The Dental Boardroom: Recent Episodes
PracticeCFO
A place for dentists to find expert insight and information around everything from navigating residency and associate opportunities to being a successful dental practice owner.
In the aftermath of COVID, there was a massive boom in dental practice transactions.
The market finally corrected itself in 2023. And while doctor-to-doctor private sales remained consistent, DSO sales slowed dramatically.
So, what caused these market trends? What does the market look like so far in 2024? And how will understanding trends help you make informed decisions as you buy or sell your own dental practice?
David Cohen is Managing Attorney at Cohen Law Firm, a legal practice with a unique focus on dentists and dental specialists. His team does between 300 to 400 practice transactions nationwide every year.
On this episode of the Dental Board Room Podcast, David joins host Drew Phillips to discuss how the DSO and private practice markets have evolved since 2020.
David shares his process for helping clients decide between DSO versus private practice deals and describes how deal terms are changing on the DSO end in 2024.
Listen in to understand what’s behind the uptick in private partnerships in recent months and learn how to make the best decision for selling your dental practice based on your circumstances and current market trends.
Topics Covered
How David’s family background inspired his work with dentists
How the DSO and private practice markets have evolved from 2020 to present
How David helps clients decide between private and DSO deals
How DSO deal terms are changing to favor the DSO
David’s insight on the uptick in both private partnerships and 100% sales
What’s behind the rise of workbacks in private practice sales
Connect with David Cohen
Cohen Law Firm
Practice Transitions [R]evolution Facebook Group
Cohen Property Law Group
Connect with Wes Read & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Seattle Study Club
Is good help hard to find when it comes to staffing your dental practice?
According to the ADA Health Policy Institute, staffing shortages, recruitment and retention are among dentists’ top concerns moving into 2024.
But what if you could easily find A players to fill your open positions? A players who will stick with your team for the long term?
Dr. Michael Neal is Founder and CEO of Build My Team, an affordable, outsourced healthcare hiring service that provides highly qualified job candidates for your dental practice.
A practicing optometrist in rural Pennsylvania, Dr. Neal created Build My Team to solve his own hiring challenges. Today, the platform serves healthcare providers in 40 states and Canada.
On this episode of The Dental Board Room, Dr. Neal joins host Drew Phillips to share the Build My Team process for hiring staff in healthcare practices without resumes or traditional interviews.
Dr. Neal explains how Build My Team designs an algorithm specific to your open position and collects data from job candidates to find A players for your practice.
Listen in to understand how Build My Team solves for the supply issue in healthcare staffing and learn how Dr. Neal can help you find employees with the skills and talents to excel on your team.
Topics Covered
[0:23] The Build My Team process for hiring staff in healthcare practices
[1:54] What data Build My Team collects from job candidates to find A players for a practices
[4:21] How Build My Team creates an algorithm specific to each position
[6:18] Build My Team’s guidance around finding employees who will excel in a given role
[8:23] How Build My Team collects the data they use to refine their algorithms
[9:46] What inspired Dr. Neal to design the Build My Team process
[11:14] Dr. Neal’s advice on creating a culture that retains A players
[12:05] How Build My Team solves for the supply issue in healthcare staffing
[13:34] What language Build My Team uses in its job descriptions
[17:52] How Build My Team informs a candidate that they’re no longer in the running for a position
[20:07] Why Build My Team asks applicants an open-ended question re: wage expectations
[23:05] Success stories of practices that used Build My Team to fill open positions
[25:07] Why you shouldn’t be afraid to hire team members without experience (for non-licensed positions)
[27:23] The typical timeline for filling an opening with Build My Team
[28:44] How the Build My Team process serves rural clients with a small talent pool
[30:23] How Build My Team helps a practice work with new team members
Connect with Dr. Michael Neal
Build My Team
Connect with Wes Read, Matt Odgers & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
EOS
The Kolbe A Index
Episode Promo Videos
Video Promo 1
Video Promo 2
You cannot sell a dental practice without clean books. And you definitely shouldn’t buy a practice without having an accountant evaluate its potential profitability.
But a good dental CPA has value beyond assisting with the basics of bookkeeping and price assessment.
So, what is the full value proposition of an experienced CPA in the context of a dental practice sale?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers serves as guest host and interviews Wes Read on the role of a CPA in the practice transaction.
Wes explains how a good dental CPA forecasts the range of profitability for a buyer, and he walks us through the process of financial due diligence in a dental transition.
Listen in to understand how a CPA helps buyers make business decisions after closing and develop the mindset of a business owner to grow a financially successful dental practice.
