In today’s episode I make a granddaddy announcement in the direction Infinite Dental is heading in 2021.
But first let’s talk about Chuck E Cheese. Because who doesn’t love that greasy flattened pizza they serve. And god I loved that place as a kid. I’d get so excited when my friend was hosting their birthday party there. I still got excited when I took my niece and nephew pre-covid.
The grubby melting tokens in my pocket. They’d escape my grasp to every coin slot. Getting deposited with glee straight to my happiness center. Prize tickets dispensing countlessly for soon to be lost bouncy balls, flavorless sticks of gum or for the most fortunate and skilled, the latest video game or nerf gun.
I didn’t know how subconsciously Chuck taught me the cleverness of tokenization and rewards programs. The white coin/bill exchange machine conveniently sittingbetween skeeball and the overly inflated basketballs of arcade hoops was playing the best game of all.
Those exchange machines play the game of adding mental separation between the value of cash with the tokens needing to be spent on games.
It’s such a powerful concept. Reducing friction on the value of money. Why is it, those that frequent the casino, can easily push in a big bet of chips? But ask that same person to pay for their crown, it’s like pulling teeth.
The friction of money is much more apparent when there is an apparent fear of loss combined with an absolute known value.
Let’s see how this episode ages in two to five years. I’m hoping the adoption of cryptocurrencies is upon us by then. I truly believe the business of dentistry can be revolutionized with this new tech. The way we currently think about transactions and the exchange of money will be flipped on its head.
The dental practices that adopt and adapt to this change mostly quickly will have a huge upper hand simply by reducing the friction of exchange.
So this is my hugeeee announcement for Infinite Dental. I will be moving my side business towards the creation of private practice specific tokens (just like the Chuck E Cheese tokens, but digitally) for individual dental practices. Programming, creating, teaching all while making them completely safe via the blockchain technology that has secured the likes of Bitcoin (which has never been compromised in its lifetime). The backbone of the technology is simply beautiful in so many different aspects.
It probably doesn’t make complete sense to you right at this moment. Mainly because the adoption of crypto’s hasn’t gone mainstream. Just like you don’t have to know the inner workings of email protocols to send an email, but sending a stamp and envelope will feel the same way as using cash after the crypto revolution. This is one of those bleeding edge moments that seems so far fetched you’re saying ‘but Lam, no way am I replacing the good ole dollar bill anytime soon.’
And you’re absolutely right. The dollar isn’t going anywhere soon, but a parallel financial world is developing right beside the one you currently know and love.
An individual dental practice token/currency lets you do so much. Think about refunds, promotions or even payment plans.
Issuing a refund? Let your patient accept it in myownprivateDDS Coin. They can use it towards future work. Awesome. That equates to future work. What if they decide to transfer it to a friend? Even better, now your practice just got a new patient plus their work.
It’s a great promotional feature in your advertisements. Instead of handing out free exams, cleanings and x-rays, just give new patients $300 worth of myownprivateDDS Coin. They now have the same freedoms as stated in the previous paragraph, but the value of the promotion now works double as hard.
And finally payment plans. I know I mentioned this in my episode a few weeks ago about how cryptocurrency will change dentistry. Your ability to control payment plans through smart contracts, give pre-programmed discounts when using myownprivateDDS Coin will give your patients even more reason to stick with you. The value and affordability you can make those higher ticket dental items will now put more treatment within reach for your patient folk.
This is what gets me so excited for this new feature of money. The digital age deserves a currency made specifically for it. I can’t wait to learn and develop this side of Infinite Dental even further. And as adoption and awareness continues to rise (not to mention Bitcoin reaching an all time high this week, 23k at the time of this writing!) you will see how technology reduces friction to receive your beautiful crowns from your practice.
Cheers to thriving my friend,
Lam