --> 00:10:10.198 have to sit on the phone. 00:10:10.908 --> 00:10:13.089 and start calling all these people, right? 00:10:14.708 --> 00:10:15.870 And that's fun, right? 00:10:16.210 --> 00:10:18.610 So I would ask them like, okay, 00:10:18.750 --> 00:10:20.251 out of a hundred calls, 00:10:21.072 --> 00:10:22.572 how many people actually schedule? 00:10:22.591 --> 00:10:24.852 Or even answer these days. 00:10:24.873 --> 00:10:25.494 Or even answer, right. 00:10:26.193 --> 00:10:28.154 And the most common response 00:10:28.254 --> 00:10:29.894 I got was out of a hundred 00:10:29.914 --> 00:10:30.836 phone calls that they had 00:10:30.855 --> 00:10:31.716 to make that they didn't 00:10:31.735 --> 00:10:32.395 really want to make, 00:10:33.235 --> 00:10:34.657 maybe three people would schedule. 00:10:34.677 --> 00:10:36.638 Maybe three. 00:10:36.658 --> 00:10:37.298 They need Paula. 00:10:39.089 --> 00:10:40.830 They do need Paula, but that's terrible. 00:10:41.029 --> 00:10:41.490 Exactly. 00:10:41.909 --> 00:10:42.150 Well, 00:10:42.730 --> 00:10:45.932 and so and so so so statistically 00:10:45.971 --> 00:10:46.572 speaking, 00:10:46.991 --> 00:10:49.133 we can easily say that that this 00:10:49.212 --> 00:10:50.854 service is underutilized. 00:10:51.594 --> 00:10:52.774 And to Paula's point, 00:10:53.033 --> 00:10:54.975 it's probably very subjective. 00:10:55.575 --> 00:10:56.475 There's probably some 00:10:56.596 --> 00:10:58.296 limiting beliefs behind the 00:10:58.355 --> 00:10:59.917 front office people with Paula. 00:11:00.057 --> 00:11:02.898 with their financial situation, right? 00:11:03.437 --> 00:11:05.317 And so they're not doing that. 00:11:05.379 --> 00:11:06.438 But from a statistic, 00:11:06.739 --> 00:11:08.099 you were sharing before the program, 00:11:08.119 --> 00:11:08.719 please share. 00:11:09.519 --> 00:11:12.600 When a patient comes in, how do they pay? 00:11:13.821 --> 00:11:14.701 You were just sharing that. 00:11:14.740 --> 00:11:15.500 Please share with the audience. 00:11:16.181 --> 00:11:18.642 Yeah, the revenue stream for a practice. 00:11:19.442 --> 00:11:20.023 Historically, 00:11:20.302 --> 00:11:21.682 about fifty percent of the 00:11:21.802 --> 00:11:22.923 revenue coming in is coming 00:11:22.962 --> 00:11:23.604 from insurance. 00:11:24.083 --> 00:11:25.264 It makes sense, right? 00:11:25.403 --> 00:11:26.303 Crown's twelve hundred. 00:11:26.703 --> 00:11:27.465 They cover half. 00:11:27.725 --> 00:11:28.845 Patient's got to pay the other half. 00:11:29.610 --> 00:11:30.172 Yes. 00:11:30.192 --> 00:11:30.611 Thirty, 00:11:30.692 --> 00:11:32.432 thirty five percent typically is 00:11:32.472 --> 00:11:33.354 coming from your 00:11:33.573 --> 00:11:35.416 traditional payment method. 00:11:35.456 --> 00:11:38.759 So Visa, MasterCard, Discover, cash, check, 00:11:38.839 --> 00:11:39.318 whatever. 00:11:40.100 --> 00:11:40.639 But every. 00:11:41.159 --> 00:11:42.020 Which is why merchant 00:11:42.061 --> 00:11:43.481 services is so important. 00:11:43.522 --> 00:11:46.144 And we can have that. 00:11:46.164 --> 00:11:46.945 Got a good plug there. 00:11:48.206 --> 00:11:49.027 But every office. 00:11:49.047 --> 00:11:50.548 And what's interesting is it 00:11:50.587 --> 00:11:51.369 doesn't matter if you're in 00:11:51.389 --> 00:11:53.791 Beverly Hills or if you're in Ajo, 00:11:54.250 --> 00:11:56.352 Arizona or wherever you are. 00:11:57.446 --> 00:11:58.326 it's fifteen to twenty 00:11:58.365 --> 00:11:59.267 percent of your patients 00:11:59.326 --> 00:12:01.326 are just not prepared for 00:12:01.366 --> 00:12:02.307 the cost of dentistry. 00:12:02.827 --> 00:12:03.788 They're just not there. 00:12:04.327 --> 00:12:06.269 Fifteen to twenty percent. 00:12:06.369 --> 00:12:07.668 Fifteen to twenty percent. 00:12:07.708 --> 00:12:09.408 So if you have two thousand patients. 00:12:10.570 --> 00:12:10.850 Right. 00:12:11.929 --> 00:12:13.309 That adds up. 00:12:13.330 --> 00:12:13.490 Yeah. 00:12:13.910 --> 00:12:14.870 So so a hundred patients 00:12:14.910 --> 00:12:16.171 walk through our practice today. 00:12:16.230 --> 00:12:18.351 Twenty of them had no idea 00:12:18.392 --> 00:12:19.331 how they were going to pay 00:12:19.371 --> 00:12:20.991 for whatever you just dropped on them. 00:12:21.413 --> 00:12:22.253 Right. 00:12:22.432 --> 00:12:23.493 Two out of ten people come 00:12:23.513 --> 00:12:25.793 into your practice today 00:12:25.813 --> 00:12:26.774 are not prepared to pay. 00:12:27.210 --> 00:12:28.130 period. 00:12:28.171 --> 00:12:28.551 Okay. 00:12:29.211 --> 00:12:31.091 And, and that's why, again, 00:12:31.513 --> 00:12:33.734 you go back to what I said earlier about, 00:12:34.214 --> 00:12:34.375 you know, 00:12:34.394 --> 00:12:35.475 if they're doing like your 00:12:35.495 --> 00:12:37.336 practice example, doing one point six, 00:12:37.716 --> 00:12:38.697 they're unscheduled. 00:12:38.716 --> 00:12:39.677 It's probably two point four. 00:12:39.697 --> 00:12:40.999 Mm hmm. 00:12:41.038 --> 00:12:41.359 Guessing. 00:12:41.918 --> 00:12:42.198 Mm hmm. 00:12:44.480 --> 00:12:44.841 I don't know. 00:12:44.860 --> 00:12:44.961 Yeah. 00:12:44.980 --> 00:12:48.363 Because high case acceptance is forty, 00:12:48.383 --> 00:12:51.524 you know, forty one, forty low forties. 00:12:52.225 --> 00:12:53.767 Medium is in the mid 00:12:54.735 --> 00:12:56.677 thirties and, you know, 00:12:56.716 --> 00:12:58.097 so if they're getting even 00:12:58.618 --> 00:13:00.599 thirty five percent case acceptance. 00:13:01.019 --> 00:13:04.081 Mm hmm. 00:13:04.100 --> 00:13:05.142 I you just reminded me of 00:13:05.162 --> 00:13:07.423 something years ago, 00:13:07.462 --> 00:13:08.703 I had heard a statistic 00:13:08.724 --> 00:13:10.924 that the case acceptance 00:13:10.965 --> 00:13:12.025 rate for crowns in this 00:13:12.066 --> 00:13:15.967 country was was around forty two. 00:13:15.988 --> 00:13:16.948 But this was years ago. 00:13:17.668 --> 00:13:19.409 I think it was an ADA statistic. 00:13:20.510 --> 00:13:22.851 I was working with a large TSO client 00:13:23.445 --> 00:13:24.946 a couple of years ago and 00:13:24.985 --> 00:13:27.005 speaking with their CFO. 00:13:27.725 --> 00:13:29.586 And we got to talking about this. 00:13:29.626 --> 00:13:31.668 And I said, I said, just out of curiosity, 00:13:31.687 --> 00:13:32.788 you know, what is, 00:13:33.028 --> 00:13:33.788 cause he's a numbers guy. 00:13:33.807 --> 00:13:34.107 I'm like, 00:13:34.427 --> 00:13:35.849 what is the case acceptance rate 00:13:35.869 --> 00:13:36.589 for your group? 00:13:37.009 --> 00:13:38.370 And he said, it's abysmal. 00:13:38.389 --> 00:13:38.789 He says it's 00:13:40.269 --> 00:13:41.009 Hmm. 00:13:41.029 --> 00:13:41.590 That's bad. 00:13:41.990 --> 00:13:42.471 And just so, 00:13:42.610 --> 00:13:44.971 and just so everybody's just 00:13:45.011 --> 00:13:46.072 so everybody is on, 00:13:46.312 --> 00:13:47.532 on point for all of the 00:13:47.552 --> 00:13:48.673 doctors that are driving to 00:13:48.712 --> 00:13:50.352 work right now and saying, and thinking, 00:13:50.432 --> 00:13:51.634 and thinking, and thinking, and thinking, 00:13:51.653 --> 00:13:52.793 and thinking, and thinking, and thinking, 00:13:52.813 --> 00:13:53.114 not high. 00:13:53.134 --> 00:13:54.995 We're talking about dollars accepted, 00:13:55.034 --> 00:13:55.735 not people. 