1 00:00:00,080 --> 00:00:02,980 Hey there, dental professionals and industry enthusiasts. 2 00:00:03,600 --> 00:00:06,000 Picture this. It's October, and you're in the 3 00:00:06,000 --> 00:00:07,779 middle of one of the most transformative 4 00:00:08,160 --> 00:00:10,880 experiences of your career. You're at the Becker's 5 00:00:10,880 --> 00:00:13,359 Fall Future of Dentistry Roundtable in the vibrant 6 00:00:13,359 --> 00:00:16,015 city of Chicago, fresh off an incredible 3 7 00:00:16,015 --> 00:00:19,155 days at the Hyatt Regency. Imagine yourself inspired 8 00:00:19,214 --> 00:00:19,954 and invigorated 9 00:00:20,255 --> 00:00:23,375 after attending captivating keynote sessions by none other 10 00:00:23,375 --> 00:00:26,690 than the legendary boxing world champion and CEO, 11 00:00:26,910 --> 00:00:28,769 Lila Elite, and the extraordinary 12 00:00:29,150 --> 00:00:32,750 professional basketball player, Caitlin Clark. See yourself engaged 13 00:00:32,750 --> 00:00:33,890 in lively discussions, 14 00:00:34,190 --> 00:00:36,909 exchanging ideas, and collecting a stack of business 15 00:00:36,909 --> 00:00:39,854 cards from fellow dental experts and potential partners. 16 00:00:40,414 --> 00:00:42,114 You've networked with over 350 17 00:00:42,655 --> 00:00:45,215 attendees and learned from more than 80 speakers 18 00:00:45,215 --> 00:00:47,475 who are at the forefront of dental innovation. 19 00:00:48,335 --> 00:00:51,534 You sat in on educational sessions exploring topics 20 00:00:51,534 --> 00:00:54,015 that elevate dental care as a critical element 21 00:00:54,015 --> 00:00:57,109 of whole person health. You've witnessed firsthand how 22 00:00:57,109 --> 00:00:58,969 digital technology is revolutionizing 23 00:00:59,510 --> 00:01:00,490 patient outcomes 24 00:01:00,870 --> 00:01:04,250 and how both large DSOs and independent practices 25 00:01:04,390 --> 00:01:07,270 are flourishing. Get ready to transform your career 26 00:01:07,270 --> 00:01:09,049 and don't miss out on this incredible 27 00:01:09,435 --> 00:01:12,495 opportunity. The Becker's fall future of dentistry roundtable 28 00:01:12,635 --> 00:01:15,935 is from October 30th to November 1, 2024. 29 00:01:16,474 --> 00:01:18,655 Get registered by going to beckersdental.com 30 00:01:20,075 --> 00:01:21,935 and clicking on the events page. 31 00:01:22,819 --> 00:01:25,060 This is Laura Dierda with the Beckers Dental 32 00:01:25,060 --> 00:01:27,780 and DSO podcast. Today, I'm thrilled to have 33 00:01:27,780 --> 00:01:29,799 on the line with me doctor Larry Morey, 34 00:01:29,859 --> 00:01:32,679 founder and president of Key Dental Management Solutions, 35 00:01:33,060 --> 00:01:35,959 a DSO, and then his practice, My Orthodontist 36 00:01:36,420 --> 00:01:38,185 NC. Doctor Morey, it's a pleasure to have 37 00:01:38,185 --> 00:01:39,484 you on the podcast today. 38 00:01:40,265 --> 00:01:42,025 It's great to be here, Laura. Thanks for 39 00:01:42,025 --> 00:01:42,844 having me. 40 00:01:43,225 --> 00:01:45,145 Now I'm looking forward to our discussion and 41 00:01:45,145 --> 00:01:47,165 just really, learning more about, 42 00:01:47,784 --> 00:01:50,185 your dental practice and DSO and how you're 43 00:01:50,185 --> 00:01:52,280 thinking about growth and development in the couple 44 00:01:52,280 --> 00:01:54,200 of years. But before we dive in, I 45 00:01:54,200 --> 00:01:55,560 was wondering, could you tell us a little 46 00:01:55,560 --> 00:01:57,340 bit more about yourself and your background? 47 00:01:58,519 --> 00:01:59,019 Sure. 48 00:01:59,400 --> 00:02:01,500 It took me a while to find dentistry 49 00:02:01,719 --> 00:02:02,859 even though dentistry, 50 00:02:03,640 --> 00:02:05,900 is a family profession. My dad, 51 00:02:06,685 --> 00:02:09,185 stepdad, and uncle were all dentists, 52 00:02:09,724 --> 00:02:10,224 and, 53 00:02:11,564 --> 00:02:12,705 my grandfather 54 00:02:13,405 --> 00:02:15,185 ran his own dental lab. 55 00:02:15,965 --> 00:02:17,884 But I had to kinda do it my 56 00:02:17,884 --> 00:02:19,665 way, so I was 57 00:02:20,260 --> 00:02:22,360 in a PhD program in neurobiology 58 00:02:22,740 --> 00:02:24,040 before dental school. 59 00:02:24,500 --> 00:02:26,840 And after dental school, I did a hospital 60 00:02:26,900 --> 00:02:28,599 dental residency, a GPR, 61 00:02:29,300 --> 00:02:31,939 at a VA hospital in Hampton, Virginia, and 62 00:02:31,939 --> 00:02:32,760 then ran 63 00:02:33,275 --> 00:02:35,694 the hospital dental clinic at what was then, 64 00:02:36,474 --> 00:02:39,375 Medical College of Virginia Hospitals, now VCU, 65 00:02:40,314 --> 00:02:41,935 hospitals in Richmond, Virginia. 