Episode 95 – Requested Replay: Secrets to a Value-driven Practice
“It was never about a number, it was about lifestyle.” ~Dr. Clint Euse
When he was a new dentist and saw an ad that said he could make $1000 an hour, work three days a week, and take a month of vacation each year, Dr. Clint Euse thought that was crazy…impossible. Now, ten years down the road, he’s not only achieved that goal but has built a valuable practice that supports the lifestyle he wants to live.
One of the things you’ll notice about Dr. Clint is how calm he is. I don’t know about you, but calm is not usually a term used to describe most dental practice owners! But his confidence comes from reaping the benefits of the Investment Grade Practice™ he’s built. He knows his numbers, he’s crafted his schedule, his systems are solid and self-governing, and he knows what to next invest in that will grow his practice’s value even further.
This is why I’m so excited to have Dr. Clint join me on today’s episode to share his insights on partnerships, knowing your numbers, and finding the support you need.
As we say on this podcast, having an Investment Grade Practice™ means you have choices. Choices about how you craft your lifestyle, choices about who you hire, and choices about when you choose to sell. So listen in as Dr. Clint and I discuss his experience building his Investment Grade Practice™ including:
- The keys to exceptional dental partnerships
- Finding the right support, connections, and relationships
- The most important thing to understand as you grow your business
Hi, Dr. Regan, Robertson, CCO of Productive Dentist Academy here and have a question for you. Are you finding it hard to get your team aligned to your vision, but you know, you deserve growth just like everybody else. That’s why we’ve created the PDA productivity workshop. For nearly 20 years, PDA workshops have helped dentists just like you, align their teams, get control of scheduling, and create productive practices that they love walking into every day. Just imagine how you will feel when you know your schedule is productive, your systems are humming, and your team is aligned to your vision. It’s simple, but it’s not necessarily easy. We can help visit productivedentist.com/workshop that’s productivedentist.com/workshop to secure your seats.
Dr. Client Euse 0:45
Now as a young dentist today, you know, I’m not sure, it’s hard to say whether I want to start my career in today’s environment, just because I think it’s tougher and tougher for younger dentists to find opportunities that aren’t kind of corporate based, you know, and be able to kind of follow their vision. I mean, I think most people go in there, a lot of people go into dentistry because they want they kind of have that entrepreneurial spirit and they want to own a business and and I think in a way that’s becoming a little bit tougher than it has been in the past.
Welcome to Investment Grade Practices podcast, where we believe private practice dentists deserve to get the lifestyle today. Well building an asset for tomorrow. Join your host Victoria Peterson who designed the practice of your dreams and secure your financial independence. Let’s get started.
Victoria Peterson 5:54
Welcome to another episode of Investment Grade Practice. I am so thrilled to be here today with Dr. Clint Euse from Carson City, Nevada. Welcome Clint.
Dr. Clint Euse 6:08
Well, thank you, Victoria. It’s great to be with you.
Victoria Peterson 6:13
You are one of the nicest, kindest people I have ever met, and you are such a badass in the operatory and in business.
Dr. Clint Euse 6:23
Wow. Well, thank you. I appreciate that.
Victoria Peterson 6:26
We don’t have to get into the details, but you’ve been producing over $1,000 an hour for I don’t even know how many years now, do you?
Dr. Clint Euse 6:35
Well, gosh, probably Oh, man eight, nine years, something like that, you know, is that we we did interesting, I was just thinking about this morning, we started our journey, or I started when I started in practice and join the practice that I currently own. I was sitting there at a desk in my office and I was flipping through dental town and I saw an ad for PDA and you know, it said on there, you know, the PDA dentist produces $1,200 an hour and takes this much vacation and everything else, and I remember at the time thinking like that is crazy. Like there is no way that is possible. I think I think I was producing $450 an hour at the time, and so I guess it’s ironic in the fact that, you know, now you I’m kind of 1200, 1300 plus in hourly production, and so it’s kind of hard to believe that, you know, and it seems I don’t want to say effortless but it doesn’t seem overwhelming, and so it’s just kind of fun to look back at where where things started.
Victoria Peterson 7:36
Yeah, it’s amazing. When we jumped on the phone, I said, “How is it that you have Mondays available for podcasting?” And your response was?
