Recently, the Paragon team reached out to Paragon’s President, Ken Runkle, about his thoughts for planning your success in 2025.
The Paragon Team: Well, how did most clients finish in 2024?
Ken Runkle: They were up. Over the last five years, some of clients were flat. In 2020, a lot of dentists’ – nationwide – collection numbers went backwards significantly because of the COVID Shutdown. Then they rebounded very strongly in 2021.
Paragon clients were flat in 2020 and then they were way up in 2021. Over the last three years, most Paragon clients continued to grow although some practices were flat last year until the election was finished. I did notice a lot of clients had to work extra hours after the election just to keep up with the added requests for treatment times.
The Paragon Team: What are you forecasting for 2025?
Ken Runkle: I believe that 2025 will be a breakout year. I have watched a number of dental practices implement a lot of changes over the last 5-7 years so that now they are ready for that strong, breakout year. In fact, Paragon’s theme for this year is “Compound Up.”
The Paragon Team: It sounds catchy, but what does it mean?
Ken Runkle: It means that someone has been making changes but sometimes you can’t see them as they build slowly on themselves like building blocks. Then one day, they have that breakout year where everything comes together, and the practice explodes.
We saw that back about 2012, about four years after the economic reset. We will see the same thing this year, about 4-5 years after the Shutdown. There is a lot of pent-up demand among patients and this year will be a breakout year.
The Paragon Team: Can you explain it a little further?
Ken Runkle: We have a lot of clients who are really stepping up their procedure mix with clear aligners, molar endos, implants of all kinds and more and more aesthetic dentistry. As a result, it truly will be a year that will surprise a lot of people.
The Paragon Team: Can you give us some advice as we go forward?
Ken Runkle: Yes. You should always calculate your success.
Even though the economic cycle may be very much in your favor, you still have to understand the nuts and bolts of goal setting. In other words, you have to calculate where you were, and you need to raise your expectations between 7-10%.
If you have a lot of PPO participation, they have to be happy with a 7% growth rate.
On the other hand, if you don’t have PPO fee restrictions, you may be planning on a 10, 12 or even 15% growth curve I realize that is a lot, but it certainly will be very doable in a number of practices.
The Paragon Team: Wow! A 15% increase would be pretty amazing.
Ken Runkle: I agree, but I do think we will see that in a number of practices this year. They really worked hard to put a lot of things in place, and this will be their year. I’m excited for them.
Also, I’m seeing a new way of thinking among some of our young doctors. They are pretty bold and they just go for it. As long as their clinical dentistry is good – and I believe it is very good! – and their quality of life and their quality of integrity is good, I believe they will see some growth rates that we would not have imagined 5-10 years ago.
The Paragon Team: Ok, but what if I’m not a young dentist?
Ken Runkle: Well, you still have to bring about change in your life and your practice. Let’s face it. Big growth only comes from big change. It doesn’t happen any other way so you will have to analyze your practice and determine where the best opportunity is for you to change.
I do know this. You will not have big growth without big change.
The Paragon Team: Any final thoughts?
Ken Runkle: This should be your breakout year. You should “Compound Up!” Go for it!
For three decades, Ken Runkle has helped doctors across the country experience the highest levels of personal and professional achievement. Celebrated as America’s Profitability Expert™, he is the founder and president of one of America’s leading dental practice management firms, Paragon Management Inc. Founded in 1986, Paragon Management helps dental practices throughout the United States increase profitability through consistent growth.