66 00:02:42,474 --> 00:02:43,935 And then came back to, 67 00:02:44,314 --> 00:02:45,215 Chapel Hill 68 00:02:45,560 --> 00:02:48,139 for my orthodontic training, finished in 69 00:02:48,919 --> 00:02:49,419 97, 70 00:02:51,000 --> 00:02:53,400 opened my first office just a little bit 71 00:02:53,400 --> 00:02:54,539 after that. And 72 00:02:55,159 --> 00:02:56,459 I guess my personality 73 00:02:56,759 --> 00:02:58,599 is one where I never say no to 74 00:02:58,599 --> 00:02:59,340 an opportunity, 75 00:02:59,879 --> 00:03:00,379 and 76 00:03:00,935 --> 00:03:01,834 I feel that 77 00:03:02,854 --> 00:03:05,254 the worst case scenario is you try something, 78 00:03:05,254 --> 00:03:07,174 it doesn't work, you pivot, and you try 79 00:03:07,174 --> 00:03:08,155 something else. 80 00:03:08,854 --> 00:03:10,155 So over the past 81 00:03:11,094 --> 00:03:12,715 25 years or so, 82 00:03:13,574 --> 00:03:14,474 we've just 83 00:03:15,879 --> 00:03:19,659 grown by opening offices with a mission to 84 00:03:20,039 --> 00:03:22,840 serve people who wouldn't otherwise have access to 85 00:03:22,840 --> 00:03:24,539 care. So back in the 86 00:03:25,240 --> 00:03:27,979 late 19 nineties, early 2000, 87 00:03:28,280 --> 00:03:29,259 we had five 88 00:03:29,905 --> 00:03:33,284 general dental practices that were all bilingual serving 89 00:03:33,424 --> 00:03:35,764 the growing Spanish speaking population 90 00:03:36,305 --> 00:03:37,364 in North Carolina. 91 00:03:38,305 --> 00:03:39,604 And then we shifted 92 00:03:40,064 --> 00:03:41,364 to purely orthodontic, 93 00:03:42,939 --> 00:03:45,659 offices. So we have 14 right now spread 94 00:03:45,659 --> 00:03:46,960 across North Carolina, 95 00:03:47,819 --> 00:03:50,000 serving a varying percentage 96 00:03:50,300 --> 00:03:51,760 of Medicaid recipients 97 00:03:52,540 --> 00:03:54,879 across the state. And our mission, 98 00:03:55,564 --> 00:03:58,125 more than anything, is to do our best 99 00:03:58,125 --> 00:03:59,425 to lower the barriers, 100 00:04:00,365 --> 00:04:02,764 to entry of care. So we have very 101 00:04:02,764 --> 00:04:03,745 creative financing, 102 00:04:05,164 --> 00:04:07,104 options, which we do in house. 103 00:04:08,460 --> 00:04:10,159 And, you know, we've been 104 00:04:10,460 --> 00:04:12,319 loving life and doing great 105 00:04:12,860 --> 00:04:15,520 and looking looking forward to the future growth. 106 00:04:16,860 --> 00:04:19,259 That's awesome. Yeah. That that sounds amazing. And, 107 00:04:19,259 --> 00:04:21,365 certainly, you know, what a a unique pathway 108 00:04:21,365 --> 00:04:23,285 you had, like you said, to the dentistry 109 00:04:23,285 --> 00:04:24,665 field, and I love your 110 00:04:24,965 --> 00:04:27,285 philosophy when you're talking about, you know, trying 111 00:04:27,285 --> 00:04:30,085 new things and really focus on growth and 112 00:04:30,085 --> 00:04:32,085 making sure that, you know, you've got the 113 00:04:32,245 --> 00:04:34,404 a strategy in place and just really being 114 00:04:34,404 --> 00:04:34,904 open 115 00:04:35,209 --> 00:04:37,050 to trying a good number of things. So 116 00:04:37,050 --> 00:04:39,209 that's great to hear. Now, you know, when 117 00:04:39,209 --> 00:04:41,370 you're looking at dentistry today and and where 118 00:04:41,370 --> 00:04:42,649 the field's at, what are some of the 119 00:04:42,649 --> 00:04:45,129 biggest issues that you're following right now? What's 120 00:04:45,129 --> 00:04:46,350 top of mind for you? 121 00:04:47,805 --> 00:04:49,345 Top of mind for me, 122 00:04:49,645 --> 00:04:52,944 there are really 2 issues, and one is, 123 00:04:53,725 --> 00:04:56,225 automation as much as we possibly can. 124 00:04:56,845 --> 00:04:59,564 We're in a service based industry, which I 125 00:04:59,564 --> 00:05:00,705 think a lot of people, 126 00:05:01,645 --> 00:05:02,145 forget 127 00:05:02,659 --> 00:05:03,560 or don't realize. 128 00:05:04,339 --> 00:05:05,779 I've talked to a lot of dental students 129 00:05:05,779 --> 00:05:07,639 who have dollar signs in their eyes, 130 00:05:08,019 --> 00:05:10,180 and that's just not that's not me and 131 00:05:10,180 --> 00:05:11,159 not my perspective. 132 00:05:12,180 --> 00:05:14,439 So, you know, being able to, 133 00:05:15,394 --> 00:05:16,295 see the future, 134 00:05:16,995 --> 00:05:17,495 automate 135 00:05:17,795 --> 00:05:20,454 as much as we possibly can allows us 136 00:05:20,995 --> 00:05:21,495 to, 137 00:05:21,954 --> 00:05:23,495 offer great service. 138 00:05:23,954 --> 00:05:26,535 There's we'll never get rid of our assistants 139 00:05:26,675 --> 00:05:29,175 and our dentists and our front desk people, 140 00:05:29,459 --> 00:05:31,939 you know, the people who are touching our 141 00:05:31,939 --> 00:05:33,079 patients directly. 142 00:05:33,539 --> 00:05:35,300 But there's a lot we can do behind 143 00:05:35,300 --> 00:05:39,060 the scenes to to automate, and technology is 144 00:05:39,060 --> 00:05:41,079 moving rapidly in that in that, 145 00:05:41,459 --> 00:05:41,959 realm. 