Dr. Clint Euse 7:46
Yeah, I don’t, I don’t work Mondays. You know, that’s you, I think, for me, it’s interesting, because I want to, like even when we started with PDA, you know, to me, it was never really about a number, it was never about like what we have to deal with, as far as like, like a total number, we have to, you know, have a $5 million practice. It was it was always really more about kind of lifestyle and maximizing the time that we were in the office, and so, you know, from, from early in my in my career, you know, I was starting kind of typical, working more before day, you know, for four and a half day work week and after going to PDA I was like, “You know what, I’m gonna cut down to three, and see what happens,” and which was awesome. I mean, I was at the time, I was probably early, probably early 30s, you know, and I didn’t know anybody else that was working three days a week, and but because of that, we had to get really good at at focusing on our hourly production, and so that’s always been something that’s been important to me. I have two boys, well, my wife and I have two boys. Kelly, she’s a dentist as well and we’ve always looked at more, you know, what, how does dentistry kind of fit around our lifestyle? And, and that’s been super important to us to to not be kind of consumed and always at the office, and so we work a pretty awesome, pretty awesome schedule at this point. I love it.
Victoria Peterson 9:09
I love it. So talk to us a little about about because Kelly works in your practice, right?
Dr. Clint Euse 9:11
Vicoria Peterson 9:13
How do you how do you set up your schedule?
Dr. Clint Euse 9:19
Well, so we, we actually we have two boys, and so you know, we feel it’s important that we spend as much time with them as possible and so we actually alternate or kind of have a staggered schedule. Kelly’s in the office on Mondays and Thursdays, and then I’m in the office on Tuesday, Wednesday and then usually every other Thursday is when I come in and do some of the bigger cases and things like that and so it was just something that we’re super blessed and appreciate about dentistry is that we’ve been able to to still kind of have our professional careers but, but, have that time where you know we can, we can take the boys to school, pick them up with school, be involved in their sports and coaching and then those kinds of things.
Victoria Peterson 10:01
I love it, and you said early in your career, you started out actually like, right out of the gates in partnership, or are pretty close to it, is that right?
Dr. Clint Euse 10:11
Yeah, joined the practice, and then worked for probably just a little less than a year and then bought into the practice, and so yeah, most of my, most of my practicing career has been in a partnership. Recently, I just bought out my partner, he’s still part of the practice still practicing, you know, but up until about a year ago, is that yes, I have been in a partnership.
Victoria Peterson 10:34
I love it and so let’s dive into that a little bit. What do you think are the keys to success in partnership? And is there a difference in like, first stage, being a partner, and now being a solo doctors? That’s a big chunk of bytes, we’ll start wherever you want to start.
Dr. Clint Euse 10:53
Well I think,I mean, partnerships, there’s a ton of benefits to partnerships. You know, I mean, I think that, that my partner, Randy, and I, you know, it worked really, really well. You know, and I think that we probably beat the odds, compared to a lot of partnerships that, that we got along really well, we had similar philosophies in practice. You know, I guess there’s a lot of compromise, and I think that a lot of is probably personalities, you know, Randy, was, when I joined the practice. He, I think he’s, he’s older than I am, and so he was at a stage where I think he was willing to kind of let go the reins a little bit, and let me take over as probably the younger, more energetic dentists, you know, with, with big goals and dreams and visions, and things like that, and so, we found in our partnership that it worked best, you know, that I basically did most of the management and running the practice and because of our personality types, he was he was okay with that, and I think trusted me, it’s kind of saw the growth and saw the benefits of doing that, and so we found that compromise and that arrangement early on, but it really, you know, he was okay with me taking over that part of the practice.
Victoria Peterson 12:09
I love that so much, because that is one of the biggest challenges in partnerships, is there’s this duality of senior partner, junior partner and senior partner wanting to hold on a little too long, and I know what works and do what I say. But I love that you brought it up that he saw that I have the energy and the vision to grow the practice. That’s huge.
Dr. Clint Euse 12:35
Yeah, yeah, and I’m very thankful, I think that’s why our partnership works. So well, you know, is that he, you know, he saw that, realize that and was at a place in his career that he was okay, kind of giving that giving that up, and so, you know. Being a partner, I mean, the great things, we, we, you know, there’s, as far as the technology, we’re able to bring in the practice having these eight, mature, you’d call it a big practice, but a bigger practice that having three doctors in it, you know, I can’t imagine honestly practicing by myself, is that, you know, it’s being able to take more vacation, you know, more kind of revenue in the practice, to have better technology and, and things like that. I would have a really hard time, you know, and that also just kind of the camaraderie of having other dentists and, and offices, it’s great having people in the office that you can, you know, run things by, you know, if you have a tough case, or you have a great case, or you have, you know, a crazy looking X ray or anything, it’s just, it’s just nice to have other people and other dentists in the office that you can, and can bounce things off of. So I’ve always appreciated that.