Topics Covered
An overview of the CPA’s role in a dental transaction
How a good dental CPA assesses the profitability of a practice
Wes’ approach to forecasting the range of profitability for a buyer
How Wes defines financial due diligence in a dental transaction
Using a seller’s tax returns to validate data on a P&L
How a dental CPA might coach buyers on business decisions
What to do as a seller if your books are not in order
What a buyer should expect in terms of CPA fees for due diligence
PracticeCFO’s relationship with a buying dentist after closing
What differentiates the mindset of a clinician vs. business owner
Connect with Matt Odgers
Odgers Law Group
Email matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
Practice Sales: The Role of Escrow on DPS EP010
Practice Sales: The Role of an Attorney on DPS EP011
Episode Promo Videos
Video Promo 1
Video Promo 2
Every dental practice sale involves several legal documents. And that’s why an attorney is a crucial part of the transition team for both buyers and sellers.
But what, exactly, does a dental attorney do in the practice sale process? What should you look for in an attorney to help you buy or sell a dental practice?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers is back with host Wes Read to discuss the role an attorney plays in the dental practice transition.
Matt and Wes walk us through the legal documents required in every practice sale as well as the deal-specific ancillary documents you might need.
Wes asks why it’s crucial to have a dental attorney review your LOI, and Matt explains what an asset sale agreement does and how it’s negotiated.
Listen in for insight on the attorney’s role in negotiating either the lease or real estate purchase agreement and learn why it’s beneficial to use a dental specific attorney for your practice transition!
Topics Covered
The documents a dental attorney addresses in a given practice sale
Why it’s crucial to have a dental attorney review your LOI
What provisions in an LOI are binding (and which ones are non-binding)
How a good LOI includes timelines for due diligence
Matt’s approach when a buyer has little money in the bank but needs an LOI review
The purpose of the asset sale agreement and how attorneys negotiate it
Why it’s beneficial to use a dental specific attorney vs. a general business attorney
How a good dental attorney moves the deal forward when the other side won’t budge on a particular term
The attorney’s role in reviewing a lease and negotiating with the landlord
When to ask for a lease extension when the buyer takes over
How the process differs when a seller is at the end of their lease or owns the real estate
When you need a workback agreement or seller financing note
Connect with Matt Odgers
Odgers Law Group
Email matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
The Role of Escrow in a Dental Practice Sale on DPS EP010
Episode Promo Videos
Video Promo 1
Video Promo 2
What role does escrow play in a dental practice transition? How does it benefit buyers and sellers alike?
Should you use an escrow for your practice sale?
Matt Odgers is a Dental Attorney with Odgers Law Group and VP of Business Development and Legal Operations with Practice Orbit.
Matt has more than a decade of experience representing hundreds of dentists in the process of buying or selling a practice.
On this episode of the podcast, Matt joins host Wes Read to discuss the purpose of escrow in a private practice sale, beginning with the financial security it affords sellers.
Matt and Wes explain why buyers have a larger representation when an escrow is involved and how it significantly increases the probability of closing the deal.
Listen in to understand how an escrow agent helps move a dental practice transaction forward and learn when you can avoid using escrow vs. when it is necessary to protect you in a dental practice sale.
Topics Covered
What inspired Wes & Matt’s podcast series on dental practice transitions
How Practice Orbit simplifies the dental practice sale process
How using an escrow affords dental practice sellers financial security
Why the buyer has larger representation when an escrow is involved
Why Wes & Matt are advocates of earnest money in the escrow process
How escrow instructions should be built into the letter of intent
How an escrow significantly increases the probability of closing a deal
The escrow agent’s role in moving a dental practice transaction forward
How an escrow statement makes things easier from an accounting, tax and legal standpoint
When it makes sense to hold back a percentage of the purchase price in escrow (and release it to the seller after certain conditions are met)
When you might avoid using an escrow in a dental practice sale
Connect with Matt Odgers
Odgers Law Group
Email matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
Episode Promo Videos
Video Promo 1
Video Promo 2
Inflation is down and the stock market is rallying in response. But the Fed is exercising caution before it lowers interest rates.
What does that mean for you and me? What should we be investing in right now?
Paul Lipcious, CPA, serves as Partner and Senior CFO Advisor and Brandon Hobson, CFA, CPA, is Chief Investment Officer at Practice CFO.
On this episode of The Dental Board Room Podcast, Brandon and Paul join host Drew Phillips for the continuation of The Dental Board Room Podcast's quarterly investment podcast series.
Brandon, Paul and Drew explain why the current markets are overly optimistic and where interest rates are likely to go in Q1 and Q2 of next year.
They go on to discuss what sectors they favor moving into 2024 and how they’re making decisions around equity allocations based on the current economic environment.