00:13:55.855 --> 00:13:57.676 So if ten people walk in your practice, 00:13:58.556 --> 00:14:00.797 you might get eight of them to say, yes, 00:14:01.437 --> 00:14:02.716 that's not eighty percent 00:14:02.756 --> 00:14:03.577 case acceptance. 00:14:04.077 --> 00:14:05.837 If those ten people each had 00:14:05.878 --> 00:14:07.239 a thousand dollar case, 00:14:08.254 --> 00:14:09.274 then what we're talking 00:14:09.293 --> 00:14:10.815 about is dollars accepted. 00:14:10.855 --> 00:14:12.695 So the eight people may have said yes, 00:14:13.056 --> 00:14:14.796 but only four thousand of 00:14:14.855 --> 00:14:16.576 the ten thousand was accepted. 00:14:16.636 --> 00:14:17.076 So, again, 00:14:17.136 --> 00:14:20.778 dollars accepted is the actual 00:14:21.697 --> 00:14:23.438 case acceptance that we us 00:14:23.479 --> 00:14:24.818 consultants talk about. 00:14:24.979 --> 00:14:25.919 So anybody, 00:14:26.279 --> 00:14:28.139 any anybody can get one hundred 00:14:28.159 --> 00:14:29.740 dollars out of someone, 00:14:29.760 --> 00:14:30.721 but it's a little harder to 00:14:30.760 --> 00:14:32.302 get a thousand, two thousand, 00:14:32.361 --> 00:14:33.542 ten thousand out of somebody. 00:14:33.601 --> 00:14:33.721 So. 00:14:33.961 --> 00:14:34.623 Yeah, 00:14:34.802 --> 00:14:36.744 I think the stat is like if it's the 00:14:36.783 --> 00:14:38.445 size of a car payment or smaller, 00:14:38.485 --> 00:14:40.746 they're more likely to say yes today, 00:14:40.787 --> 00:14:41.067 right? 00:14:41.347 --> 00:14:42.087 Yeah. 00:14:42.408 --> 00:14:43.129 And you're not wrong. 00:14:44.490 --> 00:14:45.931 Yes, patients are scheduling, 00:14:46.110 --> 00:14:47.932 but I'm a patient that 00:14:47.972 --> 00:14:50.934 needs two crowns and two fillings, 00:14:51.434 --> 00:14:52.296 and I'm scheduling the 00:14:52.336 --> 00:14:53.496 fillings because my 00:14:53.517 --> 00:14:54.477 insurance will pay for it. 00:14:54.498 --> 00:14:56.399 I'm not scheduling the crowns yet. 00:14:56.996 --> 00:14:57.817 Yeah. 00:14:57.856 --> 00:14:58.097 Well, 00:14:58.398 --> 00:15:02.399 let's let's get to kind of like what 00:15:02.479 --> 00:15:02.840 option? 00:15:03.179 --> 00:15:06.941 I think there's a lot of options like. 00:15:08.001 --> 00:15:08.322 Why? 00:15:09.081 --> 00:15:09.341 I don't know. 00:15:09.361 --> 00:15:10.163 How about this one? 00:15:11.462 --> 00:15:11.724 Why? 00:15:11.943 --> 00:15:14.264 Why don't practices take 00:15:14.284 --> 00:15:15.004 advantage of this? 00:15:15.065 --> 00:15:16.745 I guess we kind of covered that already. 00:15:18.924 --> 00:15:19.985 I guess it's the belief. 00:15:20.206 --> 00:15:21.206 We covered on that. 00:15:21.647 --> 00:15:22.248 The belief? 00:15:22.947 --> 00:15:23.568 Why else? 00:15:24.028 --> 00:15:25.330 Paula, you own a practice. 00:15:26.691 --> 00:15:29.994 Paula, speak to it. 00:15:30.293 --> 00:15:30.934 Why do you think? 00:15:31.335 --> 00:15:32.655 Is it all down to the belief? 00:15:32.736 --> 00:15:33.937 I'm assuming that they know 00:15:33.977 --> 00:15:35.739 better or just talking 00:15:35.778 --> 00:15:37.860 about money is icky or what? 00:15:37.941 --> 00:15:39.782 I think it's just habit too. 00:15:39.861 --> 00:15:41.244 It's forgetting about it. 00:15:41.583 --> 00:15:44.385 It's not being fully educated in it. 00:15:44.566 --> 00:15:45.147 You don't want to 00:15:45.623 --> 00:15:46.243 feel stupid. 00:15:46.263 --> 00:15:48.244 They think it's time consuming. 00:15:48.323 --> 00:15:50.443 So it's more on their plate 00:15:50.464 --> 00:15:52.264 to have to help a patient 00:15:52.284 --> 00:15:55.206 fill out an application or I don't know. 00:15:55.645 --> 00:15:56.765 Mike, you went around. 00:15:57.105 --> 00:15:58.767 What were the objectives or 00:15:58.787 --> 00:15:59.606 what did you see? 00:15:59.667 --> 00:16:00.126 I mean, it. 00:16:00.826 --> 00:16:04.028 Yeah, it was to Mike's earlier point, too. 00:16:04.347 --> 00:16:05.769 It was very common for them to say, well, 00:16:05.788 --> 00:16:07.349 I present it all the time. 00:16:07.609 --> 00:16:09.710 Yes, I present it all the time. 00:16:09.889 --> 00:16:10.350 Really? 00:16:10.409 --> 00:16:10.889 Do you? 00:16:10.950 --> 00:16:12.010 How do you present it? 00:16:12.350 --> 00:16:13.230 When is it presented? 00:16:13.802 --> 00:16:14.023 You know, 00:16:14.082 --> 00:16:15.344 do you wait until the patient is 00:16:15.384 --> 00:16:16.445 squirming in the chair 00:16:16.544 --> 00:16:17.765 because they've got a five 00:16:17.785 --> 00:16:18.625 thousand dollar treatment 00:16:18.666 --> 00:16:19.986 plan in front of them and 00:16:20.006 --> 00:16:20.907 the insurance is only going 00:16:20.927 --> 00:16:22.207 to pay fifteen hundred of it? 00:16:22.408 --> 00:16:23.688 You know, when do you bring it up? 00:16:24.110 --> 00:16:26.431 So I think really there's a 00:16:26.551 --> 00:16:27.471 lot of reasons why they 00:16:27.511 --> 00:16:28.392 don't take advantage. 00:16:28.491 --> 00:16:28.932 Number one, 00:16:29.493 --> 00:16:30.854 the staff is not comfortable 00:16:31.114 --> 00:16:35.236 with talking about money, essentially. 00:16:35.476 --> 00:16:35.856 Two, 00:16:36.376 --> 00:16:39.139 doctors or owners don't necessarily 00:16:39.178 --> 00:16:40.419 like financing because 00:16:41.220 --> 00:16:42.221 Paula made the point earlier. 00:16:42.934 --> 00:16:43.754 They in their mind, 00:16:43.774 --> 00:16:44.414 they're thinking that 00:16:44.455 --> 00:16:45.596 they're paying fifteen 00:16:45.635 --> 00:16:48.336 percent interest in my offer. 00:16:48.417 --> 00:16:48.756 OK, 00:16:49.336 --> 00:16:51.216 and it's what what they're missing out 00:16:51.297 --> 00:16:52.677 on is it's not interest. 00:16:52.758 --> 00:16:53.878 It's just a merchant fee. 00:16:54.398 --> 00:16:55.278 It's no different than your 00:16:55.298 --> 00:16:56.359 visa or MasterCard. 00:16:56.818 --> 00:16:57.139 OK, 00:16:57.278 --> 00:16:59.099 most of these lenders are going to 00:16:59.158 --> 00:17:00.179 deposit the entire 00:17:00.220 --> 00:17:02.419 treatment amount minus the merchant fee. 00:17:02.779 --> 00:17:03.721 And that's it. 00:17:03.801 --> 00:17:04.121 OK, 00:17:05.141 --> 00:17:06.801 so they think that that and if the 00:17:06.821 --> 00:17:08.162 merchant fees, fifteen percent, 00:17:10.171 --> 00:17:11.692 Mathematically, they're thinking, well, 00:17:11.751 --> 00:17:12.152 wait a minute, 00:17:12.192 --> 00:17:13.873 my profit margin for my practice, 00:17:13.913 --> 00:17:15.233 my overhead is seventy five. 00:17:16.095 --> 00:17:17.635 So I'm only making twenty five. 00:17:18.516 --> 00:17:19.916 And if I do financing now, 00:17:19.936 --> 00:17:21.218 they're going to take fifteen of that. 00:17:22.239 --> 00:17:23.420 And that's not really how it works. 00:17:23.960 --> 00:17:25.681 Not really how it works at all. 00:17:26.441 --> 00:17:27.961 Another reason to especially 00:17:28.001 --> 00:17:30.104 like when you have like a 00:17:30.144 --> 00:17:31.224 legacy office manager 00:17:31.724 --> 00:17:33.365 that's been with the doc forever. 00:17:34.426 --> 00:17:35.406 I like how he said that 00:17:35.586 --> 00:17:37.268 legacy office manager. 00:17:37.628 --> 00:17:38.669 Legacy office manager. 00:17:40.296 --> 00:17:41.478 AKA Greta. 00:17:42.078 --> 00:17:42.400 Greta. 00:17:43.361 --> 00:17:44.623 No offense to any Gretas out there. 