146 00:05:42,345 --> 00:05:44,185 So the more automation that we can get 147 00:05:44,185 --> 00:05:46,904 in place, the less the cost of doing 148 00:05:46,904 --> 00:05:47,404 business, 149 00:05:47,865 --> 00:05:50,125 and the more we can focus on service. 150 00:05:50,904 --> 00:05:53,084 The other side of it is that I 151 00:05:53,625 --> 00:05:57,165 always worry about people who can't afford care, 152 00:05:57,779 --> 00:05:59,080 and I feel 153 00:05:59,460 --> 00:06:02,839 that that percentage of our population is growing. 154 00:06:03,460 --> 00:06:05,720 So I think it behooves us as dentists 155 00:06:06,660 --> 00:06:08,680 to come up with novel ways 156 00:06:08,980 --> 00:06:09,960 to access 157 00:06:10,675 --> 00:06:11,415 those people. 158 00:06:11,715 --> 00:06:12,215 And 159 00:06:12,754 --> 00:06:13,975 it's gonna require 160 00:06:14,675 --> 00:06:15,495 a a huge 161 00:06:16,435 --> 00:06:16,935 shift, 162 00:06:18,435 --> 00:06:21,395 in so many areas, but as I mentioned 163 00:06:21,395 --> 00:06:22,535 earlier, for us, 164 00:06:23,310 --> 00:06:24,689 just making it easier 165 00:06:25,149 --> 00:06:27,470 for people to get started with treatment and 166 00:06:27,470 --> 00:06:31,009 giving them payment options that are are easier 167 00:06:31,710 --> 00:06:32,210 to 168 00:06:33,629 --> 00:06:34,129 navigate, 169 00:06:34,750 --> 00:06:37,074 you know, opens up orthodontics to a lot 170 00:06:37,074 --> 00:06:37,735 more people. 171 00:06:38,194 --> 00:06:40,754 In general dentistry, you know, people might think 172 00:06:40,754 --> 00:06:41,254 about, 173 00:06:41,634 --> 00:06:43,475 well, you know, you need a crown. It's 174 00:06:43,475 --> 00:06:43,975 $1,000 175 00:06:44,354 --> 00:06:46,115 or whatever. Let's let's do, 176 00:06:46,915 --> 00:06:49,779 repay 3 monthly payments of $250, 177 00:06:50,240 --> 00:06:52,000 and then we'll get started or something like 178 00:06:52,000 --> 00:06:53,199 that. You know? I mean, I think we 179 00:06:53,199 --> 00:06:54,579 just gotta get more creative, 180 00:06:55,680 --> 00:06:57,439 because I think the people who can't afford 181 00:06:57,439 --> 00:07:00,240 dentistry, that percentage of the population is is 182 00:07:00,240 --> 00:07:01,779 gonna continue to increase. 183 00:07:02,644 --> 00:07:05,205 So that's that's what I'm looking for in 184 00:07:05,205 --> 00:07:06,425 in the future is 185 00:07:06,884 --> 00:07:08,584 just access to care issues. 186 00:07:10,404 --> 00:07:13,444 That's fascinating to hear. And, certainly, you know, 187 00:07:13,444 --> 00:07:15,785 having that ability, like you said, to to, 188 00:07:16,709 --> 00:07:18,789 afford care and access care is so, so 189 00:07:18,789 --> 00:07:19,289 important. 190 00:07:19,910 --> 00:07:21,910 You know, in in being creative too and 191 00:07:21,910 --> 00:07:24,009 how you find those solutions, I can imagine, 192 00:07:24,389 --> 00:07:26,629 you know, it's not always easy, but like 193 00:07:26,629 --> 00:07:27,289 you said, 194 00:07:27,829 --> 00:07:30,649 just trying to fulfill that goal of making 195 00:07:30,944 --> 00:07:32,725 sure that dentistry is accessible, 196 00:07:33,345 --> 00:07:35,524 for folks is is really critical. 197 00:07:35,985 --> 00:07:37,904 You know, I I feel that we, as 198 00:07:37,904 --> 00:07:40,725 human beings, have a moral and ethical responsibility 199 00:07:41,185 --> 00:07:43,125 to take care of each other, and dentistry 200 00:07:43,264 --> 00:07:44,645 happens to be my 201 00:07:45,250 --> 00:07:47,569 my profession. So any way that I can 202 00:07:47,569 --> 00:07:48,069 use, 203 00:07:49,250 --> 00:07:51,810 my profession to help help folks out, you 204 00:07:51,810 --> 00:07:53,829 know, is is what what I 205 00:07:54,290 --> 00:07:55,169 try and do. 206 00:07:55,970 --> 00:07:57,889 I taught for a while, and when I 207 00:07:57,889 --> 00:07:58,550 was teaching, 208 00:07:59,024 --> 00:08:00,944 I would have dental students who would say, 209 00:08:00,944 --> 00:08:03,024 well, I'm just gonna see 5 patients a 210 00:08:03,024 --> 00:08:05,685 day, and they're all gonna be full mouth 211 00:08:05,904 --> 00:08:07,365 reconstructions at $50,000 212 00:08:08,144 --> 00:08:08,805 a pop, 213 00:08:09,264 --> 00:08:11,104 and that's all I'm gonna do. That's my 214 00:08:11,104 --> 00:08:11,604 practice. 