Listen in to understand what factors might create a softening of the real estate market and learn why Brandon, Paul and Drew recommend sticking to a long-term investment strategy versus trying to time the market.
Topics Covered
How the Fed might respond to the recent improvement in core inflation numbers
Why the markets are being overly optimistic by pricing in the Fed’s next move
The Magnificent 7 stocks that are driving market performance right now
Why we can’t count on the continued growth of the Magnificent 7
What sectors Brandon, Paul and Drew favor moving into 2024
Where interest rates might go from here and how they’re influenced by employment, inflation and fiscal policy
The likelihood that quantitative tightening will hold through next year
How to adjust portfolio allocations in lieu of the decrease in the 10-year yield
How Practice CFO is making decisions around equity allocations based on the current economy
What differentiates value vs. growth stocks (and why we prefer value over growth)
How to assess the health of a company based on capitalization and debt loads
How wage inflation is affecting dentists and dental specialists
How interest rates and inflation influence real estate and what factors might create a softening in the market
Why time in the market is more important than timing the market
Connect with Brandon Hobson & Paul Lipcius
Brandon at Practice CFO
Paul at Practice CFO
Connect with Wes Read, Matt Odgers & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Jerome Powell’s Speech on November 30, 2023
‘What’s Going on in the Housing Market?’ in The Wall Street Journal
What are the most common legal issues a dental practice might face?
How can dentists protect themselves from insurance audits? Board investigations? Or criminal charges?
Justin Withrow is Partner at Flannery Georgalis, LLC, where he specializes in representing dentists in regulatory investigations, insurance audits, professional licensing matters and complex business litigation.
Matt Odgers serves as Dental Attorney at Odgers Law Group, a firm with expertise in representing buyers and sellers in the purchase or sale of a dental practice.
On this episode of The Dental Board Room, Justin and Matt join host Wes Read to explain how a dental practice should approach sensitive legal matters.
Justin describes how a practice gets selected for an insurance audit, challenging dentists to put systems in place and conduct internal compliance checks to prepare for such an audit.
Matt and Wes ask what triggers a state board investigation, and Justin offers advice on reaching out to malpractice and securing legal counsel for your dental practice.
Listen in for insight on why a practice might find itself under criminal investigation and learn how the right attorney can help you navigate these challenging legal matters.
Topics Covered
[1:56] Justin’s background representing dentists with sensitive legal matters
[4:54] How a dental practice gets selected for an insurance audit
[8:03] Examples of statistical outliers that might trigger an insurance audit
[10:44] Variations in provider agreements among private insurance companies
[12:14] How often private insurance companies turn over the findings of an audit to a state board for criminal action
[13:41] 4 potential outcomes of an insurance audit and why it’s crucial to respect the process and respond in a timely manner
[18:52] The typical terms built into a contract between an insurer and provider (and how to terminate such an agreement)
[21:08] Building systems into your dental practice to prepare for an insurance audit
[22:39] How to properly document services provided and withstand the scrutiny of an insurance audit
[24:51] The benefit of having Justin’s firm conduct a compliance check for your practice
[27:20] What triggers a state board investigation of a dental practice
[30:03] Why a practice should take a state board investigation seriously from Day One
[35:05] When Justin suggests reaching out to your malpractice provider
[38:45] The quality of legal advice from on-panel providers for an insurance company
[42:20] Justin’s advice on how to secure legal counsel for a board investigation
[43:59] What partner dentists in a DSO can do to protect themselves from a board investigation
[47:16] Why a dental practice might find itself under criminal investigation
[51:35] The challenge of rebuilding a practice after a search warrant is executed
[53:17] Why Justin suggests consulting a lawyer before you answer any questions in a criminal investigation
[56:01] Case studies of 2 dentists Justin represented in criminal investigations
Connect with Justin Withrow
Justin on LinkedIn
Flannery Georgalis
Connect with Matt Odgers
Matt on LinkedIn
Odgers Law Group
Connect with Wes Read & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dentist, Dental Practice and DSO Representation at Flannery Georgalis
Episode Promo Videos
Video Promo 1
Video Promo 2
Video Promo 3
If you see your hygienist as someone who simply cleans teeth, you’re missing an opportunity.
Steve Sperry characterizes hygienists as treatment coordinators who are licensed to clean teeth. And he suggests compensating them for motivating patients to improve their overall health.
But what does that look like? How might you incentivize your hygienists to educate patients while they’re cleaning their teeth?
Steve is President of Inventive Dental Solutions and Coauthor of Hygiene Superstar. With 25 years of experience in dental practice management, Steve is passionate about helping dentists grow as leaders and build a successful business.
