Episode 106
106: The Keys to a Successful Career in Dentistry - Dr. Robert Margeas
Dr. Robert Margeas is known as “the Dentist’s Dentist”. He has a private practice in Des Moines, Ia, and he is a good friend of mine. He is a speaker and a lecturer who I met years ago at the Seattle Study Club. He values education and had 500 CE hours in his first five years of being a practicing dentist.
We talk about keys to being a successful dentist. Robert shares the importance of education, being true to yourself, and being honest and authentic with his patients. He shares great tips for running an office the right way with an empowered team and great office culture. He also gives tips for young dentists who want to be their own bosses and his insights into the future of dentistry.
You can find Dr. Robert Margeas here:
Show Notes
[02:38] Dr. Margeas is a practicing dentist in Des Moines, Ia. His wife practices in Michigan. He is impressed with all his wife does to run a family and a practice. Dr. Margeas got married at 53, so he has a whole new appreciation for everything that his wife does.
[03:18] He is happy to share what he has learned over the years.
[03:51] Robert practices in the capital of Iowa, and people want to use insurance. He has an insurance based practice inside the cosmetic and restorative practice.
[04:36] Why is it important to define success. Success isn't always money.
[05:49] More dentists are signing up for corporate dentistry because they have bills to pay.
[06:55] How Robert was working as an associate at a dental clinic that was open 7 days a week. He had to work 12 days on before getting a day off. He spent his money wisely and focused on education.
[08:02] It was his priority to learn as much as he could. He made a commitment to CE. He had over 500 hours his first 5 years. He spent the money to learn things like veneers and restorative cases.
[09:04] The importance of finding a mentor. Spending money on CE is one of the most valuable things that he has done.
[10:53] It's more important to find a way to take the courses even if you have to borrow more.
[12:38] The importance of being around like minded dentists.
[13:18] Being in competition with yourself to be the best. Searching out and finding people that you want to emulate. You have to be proactive about finding a mentor.
[16:45] How efficiency is key. Visualize where you want the end to be and be a machine and get it done. Practice to do it fast.
[18:47] Learning what you like and don't like.
[19:06] Being competent and not just doing it for just the money.
[22:53] Building the right team. Hiring based on personality and ability to communicate. Cross train your staff and don't micromanage.
[25:18] Going survivor mode. Somebody is getting voted off of the island. Straighten it out or someone is getting fired.
[26:16] Not having job descriptions, but always knowing their expectations. The staff knows that they have stuff to do no matter what. There is no office downtime.
[27:18] Robert's staff has been with him for years and he offers a great compensation plan. They are free agents, but it is his expectation for them to stay in the contract for the full year. He doesn't want staff that isn't happy.
[29:54] Attracting the right kind of patients. When buying a practice, you are buying the patients not the building or equipment. Nurturing great patients who will refer their friends.
[31:46] Having a good reputation is more important than money.
[32:18] 67% of his patients have Delta Dental. It's a cost of doing business. He has lost patients over $10.
[33:37] Always offer the best treatment and don't be offended if patients can't afford it.
[35:43] Being efficient in the three days that you are working. Patients will come to you if they value as a dentist.
[36:46] Dentistry is a tough business. You need down time to decompress.
[37:12] Finding the right lab. Automation is making things much easier because of the machinery. He picks by price, quality, and time. He works with a local lab in the community that you can grow with.
[38:26] Lab trends are going digital and getting automated. How Glidewell is setting lab fees.
[40:15] You may not need all of the fancy equipment at the beginning.
[41:18] Buy dental equipment that you are going to use.
[42:24] The importance of having a study club and being surrounded by the right professionals.
[45:25] Buying a practice is one of the best ways to build business. Profitability goes up when you produce and collect more with the same people.
[47:36] Making profit from an associate and not having them buying in and being a partner.
[51:03] Figuring out who you are and building a business to support that.
[51:37] Get as much education as you can. Learn all you can from another dentist, and then find someone to buy out.
[52:35] The importance of taking care of yourself. Dentistry requires a good support system. Rolfing and massage are very helpful. Dentistry is hard work, you need an exercise plan and to take care of yourself. When you work three days a week you can do it a long time.
[55:06] Future of dentistry. Less private practice and more corporate.
[56:12] If you learn the right techniques, you can be an entrepreneur.
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