Victoria Peterson 13:37
Well, it has been wonderful watching you, we’ve been a part of your, small part of your journey for 10 years, and you and Randy really do seem to complement each other clinically, and you’re both very astute. You’re both very comprehensive. You seem to have a hunger to stay on edge, or, I mean, are you still doing amalgam fillings or?
Dr. Clint Euse 14:04
Gosh, I can’t imagine, you know, the last amalgam I did was in dental school, and, you know, and we ,yeah, we I think that’s one one thing we always shared was our appreciation for technology. And what that would do in our practice your Randy he had, he had the first stereo machine and in Northern Nevada, when I joined the practice, and so you know, so he, he always saw and was excited about technology, you know, and we really run with that. And I think that’s been a part of our success. You know, in that we are a very profitable practice, because of a lot of that because of the, the procedures that we do, but also the technology that we use, you know, I was, I was looking over our p&l recently and just looking at our lab bills, and I don’t I don’t know exactly what the average is for. I think what 8% 10% Something like that is the average lab bill for a dentist, you know, and ours is usually around 3%.
Victoria Peterson 15:00
Because you have in-house CEREC and other things.
Dr. Clint Euse 15:03
Yeah, just because we do I mean, I do almost everything with, you know, with CEREC with, you know, implant planning for implants for obviously, the kind of the day-to-day crowns and bridges and things like that. Probably my, one of my favorite procedures, I just absolutely love is the same day smiles that we do in the office, which is a crazy profitable procedure, when you’re doing anterior teeth with CEREC. You know, and not having those big, those big lab bills, and so, you know, definitely having that technology in our practice and then Randy and I having been on the same page and not fighting each other over, you know, we’re both being on board with the technology that we have, has been a huge benefit.
Victoria Peterson 15:45
I love it. You know,a lot of dentist says you’re, you’re not even close to being older yet. You’re only 44, you know, there’s, there’s this wave of unsolicited offers, hitting doctors desk saying please do join our DSO because we take the headache of management off your shoulders, you don’t sound stressed out about managing the practice.
Dr. Clint Euse 16:12
Well,I’ll tell you, it’s it’s certainly been a process, you know, to get to that point is I agree, I think it’s, it’s a really interesting time that we’re in in dentistry right now because you do we get you get, I mean, I get in the mail probably every week, I get something from some DSO you know, where I get probably 10 emails a week about, check this out, and this is much how much we’ll give you and, and so it’s it is an interesting time trying to balance that and try to figure out what’s right, you know, what to do with, with a practice our size, you know. I, I have have chosen, I think at this point, because the practice is very profitable, and we put a lot of effort into the team and the culture, and the management and those kinds of things is that, you know, there’s certainly stresses there. But, you know, a lot of things because of the systems and everything else are somewhat on autopilot, which is, which is an awesome place to be, and so, you know, because we’ve worked so hard to get to this point, like, for me personally, right now, it doesn’t feel time, like it’s the right time to kind of give that up, you know, just because or potentially could be a big, a big payout. You know, and I’m not sure from, from the dentists that I’ve spoken with that have, have sold the DSOs, I’ve kind of gotten varied opinions, but that the idea that they’re gonna take everything off of your plate, I’m not sure that’s really the reality, you know, I mean, you still gotta be there in the office, you still have to there’s no, you know, manager team, they’re not there, and they’re with you. So and to kind of build a culture and those things. Well, I think that they can’t do too.
Victoria Peterson 17:46
And I remember you and I have in this conversation, I don’t know few months ago, you got an offer you what do you think, and I go, Well, you need to have at least 20% EBITA, you’re like, “Well, I’m at 38%.” Do you think and we don’t have to share numbers if you’re not comfortable, but I wanted all the listeners to understand, you have built an Investment Grade Practice, and you’re reaping the benefits of that investment. So no, there there is this tipping point, where as you said, the systems are running, the team culture is in place, it’s not totally self-managed, but it’s self-governed, you know, you have to do that, you trust and your profit margins go up and up and up as debt goes down, down, down, and you get to this point of, why would I sell in essence? What you’re doing is, you’re hiring someone to come in and make it this efficient and fun, and they’re, and you get to reap the benefit of this for the next 10 years, you know, you’ve got a 38% margin for the next 10 years, that’s far better than a payout and you’re still growing. How did your mindset shift, once you owned the practice, 100%? I’m really curious about that, because we talked about that a little bit, and you’re like, “Man, I’m ready for the next phase.”