On this episode of The Dental Board Room, Steve joins host Wes Read to explain how to quadruple the production of your hygienist.
Steve challenges us to look at a dental practice as a subscription model business and compensate hygienists based on dollars scheduled coming out of the room.
Listen in for insight on using real-time data to run a practice more effectively and learn how to leverage ‘hygiene superstars’ to make your practice more profitable!
Topics Covered
[0:59] The differences among leadership, management and teaming
[8:19] How dentists can use real-time data to run a practice more effectively
[19:20] Why Steve sees hygienists as ‘treatment coordinators licensed to clean teeth’
[26:01] The benefit of looking at your practice as a subscription model business
[27:45] Compensating hygienists for their global impact on patients
[41:03] How much revenue comes from hygiene vs. restorative work in the most profitable practices
[44:06] How to build appropriate incentive vehicles for your staff
Connect with Steve Sperry
Inventive Dental Solutions
Connect with Wes Read, Matt Odgers & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Hygiene Superstar by Mike Czubiak and Steve Sperry
EOS
The 7 Habits of Highly Successful People by Stephen R. Covey
Bryan Johnson Blueprint
Dr. Mark Costes on Dental Board Room EP054
There's nothing overly complex about the business of owning a dental practice.
And while anybody who’s graduated from dental school can understand the operational side of running a practice, you still need to take the time to learn how it all works.
Dr. Mark Costes is Founder and CEO of The Dental Success Institute, a coaching program that helps dentists become more knowledgeable, more profitable and more fulfilled in their careers.
On this episode of The Dental Boardroom, Dr. Costes joins host Wes Read to explain how associates can design their own internship in the business of running a practice—even if they’re working for a DSO.
Dr. Costes discusses the importance of identifying a purpose beyond money, describing how Smile Outreach International affords him fulfillment now that he’s achieved financial freedom.
Listen in as Dr. Costes shares the business framework he used to grow his practice from one dental office to 16 and learn where to go for coaching in the business of scaling your own dental practice!
Topics Covered [0:13] What inspired Dr. Costes’ interest in dentistry and entrepreneurship
[8:31] Dr. Costes’ early experience as a dentist prior to buying his own practice
[15:21] What associates can do learn about the operational side of running a dental practice (especially if you’re working for a DSO)
[19:32] How to create your own internship in the business of running a dental practice
[28:28] The business framework Dr. Costes designed as he grew his practice from one dental office to 16
[37:06] Who’s the right fit for Dr. Costes’ Dental Success Institute coaching program
[41:21] Dr. Costes’ growing role as an advisor to dental business startups
[43:58] What Dr. Costes has learned from building charitable dental clinics in Third World countries
[47:57] The relationship between living your purpose and feeling fulfilled
Connect with Dr. Mark Costes The Dentalpreneur Podcast with Dr. Mark Costes
Dental Success Network
Dental Success Institute
Smile Outreach International
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
ResourcesWes Read on The Dentalpreneur Podcast EP1817
Elon Musk by Walter Isaacson
Associates on Fire
Entrepreneurs on Fire
EOS
Gino Wickman
The 4 Disciplines of Execution by Sean Covey
Chuck Blakeman on The Dental Board Room EP41
Chuck Blakeman on The Dentalpreneur Podcast EP439
Imagine receiving a phone call at your dental office from a government official implicating you in a drug case.
The alleged official asks for sensitive information, and you’re too anxious about clearing your name to question his legitimacy.
That’s exactly what happened to Dr. Ursula Levine, a dentist out of Irvine, California. Dr. Levine immigrated to the US from Germany 30 years ago and has had her own private practice since 2004.
On this episode The Dental Boardroom Podcast, Dr. Levine joins host Wes Read to walk us through the call she received from a scammer posing as a DEA agent and explain why she initially believed he was legitimate.
Dr. Levine considers why she may have been the target of fraud and describes what made her suspicious that the situation was a scam.
Listen in for Dr. Levine’s advice on safeguarding sensitive information and learn how to protect yourself and your practice from identity theft, phishing scams and other kinds of fraud!
Topics Covered[1:12] How Dr. Levine immigrated from Germany and has had her own dental practice since 2004
[3:20] The initial call Dr. Levine received from a scammer posing as a DEA agent
[6:21] Why Dr. Levine initially believed that the caller was a legitimate DEA agent
[8:08] What information the scammer asked for in his first few conversations with Dr. Levine
[10:27] Why Dr. Levine may have been the target of this scammer
[16:41] What made Dr. Levine suspicious that the DEA agent wasn’t legitimate
[21:51] How the imposter DEA agent attempted to get Dr. Levine to send him money
[26:14] Dr. Levine’s advice on what to do if you receive a call from an alleged government official
[28:31] Dr. Levine and Wes’ advice on how to protect yourself from identity theft
[34:50] Wes’ experience with sophisticated phishing scams directed at his team
Connect with Dr. Ursula LevineLevine Dentistry
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources FreeCreditReport.com
LifeLock
IdentityTheft.gov
LastPass
What is the best approach to reaching capacity at your dental practice?
