Clear Idea #3

24 www.acasociety.com | info@acasociety.com O ne of the stories told of Netflix’s birth is how a $40 late fee charged by Blockbuster annoyed its founder so much 23 years ago that he started what has today become a 200 billion US dollar empire. With dentistry today, consumers are screaming out for affordable care, transparent pricing and ease of buying. Dentists who desire to provide quality care at affordable prices are equally faced with many more barriers in meeting this demand. Is this groundswell of frustration enough to spur dentistry to change and towards the start of the Netflix of dentistry? Let’s share our story from the perspective of a dentist, whom we believe will resonate with many. When I first started in dental practice ownership in 2011, competition was not as fierce, practices were available to be bought easily and the use of digital marketing and websites were still at its infancy. My multi- practices were profitable and business was running well, yet I knew something was missing in the business. As a keen learner of management concepts, I ploughed throughmany business books in search of that ‘something’, the extra ingredients that I needed to bring my practices to the next level. Dental practice management training did not illuminate at that time as well when multi-practices were not as common. I was then approached by a dental corporation and was dangled a very attractive multiple for my business, but with very onerous expectations tied to it. As a relatively young dentist with a successful multi-practice business, I could sell and live with those conditions and be a wealthy dentist. And then do what? I have still not found that something that I knew exists, that would evolve me as a person, an entrepreneur and maybe, to pursue an even larger dream for dentistry. I held back and I am glad I did. As years later, I found the answer. Dentistry is broken That was the first reality I needed to accept and face as a practitioner in the industry. Netflix and Dentistry Diagram 2 Diagram 3 Diagram 1 – Entertainment – Netflix Australia Dental treatments are expensive and many who need treatments cannot afford them. Their teeth become worse while waiting for free or affordable care. Patients are paying for overpriced materials which can be sourced cheaper. They are funding, through high margins, expensive dental equipment that can be financed innovatively, while retirees and low income patients are paying full price when they are more than happy to fill those empty chairs at cheaper prices. Netflix grew exponentially because it unearthed a latent demand or an inherent desire of themasses (one that they don’t even know exists until offered) for entertainment at affordable prices and bought conveniently (when they want it). This has spurred Netflix’s exponential growth. See diagram 1 and its expensive share price. By Wai-Yee Chen Wai-Yee Chen