DR. ACE GOERIG
OWNER & CO-FOUNDER
The success of almost every business is built on a formula of repetition. A typical restaurant can’t succeed if they create one-of-a-kind meals for each and every diner. Instead, they have a menu that diners choose from, and they largely prepare those same meals day after day. Similarly in an endodontic practice, we largely perform root canals every day. It is the time value of repetition (not the individual fee) that drives our degree of success.
Suppose a root canal fee in your practice is $1250. What then is the time value of a root canal? If you work 200 days per year, then the annual time value of one root canal per day is $250,000 in practice revenues. Even more important is to understand the career time value. Over a 40-year endodontic career, one root canal per day is worth $10 million in lifetime revenues.
That’s a big enough number that get everyone’s attention. Here’s the deeper insight: It doesn’t matter how many root canals a day that you’re doing right now. What if you could increase that every day by one more?
The average endodontist is completing 3 to 4 fills per day. Suppose it were 4 to 5 per day instead. Adding one more root canal per day yields an additional $250,000 per year in revenues, and an additional $10 million over the course of a career. With practice expenses already baked into current productivity, practically all of that incremental time value from one more case per day flows to the bottom line as accelerated profit.
How would your life change if you had an extra $250,000 in annual profits? What if you increased by 2 cases per day and had an extra $500,000? 3 cases and an extra $750,000 annually? It’s literally transformative on so many levels. Virtually every personal goal you can imagine for your life could be effortlessly funded by that level of supercharged profitability.
Endodontics provides such incredible opportunities to doctors when they have the right perspective and focus. Recently, I’ve been giving presentations to all the residency programs to help up-and-coming endodontists understand this vital message. They can have such an amazing life if they focus on efficiency, productivity and marketing.
And you can too. It’s never too late to invest in meaningful practice growth. It will make you a bigger return than anything you can get in the capital markets. Easily and without stress, you can increase your income so much that you won’t know what to do with all the money. That’s a good problem to have, and I have a solution for that too.
My latest financial guidebook The New Wealth Paradigm for Endodontists gives you the essential starting point for next-level financial strategies that are needed when you are earning income so abundantly. As part of this year’s AAE 21 Annual Meeting, you can visit Endo Mastery’s virtual booth and get a free PDF download of the entire guidebook. We have some other great offers and specials too, so come find out more about how we can help you with your goals.