We tend to equate ad spend with results, but the worst thing you can do is spend a lot of money on marketing when your systems are not set up to handle the leads that are coming in.
So, how do you find the right balance between operational efficiency and marketing?
Marketing Expert Ryan Gross is the founder of CMOShare, a data-driven dental marketing and consulting agency based in Lincoln, Nebraska.
Ryan has more than 15 years of experience in marketing, brand management, communications and sales in the attraction industry and the dental space.
On this episode of The Dental BoardroomPodcast, Ryan joins host Drew Phillips to discuss CMOShare’s unique, operations-first approach to dental marketing.
Ryan explains why it’s crucial to optimize inbound call answer rates before you put money into marketing and challenges dental practices to track their phone and online conversions.
Listen in for Ryan’s insight on determining the right ad spend to reach your patient acquisition goals and learn how to find a marketing company that’s the right fit for your dental practice.
Topics Covered[0:52] Ryan’s background in marketing and how he got into the dental space
[2:00] What the client evaluation process looks like at CMOShare
[4:11] How Ryan’s team analyzes data to determine inbound call answer rates
[8:14] Why it’s crucial to optimize answer rates before you put money into marketing
[12:11] Why your answer rate might be below Ryan’s recommended goal of 85%
[14:36] What to do if your conversion rate is lower than average
[19:24] Conversion rates for insurance-based vs. fee-for-service dental practices
[21:05] Ryan’s advice on tracking and retargeting big-ticket dental services
[24:02] How to set up conversion tracking on your website
[28:08] The importance of making sure online scheduling is set up properly
[31:18] How urging existing patients to schedule online frees up time for new patients
[33:29] Ensuring your site is built to facilitate the highest conversion rate possible
[39:12] The 3 components of a website set up to convert new patients
[42:29] How Ryan thinks about using tech tools to capture leads on big-ticket services
[44:06] How CMOShare builds out a focused ad campaign and measures its success
[49:19] Why increasing your ad spend doesn’t necessarily lead to better results
[51:36] How Ryan’s team determines the ad spend you need to reach your goals
[53:06] Ryan’s advice on setting realistic new patient goals to reach capacity
[56:45] What to look at when your new patient growth stalls
[58:49] How to interview a marketing company for fit with your dental practice
Connect with Ryan GrossCMOShare
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources Mango Voice
ActiveCampaign
Patient Prism
CareCredit
Smile Virtual
You don’t know what you don’t know.
And if you sign legal documents for a dental practice sale without the help of an experienced lawyer, you may be acting against your own best interests.
So, what is a dental attorney looking for in the fine print that you might miss?
Cecilia Chen is an attorney who specializes in dental practice transitions. She started her own firm in 2009 and has been focused on the dental niche since 2011.
On this episode of The Dental Boardroom, Cecilia joins host Drew Phillips to explain how setting up a trust early on makes the sale of a practice much easier should the doctor pass away unexpectedly.
Cecilia shares her experience helping dentists sell their practice to a dental service organization and offers advice on what terms to pay attention to if you’re negotiating with a DSO.
Listen in for insight on dealing with patient credits and prepaid treatment plans in a dental transition and learn how to ensure that the legal documents for a practice sale align with your interests.
Topics Covered[0:40] Cecilia’s background as an attorney and how she got into the dental transition niche
[2:23] Why it’s crucial to have a plan in place for transitioning a dental practice should the doctor pass away unexpectedly
[5:40] What families can do to mitigate revenue decline while a dental practice is in probate
[7:54] How to choose the best person to manage and sell your practice after you pass away (and why it might not be your spouse)
[10:37] Why Cecilia recommends setting up a trust for your practice as part of the post-close process
[12:08] The challenges families face in the deal process when a doctor has passed away
[16:32] Cecilia’s experience helping doctors sell a dental practice to a DSO
[20:09] What terms a doctor should pay attention to if they’re considering a sale to a DSO
[24:34] How doctors can negotiate with DSOs to have a say in important decisions post-sale, i.e.: staffing
[28:07] What differentiates private vs. DSO transactions in the pre-LOI stage
[34:39] How to make sure legal documents align with what’s promised in a DSO transaction
[36:46] The danger in overlooking patient credits in a dental practice sale
[40:50] Cecilia’s take on why buyers should honor patient credits—even if they inherited them unknowingly
[43:12] How Cecilia thinks about transferring prepaid treatment plans to the buyer of a dental practice
[48:52] When and how to address a seller’s preference to continue working in a practice after it’s sold
[51:30] Cecilia’s advice on approaching the opportunity to buy or sell a dental practice with optimism but doing the work to protect yourself
Connect with Cecilia ChenThe Law Offices of Cecilia Chen
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
You’ve got to be pretty smart to be a dentist.
