Ask TBone - Team Accountability, Patient Financing, and Ideal Scheduling

In every business owner’s life, there comes a time when an economic downturn tests how well they can adapt. In my case, during the recession of 2008, I was forced to choose among being rigid, hoping things get better, or taking a risk by learning new things in an attempt to recession-proof my practice. I chose the latter, which also helped me prepare for the pandemic of 2020, which is still persisting today. 

Today, I describe some of the methods you can use to prepare your practice and make it recession-proof. I share how the crash affected my mindset toward business goals. I distinguish between the 2008 and 2020 economic crashes and why my practice is more resilient today. I explain how dentistry has always been a thriving industry. I offer advice on how to make your services more affordable without reducing revenue. I also share why having a survival mindset will restrict the growth of your business and your long-term aspirations in this industry.

"I don't believe there's a one-size fits all approach to patient financing and payment plans." - Tarun Agarwal

This week on T-Bone Speaks Dentistry Podcast:

• The recession that made me change the way I ran my practice
• Comparing the disruptions in 2008 and 2020 and my thoughts
• Why an economic downturn is inevitable regardless of how well the economy is doing
• The steps involved in making your practice recession-proof and optimizing it
• How to make your practice more affordable for patients
• What to expect from the 3D Dentist Retreat
• Getting out of survival mode and focusing on growth
• How to make sure that activities you schedule happen

Our Favorite Quotes:

• "Patients aren't going to tell you they need financing."  - Tarun Agarwal
• "For the last 11-12 years, dentistry has seen unprecedented economic greatness."  - Tarun Agarwal
• "You can't let yourself stay in survival mentality forever."  - Tarun Agarwal

Resources Mentioned:

• Apex Payment Solutions

Subscribe, Connect & Share Your Favorite Episodes

Thanks for tuning into this week’s episode of T-Bone Speaks Dentistry. If you enjoyed this episode, please head over to Apple Podcasts or Google Play Music to subscribe to the show and leave your honest review. For more great content and helpful tips to grow your dental practice, visit our website. Follow us on Facebook and LinkedIn, subscribe on YouTube, and don’t forget to share your favorite episodes with other dental practitioners.