Dr. Clint Euse 19:11
Yeah, yeah,I mean, I think, certainly just just owning 100% of the practice, it just kind of was a definitely a shift for me. You know, we were on, we’ve always been, I guess, growth focused. I mean, we’ve always done our, our planning and really looked at our numbers and, and not that we haven’t been focused on growth, but like I said it, some of it was more focused on on kind of lifestyle, and, and, you know, working a certain amount of days, and being very productive within those within those hours, you know, but it just, I guess it’s just a change of mindset and now that I own the practice completely is, it just kind of feels like now there’s that next step of where do we go from here and it’s been, you know, a lot of back and forth because, you know, there are the offers out there and I’ve talked with DSOs and I know you know, I have a pretty decent idea of what our practice would be worth, you know, and just recently have kind of made that decision that we’re not, we’re not going to go down that road right now and we just had an opportunity to, to buy the building that we’re in, you know. So we’re, we’re kind of in full growth mode, we’re expanding, we’re bringing on, you know, probably why I will for sure, we’re bringing on one more dentist this year, and then probably another the following year, and, yeah. So it has been a total mind shift, that, it is hard to say why, except we’re just, it just feels right, it just kind of a time. It’s like, okay, you know what, this is the time that you know, it that it just feels like this is the next, next evolution in the practice and it’s exciting, you know, and I think that’s part of the reason I don’t have really interest in giving up the practice, and some of those control the practice, because right now, I feel like we’re at that point where it’s actually fun and exciting, and I want to be part of that.
Victoria Peterson 20:51
So and you’ve got the, because of the productive systems you have in place, you know, the formulary regrowing 10%, 20%, 30%, in a year, and effortlessly, but yet, you could start new cycles of growth. I also love that you are investing in another asset. So you have the asset of the practice, now you’re getting the asset of the building. So you’re really moving into this third stage of ownership where liability like Top Ramen and salad is great. Yes, you you’re starting a family and you’re starting the business, and it’s all exciting, but it’s pretty lean, and and you’re just wondering, did you ever feel like can you remember feeling like how in the world will I ever pay this debt? And now you’re like, not worried about it?
Dr. Clint Euse 21:44
Yes. 100%. You know, I mean, I remember when I first when I first bought into the practice, and just I mean, it just seemed so overwhelming, there was no way that you know, that you can make it happen, and you I mean, you you wish you could have that perspective now that you know that you have now to look back and realize that, that’s it’s all going to be fine. But oh my gosh, yeah, it’s, you know, and I think that that’s, you know, as a young dentist today, you know, I’m not sure if it’s hard to say, you know, whether I want to start my career in today’s environment, just because I think it’s tougher and tougher for younger dentists to find opportunities that aren’t kind of corporate based, you know, and be able to kind of follow their vision. I mean, I think most people go into a lot of people go into dentistry, because they want to kind of have that entrepreneurial spirit and they want to own a business and, and I think in a way that’s becoming a little bit tougher than it has been in the past.
Victoria Peterson 22:39
Yeah. But,um, you’re proving that it’s a worthy endeavor?
Dr. Clint Euse 22:40
Victoria Peterson 22:41
I’ll tell you, I talk to a lot of millennial dentists, and, excuse me, there are some hot shots out there that if you are entrepreneurial, and you’ve got charisma, like you have the young doctors are saying, they’re planting this stake and saying, “Hey, I’ll build my practice, I’m gonna get amazing, then I get a second location,” and then they bring all their buddies in, who don’t want to be entrepreneurs, and they grow five to 10 to 20, practice private groups, not private equity back, but just groups, which are really cool, too. So I think the millennials are extremely entrepreneurial, and looking for mentors, like you, who have done it, who would just give them this confidence. So it’s, it’s really valuable and important for you to be here today, sharing your journey.