00:17:44.804 --> 00:17:45.124 Yeah. 00:17:45.765 --> 00:17:47.228 My, my grandma was a Greta. 00:17:47.268 --> 00:17:48.750 So no, no Ethel. 00:17:49.111 --> 00:17:50.112 I was going to say Ethel. 00:17:50.413 --> 00:17:51.955 Wait, her name's Greta or Ethel. 00:17:51.996 --> 00:17:52.656 You don't know. 00:17:52.757 --> 00:17:53.397 It's Ethel. 00:17:53.678 --> 00:17:53.698 I, 00:17:55.613 --> 00:17:56.554 Oh, I didn't mess that up. 00:17:56.894 --> 00:17:58.234 I always talk to my clients 00:17:58.255 --> 00:17:59.536 about the Ethel Greta. 00:17:59.576 --> 00:18:00.336 You did mess it up when you 00:18:00.396 --> 00:18:01.738 said Lisa's name. 00:18:01.897 --> 00:18:02.679 OK, 00:18:04.800 --> 00:18:06.021 I just hope you don't get hate mail 00:18:06.041 --> 00:18:07.262 from all the Ethels and Greta. 00:18:07.323 --> 00:18:08.423 I know they're not listening 00:18:08.503 --> 00:18:09.203 to the program. 00:18:09.443 --> 00:18:11.665 If you're a dentist, I'm sorry. 00:18:11.685 --> 00:18:13.847 Back to back to the legacy office manager. 00:18:14.407 --> 00:18:14.949 You know, 00:18:14.969 --> 00:18:16.670 they they've known the doctor for 00:18:16.710 --> 00:18:17.691 so long and they've been in 00:18:17.711 --> 00:18:18.771 the practice for so long 00:18:19.211 --> 00:18:20.373 that they don't offer it 00:18:20.413 --> 00:18:21.173 because they think they're 00:18:21.193 --> 00:18:22.115 saving the doctor money. 00:18:22.755 --> 00:18:23.276 Yes. 00:18:23.355 --> 00:18:24.135 Not offering it. 00:18:24.497 --> 00:18:26.357 And what do they usually offer instead, 00:18:26.397 --> 00:18:27.118 Michael Clark? 00:18:27.138 --> 00:18:28.098 Do you know? 00:18:28.259 --> 00:18:30.520 Oh, I know where she's going with this. 00:18:30.721 --> 00:18:32.041 A lot of times they will 00:18:32.282 --> 00:18:34.483 offer an in-house payment option. 00:18:34.944 --> 00:18:36.506 There you go. 00:18:36.566 --> 00:18:38.287 Because number one, 00:18:38.307 --> 00:18:38.907 they don't have to worry 00:18:38.928 --> 00:18:39.708 about a rejection. 00:18:40.348 --> 00:18:40.588 You know, 00:18:40.608 --> 00:18:42.250 the patient is not getting approved. 00:18:43.490 --> 00:18:44.211 Number two, 00:18:45.232 --> 00:18:46.053 they can at least get the 00:18:46.073 --> 00:18:46.993 patient on schedule. 00:18:48.075 --> 00:18:48.375 Right. 00:18:49.175 --> 00:18:50.757 And the patient only maybe 00:18:50.777 --> 00:18:52.137 has to pay a couple hundred down. 00:18:52.776 --> 00:18:53.656 And they think that we'll 00:18:53.717 --> 00:18:54.597 just collect it over the 00:18:54.617 --> 00:18:55.699 next two or three months. 00:18:56.319 --> 00:18:57.721 What they don't understand 00:18:57.842 --> 00:18:59.182 is that statistically, 00:18:59.844 --> 00:19:01.546 if that outstanding balance 00:19:01.586 --> 00:19:03.346 goes on any longer than a 00:19:03.386 --> 00:19:04.348 hundred and twenty days, 00:19:05.108 --> 00:19:06.530 the probability of actually 00:19:06.570 --> 00:19:08.373 collecting it drops to near zero. 00:19:10.368 --> 00:19:11.750 Well, I like that you said that. 00:19:11.769 --> 00:19:12.111 Oh, sorry. 00:19:12.131 --> 00:19:15.292 Go ahead, Michael. 00:19:15.313 --> 00:19:18.556 No, I was just saying, of course, 00:19:18.876 --> 00:19:20.377 dentists and business 00:19:20.458 --> 00:19:21.298 owners think that there'll 00:19:21.338 --> 00:19:23.200 be better banks than the 00:19:23.240 --> 00:19:24.580 bankers and other people. 00:19:25.201 --> 00:19:25.402 I mean, 00:19:26.502 --> 00:19:29.486 offering payment plans is in every 00:19:29.526 --> 00:19:30.306 consultant's 00:19:31.624 --> 00:19:34.826 vocabulary coaching tool bag. 00:19:35.386 --> 00:19:38.169 We all say, do not do it. 00:19:38.250 --> 00:19:38.670 Why? 00:19:39.069 --> 00:19:39.971 Because of what you just said, 00:19:39.990 --> 00:19:41.092 it doesn't get collected. 00:19:41.231 --> 00:19:42.032 And then there's the 00:19:42.093 --> 00:19:43.794 management of staying on 00:19:43.874 --> 00:19:45.414 top of it and tracking it 00:19:45.474 --> 00:19:48.678 and getting Greta to follow 00:19:48.698 --> 00:19:49.858 up with those payments. 00:19:49.959 --> 00:19:53.122 And it's just, it's a bad idea. 00:19:53.201 --> 00:19:54.282 It's just a bad idea. 00:19:55.123 --> 00:19:56.605 Is that where you were going with that, 00:19:56.684 --> 00:19:56.964 Paula? 00:19:57.614 --> 00:19:58.273 I interrupted you. 00:19:58.334 --> 00:19:59.114 Yeah, no, no, no. 00:19:59.153 --> 00:19:59.855 That was it. 00:19:59.954 --> 00:20:01.454 It's the managerial fee of 00:20:01.494 --> 00:20:02.476 the front office now 00:20:02.536 --> 00:20:03.935 tracking this payment down. 00:20:04.016 --> 00:20:06.037 It's the risk of not getting the payment. 00:20:06.596 --> 00:20:08.576 And I say to my team members, 00:20:08.616 --> 00:20:09.738 how about we forfeit your 00:20:10.438 --> 00:20:11.218 your payroll for one 00:20:11.238 --> 00:20:12.038 hundred and twenty days 00:20:12.077 --> 00:20:14.298 till I get that money collected for, 00:20:14.338 --> 00:20:15.558 you know, to pay you with that. 00:20:15.598 --> 00:20:16.279 If you're going to make 00:20:16.299 --> 00:20:18.660 those kind of decisions all the time, 00:20:18.700 --> 00:20:21.060 doctors are doing in-house 00:20:21.260 --> 00:20:23.741 payment plans and it makes that. 00:20:24.618 --> 00:20:26.161 This is way off the subject, 00:20:26.181 --> 00:20:28.865 but on the subject, I say this every day, 00:20:29.345 --> 00:20:30.826 we're the only industry 00:20:30.926 --> 00:20:31.909 that allows somebody to 00:20:31.949 --> 00:20:34.112 take a product home and not 00:20:34.152 --> 00:20:35.534 pay in full or finance. 00:20:36.587 --> 00:20:37.788 Why not finance? 00:20:37.808 --> 00:20:39.671 They finance their cell phone. 00:20:39.691 --> 00:20:41.472 They finance a mattress. 00:20:41.492 --> 00:20:43.575 They finance everything. 00:20:44.015 --> 00:20:45.276 I showed you that thing the other day, 00:20:45.316 --> 00:20:46.636 Michael, that I did with the hygienist. 00:20:47.357 --> 00:20:49.779 One point two to two or one 00:20:49.799 --> 00:20:51.321 point five to two billion 00:20:51.402 --> 00:20:54.984 dollars every day on hygiene. 00:20:55.301 --> 00:20:56.222 plastic surgery, 00:20:56.603 --> 00:20:59.086 just like a nose job alone. 00:20:59.425 --> 00:21:01.147 It's like a thirty billion 00:21:01.188 --> 00:21:03.170 dollar industry and people 00:21:03.190 --> 00:21:05.852 have no problems financing it. 00:21:06.593 --> 00:21:07.693 But heaven forbid the 00:21:07.713 --> 00:21:08.954 gateway to their body, 00:21:08.994 --> 00:21:10.096 they just like go to hell 00:21:10.136 --> 00:21:10.957 in a handbasket. 00:21:10.977 --> 00:21:12.999 Well, I mean, I mean, 00:21:13.359 --> 00:21:15.101 the statistics are that the average. 00:21:16.047 --> 00:21:19.329 adult has less than two 00:21:19.369 --> 00:21:20.451 thousand dollars in their 00:21:20.832 --> 00:21:21.932 savings account right now 00:21:21.972 --> 00:21:23.433 like that that that 00:21:23.453 --> 00:21:24.796 statistic has gotten worse 00:21:24.855 --> 00:21:25.836 and worse and worse over 00:21:25.856 --> 00:21:27.999 the years and and so 00:21:28.038 --> 00:21:30.421 payments matter so so not 00:21:30.521 --> 00:21:31.702 all three of the the 00:21:31.762 --> 00:21:33.484 panelists today aren't 00:21:34.065 --> 00:21:37.346 disagreeing that payments matter. 