Secret Message to Baby Boomers Baby Boomers born 1946-1964 Retirement Living longer, but 57% US workers saved less than $25,000 Homeowners are extremely devalued or upside down with second mortgages Only 2% workers and 4% retirees consider retirement highest priority Other expenses i.e. debt service, tuition, and other life expenses more important Only 23% workers and 28% retirees consult investment professional Only 27% follow investment advice 75-80% workers plan to work after retire and this includes doctors Future Retirement Plan by default one paycheck from poverty Maintaining status quo employment in a high unemployment economy with cheaper labor Afraid to calculate retirement monthly expenses plus inflation Put off collecting Social Security until 70 when income does not affect benefit Automate monthly retirement savings from payroll with employer Older employee can maximize higher retirement amounts, but it too late for long term investment benefit e.g. started 15 years earlier Pay down debt or pay off mortgage(s), and vehicle(s) as soon as possible Pay off credit card(s) monthly or stop using credit cards and only spend cash Stop spending home or business vacations, and drive paid off used car invest this money for future retirement Avoid any “get-rich-quick” scams taking advantage of your retirement crisis you created The only people who get rich quick are the scammers as you get poorer Anything too good to be true ain’t true 4600 new graduates each Spring increases pool of non-owner young professionals Reduced regurgitation curriculum with no lab work and minimum attrition Taught by educators with no education degrees who don’t own a dental practice No personal, speaking, or people skills No dental business, practice management, or leadership skills Up to $500,000 educational debt Business loans unavailable without 3 years of full time practice tax returns Average 150 different procedures, but takes 10,000 hours to master any procedure By education, license, and profession promised to be Hippocratic or lose all three Worse economy since Great Depression with little hope Non-consumer public deliberately delaying preventable complications and expense Profit-motivated third parties control healthcare industry with government support Unorganized profession ineffective at proactive solutions, only reactive to crisis Hippocratic practices are recession proof for centuries After 20+ years of regurgitating what to think, done learning knowledge Never experienced higher learning outcomes how to think necessary for life Missed comprehension, application, analysis, synthesis, evaluation Non-professional DSO’s taking over profession promising employment etc Sole Proprietor Business Owner Mentor Opportunity for Young Professional Hippocratic Practice built on S.E.T. patient-doctor relationship can maximize business Predominantly Fee-For-Service patients and high-end insurance Hippocratic staff well trained, experienced to create patient “W.O.W!” Lease stable, equipment paid off, overhead fixed Only new materials and lab for increased procedures Open schedule, empty chairs, under utilized staff Mentor young professional (May need leadership training) Coach strengths Advise dental and business improvement Role model successful Hippocratic practice 8-10 patients/day Sponsor career advancement i.e. network, connections, experience, consult Young professional independent contractor builds practice they own 100% Establish legal entity separate from Mentor Lease current office space, equipment, supplies, lab, and staff Allowed to bring in own equipment and supplies certified to use e.g. lasers Open when Mentor open with current staff to maximize mentor benefit Do not hire a hygienist because young professional needs to learn 10,000 hours Don’t have enough experience and can do better comprehensive exam Don’t have funds to afford hygienist When production increases, assume agreed upon expenses Lab, staff (assistant, front desk), supplies Open with current staff when Mentor not present Start with welfare and insurance patients that mentor no longer treats Young professional responsible for their patients i.e. Hippocratic treatment Emergencies and afterhours care e.g. emergency cell phone Young professional can earn survival income at academia or dental factories Unfortunately, Hypocrite practices successful and teach non-Hippocratic Future Options Buy-in current practice Have enough patients to support move to own practice location Sell practice to another young Hippocratic professional with prior approval Second young professional starts own practice
Posted on: Fri, 28 Jun 2013 00:27:15 +0000
Trending Topics
Recently Viewed Topics
© 2015