215 00:08:12,269 --> 00:08:15,230 Well, the problem with that perspective is that 216 00:08:15,230 --> 00:08:17,649 you're trying to compete for, 217 00:08:18,430 --> 00:08:20,189 I don't know what is that, the top 218 00:08:20,189 --> 00:08:20,689 0.5% 219 00:08:21,470 --> 00:08:23,649 of wage earners in your area. 220 00:08:24,045 --> 00:08:25,904 And if everyone's trying to do 221 00:08:26,205 --> 00:08:28,045 that, you're just beating each other over the 222 00:08:28,045 --> 00:08:29,025 head. Meanwhile, 223 00:08:29,805 --> 00:08:30,305 there's 224 00:08:31,004 --> 00:08:31,504 75% 225 00:08:31,884 --> 00:08:34,605 of the population who probably could afford some 226 00:08:34,605 --> 00:08:35,504 dental care, 227 00:08:35,965 --> 00:08:37,884 and if you were creative, could afford a 228 00:08:37,884 --> 00:08:39,024 lot of dental care, 229 00:08:39,639 --> 00:08:40,379 who are going, 230 00:08:40,759 --> 00:08:41,899 you know, on untreated. 231 00:08:42,360 --> 00:08:44,120 So, you know, I think we all need 232 00:08:44,120 --> 00:08:44,620 to 233 00:08:45,000 --> 00:08:47,179 make a decision and a shift 234 00:08:47,720 --> 00:08:48,220 towards 235 00:08:48,519 --> 00:08:49,019 addressing 236 00:08:49,480 --> 00:08:49,980 access 237 00:08:50,360 --> 00:08:52,679 and doing what we can do to make 238 00:08:52,679 --> 00:08:54,299 it more affordable for people. 239 00:08:55,794 --> 00:08:58,514 That's a really excellent point. And certainly, you 240 00:08:58,514 --> 00:09:01,154 know, when you look at, obviously, dentistry, you 241 00:09:01,154 --> 00:09:03,235 know, is a really crucial industry to be 242 00:09:03,235 --> 00:09:05,714 in. Are there any, you know, similar industries 243 00:09:05,714 --> 00:09:07,394 that you've seen that have tried to tackle 244 00:09:07,394 --> 00:09:10,670 this similar problem in access and and figuring 245 00:09:10,670 --> 00:09:12,590 out how to, you know, make a very 246 00:09:12,590 --> 00:09:14,769 expensive services a little bit more manageable? 247 00:09:16,110 --> 00:09:17,009 I think there's, 248 00:09:17,549 --> 00:09:19,410 lots of of examples, 249 00:09:20,590 --> 00:09:20,830 on 250 00:09:21,470 --> 00:09:23,549 you know, one of the ones that just 251 00:09:23,549 --> 00:09:24,529 popped to mind, 252 00:09:25,245 --> 00:09:28,924 were places like Great Clips or Fantastic Sam's, 253 00:09:28,924 --> 00:09:30,285 you know, where you can go and get 254 00:09:30,285 --> 00:09:30,945 a $25 255 00:09:31,325 --> 00:09:31,825 haircut, 256 00:09:32,845 --> 00:09:35,085 as opposed to going to a nice salon 257 00:09:35,085 --> 00:09:36,625 and spending a couple $100. 258 00:09:37,580 --> 00:09:40,220 Yeah. That's that's an example. The the, 259 00:09:41,179 --> 00:09:41,840 the one 260 00:09:42,220 --> 00:09:45,340 example that all the business consultants always use 261 00:09:45,340 --> 00:09:47,039 as something that rose 262 00:09:47,340 --> 00:09:49,759 to the occasion and then died was Blockbuster. 263 00:09:50,355 --> 00:09:52,355 But now we have things like Netflix and 264 00:09:52,355 --> 00:09:53,334 streaming services, 265 00:09:54,595 --> 00:09:57,074 that really are designed to appeal to as 266 00:09:57,074 --> 00:09:59,014 many people as they possibly can. 267 00:09:59,475 --> 00:10:02,034 And and so, you know, the cost of 268 00:10:02,034 --> 00:10:05,095 access to streaming services is not that great. 269 00:10:05,720 --> 00:10:08,460 You you look at, places like, 270 00:10:09,240 --> 00:10:09,740 Costco 271 00:10:10,519 --> 00:10:11,100 or Sam's, 272 00:10:11,879 --> 00:10:14,220 BJ's, you know, the big box stores. 273 00:10:14,920 --> 00:10:16,840 You know, it's always kinda humorous when you 274 00:10:16,840 --> 00:10:17,820 go to a 275 00:10:18,360 --> 00:10:21,865 CE course and some practice management person is 276 00:10:21,865 --> 00:10:24,184 telling you to run your run your practice 277 00:10:24,184 --> 00:10:25,404 like Neiman Marcus 278 00:10:25,865 --> 00:10:27,465 and not Walmart. But then you go to 279 00:10:27,465 --> 00:10:29,465 Walmart and you see all your fellow dentists 280 00:10:29,465 --> 00:10:30,924 shopping there. So 281 00:10:31,865 --> 00:10:33,705 it's always it's always been humorous to me. 282 00:10:33,705 --> 00:10:35,304 But, you know, there's a there's a lot 283 00:10:35,304 --> 00:10:37,970 of you know, discount's a bad word, I 284 00:10:37,970 --> 00:10:39,429 think. It's the wrong word, 285 00:10:39,809 --> 00:10:41,990 but there are a lot of discount services 286 00:10:42,209 --> 00:10:45,569 that everybody takes advantage of that that make 287 00:10:45,569 --> 00:10:46,069 things 288 00:10:46,370 --> 00:10:47,589 maybe more affordable. 289 00:10:48,764 --> 00:10:49,504 I know 290 00:10:50,044 --> 00:10:52,444 a couple years ago when the economy was 291 00:10:52,605 --> 00:10:54,625 you know, people were really stressed about 292 00:10:55,004 --> 00:10:56,065 stretching a dollar, 293 00:10:57,004 --> 00:10:57,504 Walmart 294 00:10:57,804 --> 00:11:00,605 made that their advertising focus. You know, they 295 00:11:00,605 --> 00:11:01,824 reached out and said, 296 00:11:03,110 --> 00:11:05,350 in terms of their advertising, hey. We we 297 00:11:05,350 --> 00:11:08,009 feel your pain. Our we're lowering our prices 298 00:11:08,470 --> 00:11:09,029 to make, 299 00:11:09,430 --> 00:11:12,070 make your dollar stretch further. IKEA did the 300 00:11:12,070 --> 00:11:14,090 same thing about a year ago, I think. 