The Disillusioned Dentist: Recent Episodes

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Show Notes:

1. Why did you want to become a dentist?
2. How many schools did you interview at and how did you choose your dental school?
3. How much does your dental school cost a year for tuition and living?
4. What will be the average debt of your classmates by the time you graduate?
5. Are your peers concerned about the current debt crisis or do they still think they are going to get out and crush it?
6. Where do most graduates work when they finish school? GPR, specialty, private practice or corporate?
7. What are the expected salaries and income dental students think they are going to make when they get out?
8. Is the demand for dental school still high? What are the expectations of pre-dental students? Do the dental schools tell these kids they are going to make alot of money?
9. At what point will the demand for student applications decline?
10. Do alot of students have a budget in dental school or do they maximize loans?
11. What amount of business education do they teach you in school?
12. How many of your classmates would you say listen to podcasts?
13. What is your plan to tackle this debt?
14. What would be your ideal job out of dental school?
15. Why did you start the how to make money after dental school facebook group?

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Hunter Smith, DDS is a 29 year old General Dentist in Jonesboro, Arkansas. He attended the University of Tennessee Health Science Center Collage of Dentistry in Memphis.After graduating in May 2014, Dr. Smith bought his first dental practice in August 2014 following a 2 month stent as an associate in the practice.

After successful management and system changes increased that already successful first practice by 46% profitability in just 1 year, Dr. Smith grew to enjoy learning about the business of Practice Ownership and ways that can improve clinical, business, staff, and patient relations. Building upon the early success, Dr. Smith joined up with a long-time best friend and fellow dental school graduate, Will Little, to form Southern Dental Group in October of 2015. Since forming SDG, Drs Little and Smith have acquired an additional 5 locations in the last 18 months. Southern Dental Group's 6 locations boast increased profitability of over 50% post-acquisition, an average overhead of less than 50%, business profits (EBITDA) over 26%, and have revenues of over 5 million dollars annually. SDG will be adding two additional location in the next 2 months.

Dr. Smith enjoys the opportunity to show and tell dentists, specifically young dentists, how to get into practice ownership early and be highly successful and profitable.

Here are some topics/ideas that we discuss: 1. Background about yourself 2. How were you able to get into practice ownership so quickly? 3. What is an ideal first job for a new grad? Corporate or private practice? 3.1 Do you believe that corporate dentistry is a sustainable model with all the constant turnover? 3.2 How were you able to get financing? 4. Did you alway plan on owning multiple practices or did you just start with one and just kept finding opportunities? 5. It seems that multiple practice ownership is the new trend: Do you think this is a god idea for the average dentist? 6. How should a dentist decide whether owning 1 practice and continuing to grow one location is a better idea than the multiple practice ownership model? Is it a personality thing? 7. Do too many docs expand too quickly and irrationally to portray that image that they are crushing it? 8. What were some of the biggest challenges you faced early on as a practice owner? What are some of your biggest challenges today? 9. What percentage can an absentee owner net? 10. How does the current debt situation affect a new grads ability to own a practice? 11. Do you think practice ownership as quickly as possible is the best solution? 12. Alot of people say the golden days of dentistry are over, do you agree or disagree? 13. What is your final piece of advice for a new grad who is $400-500k in debt?

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How to save money with the nifty thrifty dentists!

On this episode I would like to welcome Dr. Glen Vo and Dr. Vinh Nguyen. Glen and Vinh are hosts of the nifty thrifty dentist podcast. Today they will share their insight on thrifty ways to save money when starting and running a dental practice. 1. Please tell us about your background in dentitstry

1. Why did you guys decide to start the nifty thrifty podcast?

2. What are some of the best ways you guys have been able to save money in running a dental office?

3. What are some of the best ways to save money in building a dental office?

4. What is the cheapest ways to buy supples? Can you buy all of your supplies from one vendor or do you need to shop across many different vendors?

5. What are some of the most useful dental services that you guys and your followers use and recommend?

6. What is the most cost-efficient way you guys have found to market?

7. What areas do you think most dentists overspend or waste money?

8. What are some of the best tips to start saving money immediately?

9. What is one area of a dental practice where you do not want to be a nifty thrifty dentist and it is ok to splurge?

10. What are some of your peers currently doing in the dental field?

11. What would you recommend to a new grad dental student who is $500k in debt?