Dr. Clint Euse 23:32
Oh, yeah, and I definitely have seen that, you know, I know that, you know, the, the dentists that we’re just in the process of hiring right now. I mean, one of his biggest, um, he’s, he’s in the corporate world looking to get out of that, you know, but he is just, he’s just dying for mentorship, you know, he just, he just dying to have somebody to kind of, you know, in a way, kind of show him the path of ownership and, and obviously, clinical dentistry as well, but I think, yeah, I think that that’s something that’s unfortunately lacking in the in the corporate world is dentists come out, and they need to make a paycheck, and they, they, they join certain practices, you know, but they never, in that environment, kind of get that mentorship that you could get in a private practice, and so, pretty personally, it’s important at this stage to be able to provide that, you know, and kind of keep the keep the dream alive, I guess, of private owenership.
Victoria Peterson 24:27
Yeah. Do you think that’s the key to good partnerships is being willing to mentor and and share?
Dr. Clint Euse 24:37
Oh, for sure, yeah, you know, yeah, and I mean, there’s no perfect partnership, and there’s no perfect scenario, but you know, I think that, in my mind, a good partnership scenario is you know, it’s a little more experienced dentist and a newer dentist, you know, because you get that, you know, the you can build the, the, the older dentists can, can mentor and provide some, some knowledge and kind of streamline the process of, you know, hopefully minimizing some of the, the bumps along the way, you know, and then you have that you have the younger dentists that have kind of has the excitement and the energy and the, you know, the drive, you know, partly probably just because they’re new, and partly because they gotta pay their bills. They have that drive excitement, and so I think I think that’s a good situation for a lot of partnerships, is that kind of that mentorship model. I think it does work really, really well.
Victoria Peterson 25:37
How do you stay on top of, you know, some of the things that really are stressful for owners, in our private situation, our accounting and taxes and payroll taxes, and all of that kind of stuff, how do you organize the financial aspect of the business so that it runs like clockwork?
Dr. Clint Euse 25:57
Oh, yeah, I mean, I think I’ll honestly is surround yourself with good people, and that’s something that that I’ve always believed in, you know, is that there’s, there’s certain things that I do well, and certain things that I enjoy doing, certain things that, that should be done by others a lot of things that should be done by others, you know. Once I think that we have done a good job of really surrounding ourselves, and hiring a lot of the right people, you know, I mean, obviously, with our relationship with you guys has been one of our greatest decisions, was to join PDA and, you know, and start there, because you guys have had so many resources for us over the years, and connections and relationships and things, and so, you know, I think with it, with the practice, that is that is our size, you know, we’ve certainly had to hire a lot of those things out of the practice, you know, but I think it’s just finding the right people. It’s just finding it and trusting them that they know what they’re doing and having that relationship with a good, you know, a good CPA and a good financial planner and a deal, someone that is an expert in their, you know, in their field, they can advise you on those things.
Victoria Peterson 27:06
Yeah, and we talk about that a lot, like what knowing your end goal. Talking to you is so much fun, because you’re like, I know what my total term is, I know what my financial freedom number is, and I’m working towards that, and if I make this choice to create this asset, then I know that it might take me a little bit longer, but I’ll, I’ll develop a more secure asset and a longer term asset. I mean, it really is fun to watch, you play the game, you and Bruce seem to be very similar in that way that business is a game, and you have these internal dialogues with yourself that says, How can I optimize this? What do I do there? It’s fun to watch.
Dr. Clint Euse 27:48
Yeah, you know, for sure, you know, is that, I think that the business side of dentistry is something that, that I’ve always enjoyed, you know. If there’s one thing I would, you know, for the listeners, to kind of encourage everyone is to really understand, like, the numbers in your business and your personal life, you know, is understand. I mean, there’s so much clarity that comes from, from looking at your numbers, understanding your numbers, you know, and then like, on the personal financial side, like you mentioned, kind of the total term, and what does that number need to be to retire, and that it’s, it’s so much easier to make decisions, when you have when you have that information, you know, and, you know, one of the one of the most impactful courses, you know, it’s funny, I mean, we I’ve done spear I’ve done I mean, I’ve done a million different clinical courses that have all been great for the clinical side of dentistry, but, you know, when when you guys did driving the bus, you know, which is, you know, the kind of the business management, understanding the numbers and setting up budgets and those things for our business, there’s hands down, there was, there was not a better course, than that, when that we took that they kind of brought that to the forefront where you look at you’re like, “Man, I got to understand, and, and what all this means and kind of setting budgets and really running it like a business, you know.” I think Dentistry has been profitable enough for most that they can just kind of show up and do it and still make a good living and, and do what they want to do but that would take it to the next level for us was understanding those numbers and being able to make decisions based off of that understanding.