You went to college, excelled in a difficult major like biochemistry, physics or molecular biology and made it through dental school.
But then you were thrown out into the real world, where it takes more than clinical mastery to run a successful practice.
And even the smartest doctors make dumb mistakes when it comes to managing their business.
Dr. Richard Madow is Cofounder of The Madow Center for Dental Practice Success, a consulting practice that helps dentists achieve success and happiness in their practice through truly personalized hands-on coaching.
Having been named a leader in dental consulting by Dentistry Today for many years running, Dr. Madow’s publications, articles and blogs are some of the most popular in the dental profession, reaching over 100,000 practices across the world.
On this episode of The Dental Boardroom, Dr. Madow joins host Wes Read to share five dumb mistakes smart dentists make, beginning with focusing too much on new patients—while ignoring existing ones.
Dr. Madow explains why it’s a mistake to depend on new equipment to bring in new patients and describes how dentists get distracted by other ventures and lose focus on what brings in revenue.
Listen in for insight on the value of properly training your front desk employees and learn Dr. Madow’s five tips for turning your staff into a cohesive team that truly cares for the patient.
Topics Covered[3:59] How Dr. Madow’s personal experience inspired his list of ‘dumb things smart dentists do’
[6:00] The problem with focusing too much on new patients while ignoring existing ones
[9:16] How existing patients can be just as clinically rich as new ones—and even more primed
[12:06] Why it’s a mistake to depend on new equipment to bring in new patients
[16:52] How dentists get distracted by other ventures and lose focus on what brings them revenue
[20:03] Why it’s crucial to provide proper training to team members at the front desk
[23:46] Dr. Madow’s 2 quick tips to dramatically improve your team’s phone skills and double your number of new patients
[30:26] The importance of dental practice operations vs. leadership and communication
[32:14] Dr. Madow’s 5 tips for building a true team rather than just having a staff
[40:01] The power of a leader who shows up with consistent optimism and energy (even when there’s conflict on the team)
Connect with Dr. Richard Madow The Madow Center for Dental Practice Success
The Dental Practice Fixers Podcast
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Practice Orbit on Instagram
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
We’ve seen a consistent trend toward consolidation in the dental space for the last 15 years. But coming out of the pandemic, the DSO marketplace is changing.
And if you’re thinking about selling your practice to a Dental Service Organization, it’s useful to understand the different deal structures available to you.
So, how are DSO deal structures evolving in a post-COVID world? And how can a dental lawyer help choose the option that’s right for you?
Dean Gould serves as Senior Attorney at Dykema, where he specializes in dental law and the DSO transaction space.
On this episode of the podcast, Dean joins host Drew Phillips to explain why DSOs are moving toward joint venture deals and how the site-level equity structure prioritizes income replacement and encourages organic growth.
Dean discusses the benefit of building a team of legal and financial advisors before you sell to private equity and describes how a dental lawyer can help structure a win-win scenario for you and the DSO at the LOI stage, giving you clarity and confidence prior to the resource-heavy due diligence process.
Listen in for Dean’s predictions around the success of doctor-centric DSOs and learn how to choose a deal structure that fits your risk tolerance and benefits you and your dental practice for the long term.
Topics Covered[3:54] What’s behind the trend to JV (also known as site-level equity) deals in the DSO space
[8:35] How different DSO ownership structures play out when a doctor exits the business
[13:50] The risk/reward profile of site-level equity deals vs. ownership at the holding company level
[18:40] How nuanced the terms can get around participating in recapitalization events
[22:08] How DSOs are incentivizing doctors to work past their 3- or 5-year workback agreements
[24:45] How doctors can take care of younger associates in negotiations with DSOs
[27:30] What DSOs are doing to prioritize income replacement and encourage organic growth
[31:11] How dental lawyers can help you with term sheets, LOIs, purchase agreements, new employment agreements, equity documents and lease arrangements
[35:36] Why private equity companies are growing real estate portfolios alongside their dental holdings
[37:17] Why Dean suggests getting your documents in order and building a team of legal and financial advisors before you sell to a DSO
[41:24] How a dental lawyer can help structure a win-win scenario for you and the DSO at the LOI stage, giving you clarity and confidence prior to the resource-heavy due diligence process
[45:29] Dean’s predictions around the evolution of specialty play platforms and the success of doctor-centric DSOs
[49:38] How to register for Dykema’s industry-leading DSO conference in Denver this July
Connect with Dean Gould Dykema
Dean on LinkedIn
Email dgould@dykema.com
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com
Practice CFO
What’s the smartest way to invest your money to win in the long term?
