New Patient Group Podcast

Unmasking Illusions: The hidden lies behind industry data trends and How they Lead to the Most Destructive Human Flaw

• Brian Wright • Season 7 • Episode 110

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Speaker 1:

Welcome aboard the new patient group flight deck. Less chaos Check. Less stress. Check Less advertising costs Check More personal and financial freedom. Ah, check, All right. Business checklist completed. Let the takeoff roll begin.

Speaker 2:

Welcome to season seven of the new patient group audio experience, a podcast dedicated to forward thinking doctors wanting to learn innovative ways to run their business today so your practice can achieve new heights tomorrow. And now your host. He's the founder and CEO of new patient Group, managing partner of RightChat and a trusted motivational speaker for Invisalign OrthoPhi and others, brian Wright.

Speaker 3:

Hey, new Patient Group and RightChat Nation. Welcome inside the broadcast booth, brian Wright here, and welcome in to another edition of the New Patient Group podcast. Youtube followers out there give us a nice thumbs up. Hey there, and thank you for your support. If you're listening on all the audio experience channels out there, please give us a five-star review, rate this podcast and get it out. Share it with your friends and family. We would always appreciate that so we could just continue building this awesome cult following that we have. And man, oh man, 2024 is going fast and got a good one for you.

Speaker 3:

Today we have started a brand new podcast. It's the Right by Cooper podcast and that's Dr Bryn Cooper is my co-host in that and basically look at that as the new patient group podcast with a co-host. All right, we talk about a lot of really good things and have a lot of fun in that in the booth. She just flew into Colorado Springs and we shot a bunch of episodes, so that podcast is now live, so make sure to check that out. And when she was here, you know we talked about this and I bring this up because she's the example I'm going to use today when talking about why industry trends, why the data that you invest so much money in, why it's lying to you, why, frankly, in many ways it's crap and how it's leading to what I believe is one of the most. It's the biggest human flaw, one of the most destructive traits we can have, and how it can change our mind, and not for the better, and really lead us down a path to self-destruction. That really hurts our businesses, it hurts the employees and the culture in your office and it really ends up hurting the life that you want to lead as an entrepreneur. This is going to lead me in. It's not going to be a part two and part three like ongoing, but there's going to be drips to what I'm going to be talking about today, because I think there's a bigger picture to this. There's a bigger picture. That's a disconnect between how corporations look at numbers and trends in an industry, how they view the year over year growth versus the people they're trying to help. Reps out there have a big rep following. This is a great lesson for you, whenever you, if you really truly want to be a help to a small business, to an entrepreneur, today will be a good lesson to you, for you.

Speaker 3:

And when she was here. So when, when I was closing out so it was in February of 2024 was was when I did. I was the speaker at OrthoFi's national event and I closed it out and that's a big honor. I was their keynote in 2019, had three hours on stage. It was a blast wonderful feedback. And then closing out an event is a blast for a different reason. And when I was backstage, they were calling out the highest converters in the nation. And you know, based on the orthophy trends and the data that they have, and two of the top five names that they called out were new patient group customers.

Speaker 3:

So momentarily and when I say momentarily, I'm talking maybe five, five or 10 seconds I'm kind of patting myself in the back back there, going oh that's neat, well, what you do works, blah, blah, blah. And then there's this, you know the infinite minded coach that jumps in in my head and goes wait a minute, brian. Like that's not impressive at all. And here's why, like the reason that's not impressive. And I think their conversions were in the mid nineties, maybe a touch above, but I mean the conversion on paper was really good. But my, my infinite brain and what I teach all of you out there kind of put the brakes on the excitement right away and goes wait a minute. They're the only game in town. They have no competition whatsoever. They could have spinach in their teeth, horrific BO. They could walk in with their pants as a shirt and their shirt as pants and they could do everything wrong. And they're still going to convert at the highest level because there is nobody else in that area.