Victoria Peterson 29:28
Oh, that’s awesome. I’m glad you brought that up because I was really going back in time and I remember a one of the very first thank you notes I ever got from a spouse was from Kelly, after you went to driving the bus and you came back and she said, “Thank you for giving them my husband back. He’s no longer working nights and weekends to balance the business and side of life,” and that was really so special to me that as a spouse, she noticed your stress going down and that you’ve got so much more organized.
Dr. Clint Euse 30:03
Yeah. No, yeah. And so I think that is huge is understanding, you know, understanding those numbers and really how to run your business, like a business is something that I think a lot of dentists, maybe they don’t enjoy that, maybe they’re just too busy on the clinical side, has made a huge difference for, you know, for our practice, and the really the other encouragement, you know, something that we’ve always done a PDA, which has been kind of our highlight of the year, is doing that annual planning and spending time looking at your business and setting goals and looking at the year to come and, you know, looking at how much time off you’re gonna take and kind of working backwards from there. You know, is that well, you know, that and that’s always been, I mean, why we made you, we made you guys, we made you guys come out here to the year that you we didn’t have to get you a planning because we made our own annual planning.
Victoria Peterson 30:54
Yeah, there were two years that yeah, we started doing it every other year, and for whatever reason, in those particular years, we weren’t have one you came out to Anacortes, and you saw this, and the other one we met in Tahoe and went to dinner in Truckee. So
Dr. Clint Euse 31:02
I know, that was awesome.
Victoria Peterson Well, we are definitely having it this year, I’ll you’ll be one of the first to know it’s going to be in September. So September 22, through 24th, go ahead and mark your calendar. Perfect. The way that November, December’s on top of the pandemic crunch, we thought we better back this up, and I know that you and a lot of our clients are updating your plans quarterly now or every six months, we’re not even going out a whole year because like being on an associate now, how will that impact my schedule, there may be another one. So we’re starting to shorten the time frames a little bit and looking at more, like do a 12 month rollout, but every six months, look at it again, and roll it back out and roll it back out. So we’re gonna be doing that in Dallas, September 22 through the 24th, and taking it to a whole new level. I can’t the only special draw. Yeah, you’re gonna love it.
Dr. Clint Euse 32:09
We can’t wait. That’s always a highlight for us. So yeah, we are actually we are doing a quarterly now, you know, with with our coach, who I got to give a little shout out to is Chris, you know, who’s awesome, you know what I mean, more of a member of our family than our coach now but yeah, we do that quarterly now is that we’re meeting and doing more of our kind of business planning and things that we used to do annually. Just because we have a lot going on, which is that needs to be figured out. So
Victoria Peterson 32:39
You know, it just rolls off, you’re telling your confidence, your business acumen, your clinical acumen, you’re like, ‘Oh, of course I meet with my coach,” and we do this we do. It’s so wonderful to see an example of someone who’s integrated, so many moving parts. one more topic I want to hit on because I know this is a passion of yours as well. Marketing, huh? I remember when Kelly joined your practice and you, you and Mandy, not that you were like Tarzan beating your chest, but you were very strong, masculine energy and figures in this practice, and we bring in this beautiful blonde, blue-eyed mom and her energy in it, and it changed everything. For me, I thought it made your marketing even stronger do, you do marketing a little bit?
Dr. Client Euse 33:32
Yeah, I love to. I love marketing. I think marketing? Well, yes, I agree with all that is that one, just having Kelly joined the practice, you know, having the kind of a woman’s touch in something that you know. There’s, there’s a lot of patients out there that would prefer to see a female dentists that you know, kind of are looking for maybe a little bit different experience, a little softer side and things like that and so having Kelly joined the practice was amazing and the marking of that was really fun, because it did kind of change our marketing message. From your technology and all the things we always did, to like now we have something else that we can offer, and I think marketing is something that maybe most dentists just don’t understand the importance of, you know, I mean, I suppose such a huge part of our business and everything. What is the, what is the average dentist spend on marketing, I don’t even know what’s your average, a percentage or 2?