301 00:11:14,310 --> 00:11:15,690 So there's lots of instances 302 00:11:16,310 --> 00:11:16,810 where 303 00:11:17,534 --> 00:11:20,115 businesses can be empathetic to the consumer 304 00:11:20,575 --> 00:11:23,154 and attract more business, and I think dentistry 305 00:11:23,695 --> 00:11:25,714 has the ability to do that 306 00:11:26,254 --> 00:11:28,914 if if they want. You know? In orthodontics, 307 00:11:30,080 --> 00:11:31,379 there's been a 308 00:11:31,759 --> 00:11:34,399 decrease in the birth rate, which is, 309 00:11:35,120 --> 00:11:37,519 you know, that's probably 15, 20 years ago, 310 00:11:37,519 --> 00:11:38,740 but it's it's 311 00:11:39,120 --> 00:11:42,740 gone on and it's it's impacting orthodontic practices. 312 00:11:42,879 --> 00:11:43,620 And so 313 00:11:44,125 --> 00:11:46,764 the practice management people say, hey. There's fewer 314 00:11:46,764 --> 00:11:48,925 patients out there, so you have to raise 315 00:11:48,925 --> 00:11:49,745 your fees. 316 00:11:50,365 --> 00:11:52,285 And, you know, to me, that's the wrong 317 00:11:52,285 --> 00:11:54,365 answer. The right answer is keep your fees 318 00:11:54,365 --> 00:11:56,205 where they are or even lower them a 319 00:11:56,205 --> 00:11:58,039 little bit, get more efficient 320 00:11:58,740 --> 00:12:01,000 so that you're still making the same income, 321 00:12:01,379 --> 00:12:04,679 and attract more patients with more creative financing. 322 00:12:05,139 --> 00:12:05,639 So 323 00:12:06,419 --> 00:12:07,159 my 2ยข. 324 00:12:08,100 --> 00:12:10,500 That's fascinating. I, you know, I love that, 325 00:12:10,820 --> 00:12:13,774 those analogies and really thinking through how, 326 00:12:14,235 --> 00:12:15,454 dentistry and orthodontics 327 00:12:16,074 --> 00:12:18,315 can, you know, fit into the mold of 328 00:12:18,315 --> 00:12:20,574 what patients want, what they're responding to, 329 00:12:20,875 --> 00:12:23,274 at any given point. And and really, like 330 00:12:23,274 --> 00:12:24,574 you said, without obviously, 331 00:12:25,434 --> 00:12:28,100 compromising any kind of quality of care or 332 00:12:28,100 --> 00:12:30,500 value of services, but, you know, knowing how 333 00:12:30,500 --> 00:12:33,220 to get creative and expand that access to 334 00:12:33,220 --> 00:12:35,460 care, I appreciate that. And, you know, I 335 00:12:35,460 --> 00:12:35,960 I 336 00:12:36,420 --> 00:12:38,580 love that you brought up fantastic Sam's too. 337 00:12:38,580 --> 00:12:40,179 That's where I used to get my haircut, 338 00:12:40,420 --> 00:12:41,995 years ago, and I just haven't thought about 339 00:12:41,995 --> 00:12:43,514 it in a long time. So as a 340 00:12:43,514 --> 00:12:45,434 kid, I loved getting a little the little 341 00:12:45,434 --> 00:12:47,034 toy at the end of my haircut from 342 00:12:47,034 --> 00:12:48,414 Fantastic Sams. So 343 00:12:50,955 --> 00:12:52,794 excellent. Well, you know, when you look into 344 00:12:52,794 --> 00:12:54,794 the future, what are you most excited about, 345 00:12:54,794 --> 00:12:55,934 or what makes you nervous? 346 00:12:57,970 --> 00:12:59,829 I'm most excited about 347 00:13:01,009 --> 00:13:01,509 the 348 00:13:01,970 --> 00:13:03,589 leaps in technology 349 00:13:03,889 --> 00:13:05,509 that haven't yet occurred. 350 00:13:06,129 --> 00:13:08,769 One of the the brought byproducts of the 351 00:13:08,769 --> 00:13:10,230 pandemic, I think, 352 00:13:11,274 --> 00:13:13,995 has been that a lot of technologies came 353 00:13:13,995 --> 00:13:16,174 to market maybe sooner than they had 354 00:13:16,715 --> 00:13:20,254 anticipated they would, and technology always leads. 355 00:13:20,955 --> 00:13:23,375 So I I am excited about 356 00:13:24,720 --> 00:13:26,740 technological advances, automation, 357 00:13:27,679 --> 00:13:28,179 softwares 358 00:13:28,559 --> 00:13:31,679 on the horizon that that haven't yet made 359 00:13:31,679 --> 00:13:32,179 themselves 360 00:13:32,720 --> 00:13:33,860 obvious to us. 361 00:13:35,120 --> 00:13:36,419 I'm excited about 362 00:13:37,199 --> 00:13:38,339 attempting to 363 00:13:38,995 --> 00:13:39,495 expand 364 00:13:40,595 --> 00:13:42,835 our reach and access to care, at least 365 00:13:42,835 --> 00:13:45,095 on on on our end for our company. 366 00:13:46,355 --> 00:13:48,295 What makes me nervous is that 367 00:13:49,315 --> 00:13:49,894 I think 368 00:13:51,009 --> 00:13:53,409 people are going to have a harder and 369 00:13:53,409 --> 00:13:54,309 harder time 370 00:13:54,769 --> 00:13:55,269 justifying 371 00:13:56,129 --> 00:13:56,629 dental, 372 00:13:57,569 --> 00:13:59,350 care if dentists can't 373 00:14:00,049 --> 00:14:00,949 make it affordable. 