A Year In Review: Breaking Down The Data with Gaidge

Welcome to the Hey Docs! Podcast with your host Jill Allen. Today, we have a special guest, Ryan Moynihan from Gaidge, on the show. In this episode, you will discover how Gaidge gathers and utilizes vast industry data and hear about the most interesting findings from this last year. As we step into 2024, get ready for invaluable advice on navigating the evolving orthodontic landscape. Let’s dive in! https://www.gaidge.com/https://www.facebook.com/GaidgeOrthohttps://www.instagram.com/gaidgeortho/https://www.linkedin.com/company/gaidge/https://www.youtube.com/channel/UCg-TfxTvb1JsqsqyUkDvPJQ SummaryIn this episode, Ryan Moynihan, COO of Gaidge, discusses the highlights and trends of the orthodontic industry in 2023. He shares insights on the stability of the industry, the impact of COVID-19, and the performance of different treatment modalities. Ryan also emphasizes the importance of addressing the 'leaky bucket' in patient conversion and leveraging data to improve practice performance. He highlights the features and enhancements of the Gaidge platform and discusses future plans for the company. In this conversation, Ryan Moynihan discusses surprising data trends in the orthodontic industry, offers advice for the future, and emphasizes the importance of using data for new businesses. He also shares leadership philosophies and highlights the need for simplification and collaboration. The conversation concludes with a speed round and Ryan's big, hairy, audacious goal of finding peace in simplification. TakeawaysThe orthodontic industry has shown stability and resilience, with a compounded annual growth rate of 4.8% over the past five years.The COVID-19 pandemic had a significant impact on the industry, with a spike in growth followed by a period of decline.Adult starts have decreased, while bracket and wire treatments have gained traction compared to aligners.Addressing the 'leaky bucket' in patient conversion is crucial for practice success.Using data analytics platforms like Gaidge can help orthodontists benchmark their performance, identify areas for improvement, and make data-driven decisions. Data trends in the orthodontic industry can be surprising and may require further analysis to understand.It is important for businesses to use data to make informed decisions and maximize profitability.Leadership should focus on collaboration, vulnerability, and understanding different perspectives.New businesses should start paying attention to data from the beginning to establish a strong foundation.Simplification and finding peace in simplicity can lead to greater satisfaction and mental health.Connect With Our Advertisers Kaleidoscope - Orthodontic Digital Marketing GreyFinch - Web Based Practice Management SoftwareSmileSuite - Customizable Presentation Software and Post-Consultation Follow-Up Chapters00:00Introduction and Background02:05Ryan's Journey in the Industry06:27Highlights and Trends of 202313:28The Leaky Bucket and Patient Conversion19:12Buyer Trends: Adults vs. Kids, Aligners vs. Brackets25:41Using Data to Improve Practice Performance31:47Enhancements and Future Plans for Gaidge33:40Surprising Findings in the Data34:49Surprising Data Trends36:28Advice for the Future39:14Using Data for New Businesses41:36Managing Business Metrics42:37Leadership Philosophies45:50Contacting Gaidge46:38Speed Round51:18Big Hairy Audacious Goal Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com. If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode. New episodes drop every Thursday! Episode Credits:Hosted by Jill AllenProduced by Jordann KillionAudio Engineering by Johnny Mitchell