Victoria Peterson 34:26
Average is such a big word, but let’s say that you are a doctor in a heavy PPO environment, you’re probably dollars out the door spending half a percent to one and a half percent, but you don’t realize you’re spending 40% in the night 25 to 40% of unseen dollars with your write-offs. So I think they actually end up spending more than you, but it feels less.
Dr. Client Euse 34:52
Yeah, okay. But yeah, so I mean, our marketing budget is obviously a lot higher than that and you were probably in the 5%, you know, and easily could could go up from there and probably will go up from there just as we’re growing and changing the message a little bit. So, yeah, I think I think marketing is something that, if someone’s not doing that, you know, they’re, they’re kind of missing the boat, for sure. You know, and that’s, like the kind of the next evolution of our practice, you know, that, that one of the reasons I am excited to bring on, you know, some more doctors and things like that, is that I’ll be able to cut back some in my schedule, which will be great, kind of the goal to go to two days, and, and really to expand into the procedures that I love doing the most, you know, implants in the same day smiles and, and those kinds of things, you know, and a lot of those things, I mean, you can do a lot of great internal marketing, you, which is awesome, but when you start getting into more of those targeted procedures, and the higher profit procedures, you know, as you really got to let, let the world know that you’re out there, let them know what you’re doing, and it’s there to help them out. So anyway, huge, huge, huge, huge proponent of marketing, you know, and kind of making that shift between, yeah, you’re right, if you’re, when you’re signed up with PPOs, and you’re, you’re given away 20,30, 40%, you know, off the top, just to get patients in your practice, that money is much better spent, you know, spending four or five, 6% of your budget, you know, getting patients in. So
Victoria Peterson 36:27
And I would say that, you know, in the Reno Carson City area, I don’t think that you’re any different demographically the most of America, we’re insurances that prolific. A lot of people take it, a lot of people feel like they have to take it, but you know, you’re a fairly fee-for-service or indemnity-based insurance practice where patients pay their copay and your you’re not locked in network, are you?
Dr. Client Euse 36:54
We do have some, you know, is that we’re, you know, in Carson City, it’s such a, you know, that’s obviously the capital, and so we have a lot of state patients and that’s kind of our that’s our big, that’s our big kind of PPO contract that we have currently. Yeah, well, we I can say we are very actively trying to distance ourselves as much as we can from that, you know, it’s it’s certainly a process and probably not the, the, something that to discuss today, because there’s a lot to that, but
Victoria Peterson 37:25
So much, what I learned is that you’ve made space for everyone, right? You, you grew the practice beyond one service mix, so I love that you’ve got a heart for people who work for the state, you can still take care of them and their families, and you have the aesthetic component, you’ve got Botox, you’ve got implants, you’ve got same day smile. You grew your service mix beyond the insurable component, and makes it really robust, it makes it economically almost bulletproof. The marketing dollars, as you said, you’ve got four to 6% going external, you’re also spending money on team training and internal marketing and all of those things. So thank you for being here today and showing, I wish we had two hours. If you’re there in September, a lot of young doctors are going to come and pick your brain because being an Investment Grade leader, you’re modeling the way I want to have you back and we could spend an entire episode on leadership and what that means to you, and how you’re raising meters in the practice. I know your team, and you’re not dragging followers, you certainly are inspiring leaders.
Dr. Client Euse 38:38
Well, thank you, and yes, I would love to talk anytime, you know, into to, you know, if I do run it run into some of those dentists out there, please come and talk to me because, you know, I feel strongly about mentorship and and pass it along, you know, not that I know everything, but just passing along what I do know, you know, to anybody that’s out there, and I think that that’s something, especially at this stage in my career that I’m probably most excited about is just that is being able to pass along some of that knowledge, whether it’s clinical or business and things like that, so I’m available anytime. Victoria you just let me know. So but I, yeah, super appreciate you having me on. It’s been fun to have to share a little bit and, and always great to spend time with you.
Vitoria Peterson 39:20
You’re the best.
Dr. Clint Euse 39:21
Oh, well, thank you, you as well. I can’t, I can’t thank you guys enough for what you’ve done for our business and just the relationships and, and we are excited. I mean, it’s been such a bummer with COVID and, and things that’s, you know, tougher to travel and and get groups together and all that and so we are, we will be there in September because that’s always a highlight for us is seeing our PDA family. So thank you guys.
Victoria Peterson 39:43
I love it. Thanks so much, Clint. So well.
Dr. Clint Euse 39:45
You’re welcome. Thank you
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