Managing Your Shiny Object Syndrome: Chapter 5 Of Master Your Mindset

[00:00:00] Welcome! You're listening to the GrowOrtho podcast presented by HIP. This

[00:00:05] podcast is dedicated to orthodontists who want to stand strong in their market and

[00:00:10] be leaders in their community. Now on to today's show. Hey it's Luke at HIP and

[00:00:17] if you've been listening to the GrowOrtho podcast maybe for weeks, months,

[00:00:21] or in some cases years you know that we typically interview an industry expert

[00:00:26] whether it be someone working in the office or a consultant or just a

[00:00:32] strategic partner for orthodontist. Well we're gonna change things up just a bit

[00:00:37] and this year we've actually released four books and so we're gonna release

[00:00:42] every audiobook basically a chapter for each episode. Listen, enjoy and let us

[00:00:48] know what you find valuable and implement and what works well in your

[00:00:53] office. Thanks so much for supporting HIP and we hope you enjoy all these

[00:00:57] episodes on the Practice Growth series.

[00:01:00] Chapter 5. Managing your shiny object syndrome.

[00:01:05] Oh that glitters is not gold. William Shakespeare.

[00:01:10] Dr. Smith has been on a roll for a while now. He had a fantastic year

[00:01:17] doubling his production over the previous year. He and his team have been

[00:01:21] diligent about training and implementing systems to improve the patient

[00:01:25] experience and maximize the capacity of the office he had opened three years

[00:01:29] ago. All this growth has been exciting and he has enjoyed the rush from each of

[00:01:33] the steps he's taken to get here. I was really impressed by his vision and

[00:01:38] hunger to do what it took to build his practice. HIP has been honored to be

[00:01:42] a part of his growth, witnessing the evolution of himself, his team, and

[00:01:47] his practice. Some other exciting developments for Dr. Smith in the last

[00:01:51] year included opening a satellite office and hiring his Chief Operations

[00:01:54] Officer, C.O.O. Margo. When Dr. Smith first discussed these steps with me,

[00:02:00] I told him that I thought it was a bit early and that while he could

[00:02:03] afford to do these things, he'd be taking a big hit to his bottom line.

[00:02:08] With his production sitting around $2.8 million and his main office

[00:02:12] being, in my opinion, at about 60% capacity, he could probably have

[00:02:17] benefited from doubling down where he was at until his office reached 80% to

[00:02:21] 90% capacity. I did think that hiring a C.O.O. was next up in his game plan,

[00:02:27] but I advised him to do it when his office was comfortably over $3 million

[00:02:31] in production. Dr. Smith, however, encountered two opportunities

[00:02:37] that he simply could not pass up. First, a location came available in

[00:02:41] a nearby community that I have to agree was pretty much ideal for

[00:02:44] opening an orthodontic practice. Dr. Smith moved on it.

[00:02:49] Second, Margo, the C.O.O. from a large multi-location practice in New York,

[00:02:55] had moved to his town and was looking for work. Needless to say,

[00:02:59] he seized that opportunity as well. Margo was a smart lady and a real asset.

[00:03:05] She immediately got to work earning her significant salary by focusing

[00:03:09] on the most important factors for practice growth. After all,

[00:03:13] she had seen her last orthodontist through opening four satellite locations

[00:03:17] and growing to over $14 million in production.

[00:03:20] She wasted no time tightening up systems and training the team to up

[00:03:24] the level of customer service. Her number one priority was to maximize

[00:03:28] the profitability of Dr. Smith's two locations.

[00:03:32] Before the Christmas holidays, I was chatting with Margo at a conference

[00:03:35] and she told me that Dr. Smith had come into her office giddy with

[00:03:38] excitement. He had scheduled a meeting with her to discuss a

[00:03:41] new opportunity that had fallen into his lap. Here's her conversation.

[00:03:47] Margo, do you have a couple of minutes? Me? Sure, Margo, what's up?

[00:03:52] Margo. Dr. Smith's shiny object syndrome is raging again.

[00:03:57] Me? Oh no. What is it this time?

[00:04:01] Margo. It seems he's been having conversations with Dr. Schilling,

[00:04:06] this guy with an office across town. His practice hasn't been

[00:04:09] in good shape for a while. His staff keeps leaving and he's tired

[00:04:12] of running the business and wants to sell. Dr. Smith thinks he can

[00:04:15] get it at a pretty low price and is considering doing it.

[00:04:20] Me? Geez, what did you say?