00:21:37.385 --> 00:21:38.946 That's what gets people to say, yes, 00:21:39.287 --> 00:21:40.027 that's the way that 00:21:40.086 --> 00:21:41.507 millennials and millennials 00:21:41.547 --> 00:21:43.347 and so on and so forth. 00:21:43.448 --> 00:21:44.268 That's the way they think. 00:21:44.607 --> 00:21:46.088 Even the older folks, my mom, 00:21:46.528 --> 00:21:47.669 she's on a fixed income. 00:21:47.808 --> 00:21:49.609 She's got her money coming every month. 00:21:49.869 --> 00:21:50.970 She wants a payment plan. 00:21:51.490 --> 00:21:52.431 Payment plans matter. 00:21:52.451 --> 00:21:53.550 It's what gets people to the 00:21:53.750 --> 00:21:54.471 to the finish line. 00:21:54.510 --> 00:21:57.771 But doing it in-house, not the way to go. 00:21:57.811 --> 00:21:59.393 So, Michael Clark, why do they matter? 00:22:00.509 --> 00:22:02.489 Two points there, two points. 00:22:02.990 --> 00:22:03.490 And I'm going to give a 00:22:03.529 --> 00:22:10.131 shout out to the wonderful, 00:22:11.571 --> 00:22:14.571 one of the dental speakers 00:22:14.612 --> 00:22:15.692 that I used to follow. 00:22:15.752 --> 00:22:16.133 She wrote a, 00:22:16.452 --> 00:22:18.333 she actually started off as an 00:22:18.373 --> 00:22:19.233 office manager with her 00:22:19.273 --> 00:22:21.253 husband and then started 00:22:21.413 --> 00:22:23.173 looking at the business of dentistry, 00:22:23.734 --> 00:22:25.434 discovered some really interesting stuff, 00:22:25.474 --> 00:22:26.474 eventually wrote a book and 00:22:26.515 --> 00:22:27.134 then she became a 00:22:27.194 --> 00:22:29.516 consultant and now she is a traveling 00:22:29.912 --> 00:22:30.633 famous speaker. 00:22:31.073 --> 00:22:32.233 And I'm speaking, of course, 00:22:32.273 --> 00:22:34.336 about the lovely Kathy Jamison. 00:22:35.257 --> 00:22:36.778 And Kathy Jamison studied 00:22:37.178 --> 00:22:39.119 what the cost of managing in-house is. 00:22:39.859 --> 00:22:41.741 And her conclusion after 00:22:41.842 --> 00:22:43.242 reviewing multiple, 00:22:43.963 --> 00:22:45.525 multiple practices was that 00:22:45.825 --> 00:22:47.126 it's forty two cents on the 00:22:47.186 --> 00:22:49.929 dollar as well to manage. 00:22:50.568 --> 00:22:51.891 the postage the staff time 00:22:51.931 --> 00:22:52.810 is forty two cents on the 00:22:52.852 --> 00:22:54.834 dollar so your point about 00:22:54.913 --> 00:22:56.736 why do payments matter uh 00:22:56.756 --> 00:22:57.276 I'm going to tell you a 00:22:57.296 --> 00:22:58.416 brief story real quick so 00:22:58.477 --> 00:22:59.739 one of my former colleagues 00:22:59.919 --> 00:23:02.842 story time story time um 00:23:02.862 --> 00:23:03.923 one of my former colleagues 00:23:03.942 --> 00:23:05.444 uh was looking to do 00:23:05.585 --> 00:23:07.606 invisalign uh because she 00:23:07.626 --> 00:23:09.388 was an ortho relapse case 00:23:09.689 --> 00:23:11.151 she had some shifting she wanted to 00:23:11.690 --> 00:23:13.010 you know, make her teeth pretty again. 00:23:13.431 --> 00:23:14.152 And so she, 00:23:14.852 --> 00:23:15.752 and she knew that she was 00:23:15.792 --> 00:23:18.134 probably going to be an express case. 00:23:18.153 --> 00:23:18.894 So it wasn't going to cost 00:23:18.914 --> 00:23:20.296 her maybe as much, right? 00:23:20.316 --> 00:23:22.257 This was before Candid, of course. 00:23:22.436 --> 00:23:23.237 Of course. 00:23:23.258 --> 00:23:24.438 Let's say a clear liner 00:23:24.478 --> 00:23:26.138 company of the other. 00:23:26.380 --> 00:23:28.421 Candid would have been more affordable. 00:23:28.480 --> 00:23:28.840 Yeah. 00:23:28.861 --> 00:23:29.741 Candid would have been way 00:23:29.761 --> 00:23:30.642 more affordable and she 00:23:30.662 --> 00:23:32.884 wouldn't have even needed payment plans, 00:23:32.903 --> 00:23:33.443 but go ahead. 00:23:33.483 --> 00:23:34.085 Sorry, Michael. 00:23:34.305 --> 00:23:34.984 Absolutely. 00:23:35.105 --> 00:23:37.567 So she reached out to her dentist first, 00:23:37.906 --> 00:23:40.308 obviously, and, and asked him, she said, 00:23:40.328 --> 00:23:40.949 Hey, you know, 00:23:42.252 --> 00:23:44.654 What do you charge for an express case? 00:23:45.476 --> 00:23:47.356 And they told her it'll be 00:23:47.396 --> 00:23:48.417 about thirty six hundred. 00:23:48.817 --> 00:23:50.180 And so she said, OK, you know, 00:23:50.200 --> 00:23:50.940 I'll think about it. 00:23:51.520 --> 00:23:53.041 And she went home and 00:23:53.142 --> 00:23:55.403 thought about it and then thought, well, 00:23:55.443 --> 00:23:56.544 maybe I'll get a second opinion. 00:23:57.144 --> 00:23:58.506 So she called another office 00:23:58.526 --> 00:24:01.147 that wasn't too far away and said, hey, 00:24:01.958 --> 00:24:02.858 I've already been checked. 00:24:02.939 --> 00:24:04.319 I know I'm an express case. 00:24:04.339 --> 00:24:04.660 You know, 00:24:05.361 --> 00:24:06.642 what does that run if I do it 00:24:06.662 --> 00:24:07.221 through you? 00:24:07.642 --> 00:24:08.782 And they told her, oh, 00:24:09.723 --> 00:24:11.244 we've got some great payment options. 00:24:11.305 --> 00:24:11.884 In fact, 00:24:12.226 --> 00:24:13.987 we can start to start treatment on 00:24:14.027 --> 00:24:15.567 you with no money down and 00:24:15.607 --> 00:24:18.369 payments as low as, you know, whatever, 00:24:18.390 --> 00:24:19.109 about fifty bucks. 00:24:19.210 --> 00:24:19.490 Right. 00:24:19.851 --> 00:24:20.510 Done. 00:24:20.550 --> 00:24:21.471 Who did she book with? 00:24:21.672 --> 00:24:23.894 Of course, she booked the payment option. 00:24:24.334 --> 00:24:25.535 And what's really 00:24:25.575 --> 00:24:27.135 interesting is she didn't 00:24:27.215 --> 00:24:29.778 know until well after the fact that. 00:24:30.834 --> 00:24:31.994 By the time she paid it off, 00:24:32.015 --> 00:24:32.954 she actually paid more for 00:24:32.974 --> 00:24:33.775 the second option. 00:24:35.175 --> 00:24:36.296 So the office technically 00:24:36.336 --> 00:24:38.396 collected more revenue as well. 00:24:38.416 --> 00:24:40.577 So the moral of the story is ABCs, 00:24:41.038 --> 00:24:41.798 always be selling. 00:24:42.439 --> 00:24:46.121 No, I'm joking. 00:24:46.161 --> 00:24:46.881 No, kind of not. 00:24:47.540 --> 00:24:49.142 It's all in presentation and 00:24:49.221 --> 00:24:49.781 verbal skills. 00:24:49.842 --> 00:24:50.462 I love that. 00:24:50.482 --> 00:24:51.262 That's a great story. 00:24:51.303 --> 00:24:52.784 And it absolutely matters. 00:24:53.763 --> 00:24:56.045 We also do membership plans, 00:24:56.765 --> 00:24:58.145 help people with membership plans. 00:24:58.165 --> 00:24:59.987 And we had our other partner, Dental Menu, 00:25:00.988 --> 00:25:01.887 um, on the program, 00:25:01.928 --> 00:25:03.809 check that episode out. 00:25:03.849 --> 00:25:04.369 Same thing. 00:25:04.829 --> 00:25:05.050 Um, 00:25:05.530 --> 00:25:08.413 patients want payment plans and they 00:25:08.452 --> 00:25:09.314 need them and they're, 00:25:09.394 --> 00:25:11.194 they're budgeting and it matters. 00:25:11.234 --> 00:25:12.115 So, okay, cool. 00:25:12.175 --> 00:25:14.057 Anything else on that topic? 00:25:14.076 --> 00:25:14.376 Go ahead. 00:25:14.416 --> 00:25:14.657 Yeah. 00:25:14.718 --> 00:25:14.938 I mean, 00:25:14.998 --> 00:25:16.239 I think the other question I would 00:25:16.278 --> 00:25:19.121 have is you're saying why financing, 00:25:19.181 --> 00:25:19.500 right? 