How To Protect Profitability In Tough Economic Conditions With Johnny Minford [CPD Available] Dentists Who Invest podcast

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How To Protect Profitability In Tough Economic Conditions with Johnny Minford [CPD Available]

3d ago 43:03

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Get your free verifiable CPD for this episode here >>> https://www.dentistswhoinvest.com/videos/how-to-protect-profitability-in-tough-economic-conditions-with-johnny-minford

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Navigating financial uncertainty is a constant challenge for dental practice owners and associates alike. What separates the practices that merely survive from those that thrive during economic downturns? This episode delivers practical wisdom from expert accountant Johnny Minford on creating genuine resilience in your dental business.
We begin by distinguishing between two critical forms of practice resilience—capital resilience (protecting practice value for potential sale) and income resilience (ensuring consistent revenue streams). While many factors contribute to both types, implementing the right strategies depends entirely on your long-term objectives. As Minford astutely observes, when inflation runs high, cash quickly loses value, making strong cash flow your ultimate protection.
The conversation delves into patient management as a cornerstone of practice stability. Having more patients—even those not actively purchasing services—creates opportunities that wouldn't exist otherwise. We explore how patient retention occurs through two primary mechanisms: establishing regular visit habits and making strategic treatment invitations. This leads to a fascinating discussion about appointment scheduling psychology, with Minford suggesting optimal waiting times of 2-3 weeks for elective procedures to balance practicality with maintaining patient motivation.
Perhaps most compelling is our examination of the often contentious topic of associate compensation. Location emerges as the primary factor determining appropriate splits, with urban areas typically featuring lower percentages while rural practices offer higher rates to attract talent. Minford emphasizes that compensation extends beyond percentages: "If you treat your team badly and screw them to the floor every chance you get, after two or three years you become known for that." Some practices implement tiered systems where associates can earn substantially higher splits as they exceed production thresholds—creating win-win scenarios for motivated dentists and practice owners alike.
We also tackle the legal implications of hygienist remuneration, treatment planning based on patient demographics, and strategies for both specialist referral practices and general practices to maintain visibility and growth in challenging markets. The result is a comprehensive blueprint for creating unshakeable value in your dental business, regardless of economic conditions.
Don't miss the opportunity to earn free verifiable CPD by completing a short questionnaire through the link in our show notes after listening.

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Disclaimer: All content on this channel is for education purposes only and does not constitute an investment recommendation or individual financial advice. For that, you should speak to a regulated, independent professional. The value of investments and the income from them can go down as well as up, so you may get back less than you invest. The views expressed on this channel may no longer be current. The information provided is not a personal recommendation for any particular investment. Tax treatment depends on individual circumstances and all tax rules may

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Chapters

1. Introduction to Dental Practice Resilience (00:00:00)

2. Capital vs Income Resilience (00:05:35)

3. Patient Management & Building Trust (00:12:20)

4. Associate Splits & Team Compensation (00:18:40)

5. New Patients & Treatment Mix (00:30:10)

6. Hygienist Remuneration & Legal Implications (00:37:37)

7. Treatment Planning for Practice Resilience (00:38:38)

345 episodes

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