Speaker 3:

They're it and you know they could charge whatever they want. They could be cheap, they could be expensive. They're the only game in town and you know there's a part of me, you know, a lesson off the cuff. You know a lot of times you know you all want to open up the practice in the beautiful area where everybody wants to be, and what comes with that and I'm going to talk about this in a minute what comes with that is a lot of choices. Well, a lot of times and I was thinking where these highest converters are is they put their place in a location where really nobody wants to be. And that's a good business move because you don't really have to do a lot, right? Matter of fact, I know these practices and if you took how they operated and put it into a Bryn Cooper's practice and I'm going to describe in a minute they may go out of business. Like they would convert it maybe 10 to 20% if they were lucky.

Speaker 3:

So I'm listening to this and then my coach brain kicks in and like puts on the, puts on the brakes, and then it puts on the brakes. And then I immediately start thinking of of Bryn's practices. She has two and one of them and it's her first location she's had for a long time is in the heart of the city of Houston and when I say it's the epitome of what orthodontics has become. And when I say it's the epitome of what orthodontics has become, I mean we're talking roll a quarter down the street, hit five GPs doing Invisalign, hit eight to 12 orthodontists you know that are just boom, boom, boom, boom, boom, right after another, just right out and doing you know Invisalign, some other clear liner, analog or digital braces. You know all the above, whatever it may be, and Brent Cooper's practice in Houston actively gets three, four, five, six, seven, eight, nine, 10 opinions, people saying I've been looking for two years, can't find the right place. I've gone in you know eight places.

Speaker 3:

Whatever it may be, and and I look at that as a good, it just is what it is. It's what orthodontics and and either even others you know. Plastic surgery not as bad, but there's still plenty of choices. Dentistry, just as bad, there's plenty of choices, but I don't look at it as a bad thing. I just look at this as an opportunity for all of you to understand that if you just commit to a culture of obsessing over your employees and customers, a culture that uniquely trains your people, and then digital marketing that has very great organic content done in a very specific way. You're going to be fine. You're going to be fine, so it's nothing to worry about. It's just kind of the industry. It is what it is. So Bryn Cooper's practice in Houston is really, really hard to convert at the highest level and she has a commitment, like the majority of our customers, to being the highest priced.

Speaker 3:

So, when you look at Bryn Cooper's conversion, you see 63% to 75% right in there, and it doesn't mean that part of the goal, of course, is continually refine the team skill sets, continually refine the experiences on down the list to constantly look for ways to improve that conversion. But when you look at and this is where my brain's going backstage at the OrthoPhi event just these signals going, I want to run on stage and say hey, like guys, you're giving out the awards to the wrong people, right? The data is a liar. The industry trend data are liars for a lot of reasons and this is one of them Bryn Cooper's practice. Who's the highest priced deals with a trillion opinions. You know price shoppers out there, even though on paper her conversion is less than those two that I was talking about. That are our customers. They're in the top five in the nation. Bryn Cooper's conversion is better. It's more impressive Because, again, if you took the other ones and put them into Bryn Cooper's practice and they function the same way, their conversion would tank, because I know that they aren't half as good. They aren't even you know a third they aren't even one-tenth as good in a lot of the things we teach that Bren Cooper's practices are in the heart of the competition in the city of Houston. So if you sit this, if you sit there and you look at that, this is how the industry trends lie to you, everybody. And this is also how, and there's others.

Speaker 3:

But this is, I believe, the number one thing that gets you into a very destructive pattern as a, as a business owner, as a leader, and I fall into this too. Right, I'll beat myself up if I don't think I'm where I should be, and part of it's healthy where I'll compare myself to myself. Right, I don't do it as much to compare myself to other people, but every once in a while I do fall into that trap. Maybe a big name entrepreneur out there, and I see what they teach and I say to myself we teach the same thing and I think we even do it better. And for me to think we do it better, that's saying a lot, because I'm one of the most self-critical people you'll ever meet, of the most self-critical people you'll ever meet. Like, if I go out and or if I'm speaking on stage after the event, I'd rather go to dinner, sit at a bar by myself than go out with people because I'm going to tear myself apart in order to get better for all of you. That's healthy for me. I truly enjoy it and that puts me in a better state of mind because I want to be, and need to be, great for all of you.