374 00:14:02,370 --> 00:14:05,269 If what we used to refer to as, 375 00:14:05,735 --> 00:14:08,554 the working poor now referred to as ALICE, 376 00:14:09,334 --> 00:14:10,235 asset limited 377 00:14:11,095 --> 00:14:11,995 income constrained 378 00:14:12,615 --> 00:14:13,115 employed. 379 00:14:13,975 --> 00:14:16,615 And these are folks who basically are living 380 00:14:16,615 --> 00:14:17,754 paycheck to paycheck, 381 00:14:18,454 --> 00:14:19,595 can't save, 382 00:14:20,120 --> 00:14:21,740 can't afford to take vacations, 383 00:14:22,440 --> 00:14:23,339 there's a major 384 00:14:24,039 --> 00:14:24,539 emergency, 385 00:14:25,959 --> 00:14:28,539 they're basically up a creek without a paddle. 386 00:14:29,079 --> 00:14:31,480 And if you add the percentage of the 387 00:14:31,480 --> 00:14:31,980 population 388 00:14:32,360 --> 00:14:34,059 that fall into that bucket 389 00:14:34,375 --> 00:14:36,075 to the percentage of the population 390 00:14:36,934 --> 00:14:39,434 living below the federal poverty line, 391 00:14:39,894 --> 00:14:41,274 it accounts for 42% 392 00:14:41,815 --> 00:14:42,475 of Americans. 393 00:14:43,735 --> 00:14:45,434 So in in 394 00:14:45,735 --> 00:14:48,295 supposedly the greatest country in the world, for 395 00:14:48,295 --> 00:14:48,795 42% 396 00:14:50,269 --> 00:14:52,269 of people not to be able to make 397 00:14:52,269 --> 00:14:54,610 ends meet really scares me. 398 00:14:55,149 --> 00:14:57,710 And I think we, again, have a moral 399 00:14:57,710 --> 00:14:58,929 and ethical responsibility 400 00:14:59,389 --> 00:15:00,850 to try to help those folks. 401 00:15:01,230 --> 00:15:02,929 I can't fix that problem. 402 00:15:03,975 --> 00:15:06,235 But if everybody does a little tiny bit, 403 00:15:06,294 --> 00:15:08,294 you know, maybe we can we can, 404 00:15:08,774 --> 00:15:10,634 fill that bucket to overflowing. 405 00:15:11,254 --> 00:15:13,335 So that's that's my biggest concern. You know, 406 00:15:13,335 --> 00:15:15,914 I I always worry about competition. I always 407 00:15:16,600 --> 00:15:19,019 am a little bit hesitant to share, 408 00:15:19,799 --> 00:15:20,540 my model, 409 00:15:21,240 --> 00:15:22,220 or our model, 410 00:15:22,840 --> 00:15:24,679 for fear that people will copy it and 411 00:15:24,679 --> 00:15:26,840 do it better, but that's what keeps us 412 00:15:26,840 --> 00:15:28,620 sharp and keeps us moving forward. 413 00:15:29,294 --> 00:15:31,214 And, so, you know, for me, the the 414 00:15:31,214 --> 00:15:33,934 biggest issue out there is just affordability of 415 00:15:33,934 --> 00:15:34,434 care. 416 00:15:35,455 --> 00:15:37,315 That makes a lot of sense. And, certainly, 417 00:15:37,375 --> 00:15:39,455 you know, being able to see those trends 418 00:15:39,455 --> 00:15:40,115 and understand, 419 00:15:40,894 --> 00:15:43,054 how, as you said, how many people fall 420 00:15:43,054 --> 00:15:44,370 into that category, 421 00:15:45,470 --> 00:15:47,490 and will really need continued care, 422 00:15:47,870 --> 00:15:50,610 any kind of emergencies that come up. Especially, 423 00:15:50,830 --> 00:15:53,470 I know, you know, with any kind of 424 00:15:53,470 --> 00:15:56,269 oral and dental care, those emergencies need to 425 00:15:56,269 --> 00:15:57,170 be solved quickly. 426 00:15:58,254 --> 00:16:00,414 It's just fascinating to kind of, like, think 427 00:16:00,414 --> 00:16:03,215 about that and, you know, understand the gravity 428 00:16:03,215 --> 00:16:05,054 of what that means for communities across the 429 00:16:05,054 --> 00:16:05,554 country. 430 00:16:06,495 --> 00:16:08,894 Yep. You know, you bring up emergencies and 431 00:16:08,894 --> 00:16:11,090 and that's another one on my soap boxes. 432 00:16:11,149 --> 00:16:12,690 And I don't know, 433 00:16:13,950 --> 00:16:16,029 what it's like in all areas of of 434 00:16:16,029 --> 00:16:17,549 the country, but I know what it's like 435 00:16:17,549 --> 00:16:19,809 in North Carolina. And in North Carolina, 436 00:16:20,750 --> 00:16:22,274 the majority of dentists 437 00:16:22,595 --> 00:16:24,434 work 3 and a half or 4 days 438 00:16:24,434 --> 00:16:26,915 a week. So it's, you know, Monday through 439 00:16:26,915 --> 00:16:27,415 Thursday, 440 00:16:28,754 --> 00:16:29,495 8 ish to 441 00:16:30,195 --> 00:16:31,335 4 thirty ish. 442 00:16:31,955 --> 00:16:33,575 And if you have an emergency 443 00:16:34,355 --> 00:16:35,254 after hours 444 00:16:35,555 --> 00:16:36,055 on 445 00:16:36,610 --> 00:16:37,190 a Thursday, 446 00:16:37,649 --> 00:16:38,950 you have very little 447 00:16:39,410 --> 00:16:41,509 option but to go to the hospital. 