00:25:19.980 --> 00:25:23.003 Um, I think Michael Clark, 00:25:23.044 --> 00:25:25.726 if you can hit on level of care, you know, 00:25:25.766 --> 00:25:26.365 that would be, 00:25:27.007 --> 00:25:28.647 and we're talking to the dentist here. 00:25:29.286 --> 00:25:29.486 Right. 00:25:29.506 --> 00:25:30.126 A hundred percent. 00:25:30.207 --> 00:25:32.028 So, oh, we care about that. 00:25:32.327 --> 00:25:33.327 No, I'm joking. 00:25:33.387 --> 00:25:33.808 I'm joking. 00:25:33.848 --> 00:25:34.308 Go ahead. 00:25:34.328 --> 00:25:35.328 Yeah. 00:25:35.348 --> 00:25:36.509 We don't get hate mail on that too. 00:25:36.990 --> 00:25:38.730 Um, yeah, no level of care as well. 00:25:39.030 --> 00:25:41.512 Um, you know, 00:25:41.633 --> 00:25:42.532 offering a way to pay over 00:25:42.593 --> 00:25:43.253 time can mean the 00:25:43.273 --> 00:25:44.233 difference between somebody 00:25:44.253 --> 00:25:46.955 doing like a PFM in the interior, 00:25:47.875 --> 00:25:50.798 you know, versus doing a fully, you know, 00:25:50.837 --> 00:25:52.699 zirconia, something really beautiful. 00:25:53.298 --> 00:25:53.598 Uh, 00:25:53.618 --> 00:25:55.780 it can make the difference between a 00:25:55.820 --> 00:25:58.221 denture patient getting like the absolute 00:25:58.851 --> 00:26:00.813 baseline plastic looking 00:26:01.653 --> 00:26:03.295 dentures versus getting 00:26:03.355 --> 00:26:04.236 something that makes them 00:26:04.276 --> 00:26:05.897 feel good about themselves 00:26:05.938 --> 00:26:06.778 because it looks real. 00:26:07.239 --> 00:26:07.598 Right. 00:26:07.778 --> 00:26:07.940 Yeah. 00:26:08.039 --> 00:26:09.641 And it's, it's the difference between, 00:26:09.681 --> 00:26:10.321 like you said, 00:26:10.922 --> 00:26:11.663 doing the couple of 00:26:11.682 --> 00:26:12.943 fillings versus doing the 00:26:12.983 --> 00:26:14.425 entire treatment plan, you know, 00:26:14.826 --> 00:26:16.728 going ahead and do 00:26:16.788 --> 00:26:17.729 everything that's planned 00:26:17.808 --> 00:26:18.670 out for that year, 00:26:19.170 --> 00:26:21.573 as opposed to phasing it out over a 00:26:22.232 --> 00:26:23.595 a five-year plan. 00:26:23.756 --> 00:26:23.935 Yeah. 00:26:23.976 --> 00:26:26.240 Say actually we've been tracking same day, 00:26:27.061 --> 00:26:29.385 same day treatment percentage, 00:26:30.366 --> 00:26:31.950 I believe has been going 00:26:32.009 --> 00:26:34.575 down the last two years on average. 00:26:35.691 --> 00:26:36.310 Um, which is, 00:26:36.510 --> 00:26:38.532 which is an interesting fact. 00:26:38.553 --> 00:26:38.932 And maybe, 00:26:39.192 --> 00:26:41.253 maybe Paula can fact fact check 00:26:41.273 --> 00:26:42.575 me with dental Intel. 00:26:42.595 --> 00:26:42.994 I don't know. 00:26:43.976 --> 00:26:44.355 Um, 00:26:44.395 --> 00:26:45.977 but I believe the last time I looked at 00:26:45.997 --> 00:26:46.057 it, 00:26:46.696 --> 00:26:48.117 same day treatment acceptance 00:26:48.758 --> 00:26:50.598 percentage has, has gone down. 00:26:50.719 --> 00:26:52.380 And maybe this, uh, 00:26:52.661 --> 00:26:56.303 idea of patient financing is a way to, to, 00:26:56.563 --> 00:26:59.944 to help you do that more often. 00:27:00.005 --> 00:27:01.506 Well, and I'll tell you this much, uh, 00:27:01.526 --> 00:27:03.046 both of my children needed ortho, uh, 00:27:04.605 --> 00:27:06.288 two stages of ortho when 00:27:06.307 --> 00:27:07.088 they were very young. 00:27:07.710 --> 00:27:09.573 And of course, you know, 00:27:09.593 --> 00:27:10.794 the orthodontist offered 00:27:11.055 --> 00:27:13.479 the in-house payment option thing too, 00:27:13.939 --> 00:27:15.541 but because of the time was shorter, 00:27:16.611 --> 00:27:17.192 Uh, I would have, 00:27:17.412 --> 00:27:19.292 I was almost forced to have 00:27:19.333 --> 00:27:21.173 to decide which child I loved more, 00:27:21.473 --> 00:27:24.175 you know, because it was too full. 00:27:25.497 --> 00:27:26.657 Yeah, that was the first round. 00:27:26.698 --> 00:27:26.978 Right. 00:27:27.238 --> 00:27:28.358 But there was a, I, 00:27:28.378 --> 00:27:30.921 there was a financing option that, uh, 00:27:30.961 --> 00:27:32.040 I could spread it out over 00:27:32.181 --> 00:27:33.162 a longer period. 00:27:33.741 --> 00:27:35.143 And it essentially allowed 00:27:35.182 --> 00:27:36.144 me to do both children 00:27:36.183 --> 00:27:37.424 simultaneously for about 00:27:37.744 --> 00:27:38.625 the same monthly payment. 00:27:38.685 --> 00:27:39.605 I would have paid for one 00:27:39.645 --> 00:27:41.827 job for the inhabitants. 00:27:42.699 --> 00:27:45.721 Well, I guess like last little bit on this, 00:27:45.801 --> 00:27:46.762 unless we really have a 00:27:46.823 --> 00:27:49.085 burning desire to touch on other things. 00:27:49.125 --> 00:27:51.287 But I'm curious what the group thinks. 00:27:51.807 --> 00:27:52.867 I've never sold the stuff. 00:27:52.907 --> 00:27:54.670 I've never really looked into it. 00:27:54.990 --> 00:27:56.050 There's a lot of options. 00:27:56.391 --> 00:27:57.491 We keep saying care credit 00:27:57.512 --> 00:27:59.473 just because they're the lion's share. 00:27:59.493 --> 00:28:00.434 But there are some others 00:28:00.474 --> 00:28:03.178 that are really doing well out there. 00:28:03.938 --> 00:28:04.538 Um, 00:28:04.598 --> 00:28:05.979 and we've partnered with a few of them 00:28:06.038 --> 00:28:08.300 over the years, but like, what are, 00:28:08.701 --> 00:28:09.701 what are some of the things 00:28:09.721 --> 00:28:12.462 that differentiate these companies and, 00:28:12.883 --> 00:28:15.845 um, who's, who, who are they? 00:28:15.944 --> 00:28:16.164 I mean, 00:28:16.345 --> 00:28:17.465 I guess we don't even have to get 00:28:17.506 --> 00:28:18.287 into that and there's no 00:28:18.326 --> 00:28:19.866 way we know everything about all of them, 00:28:20.607 --> 00:28:21.989 but, um, 00:28:22.088 --> 00:28:24.450 any ideas there from the team on 00:28:25.270 --> 00:28:26.951 other options, um, 00:28:27.071 --> 00:28:29.313 other things other than care credit or, 00:28:29.452 --> 00:28:29.873 or what, 00:28:30.212 --> 00:28:31.574 what's the downside of care credit? 00:28:31.753 --> 00:28:32.894 Let's have a discussion about that. 00:28:35.131 --> 00:28:36.290 Well, 00:28:36.391 --> 00:28:38.311 there are a lot more options these days. 00:28:38.852 --> 00:28:41.211 Care credit has been around the longest. 00:28:42.153 --> 00:28:44.653 They're still hugely popular 00:28:44.712 --> 00:28:45.933 because the utility of 00:28:45.953 --> 00:28:47.074 being able to use the card 00:28:47.574 --> 00:28:48.374 over and over and over 00:28:48.394 --> 00:28:49.354 again through the years. 00:28:51.075 --> 00:28:52.134 The challenges might be 00:28:52.174 --> 00:28:53.835 because it's a revolving line of credit, 00:28:54.174 --> 00:28:55.175 the underwriting standards 00:28:55.195 --> 00:28:55.796 are going to be a little 00:28:55.816 --> 00:28:57.415 bit tighter than if it was 00:28:58.096 --> 00:28:59.717 an installment loan, for example. 00:29:00.156 --> 00:29:01.616 And so what you're seeing 00:29:01.656 --> 00:29:04.657 right now is a big 00:29:05.307 --> 00:29:07.888 big surge in FinTech and 00:29:07.949 --> 00:29:10.269 MarTech companies basically 00:29:10.289 --> 00:29:11.530 breaking into dentistry, 00:29:11.590 --> 00:29:12.612 breaking into healthcare 00:29:12.852 --> 00:29:14.373 and trying to provide 00:29:14.432 --> 00:29:16.253 lending solutions for the 00:29:16.314 --> 00:29:18.935 patients that are more palatable. 