[00:04:24] Margo, I told him no way. Absolutely not.

[00:04:28] We need to focus all our resources on getting our main

[00:04:31] practice and satellite up to capacity.

[00:04:34] Taking this on will be too much of a strain on our finances

[00:04:36] and team. And Margo, he told me we'll see.

[00:04:43] I'm afraid he's going to come in one morning and tell me that it's

[00:04:45] a go and that I need to go over there and start training the staff.

[00:04:49] Me, my orthodontists always want to do things like this.

[00:04:54] Margo, I know right? It makes absolutely no business sense.

[00:04:58] Me, let me see if I can talk some sense into him.

[00:05:02] Dr. Smith did eventually see the light and realized that by

[00:05:06] listening to Margo and me and keeping on track with his target,

[00:05:09] he said for the year that he'd have a much better cash flow and

[00:05:12] more time to invest into his personal life, which he had set

[00:05:15] as a priority. Over the past three years, most of his time

[00:05:20] was spent either at the office or thinking about work.

[00:05:23] His wife had been complaining that he was never around for

[00:05:25] the family. With a toddler running around and another child

[00:05:29] on the way, Dr. Smith realized that if he did not make

[00:05:31] time for his family, he was going to miss some of the most

[00:05:34] precious years of his children's lives.

[00:05:37] His wife had also been a solid source of support for him during

[00:05:40] the most trustful times of his life and she deserved some

[00:05:43] support in return.

[00:05:46] While Dr. Smith is the fictional example that we've been

[00:05:49] using through this series, his experiences are an accurate

[00:05:52] reflection of many of the real-life examples I come across.

[00:05:56] Here he is demonstrating shiny object syndrome, a condition

[00:06:01] that runs rampant among orthodontists.

[00:06:04] Shiny object syndrome occurs when we become easily distracted

[00:06:07] by new sparkly things, often to the point where we lose focus

[00:06:10] on our current goals. But we already have might be great or

[00:06:14] full of the potential, but our tension deviates, looking for

[00:06:18] something that we think will fulfill our immediate wants and

[00:06:21] needs. We love the feeling. We love new. We love being

[00:06:27] distracted so we don't have to face reality and put our

[00:06:30] heads down to do the work. Then after the dopamine hit of

[00:06:34] the acquisition has worn off, the desire for novelty sets us

[00:06:37] back on the prowl for the next shiny object. When I look at an

[00:06:41] orthodontic practice, I see a business that has the potential

[00:06:44] to be optimized to serve a lot of people and become highly

[00:06:48] profitable. But I'm a businessman and I'm always thinking

[00:06:52] about the numbers and what makes sense. Most orthodontists

[00:06:55] on the other hand see their practice as a source of money

[00:06:58] for spending and in a lot of cases it is not generating

[00:07:01] enough money for everything they want. This makes them easy

[00:07:05] pray for anyone who even suggests that they have a means of

[00:07:08] getting the more new patients. In my experience,

[00:07:12] orthodontists will buy just about anything that promises to

[00:07:15] increase production but these supposed practice builders

[00:07:18] usually end up being shiny objects. They cost money every

[00:07:22] month without adding anything to production, sometimes

[00:07:25] creating a massive hit to profitability. When I co-founded

[00:07:29] HIP, I knew I was responsible to myself and my clients to

[00:07:33] ensure it wasn't just another shiny object that would fall

[00:07:36] short of its objective to help orthodontists become better

[00:07:39] business owners. I wanted our clients to believe in our

[00:07:42] message and witness our tried and true processes in the

[00:07:45] making. I needed our company to live up to its promise.

[00:07:50] So I learned the best ways to provide quality products

[00:07:52] and services to my clients what to do what not to do

[00:07:56] and how to do it consistently and transparently.

[00:07:59] There are no shortcuts in life and no magic potion will

[00:08:03] instantly fix your problems. Real results take time.

[00:08:07] Now let me be clear not all of the lead generating and

[00:08:11] nurturing tools out there are shams. Some tools are very

[00:08:14] useful, time saving and profitable when implemented

[00:08:17] properly but if you buy them because of the hype

[00:08:20] and they never use them they are still shiny objects.

[00:08:24] However, there are some products out there that exist only to

[00:08:27] capitalize on an orthodontist's desire and in my opinion

[00:08:31] cannot possibly work in a well-run orthodontic practice.

[00:08:35] Below you will find the products and services that you should avoid

[00:08:38] a description of some that are useful when a team leverages them

[00:08:42] and a summary of the four software systems that you need.