Speaker 3:

Like, it's not easy doing all the things that we do, from being a CEO, a coach, a podcast host, a content producer like the list goes on and on. Father, like the list goes on and on and on. It's not easy to be at a high level at all those all the time, but I do my best. When it gets destructive is the moment I start going we're better than that person. Why are we not making more sales, right? Or why are we not doing this? Why don't we have more followers and likes and things like that? Why don't we have more respect?

Speaker 3:

The second I get into that it's a really destructive pattern changes my state. I don't be, I'm not. It leads to me not as being great for all of you out there. It puts me in a frustrated mood at the house, so I'm not as good as husband and it's a really destructive pattern that a lot of you out there fall into. Now there's other reasons you fall into it and and partly is and I have podcasts coming about this and it's. It's just. It's how your clinical peers are sabotaging your success, and they're not doing it on purpose, but they're doing it, make no mistake about. It is things that they are teaching and how they were doing things on stage is absolutely leading to you, you know, comparing yourself to others and also implementing things into your business. That will not work and there's a lot of reasons for that. Like I said, that podcast is on the way. Hey everybody, brian Wright, let's break away from today's episode and I hope you're enjoying it Obviously very passionate about teaching people not to be finite minded, not to get buried in the numbers, because the numbers are lying to you, especially as a small business, as an entrepreneur. There is a reason why 75% of billionaires, the world's smartest business minds, 75% of them never went to college or they dropped out. There's a reason for that because they look at everything very differently than how a professor, who's likely never owned a business in their life, will look at them, and what I'm talking about today is a very, very big part of that.

Speaker 3:

I want to talk to you really quick about our onsite workshops. This is a challenge I'm going to throw at all of you out there. These are newer. They can't be offered all the time because it's a scalability issue. Because this is my challenge to all of you is bring me to your practice. I personally guarantee that I will deliver a six-figure growth plan when you bring me in, and I'm going to put the link to the workshop page in the podcast description below.

Speaker 3:

There is a lot of really cool things that come with this. You and I will meet on two personal Zoom sessions. I'm gonna analyze your business. We're gonna go through countless things together. I'm gonna fly to your practice monitor, take notes. I'm also gonna spend a morning role-playing with your team installing so many of the sales, hospitality, consumer psychology things that we teach, strategies that we teach very advanced, very forward-thinking teachings. I'm going to install that as much as we can get done in a morning. Then we're going to have a review session when I get back and there's a lot of other great things that come with it. But I guarantee you I will deliver you that plan and set you up for success.

Speaker 3:

Right now we have two availabilities. As I do this podcast today, there's two availabilities on my schedule that will allow me to do it. The first two people that buy the team's going to reach out. We are going to coordinate schedules when you can do it, when I can do it. After those two, we're going to have to shut it down. Just FYI out there, because this is a scalability issue. I can't always offer this, but right now, the first two people that want to make real change happen in your practice. Click on that link. It'll take you to the workshop page, learn more about it and you can buy it right from there. It'll send you to a Sam card page. You can buy it and we'll see it come through. Look forward to meeting you and your team working together for this onsite workshop to create real change for your organization. Let's get back to the podcast.

Speaker 3:

So this destructive pattern we all fall into. The majority of the reason why is is we are comparing ourselves to others and this stuff that you invest in. Like you got to remember that. Like, if it was me, I wouldn't even want access to those trends Because, again, it's a liar. Like the new patient, you know the average new patients a month, you know, or a year, that that trend is crap, because that trend is completely dependent. One practice may charge, you know, $4,000 a month and they have to get a bajillion people through the door. Well, you're lumping that into the same category as somebody that wants to be the most expensive. Convert high as they can. Right, run a low stress model, no advertising, because they're turning their patients into their fans. That's our customer, by the way, right, their new patient numbers are always going to be lower. Now we are helping you intentionally do that, right, because if you go out and spend a bajillion dollars on pay-per-click, yeah, it's going to drive you phone calls, it's going to drive you new patients.