Dental practices benefit from being in an industry that is mostly recession proof. But can you build an investment portfolio that will also survive an economic downturn?
Brandon Hobson, CPA, CFP, serves as Chief Investment Officer at Practice CFO.
On this episode of The Dental Board Room, he joins host Drew Phillips to continue their conversation on investing in the current economy.
Brandon and Drew discuss several factors impacting the economy right now, including the Fed rate hike cycle, the pause on student loan payments, and the US labor market.
Brandon shares the thinking behind Practice CFO’s diversified approach to investing, explaining how we’re managing our client portfolios and why we allocate more to value stocks than growth investing.
Listen in for insight on the relationship between bonds and the banking sector’s recent instability and learn the investment strategies that will help you and your practice thrive in an uncertain financial landscape.
Topics Covered [1:12] Why the Fed is pausing its rate hike cycle and what to expect when they meet in July
[4:04] The data points Brandon looks at to gauge the probability of a recession
[8:21] How the end of the pause on student loan payments is likely to impact the economy
[13:30] Why the dental industry is more affected by the current labor market than other businesses
[17:30] How Practice CFO is managing its client’s portfolios right now
[25:17] The thinking behind Practice CFO’s diversified approach to investing
[30:15] How Practice CFO makes decisions around investing in growth vs. value stocks
[37:49] The concept of a bear market and how long a typical market cycle lasts
[40:33] Brandon’s advice for young, early-stage investors on navigating the emotion of investing
[45:39] Why it’s beneficial for Practice CFO to manage a client’s business strategy, personal investments and personal financial plan
[50:43] How the devaluation of bonds drove recent instability in the banking sector
[1:00:01] Brandon’s take on what the future holds for the banking industry
[1:03:43] How the SVB bailout differs from what the government did in 2008
[1:07:53] The benefit of keeping bonds in your portfolio (despite their recent decline in value)
Connect with Brandon HobsonBrandon at Practice CFO
Connect with Wes Read & Drew PhillipsPractice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
ResourcesBrandon on The Dental Board Room EP028
Jobs Report May 2023
Periodic Table of Investment Returns
Dentists can better prepare for their future by establishing a well-drafted estate plan. All to often, however, they delay doing so until it’s too late. If a dentist become mentally incapacitated, or passes away, without an estate plan they leave it to the state to decide how their assets will be distributed. That is a long, public, and expensive process. Additionally, this can create confusion and conflict for survivors. In this episode, we discuss the primary documents of a strong estate plan for dentists:
- Living Trust
- Will
- Power of Attorney for Finances
- Power of Attorney for Health Care
- A HIPPA Release
Moreover, you’ll learn how your dental practice can be affected by not having an estate plan in place.
Final note. Estate law varies by state, so be sure to engage an estate planning attorney in your state for appropriate guidance.
The Dental Board Room Podcast has always favored a Fee-For-Service practice model. However, we admit we've seen practices succeed within the PPO framework and contract restrictions. In fact, some PPO practices have seen tremendous success. But how is that possible when your in-network reimbursement rates are less than 50% of your UCR rates?
In this episode, Bob Marcus DMD, former practice owner who sold a 2.3M single-doctor PPO practice with no debt at age 51, explains the formula. This formula includes:
- An improved hygiene program
- Better dental technology
- Increased Efficiency
- A more effective assistant
- A more effective front office
- A successful case presentation and acceptance plan
Bob drives home the power of leverage, communication, and leadership. He reverses the narrative with the team and patients in a way that starts with the end in mind and never with insurance.
This is absolutely an episode to not be missed. Tune in today!
On this episode of the Dental Boardroom podcast, we have one of the founders Wonderist, one of the premier dental marketing companies in the industry. Michael covers many valuable lessons and key areas that every dental practice should consider with their marketing efforts. Growth in every business is essential, and a quality marketing partner is a staple to achieving your best.