[00:08:46] Most practices I see are paying for double the systems needed to run a

[00:08:50] practice effectively. Artificial Intelligence AI Software

[00:08:56] Artificial Intelligence AI software can be beneficial for businesses because it

[00:09:01] can be used to automate repetitive and time consuming tasks

[00:09:05] allowing businesses to streamline their processes and workflows and increase

[00:09:08] overall efficiency. AI software can be a great tool to aid

[00:09:12] many businesses in the right direction but only to a certain extent.

[00:09:17] Technology can only do so much. Human connection can never be replaced

[00:09:21] and exceptional customer service is essential for the culture

[00:09:25] and brand of most businesses. I know a few marketing agencies who use AI

[00:09:30] software to generate leads for orthodontists just simply do it hip with

[00:09:33] our software practice beacon. However, this one software that you

[00:09:37] should be aware of claims to go beyond that

[00:09:40] it's marketed as software that can do everything for you.

[00:09:44] Generate your leads, nurture them, educate them

[00:09:48] and even schedule them for consultations. Your front desk coordinator

[00:09:52] doesn't have to get involved at all. Perspective patients are supposed to

[00:09:56] show up to your practice to start treatment without your team having to

[00:09:59] do any of the work. If it sounds too good to be true

[00:10:03] it probably is right. It can be a quick solution for practices that

[00:10:07] don't care about the patient experience but do you think

[00:10:10] that a bot can generate enough trust in the prospective patient to get

[00:10:13] them to show up? You most likely care a lot about your

[00:10:18] patient experience and want to ensure your team is doing

[00:10:21] everything possible to make good impressions on your prospective patients.

[00:10:25] So much goes into that initial phone call between your front desk coordinator

[00:10:28] and prospective patient and the many nuances occur along the way.

[00:10:33] That's why I dedicated a whole book from this series to it.

[00:10:37] There is no way that an AI software can handle all the questions and

[00:10:40] objections and put to rest any fears that prospective patients have.

[00:10:45] If the leads contacting your office cannot get their questions answered quickly

[00:10:48] they will cost someone else who can, which is a huge blow

[00:10:52] since you spent marketing dollars to get that lead in the first place.

[00:10:57] I know many orthodontists who have left marketing agencies

[00:11:00] that offer these types of services after months of paying for them with

[00:11:03] zero results. It's an expensive way to learn

[00:11:06] that the promise is unrealistic and unattainable.

[00:11:10] While AI can be a useful tool in many situations

[00:11:14] it is essential to recognize its limitations and use it in a way that

[00:11:17] facilitates leads for your team to nurture themselves.

[00:11:22] Virtual Scheduling and Treatment Coordinators

[00:11:25] Another agency provides lead follow-up and treatment coordinators

[00:11:29] to work with orthodontic practices virtually.

[00:11:32] They claim to be able to provide all the benefits of highly trained team

[00:11:35] members who are well versed in your office procedures without the cost

[00:11:39] and effort of hiring and training them. The process is seemingly quite simple.

[00:11:44] The prospective patient calls your office and encounters a call tree

[00:11:48] that directs them to get through to their rep who is supposed to help convert

[00:11:52] your valuable lead into a start. These virtual coordinators answer calls

[00:11:57] all day for 25 to 50 different practices. They are supposed to

[00:12:01] support your lead through the difficult decision of making a $5,000

[00:12:04] purchase, a very emotional decision. This requires a great degree of

[00:12:10] empathy and support. Imagine how a patient would feel when someone on the other end

[00:12:14] of the line can't answer specific questions about your practice or

[00:12:18] processes. I have a few clients who have used this

[00:12:21] service in the past and what's interesting to note is that these

[00:12:25] virtual coordinators continuously fail our secret shop reports.

[00:12:30] Why? Because if you recall the speed to lead process,

[00:12:34] your scheduling coordinator should call prospective patients within the first

[00:12:38] five minutes after they make contact and follow up several times within the

[00:12:41] next 48 hours if there is no reply. Their scheduling coordinators call

[00:12:46] only once and it never ends up being within the first five minutes

[00:12:49] causing many prospective patients to fall through the cracks.

[00:12:52] It's a shame to spend all that money on marketing and lead generation

[00:12:56] to get that person to call your office only to have another service

[00:12:58] you're paying for turn them away. If you have a virtual team working with

[00:13:03] 25 to 50 practices, do you think they have the time to call

[00:13:07] your prospective patients back with the same urgency as one who works

[00:13:11] solely for your practice? Definitely not. Every orthodontist I know

[00:13:17] who signed up for this service has abandoned it.