448 00:16:42,210 --> 00:16:44,149 And even when you go to the hospital, 449 00:16:44,290 --> 00:16:46,529 the odds of having a dentist on staff 450 00:16:46,529 --> 00:16:47,509 or on call 451 00:16:47,889 --> 00:16:50,470 who can help you are slim to none. 452 00:16:51,115 --> 00:16:53,595 So I've gotten calls from friends in other 453 00:16:53,595 --> 00:16:56,715 towns in North Carolina who said this tooth 454 00:16:56,715 --> 00:16:57,615 is killing me. 455 00:16:58,475 --> 00:17:00,235 I had a big swelling done on it. 456 00:17:00,235 --> 00:17:02,014 I I'm worried I need a root canal. 457 00:17:03,379 --> 00:17:05,220 My face is starting to swell up. I'm 458 00:17:05,220 --> 00:17:06,359 in a ton of pain. 459 00:17:06,660 --> 00:17:08,660 What what can I do? And they were 460 00:17:08,660 --> 00:17:10,740 not able to find anybody. This is not 461 00:17:10,740 --> 00:17:13,619 a Thursday night after hours. They weren't able 462 00:17:13,619 --> 00:17:16,759 to find anybody to help them until Monday. 463 00:17:17,299 --> 00:17:17,799 So, 464 00:17:18,274 --> 00:17:19,794 you know, this I don't know what it's 465 00:17:19,794 --> 00:17:21,554 like in other areas of the country, but 466 00:17:21,554 --> 00:17:22,134 I think 467 00:17:22,674 --> 00:17:25,554 dentists need to realize that that we are 468 00:17:25,554 --> 00:17:26,934 a service industry, 469 00:17:27,474 --> 00:17:30,514 and service industry means we're available to our 470 00:17:30,514 --> 00:17:31,014 patients 471 00:17:31,315 --> 00:17:32,375 when they need us. 472 00:17:33,200 --> 00:17:35,539 I don't expect anybody to work 247, 473 00:17:35,920 --> 00:17:38,480 but, heck, if you got a patient who's 474 00:17:38,480 --> 00:17:40,880 in pain, they shouldn't have to wait 3 475 00:17:40,880 --> 00:17:41,380 days 476 00:17:41,839 --> 00:17:43,140 to to get out of pain. 477 00:17:44,480 --> 00:17:46,160 And that's such a great point. And, you 478 00:17:46,160 --> 00:17:47,940 know, it definitely seems like, 479 00:17:48,384 --> 00:17:50,464 that can be true for many communities across 480 00:17:50,464 --> 00:17:53,204 the country in terms of limited access. And, 481 00:17:53,505 --> 00:17:55,265 you know, even here in Chicago, I I 482 00:17:55,265 --> 00:17:56,804 know there's not many who, 483 00:17:57,345 --> 00:17:58,005 are available, 484 00:17:58,384 --> 00:17:59,825 you know, in some, 485 00:18:00,589 --> 00:18:02,190 some of the weekend hours and those kinds 486 00:18:02,190 --> 00:18:03,089 of things. So, 487 00:18:03,470 --> 00:18:03,970 certainly, 488 00:18:04,269 --> 00:18:05,490 it is a huge challenge. 489 00:18:06,109 --> 00:18:08,190 Before we wrap up here oh, yes. Go 490 00:18:08,190 --> 00:18:09,789 ahead. Sorry. No. I was gonna I was 491 00:18:09,789 --> 00:18:11,070 gonna say that, you know, in terms of 492 00:18:11,070 --> 00:18:11,650 the future, 493 00:18:12,109 --> 00:18:12,849 just kinda 494 00:18:13,325 --> 00:18:16,384 brainstorming, you know, maybe we'll see some, mobile 495 00:18:17,005 --> 00:18:17,505 emergency 496 00:18:17,964 --> 00:18:18,464 clinics, 497 00:18:19,805 --> 00:18:22,605 manned by a group of dentists who, all 498 00:18:22,605 --> 00:18:23,345 take turns. 499 00:18:23,805 --> 00:18:25,085 You know? I I mean, I don't know, 500 00:18:25,085 --> 00:18:26,924 but I I I think that there's a 501 00:18:26,924 --> 00:18:29,130 untapped market if we go look at it 502 00:18:29,130 --> 00:18:29,869 from a business 503 00:18:30,410 --> 00:18:32,570 angle. There's an untapped market in terms of 504 00:18:32,570 --> 00:18:33,950 emergency dental care. 505 00:18:34,410 --> 00:18:36,109 So, you know, maybe that's a future 506 00:18:36,490 --> 00:18:38,350 trend that we'll see. We'll see. 507 00:18:39,769 --> 00:18:42,109 Certainly. That you know, it seems like one 508 00:18:42,335 --> 00:18:44,095 possible solution that could make a lot of 509 00:18:44,095 --> 00:18:46,115 sense. And, you know, given, 510 00:18:46,494 --> 00:18:47,934 that trend as well as, you know, some 511 00:18:47,934 --> 00:18:49,714 of the other things we've talked about today, 512 00:18:49,934 --> 00:18:52,174 what do you see as being important for 513 00:18:52,174 --> 00:18:54,015 the next generation of health care leaders to 514 00:18:54,015 --> 00:18:55,775 be successful over the next 2 to 3 515 00:18:55,775 --> 00:18:56,220 years? 516 00:18:56,700 --> 00:18:58,059 What do you need to do in order 517 00:18:58,059 --> 00:19:01,019 to make sure you're ready, to lead successful 518 00:19:01,019 --> 00:19:03,039 practices in DSO organizations? 