Speaker 3:

We don't want you doing that. We want you to invest that money in a hospitality experience, sales psychology, creating great digital marketing content, building a better culture. That's what we want you to do, because that's how you run a sustainable, economy-proof, recession-proof, crazy things like COVID-proof type of business. That'll get you through anything. When the industry gets crushed, you're probably still up. When the industry does great, you're up two times, whatever the industry is, or more. It's how you run a great business from inside out.

Speaker 3:

It's like compliance data you guys all know like whatever the compliance data is, and you look at trends. It's crap, because if you're looking at people that do eight. And this is where you know a lot of you out there. You're comparing apples to zebras or apples to gorillas. You're not even comparing apples. It's not even apples to bananas. It's way worse because you know you take an 80% Invisalign practice and 20% braces and then you take a 80% braces practice and 20% Invisalign. Of course those practices are going to have all kinds of different compliance numbers. The 80% braces practice is going to have more brackets popping off right. The 80% aligner practice is going to be dealing probably with more people that aren't wearing the aligners properly and that, lumped into the same category, creates lying data. It doesn't create accurate data for any of you out there, and a lot of you out there too.

Speaker 3:

You want different things, like the new patient. If you want a low stress, low chaos, high conversion, high dollar practice that doesn't have to see a bajillion people to make money, of course your new patients are going to be lower than the practice has got to see a bajillion a month to make money. You can't compare yourself in any form or fashion and that's the problem. And you get into this deal where you've got, like I said, brynn. For that area, brynn converts really, really well, better than the 95%, but she can't fall into the trap of man. You know what? If the industry average is this I'm not as good, yeah, you are, you're better or for a lot of you out there and this is where the data can be liars too, to where you know the two out of top five, that I know these people, and it can go to their head where it's like we convert everybody that walks through the door like we don't need help in this area. We don't need it. We're great at that. Well, no, you're not. You're great because you're the only opinion in town. If people were shopping your, your, your t-shirt store, as well as 10 others that, on the surface, offered the same thing, you wouldn't sell many t-shirts. You would go for that 95.

Speaker 3:

And this is a lot of you out there, the ortho five people that listen to this, the align people that listen to this, the, the, the, the, the DM people that listen to this, the DM people that listen to this. This is where your mind has to be too. If practice A has really good numbers on paper, that doesn't mean that you can go teach practice B. Hey, practice A is doing this really good. You should too. No, it's bull, because practice B, where the data actually may be less in many ways may actually be better than practice A.

Speaker 3:

There's so many other variables involved. You got to stop comparing yourself to other people. It's a destructive pattern. Everybody, and I don't mind letting all of you know that this is a pattern that I fall into sometimes, because I think that's leading all of you with vulnerability.

Speaker 3:

I think it's a big speaker flaw when speakers don't you know they act like everything's rosy. I see it, like my practice is perfect. Everything is rosy. Everything. See it Like my practice is perfect. Everything is rosy, everything is going great. Just listen to what I say. Everything's good. No, it's all bull.

Speaker 3:

All businesses are chaotic, right, it's a matter of minimizing it. All businesses have issues. It's a matter of minimizing it. This is why most businesses go out of business. You all are in a world where you're lucky, where you can have the same leaky holes a restaurant that goes under has, but you can still bring home $500,000 a year and convince yourself everything's great in your business. You all have holes everywhere, but you've got to stop looking at.

Speaker 3:

Okay, what's the industry trend? What are we converting? How much is the industry down this year? How much is it up this year? What's my production? What's my collections? How does it relate? It's all bull Like. I'll have plenty of this. You guys know I'm infinite minded. That's what I teach. But your biggest competition is you Like.