00:29:20.016 --> 00:29:20.916 So for example, 00:29:20.997 --> 00:29:22.698 like a true no interest 00:29:22.758 --> 00:29:25.240 product where there is no 00:29:25.319 --> 00:29:26.881 interest for the first six months, 00:29:26.921 --> 00:29:28.382 twelve months or two years. 00:29:29.521 --> 00:29:30.323 And then if the patient 00:29:30.343 --> 00:29:31.923 doesn't pay it off instead 00:29:31.963 --> 00:29:32.924 of being hit with the 00:29:33.025 --> 00:29:34.806 retroactive interest of, say, a 00:29:35.644 --> 00:29:36.724 deferred interest plan, 00:29:37.726 --> 00:29:38.906 the patient would only pay 00:29:38.967 --> 00:29:40.028 interest on the remaining 00:29:40.067 --> 00:29:42.068 balance to the end of the law. 00:29:42.170 --> 00:29:43.049 Okay. 00:29:43.089 --> 00:29:45.491 So that's more popular for some people. 00:29:45.932 --> 00:29:46.333 But yeah, 00:29:46.452 --> 00:29:48.734 it's just there's a lot out there. 00:29:48.835 --> 00:29:50.596 There's a lot popping up all the time. 00:29:51.636 --> 00:29:54.058 Just comes down to, you know, 00:29:54.118 --> 00:29:54.940 what are the fees? 00:29:55.500 --> 00:29:56.500 What's the approval rate? 00:29:58.021 --> 00:29:59.703 And what's the conversion rate? 00:30:00.805 --> 00:30:02.365 Are the products that are being offered 00:30:02.901 --> 00:30:04.281 palatable enough to patients 00:30:04.301 --> 00:30:05.622 that they want to say yes today. 00:30:05.642 --> 00:30:05.781 Right? 00:30:05.801 --> 00:30:08.383 Dr. Justin Marchegiani Well, 00:30:08.403 --> 00:30:10.183 Paula has always talked about in offices, 00:30:10.203 --> 00:30:12.605 teeing you up here, Paula, a little bit, 00:30:12.644 --> 00:30:13.965 so get ready, 00:30:16.007 --> 00:30:18.268 on delivering treatment one 00:30:18.327 --> 00:30:20.169 hundred percent with that option. 00:30:20.769 --> 00:30:21.828 On the treatment plan, 00:30:22.769 --> 00:30:25.010 there's no subjectiveness, 00:30:25.050 --> 00:30:27.192 there's no limiting belief. 00:30:28.628 --> 00:30:29.828 Have you seen that before? 00:30:29.909 --> 00:30:31.670 Or is that what you suggest, Paula, 00:30:31.690 --> 00:30:32.250 when you're delivering 00:30:32.269 --> 00:30:33.150 treatment plan is like 00:30:33.170 --> 00:30:33.849 you've got all these 00:30:33.930 --> 00:30:35.211 options and one of those 00:30:35.471 --> 00:30:36.691 right there on one hundred 00:30:36.730 --> 00:30:37.230 percent of the. 00:30:38.412 --> 00:30:39.571 Treatments is right there. 00:30:39.892 --> 00:30:40.531 Have you seen that? 00:30:40.872 --> 00:30:42.452 Not sure what I understand 00:30:42.472 --> 00:30:43.173 what you're asking. 00:30:43.653 --> 00:30:43.792 Well, 00:30:43.833 --> 00:30:47.173 just delivering it to the patient and 00:30:47.213 --> 00:30:48.294 just having that as an 00:30:48.394 --> 00:30:49.454 option one hundred percent 00:30:49.474 --> 00:30:51.474 of the time on. 00:30:51.555 --> 00:30:53.516 I think I think that every 00:30:53.556 --> 00:30:54.816 time you deliver a treatment plan, 00:30:54.836 --> 00:30:56.537 you've got to have multiple options. 00:30:56.616 --> 00:30:57.356 And I think it's. 00:30:58.222 --> 00:30:59.282 You know, cash, you know, 00:30:59.303 --> 00:31:00.663 maybe a cash discount, 00:31:01.144 --> 00:31:03.964 credit card or third party financing. 00:31:04.605 --> 00:31:05.944 I think you let the patient decide. 00:31:05.984 --> 00:31:08.746 I think that if you provide it all, 00:31:08.826 --> 00:31:09.006 you know, 00:31:09.266 --> 00:31:10.567 I always say patients are fifty 00:31:10.606 --> 00:31:11.467 percent less likely to 00:31:11.547 --> 00:31:12.426 schedule treatment once 00:31:12.446 --> 00:31:13.326 they've left the practice. 00:31:13.346 --> 00:31:14.688 Somebody's got to hunt them down. 00:31:15.367 --> 00:31:16.269 Somebody's got to get that 00:31:16.328 --> 00:31:18.189 emotion back in them of 00:31:18.229 --> 00:31:19.250 just finding out they have 00:31:19.269 --> 00:31:20.611 a mouthful of decay or 00:31:20.691 --> 00:31:21.790 periodontal disease. 00:31:22.310 --> 00:31:23.791 It's hard to get that back 00:31:24.011 --> 00:31:26.573 after they've left and had a, you know, 00:31:26.792 --> 00:31:28.814 bought a new cell phone, needed new tires, 00:31:28.874 --> 00:31:29.714 whatever it is. 00:31:29.795 --> 00:31:32.855 So whatever we need to do to 00:31:32.935 --> 00:31:34.457 enroll that patient that 00:31:34.537 --> 00:31:35.837 day into scheduling 00:31:35.877 --> 00:31:37.198 treatment is the best 00:31:37.298 --> 00:31:39.019 option or else you've just 00:31:39.058 --> 00:31:41.099 paid your team countless 00:31:41.160 --> 00:31:42.760 hours to hunt somebody down. 00:31:43.325 --> 00:31:44.405 You're less likely to even 00:31:44.445 --> 00:31:45.666 get them to schedule. 00:31:46.267 --> 00:31:46.827 Probably not. 00:31:46.968 --> 00:31:47.827 Even if they schedule, 00:31:47.868 --> 00:31:49.470 it's probably not going to be committed. 00:31:49.569 --> 00:31:51.230 So we kind of have to get 00:31:51.250 --> 00:31:52.951 them while the emotions are raw. 00:31:53.673 --> 00:31:55.193 And the best way to do that 00:31:55.253 --> 00:31:56.194 is give them all the 00:31:56.275 --> 00:31:57.635 options and let them choose. 00:31:57.816 --> 00:31:59.176 It's, you know, again, 00:31:59.217 --> 00:32:01.058 you asked and Michael Clark 00:32:01.098 --> 00:32:02.920 kind of answered, you know, 00:32:03.461 --> 00:32:05.821 why care credit above anyone else? 00:32:05.902 --> 00:32:06.903 It's a household name. 00:32:07.103 --> 00:32:10.266 They work in vet, eye, cosmetics. 00:32:11.425 --> 00:32:12.386 Most people that are going 00:32:12.446 --> 00:32:14.948 to not choose another one 00:32:14.988 --> 00:32:16.188 is because they've already 00:32:17.788 --> 00:32:19.029 got healthcare credit and 00:32:19.069 --> 00:32:20.069 they don't want to their 00:32:20.230 --> 00:32:22.290 credit checked again and like another, 00:32:22.671 --> 00:32:23.352 you know, 00:32:23.372 --> 00:32:26.393 form of that credit out there so 00:32:27.074 --> 00:32:28.213 That's by care credit. 00:32:28.273 --> 00:32:28.954 In my opinion, 00:32:29.095 --> 00:32:30.194 I have nothing against your credit. 00:32:30.275 --> 00:32:32.135 I think they're amazing that 00:32:32.276 --> 00:32:33.476 I do not always like to 00:32:33.516 --> 00:32:34.817 push the promotion period 00:32:34.876 --> 00:32:36.758 on those smaller payments. 00:32:37.218 --> 00:32:39.499 So I wanted other options. 00:32:39.878 --> 00:32:42.118 Um, if they say, can I use this? 00:32:42.299 --> 00:32:43.019 Absolutely. 00:32:43.079 --> 00:32:44.240 I'm not going to fight somebody. 00:32:44.259 --> 00:32:45.300 I'm not going to turn down 00:32:45.361 --> 00:32:46.840 treatment because I might 00:32:46.861 --> 00:32:47.882 get penalized with a little 00:32:47.902 --> 00:32:49.281 bit higher interest, 00:32:49.362 --> 00:32:51.863 but I'm going to lead with, with, 00:32:52.335 --> 00:32:53.715 you know, something else, 00:32:53.736 --> 00:32:55.738 but a third party option. 00:32:56.258 --> 00:32:58.660 But I always want to be with 00:32:58.700 --> 00:33:01.182 care credit because it is honestly, 00:33:01.261 --> 00:33:02.363 I couldn't even tell you 00:33:02.442 --> 00:33:03.523 it's it's a house. 