[00:13:21] Virtual consultation software. This isn't a

[00:13:25] buyer-beware type of software as virtual consultation software is valuable and

[00:13:30] beneficial for orthodontists. I encourage many clients to consider it if

[00:13:34] they intend to use it properly but often orthodontists purchase this

[00:13:39] software add it to their website as a widget

[00:13:41] and expect it to be an instant production source.

[00:13:45] I've had orthodontists tell me they want to remove the virtual

[00:13:48] consult widget from their website because it only brings in bad leads

[00:13:51] they're not interested in moving forward with treatment.

[00:13:54] I'm always quite doubtful when I hear this and here's why.

[00:13:59] Virtual consultation software does not bring in leads.

[00:14:03] It's not running ads and trying to target people who could potentially be

[00:14:06] interested in orthodontic treatment. It's software on your website

[00:14:11] that people click on themselves. They've put in the work by finding you

[00:14:15] requesting a consultation, taking photos of their teeth from different

[00:14:18] angles and submitting them for review because they're more than

[00:14:21] interested in starting the process. The problem is these orthodontists are not

[00:14:26] holding their team accountable to respond to these inquiries fast enough.

[00:14:31] So if it's taking the TC three days to respond to a virtual consultation

[00:14:35] submission, it's no wonder the lead went cold.

[00:14:39] They've gone to someone else who did respond and promptly booked them for

[00:14:41] an in-person consultation. If you aren't going to implement

[00:14:45] the software correctly, you can't blame it for the leads that come in.

[00:14:50] Can you make any of these shiny objects a useful thing?

[00:14:54] It can be tempting to purchase shiny objects like the examples above when you

[00:14:58] think it will drastically improve how you conduct your business.

[00:15:02] So when you find out they're not as useful as you thought they would be,

[00:15:06] watching your money go down the drain can be painful.

[00:15:09] However there is a way to make the shiny object you've purchased useful

[00:15:14] like the virtual consultation software. It can serve you quite well if you

[00:15:18] learn how to use it correctly and teach your team to do the same.

[00:15:21] Like everything we've presented in this orthodontic practice growth series,

[00:15:25] you have to implement the shiny object correctly for it to work.

[00:15:30] If you don't, it's just another distraction keeping you from moving to

[00:15:33] where you need to be. The key to items that will help you

[00:15:36] grow is timing. Is it the right time to implement

[00:15:40] this new tool? Start a new modality, open another

[00:15:43] location, bring in an oral surgeon, etc. The timing must be right or it will

[00:15:49] be a disaster from the get-go. The main software you need.

[00:15:55] With so much technology, you must be selective about what you implement in

[00:15:59] your office. The goal should be to have as little

[00:16:02] software as possible. Most people have double the number of

[00:16:06] systems and a lot of overlap. Simplify your life and cut it down

[00:16:10] to a maximum of four software platforms. A customer relationship management CRM

[00:16:15] system, a patient engagement tool, a practice management

[00:16:20] system, PMS and a financial reporting tool.

[00:16:24] Let's learn a little bit about what they are.

[00:16:27] One, a CRM system like PracticeSpeak and PB

[00:16:31] helps you automate follow-ups, convert more leads and see how much money you

[00:16:35] make from your digital advertisements. PB has features

[00:16:39] that will automate and optimize your lead management to make tracking

[00:16:42] effortless. Refer to chapter 8 in Front Desk Secrets to learn more about PB.

[00:16:48] You'll see how offices that implemented in the way we train them to

[00:16:51] generate massive ROI's on their marketing dollars.

[00:16:56] Two, a patient engagement tool like RhinoGramm

[00:16:59] helps you interact and engage with patients. It can allow you to

[00:17:02] communicate with patients, schedule appointments,

[00:17:05] automate appointment reminders, collect patient info and provide patients with

[00:17:09] virtual visits to save every one time. Three, a practice management system like

[00:17:15] Cloud9 assists orthodontists in managing their day-to-day operations.

[00:17:20] The software typically includes features such as appointment scheduling,

[00:17:24] patient records management billing and treatment planning.

[00:17:27] With this software, orthodontists can streamline their workflow,

[00:17:31] reduce paperwork and improve the accuracy of their records.

[00:17:35] Additionally, the software allows practitioners to easily track patient

[00:17:39] progress and communicate with patients via a secure messaging system.