Speaker 3:

The only thing you should be comparing it to is the data you had last year. You know, and are you making the same? Are you bringing home what you want to take home and working less this year? And that's why I have a podcast coming about, just you know, redefining growth, looking at growth differently. Why is an entrepreneur? Growth means something and should mean something completely different to you than it's going to mean to a corporation. I don't know when that's going to. I haven't shot that one yet. I don't know when that's going to be launched, but you could relate that back to this podcast whenever you hear it. Because growth to a corporation, growth to reps, is, you know you selling. You know more Invisalign cases as an example this year than you did last year. Right, that's going to help the reps number.

Speaker 3:

The problem is you as a business owner. You may not want to start anymore because you already bring home what you want to bring home. Your goal is is hey, look, you know how can I work less this year than I've done last year? Right, how can I bring home 600 grand this year when I brought home 600 grand last year? But this year work 25 or 30 days less? Right, that's growth. That's what that podcast is going to dive into Now. On paper, you're stagnant, right To the reps and to the corporation. Well, you know, dr Joe, he didn't grow. He had the same amount of starts this year as he did last year. Meanwhile, dr Joe's going this is the best year of my life. Like, I keep growing because I'm bringing home the same amount of money and I keep working less. That's growth. No-transcript podcast, because I'm telling you, telling you what the podcast is.

Speaker 3:

Lesson today two things. One you got to stop comparing yourself to others. You need to know what you want out of your life. You need to know how to design your business to make sure you're taken home enough to get what you want out of your life, whatever that number is. And I talked to a new patient group customer, andy Well, he's a RightChat customer too the other day. He's like hey, look, I make 600,000 a year. That's what I want, anything above that. Make me stress less, make it more efficient, blah, blah, blah. I don't care about growth, I care about, you know, efficiency. I care about taking home 600 grand. It's more than enough to get you know my dream life. That's what you guys have to be competing against really with with yourself is that kind of stuff, and you've got to stop. You've got to know what you want. So you stop comparing yourself to whatever you know, somebody you see who speaks on stage, or you've got you know.

Speaker 3:

You open up your dashboard to the industry trends and you say, damn, you know, why am I not there, when you're actually better like Bryn Cooper than a lot of these practices out there? Right, if Bryn could give here's where the industry data matters. Right, if you could have like a dashboard and you could select okay one. I want to select a practice. You know that's, and I'm making all this stuff up. This isn't like brent's numbers, but okay, I want to select a practice that's 70 aligners, 30, everything else. I'm going to select a practice that deals with at least three to five opinions before they decide to buy. Okay, click that button. All right, I want to. I want to.

Speaker 3:

I want to look at practices that are the highest priced of all the opinions, right, so maybe you just select. You know $6,500 or $7,000, but even that you got to watch because just based on where you live you know, california, new York those prices are likely going to be higher than if it's in somewhere you know in a certain smaller town, like in Alabama or Arkansas, as an example. So you even have to watch that. But just say, you know, seven, eight thousand dollars a case. Boom, if you could hit those Right. And then the practices like you came up. Ok, now at least you're looking at apples to apples, but until then this data, guys, it's going to do you more harm than it is good. It doesn't teach you anything. Same with the compliance data, if you could go okay, I want to see other practices that are, you know, 90% aligners, 10% digital braces Right or vice versa. Now you've got something. But until then, all this data does is get in your head, tell you a false story, and it's not what all of you need.

Speaker 3:

I hope everybody enjoyed today. Stop comparing yourself to others, and I hope you understand why these industry trends. They are lying to you as a business owner, entrepreneur. They are lying to you until you can compare exact practices to yours and same way with the other one. By the way, right, if you could do those? You know I'm the cheapest in town. I charge, you know I'll go down to bottom barrel. Right, I'm one of the only games in town, right? Whatever it is, you've got to compare yourself to true your other selves, otherwise you're going to drive yourself crazy.

Speaker 3:

I hope that worked there. Everybody Hope that got this month off to a great start. Change your mindset. Invest inside your doors. Dominate other people in your industry. Until next time, thanks for your partnership. Take great care of yourselves, your team and your customers and patients. We'll see everybody soon. Bye-bye.

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