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My brother knows more about money than most dentists...
Published almost 2 years agoΒ β’Β 4 min read
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Hey Friends,
It is memorial day weekend here and my family flew in to visit!
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That's my brother Rajan with my daughter Naira! It is the first time they are meeting and they've been having a blast with each other.
So as you can see my brother is pretty young - but don't let that fool you.
He got a job with align earlier this year and is in their sales associate program.
He is on track to be a future territory manager.
He was 1 of 100 applicants for a 10 person program and he got the job.
In February he moved to Raleigh, NC by align HQ and has been learning the ins and outs of the aligner industry.
What shocked me is after 2 weeks he called me and started talking to me about TEETH.
When I say that I mean he was asking about dental anatomy... using words like "cusps, mesial, distal..."
I was like dude are you in dental school or learning sales?
Apparently they are giving their reps a crash course on all things dental, testing them on the material AND making them prepare presentations on it.
I was very impressed and now after 3 months he took everything to the next level.
When I picked him up from the airport I asked what was the latest thing he's been learning about.
The other week he had to put together a research presentation on a topic that most dentists are unfamiliar with...
Third. Party. Financing.
Some of you are reading this and don't even know what that means...
I know when I was in my early years of practicing I didn't really understand it either.
Then as I learned a little more about it when I started doing aligners and implants I still didn't REALLY understand it.
In my mind it was a magical way for patients who didn't have a lot of money right now to be able to get someone else to pay you all the money then they owe them the money spread out over a period of time.
So I'm a dentist and that was my level of understanding of something SUPER IMPORTANT... how to get paid for services.
I'm not ashamed to share it because I know i'm not alone.
My brother went on to breakdown exactly how these financing solutions work.
They go based off credit scores, then if the patient falls within a credit range they get access to better interest rates or longer periods of time to re-pay the money.
Regardless of that... YOU get paid UPFRONT within 2-3 days. Amazing.
The company handles collecting the money from the patient.
This is HUGE because alternative options are either YOU have to break up payments and have your front desk track down people for money
OR
The patient doesn't move forward with treatment because they don't have enough money to pay the $5-6k upfront.
So this is a no brainer right?
Well some of you are thinking - well they 3rd party financing company takes a percentage from the money they give you.
This is true.
But on average it is right around 8%.
So I asked my brother how he breaks this down with dentists.
He said "Well if you are having patients pay in full - you are most likely giving them a 5% discount... so what is an extra 3% discount to ensure you get paid up front and don't even have to worry about collecting any money? This way you can help MORE patients because they can actually afford $200 a month for 24 months vs giving you all $5k upfront."
My mind was blown.
It's so true.
With this mindset you lower the barrier of entry for MORE patients and all you have to sacrifice is.... 3% of $5000? That's $150. lol
Now if you couple 3rd party financing with my "EZ Start Method" you can 10x your case acceptances.
Basically you ask for $250 to start treatment with patients - easy right?
If you want to know more about the EZ start method and a proven strategy to offer aligners profitably and predictably while decreasing chair time.... register for my new free masterclass here ππ½
In this video, I break down the earnings of dentists, exploring different factors that influence their income, such as specialization, location, years of experience, and type of practice.
Whether you're considering a career in dentistry or are just curious about the financial aspects of this profession, this video provides insights into what dentists can expect to earn throughout their careers.
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by Dr. Avi Patel
Sign up for Clear Insights β your weekly source for all things Clear Aligners! I share exclusive insights, practical tips, and industry news that will help you take your Clear Aligner game to the next level - delivered straight to your inbox every week! Sign up below!
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