00:33:03.644 --> 00:33:05.045 It's a household name with 00:33:05.465 --> 00:33:08.347 so many different fields of 00:33:08.567 --> 00:33:09.788 medical out there that it 00:33:09.808 --> 00:33:11.550 would be silly not to have them. 00:33:12.030 --> 00:33:13.192 I do think their onboarding 00:33:13.231 --> 00:33:14.252 training is great. 00:33:14.813 --> 00:33:15.012 You know, 00:33:15.032 --> 00:33:18.673 they require that you take these courses, 00:33:18.713 --> 00:33:19.634 which is annoying, 00:33:19.673 --> 00:33:21.674 but at least they set you up for success. 00:33:22.154 --> 00:33:23.474 And then they come in and check on you. 00:33:23.494 --> 00:33:24.414 They make sure that you 00:33:24.494 --> 00:33:26.016 understand you're utilizing 00:33:27.016 --> 00:33:27.976 the financing. 00:33:28.276 --> 00:33:29.356 They try to meet with you 00:33:29.416 --> 00:33:31.396 and encourage more usage. 00:33:32.917 --> 00:33:33.637 Of course they do. 00:33:33.758 --> 00:33:35.857 But it does set the front 00:33:35.917 --> 00:33:36.959 office team up a little bit 00:33:37.019 --> 00:33:38.118 more for success. 00:33:38.519 --> 00:33:40.522 But you are suggesting two multiple, 00:33:40.583 --> 00:33:41.464 not just care. 00:33:41.505 --> 00:33:43.769 No, I'm not even like, sorry, care credit. 00:33:43.970 --> 00:33:45.071 I'm not even saying. 00:33:45.192 --> 00:33:45.653 What do you mean? 00:33:45.673 --> 00:33:46.315 They didn't pay. 00:33:46.736 --> 00:33:47.215 No, I know. 00:33:48.422 --> 00:33:50.442 I'm not even saying suggest them. 00:33:50.583 --> 00:33:52.505 I'm saying have it because 00:33:52.525 --> 00:33:53.585 you have to sign up with them. 00:33:53.605 --> 00:33:54.986 You have to have a direct deposit. 00:33:55.006 --> 00:33:56.307 You have to go through the training. 00:33:56.826 --> 00:33:58.667 I'm saying have them as an option. 00:33:58.688 --> 00:34:00.009 You might not lead with it, 00:34:00.048 --> 00:34:01.029 but you want it there in 00:34:01.089 --> 00:34:02.570 case someone whips it out and says, 00:34:02.611 --> 00:34:03.371 can I pay with this? 00:34:03.391 --> 00:34:05.471 I'm saying lead with 00:34:05.932 --> 00:34:07.333 multiple options and it's 00:34:07.373 --> 00:34:08.494 third party financing, 00:34:08.514 --> 00:34:09.514 whatever you choose. 00:34:10.074 --> 00:34:11.215 Obviously, care credit. 00:34:11.936 --> 00:34:15.677 and a cash discount, you know, 00:34:15.757 --> 00:34:17.518 those would always be, you know, 00:34:17.559 --> 00:34:19.659 and which works better for you would be, 00:34:19.920 --> 00:34:21.121 you know, how I would say it. 00:34:21.181 --> 00:34:23.101 But I'm going to lead with all three. 00:34:23.601 --> 00:34:26.164 Whatever venue you choose 00:34:26.184 --> 00:34:28.065 for your financing is up to you. 00:34:30.005 --> 00:34:31.025 I just don't think you 00:34:31.045 --> 00:34:32.867 should be afraid of offering it. 00:34:33.126 --> 00:34:33.827 No, no. 00:34:34.327 --> 00:34:35.047 And you're right. 00:34:35.509 --> 00:34:36.469 One hundred percent. 00:34:36.509 --> 00:34:37.570 The strength of CareCredit 00:34:37.650 --> 00:34:38.409 is their network. 00:34:38.690 --> 00:34:40.010 Really, it's the reuse. 00:34:40.454 --> 00:34:41.755 that keeps coming back, right? 00:34:43.516 --> 00:34:44.916 But for new patients, 00:34:44.996 --> 00:34:47.478 there may be some other options. 00:34:47.518 --> 00:34:48.418 There's two great 00:34:48.478 --> 00:34:50.059 up-and-coming lenders that 00:34:50.219 --> 00:34:51.380 I've been introduced to 00:34:51.400 --> 00:34:52.800 that I've been talking to recently. 00:34:53.121 --> 00:34:55.001 So you got Covered Care and 00:34:55.021 --> 00:34:56.021 you got Clarity Pay, 00:34:56.501 --> 00:34:57.083 and they've got some 00:34:57.123 --> 00:34:59.143 exciting things that are 00:34:59.184 --> 00:35:00.563 different than what has 00:35:00.603 --> 00:35:03.065 traditionally been offered in the space. 00:35:04.065 --> 00:35:05.606 But one thing I did want to 00:35:05.726 --> 00:35:07.126 also kind of point out or 00:35:07.387 --> 00:35:08.887 cover with this is that 00:35:09.590 --> 00:35:10.592 Another side effect of the 00:35:10.652 --> 00:35:12.172 patient leaving without scheduling, 00:35:13.373 --> 00:35:14.994 unfortunately, and there, 00:35:15.755 --> 00:35:17.235 I believe it was a path to 00:35:17.275 --> 00:35:18.036 purchase study that was 00:35:18.056 --> 00:35:19.317 done a few years back with 00:35:19.356 --> 00:35:20.077 dental patients. 00:35:20.097 --> 00:35:20.518 Okay. 00:35:21.358 --> 00:35:23.159 And, and I may be misquoting, 00:35:23.239 --> 00:35:24.460 so don't send me hate mail 00:35:24.519 --> 00:35:26.661 if I'm misquoting this, but it was, 00:35:26.862 --> 00:35:27.581 it was somewhere in the 00:35:27.601 --> 00:35:29.242 neighborhood of twenty-five to thirty, 00:35:29.684 --> 00:35:31.545 twenty-five, maybe twenty-seven percent, 00:35:31.945 --> 00:35:32.885 close to thirty percent of 00:35:32.905 --> 00:35:33.786 the patients that walked 00:35:33.826 --> 00:35:34.726 out without scheduling 00:35:35.246 --> 00:35:35.947 ended up getting the 00:35:35.987 --> 00:35:37.869 treatment done at a different office. 00:35:40.068 --> 00:35:40.869 That's interesting. 00:35:41.409 --> 00:35:43.192 Yeah, that's too bad. 00:35:45.835 --> 00:35:46.856 It's such a simple thing. 00:35:46.996 --> 00:35:49.780 I also, while you guys were talking, 00:35:49.820 --> 00:35:50.820 I was thinking about like 00:35:51.141 --> 00:35:53.344 extra large things 00:35:53.403 --> 00:35:55.326 specifically like clear liners. 00:35:56.286 --> 00:35:58.409 um there's other groups and 00:35:58.688 --> 00:36:00.789 and fintech fintech 00:36:00.829 --> 00:36:01.811 companies and other 00:36:02.311 --> 00:36:03.271 competitors that kind of 00:36:03.311 --> 00:36:04.952 have that niche of bigger 00:36:05.032 --> 00:36:06.173 stuff five thousand or 00:36:06.233 --> 00:36:08.375 bigger or you know and 00:36:08.394 --> 00:36:09.096 there's just different 00:36:09.135 --> 00:36:10.797 things to to consider so I 00:36:11.777 --> 00:36:12.958 I just think that like you 00:36:12.978 --> 00:36:15.059 can't just go care credit 00:36:15.699 --> 00:36:17.141 like I think you guys 00:36:17.181 --> 00:36:18.081 brought up a really good 00:36:19.365 --> 00:36:21.086 Really good points on why 00:36:21.306 --> 00:36:23.668 one of the options should be care credit, 00:36:23.708 --> 00:36:24.829 but I don't think care 00:36:24.849 --> 00:36:27.090 credit is pulled on every opportunity. 00:36:27.452 --> 00:36:28.652 I think if it's clear aligners, 00:36:28.672 --> 00:36:29.652 it might be someone else. 00:36:29.693 --> 00:36:32.195 If you already know that 00:36:32.215 --> 00:36:32.896 someone's going to have a 00:36:34.076 --> 00:36:35.918 less of credit score, 00:36:35.958 --> 00:36:37.579 maybe you bring out another option, 00:36:37.619 --> 00:36:38.860 but it's having that 00:36:38.960 --> 00:36:40.501 options for patients to say 00:36:40.561 --> 00:36:41.501 yes and deliver care. 00:36:42.222 --> 00:36:42.382 care. 00:36:42.422 --> 00:36:43.103 That's what I heard. 00:36:43.282 --> 00:36:44.523 Any last minute kind of 00:36:45.083 --> 00:36:46.603 things on this topic and 00:36:47.764 --> 00:36:48.684 hopefully the three of us 00:36:48.764 --> 00:36:49.865 move the needle to our 00:36:50.545 --> 00:36:51.547 audience because I just 00:36:51.567 --> 00:36:52.786 don't think we're doing this. 00:36:52.827 --> 00:36:54.628 We're not as an industry. 