[00:17:44] Four, a financial reporting tool like Gage provides easy-to-use practice

[00:17:49] metrics and business insights that efficiently report the health and

[00:17:53] progress of your practice and allow you to monitor your goals closely.

[00:17:57] To learn more about Gage, refer to Chapter 6 in the scalable practice.

[00:18:02] When these four software systems are leveraged in your practice,

[00:18:05] they will improve communications and ensure consistency, maintain continuity

[00:18:10] and keep people from falling through the cracks.

[00:18:13] When your team is properly trained in their use,

[00:18:16] they will look like superstars because the system's features will prompt them

[00:18:20] and free up their time to focus their attention on customer service.

[00:18:23] But these softwares are only as good as the team using them.

[00:18:27] If they aren't being used to their full potential,

[00:18:29] they too could fall into the category of shiny object.

[00:18:34] Managing your shiny objective syndrome

[00:18:38] Often, all it takes is awareness of the problem and proper focus on the tried

[00:18:42] and true methods for growing a practice to keep shiny object syndrome at bay.

[00:18:47] However, if you are attracted to novelty, it's normal.

[00:18:51] It's normal. We all are in some shape or form.

[00:18:55] Being mindful about what you spend your money on and keeping an eye on the bottom line is

[00:18:59] important because that money can be reinvested into processes that are generating real returns for

[00:19:03] you. If you keep finding yourself hooked by ads or flashy displays and sales people at

[00:19:09] conferences, then you may want to give yourself some support to stay focused on the goal.

[00:19:15] Create some affirmations in your morning formula that keep you focused on the process

[00:19:18] of growing your business. As you read or listen to it every morning,

[00:19:23] it will remind you that you are not looking for an easy way out

[00:19:26] and that you trust the good processes you are putting in place.

[00:19:30] If you start seeing gaps in your systems that need to be filled,

[00:19:33] you will be more likely to do it in a smart, sustainable way rather than acting on impulse.

[00:19:39] Your affirmations could be something like,

[00:19:42] I know the success in practice is a process.

[00:19:44] I hire and I trust the experts who have produced the results I want.

[00:19:50] I am committed to training my team in operations, proven to produce results.

[00:19:55] I get expert advice on the timing and implementation of processes and systems for

[00:20:00] growing my practice. With all of this in mind, buying things you believe will benefit your life

[00:20:06] and practice is okay. Just make sure you do your research beforehand and refrain from impulse

[00:20:12] buying. If a product has caught your attention, look for proof of its successful application in

[00:20:18] the office of someone you know and respect. Find out how they are using it in their operations.

[00:20:23] More than likely their staff is trained in a process they have developed and consistently apply,

[00:20:29] using that product to facilitate their results. A hammer in the tool shed will not build a house.

[00:20:35] If you still fall prey to your shiny object syndrome, find an accountability partner

[00:20:39] to help you stay focused and on track. Whether that's your spouse, COO, or another orthodontist,

[00:20:47] make sure they are aware of your goals and ensure they hold you accountable to them,

[00:20:52] just as Margo did with Dr. Smith. If your mind still keeps wandering, ask yourself these questions.

[00:20:59] 1. Will this add value to the patient experience?

[00:21:03] 2. Is this going to save time or money when implemented?

[00:21:07] 3. Will buying this create more work for my team?

[00:21:12] 4. Is the effort necessary to implement its use worth the benefit?

[00:21:17] 5. Am I prepared to follow through on the plan for its implementation?

[00:21:23] 6. Will buying this be part of my growth and evolution?

[00:21:28] 7. How will I know I have extracted the maximum value from this shiny object?

[00:21:34] 8. If you still feel it is a good idea to move ahead with the purchase after answering these questions,

[00:21:40] bring your answers to your accountability partner for approval. Otherwise, would your money and

[00:21:46] efforts be better spent focusing on the good that already exists in your practice?

[00:21:51] The next chapter is about stewardship, the responsibility that has been entrusted to

[00:21:56] you to nurture, care for, and grow what you have. In the spirit of good stewardship,

[00:22:01] the final question to add to the list above is,

[00:22:05] am I making the best investment for all involved in my practice?

[00:22:09] Thanks for listening. If you'd like to learn more about HIP or any of the topics in this episode,

[00:22:15] send an email to hello at hipcreativeinc.com that's hello at hipcreativeinc.com

[00:22:24] or jump over to our website at hip.agency.