519 00:19:04,619 --> 00:19:07,500 I I, you know, I feel that there 520 00:19:07,500 --> 00:19:10,265 needs to be a shift in terms of 521 00:19:10,265 --> 00:19:12,444 new graduates and where they're 522 00:19:12,984 --> 00:19:14,045 willing to work. 523 00:19:14,585 --> 00:19:16,525 There needs to be a shift 524 00:19:16,984 --> 00:19:19,805 in the cost of of education 525 00:19:20,839 --> 00:19:22,680 because I think kids are coming out of 526 00:19:22,680 --> 00:19:25,000 school with so much debt that they just 527 00:19:25,000 --> 00:19:27,500 don't have a lot of options or choice 528 00:19:28,200 --> 00:19:28,700 available 529 00:19:29,079 --> 00:19:29,660 to them. 530 00:19:30,200 --> 00:19:32,380 I'd I'd like to see the DSOs, 531 00:19:33,775 --> 00:19:36,755 continue to lower the cost of doing business, 532 00:19:37,535 --> 00:19:39,075 but do you use 533 00:19:39,454 --> 00:19:40,275 the profit 534 00:19:40,894 --> 00:19:43,954 in in that those cost reduction measures 535 00:19:44,494 --> 00:19:46,434 to lower the cost of care 536 00:19:47,000 --> 00:19:48,619 to appeal to more people, 537 00:19:49,559 --> 00:19:50,619 from a broader 538 00:19:51,000 --> 00:19:51,500 socioeconomic 539 00:19:52,600 --> 00:19:53,100 spectrum. 540 00:19:54,119 --> 00:19:56,279 And I think that if if we could 541 00:19:56,279 --> 00:19:57,259 all do that, 542 00:19:57,799 --> 00:19:59,019 and I think it's doable. 543 00:19:59,799 --> 00:20:01,259 If we could all do that, 544 00:20:01,595 --> 00:20:03,355 you know, we can give back to our 545 00:20:03,355 --> 00:20:04,494 communities. Maybe 546 00:20:04,954 --> 00:20:07,295 some of the DSOs could could help, 547 00:20:08,234 --> 00:20:10,394 these young dentists with some of their debt. 548 00:20:11,195 --> 00:20:12,875 You know, I think there's there's a lot 549 00:20:12,875 --> 00:20:13,535 of things, 550 00:20:14,230 --> 00:20:15,849 that that could be done. 551 00:20:16,710 --> 00:20:18,230 And I just I think that what we're 552 00:20:18,230 --> 00:20:19,690 gonna see is a continued 553 00:20:20,549 --> 00:20:21,769 roll up of, 554 00:20:22,069 --> 00:20:23,049 dental practices, 555 00:20:24,149 --> 00:20:26,089 but I don't wanna see that happen 556 00:20:26,464 --> 00:20:27,365 to the exclusion 557 00:20:27,664 --> 00:20:28,164 of, 558 00:20:29,184 --> 00:20:31,045 care in underserved areas. 559 00:20:31,585 --> 00:20:32,244 A lot 560 00:20:32,785 --> 00:20:35,204 of guys who are trying to retire now 561 00:20:35,585 --> 00:20:37,505 may have set up a small office in 562 00:20:37,505 --> 00:20:38,565 a small community, 563 00:20:39,710 --> 00:20:41,710 you know, and thought, gee. I'm gonna be 564 00:20:41,710 --> 00:20:43,630 the the town dentist, and I'm gonna take 565 00:20:43,630 --> 00:20:44,529 care of everybody. 566 00:20:44,910 --> 00:20:47,150 And that was great for them, but now 567 00:20:47,150 --> 00:20:48,289 trying to find 568 00:20:48,750 --> 00:20:49,730 a new graduate 569 00:20:50,190 --> 00:20:51,089 to take over, 570 00:20:52,055 --> 00:20:53,894 Most of the new graduates have a lot 571 00:20:53,894 --> 00:20:56,535 of debt, and they wanna live in major, 572 00:20:56,535 --> 00:20:57,914 quote, urban areas. 573 00:20:58,295 --> 00:20:59,355 For North Carolina, 574 00:20:59,654 --> 00:21:02,055 you know, it's the Raleigh Durham area, it's 575 00:21:02,055 --> 00:21:02,555 Charlotte, 576 00:21:03,414 --> 00:21:04,394 maybe it's Wilmington. 577 00:21:05,359 --> 00:21:07,680 And there's a lot of practices that are 578 00:21:07,680 --> 00:21:09,539 going to be coming on the market 579 00:21:09,840 --> 00:21:11,920 in more rural areas, and they're not gonna 580 00:21:11,920 --> 00:21:14,080 be able to find buyers. So, you know, 581 00:21:14,080 --> 00:21:14,660 I think 582 00:21:15,039 --> 00:21:17,119 people need to have a little shift in 583 00:21:17,119 --> 00:21:18,259 how they see things. 584 00:21:18,775 --> 00:21:21,095 Maybe we'll go backwards in the sense that, 585 00:21:21,095 --> 00:21:23,194 gee, I'd love to be the town dentist. 586 00:21:24,454 --> 00:21:26,454 And I like to see the DSOs invest 587 00:21:26,454 --> 00:21:28,954 in those in those communities as well. 588 00:21:30,134 --> 00:21:32,134 Absolutely. And, you know, I I think the 589 00:21:32,134 --> 00:21:33,799 theme of this podcast seems to be, you 590 00:21:33,799 --> 00:21:35,980 know, those little shifts, those things that, 591 00:21:36,279 --> 00:21:38,039 shift in mindset and shift in what you're 592 00:21:38,039 --> 00:21:39,960 thinking about things in order to meet the 593 00:21:39,960 --> 00:21:41,660 very real challenges and, 594 00:21:42,200 --> 00:21:44,119 you know, gaps that there are in care 595 00:21:44,119 --> 00:21:45,660 today in the dental industry. 596 00:21:45,964 --> 00:21:47,565 Doctor Morey, thank you so much for joining 597 00:21:47,565 --> 00:21:49,484 us on the podcast today. This has been 598 00:21:49,484 --> 00:21:51,964 such a fascinating conversation, and I look forward 599 00:21:51,964 --> 00:21:53,585 to connecting with you again soon. 600 00:21:53,884 --> 00:21:55,964 Oh, pleasure, Laura. Thanks very much for having 601 00:21:55,964 --> 00:21:57,805 me, and I look forward to meeting face 602 00:21:57,805 --> 00:21:59,744 to face sometime soon. Absolutely.