00:36:55.108 --> 00:36:56.108 We're just not doing this 00:36:56.248 --> 00:36:57.750 and we should be. 00:36:57.809 --> 00:36:58.809 We should be. 00:36:58.889 --> 00:36:59.730 I would say all of our 00:36:59.750 --> 00:37:00.751 startups that I work with, 00:37:01.070 --> 00:37:02.152 I tell them to pick two. 00:37:02.371 --> 00:37:04.652 Pick two and have them 00:37:04.672 --> 00:37:07.534 available and like you said, 00:37:07.853 --> 00:37:09.034 maybe once based on 00:37:09.744 --> 00:37:12.465 lower interest ones based on easier, 00:37:13.947 --> 00:37:15.228 more widespread access due 00:37:15.268 --> 00:37:16.369 to credit scores. 00:37:16.708 --> 00:37:18.349 I think you've got to do some interviewing 00:37:18.902 --> 00:37:19.902 There's so many out there. 00:37:20.163 --> 00:37:20.902 I can't be super 00:37:20.963 --> 00:37:22.583 knowledgeable on all of them anymore, 00:37:22.603 --> 00:37:23.385 but I think you've got to 00:37:23.445 --> 00:37:25.465 interview and sort of pick 00:37:25.485 --> 00:37:27.567 two different options that 00:37:27.608 --> 00:37:29.989 will cover a wider range of 00:37:30.028 --> 00:37:32.349 patients that you feel comfortable with. 00:37:32.411 --> 00:37:33.291 Cause I'd rather you, 00:37:33.952 --> 00:37:35.152 if you're not going to use care credit, 00:37:35.172 --> 00:37:35.932 don't go with them. 00:37:36.052 --> 00:37:37.273 Although I think it's a miss 00:37:37.313 --> 00:37:37.954 because like I said, 00:37:37.994 --> 00:37:40.356 it's a household name having it there, 00:37:40.396 --> 00:37:41.596 but I think you've got to 00:37:41.615 --> 00:37:42.717 be comfortable because you 00:37:42.956 --> 00:37:44.217 want your team to 00:37:44.617 --> 00:37:46.079 to lead with that as well. 00:37:46.318 --> 00:37:46.559 You know, 00:37:46.599 --> 00:37:48.800 it's gotta be something that you can, 00:37:49.639 --> 00:37:50.240 you know, 00:37:50.260 --> 00:37:51.840 be comfortable offering because you're, 00:37:51.960 --> 00:37:53.101 you're having a big miss, 00:37:53.141 --> 00:37:54.902 like Michael Clark said earlier that, 00:37:55.402 --> 00:37:56.623 you know, if you're a one point two, 00:37:56.722 --> 00:37:57.684 one point five, whatever, 00:37:57.724 --> 00:37:58.684 you probably have two, 00:37:59.244 --> 00:38:00.704 two and over millions of 00:38:00.744 --> 00:38:02.545 dollars of unscheduled treatment. 00:38:02.646 --> 00:38:05.306 And unfortunately, you know, 00:38:05.327 --> 00:38:06.827 you can't tell me those, 00:38:07.954 --> 00:38:08.434 you know, 00:38:08.454 --> 00:38:09.675 if we did it right the first time 00:38:09.695 --> 00:38:11.317 that we couldn't get a 00:38:11.356 --> 00:38:13.338 larger volume of that coming out. 00:38:13.858 --> 00:38:15.159 And to that, go ahead, Mike. 00:38:16.000 --> 00:38:17.141 I was just going to say, 00:38:17.802 --> 00:38:19.041 and don't get something 00:38:19.081 --> 00:38:20.903 just to get it like, Oh, 00:38:20.963 --> 00:38:21.704 I got to do it because 00:38:21.724 --> 00:38:23.945 everybody do your research, 00:38:24.626 --> 00:38:25.847 understand the service, 00:38:26.487 --> 00:38:29.128 educate your team and be a 00:38:29.188 --> 00:38:31.610 loan broker to your patients. 00:38:31.811 --> 00:38:33.831 Understand why you would 00:38:33.931 --> 00:38:35.492 offer this one versus this one. 00:38:35.693 --> 00:38:37.175 And if you know, 00:38:38.155 --> 00:38:39.315 Your front office needs to 00:38:39.356 --> 00:38:40.378 know and maybe even create 00:38:40.458 --> 00:38:42.280 us an incentive around it. 00:38:42.320 --> 00:38:43.541 But whatever. 00:38:43.641 --> 00:38:47.204 I mean, but but the tools that you have, 00:38:47.224 --> 00:38:47.844 like own it. 00:38:47.864 --> 00:38:49.487 But don't just get it just to get it. 00:38:49.746 --> 00:38:52.050 You got to you got to be a solution maker, 00:38:52.130 --> 00:38:54.751 not a box checker. 00:38:54.771 --> 00:38:55.333 Go ahead, Michael. 00:38:55.373 --> 00:38:56.193 Last last comment. 00:38:57.614 --> 00:38:57.974 Oh, no, 00:38:58.054 --> 00:38:59.577 your comment was so brilliant that 00:38:59.677 --> 00:39:01.860 I completely. 00:39:01.920 --> 00:39:02.179 None. 00:39:02.460 --> 00:39:03.382 I just blew your mind. 00:39:03.402 --> 00:39:05.344 You blew my mind. 00:39:05.463 --> 00:39:06.264 I mean, yes, go. 00:39:06.385 --> 00:39:06.726 Go ahead. 00:39:06.746 --> 00:39:07.065 Go ahead. 00:39:08.128 --> 00:39:08.668 No, that's it. 00:39:10.590 --> 00:39:10.931 No, no. 00:39:10.971 --> 00:39:11.811 Oh, no, you go. 00:39:11.911 --> 00:39:12.193 Oh, no. 00:39:12.333 --> 00:39:12.833 Oh, you go. 00:39:12.853 --> 00:39:13.054 You go. 00:39:13.449 --> 00:39:14.110 No, you go. 00:39:14.431 --> 00:39:14.992 No, you go. 00:39:15.052 --> 00:39:15.512 It's gone. 00:39:15.853 --> 00:39:17.074 That concludes the program. 00:39:17.094 --> 00:39:18.436 Wait, you just thought of it. 00:39:18.476 --> 00:39:19.378 You forgot. 00:39:19.418 --> 00:39:21.659 No, it bubbled up for a second, 00:39:21.721 --> 00:39:23.583 but then it went away again. 00:39:24.603 --> 00:39:25.925 That's what happens when you 00:39:25.945 --> 00:39:28.548 reach this chronologic section of life. 00:39:28.568 --> 00:39:28.648 Yeah. 00:39:28.708 --> 00:39:28.949 Yeah. 00:39:29.990 --> 00:39:30.150 Well, 00:39:30.170 --> 00:39:31.170 you should have financed that 00:39:31.190 --> 00:39:31.952 brilliant idea. 00:39:32.032 --> 00:39:33.992 Dang it. 00:39:34.112 --> 00:39:34.293 All right. 00:39:34.432 --> 00:39:34.952 You too. 00:39:35.152 --> 00:39:36.072 It's a pleasure. 00:39:36.293 --> 00:39:38.134 And I hope our audience got out of it. 00:39:38.193 --> 00:39:40.514 Just another reminder, check out Candid. 00:39:41.054 --> 00:39:41.556 We love them. 00:39:41.576 --> 00:39:42.295 We think they're great. 00:39:42.335 --> 00:39:43.675 Check out the description below. 00:39:43.695 --> 00:39:46.838 Again, they have a great starter package. 00:39:46.918 --> 00:39:48.297 If you want any help on 00:39:48.759 --> 00:39:51.340 practice management, case acceptance, 00:39:52.380 --> 00:39:53.480 just helping set up your 00:39:53.559 --> 00:39:55.521 practice from scratch, like Paula said, 00:39:56.001 --> 00:39:57.322 even buying a practice, 00:39:57.342 --> 00:39:59.202 don't just inherit what they all did. 00:40:00.083 --> 00:40:01.123 Look at all the contracts 00:40:01.143 --> 00:40:04.826 you have and utilize, you know, 00:40:04.905 --> 00:40:05.666 figure out what you're 00:40:05.686 --> 00:40:07.706 trying to do and see what 00:40:07.726 --> 00:40:08.527 works best for you. 00:40:08.608 --> 00:40:11.128 So without further ado, Paula, 00:40:11.148 --> 00:40:11.949 thanks as always. 00:40:12.009 --> 00:40:12.829 Michael, great, 00:40:12.929 --> 00:40:14.490 great guest today and great knowledge. 00:40:14.510 --> 00:40:15.391 Thank you for everything. 00:40:15.411 --> 00:40:15.851 All right. 00:40:15.871 --> 00:40:17.612 Happy to be here. 00:40:17.652 --> 00:40:19.032 Have a good evening. 00:40:19.132 --> 00:40:19.914 Yes, you too, guys. 00:40:19.934 --> 00:40:20.114 Bye bye. 00:40:20.134 --> 00:40:20.273 Bye bye. 00:40:33.972 --> 00:40:35.273 Let us know how you like the show. 00:40:37.094 --> 00:40:38.795 Rate us on Apple and Spotify. 00:40:42.239 --> 00:40:43.760 Subscribe and follow for more.