Welcome to the second episode of our CFO Series! In it, we interview our very own Drew Phillips of Team Financial Freedom. Drew is a Dental CPA and financial advisor here at PracticeCFO. He is one of our lead financial advisors, and coaches dental practice owners every day on how to achieve strong financial results in their lives. In this episode, we discuss the trend of industry consolidation via DSOs and DPOs, tax planning, and what to expect from your CPA as a dentist. Tune in to another great edition of the Dental Board Room podcast.
On this episode of the dental boardroom podcast, we have Dr. Elona Gaball on the show to share her journey as a dental practice owner and founder of Inspire Changes, a non-profit with really big dreams and goals. Our listeners are in for an inspiring story founded on grit, leadership, and determination!
In this episode, we discuss the basic nuts and bolts of dental membership plans with Brad James of Kleer. These plans are an alternative to traditional dental insurance and can be used for uninsured patients and/or to reduce reliance on in-network plans. Increasingly, dentists need to find out an escape from the PPO reimbursement rates and membership plans can be one method of doing just that. This is definitely a hot topic, so make sure to tune in!
We welcome back Joanne Tanner onto The Dental Board Room podcast, this time taking a deep dive into the world of Delta dental insurance. Sit back and listen to Joanne's expertise on practice growth and profitability, and make sure to learn more over at Tanner Management. Hosted by our very own senior CFO advisor and firm partner, Greg Maravilla.
The Dental Board Room welcomes Chuck Blakeman, a life and business advisor to dentists. Chuck is a best-selling author, entrepreneur, TED speaker, and founder of the Crankset group. Listen in as we talk about defining the relationship between our roots and our fruits, the importance of proper motive when running our business, the relationship between money and happiness, and what Chuck calls the “why vacuum.” If you need a reminder why you works so hard, this is a must-listen-to episode.
The first of our “CFO Series”, we interview two of our team members, Paul Lipcius and Nick Dougherty. Both are Dental CPAs and financial advisors. Paul is one of PracticeCFO’s lead financial advisors and with the Help of Nick, they coach dental practice owners every day how to succeed financially. In this episode, we discuss the headwinds dentists face to be truly profitable, including reimbursement rates, taxes, bad advice, poor debt management, and misunderstandings about dental finances. Paul’s team, known as “Team Zen”, shares what they are seeing on the front lines of dental practice ownership and how to navigate themselves to financial zen. Check out Paul’s team at https://practicecfo.com/cfo-team/zen/.
Purchasing a dental practice is a complicated process full of potential landmines. In this episode, we interview Joanne Tanner, a 30-year veteran of practice management consulting and dental buyer support services. Joanne and Wes discuss what “due diligence” actually mean when purchasing a dental practice. What reports should be reviewed. What are the indicators of potential opportunities or challenges. What is the difference between financial and clinical due diligence. Whether or not to purchase the AR and how. What’s the cost of losing Delta Premier in-network reimbursement rates. How to approach the employees of the practice as a new dental practice owner. And lastly, we finish off with our thought on implementing a leadership program with the practice.
We welcome back Bob Spiel, coach and practice management consultant. Bob brings his background as an MBA and operations director at fortune 500 companies to help dental practice owner learn how to be exceptional leaders. In his book, “Flip Your Focus: Igniting People, Profits, and Performance through Upside down Leadership,” Bob opens up insights into behaviors of the best leaders. In this podcast, we’ll discuss the key points in his book. Dentists will take away specific principles to consider and apply in their own practice to ignite their teams, their profits, and their performance.
We welcome back Bob Spiel, coach and practice management consultant. Bob brings his background as an MBA and operations director at fortune 500 companies to help dental practice owner learn how to be exceptional leaders. In his book, “Flip Your Focus: Igniting People, Profits, and Performance through Upside down Leadership,” Bob opens up insights into behaviors of the best leaders. In this podcast, we’ll discuss the key points in his book. Dentists will take away specific principles to consider and apply in their own practice to ignite their teams, their profits, and their performance.
Join us for yet another podcast on changing landscape of student loans. In this podcast, we interview Dan Rooker, CFP, CSLP. Dan specializes in student loan planning for dentists. He works for Student Loan Planner as a leading consultant. Listen in as we talk about the rapidly changing landscape of dental loans this year and we expect for next year. This episode is a follow up from our recent Podcast where Wes discussed various student loan issues. This episode clarifies a few points from that previous podcast and expands into to include the most recent updates.
In today’s show, we interview Dr. Nick Marongiu. Nick owns and operates a very large, single-location multi-specialty practice in La Jolla California called Scripps Center for Dental Care. We learn about Nick’s journey from Loma Linda, where he graduated in 2010 to stepping into a strong practice in 2013 as a partner and then doubling it by the time he purchased the remaining equity in 2019. With 11 operatories and 10 providers, many of who are specialists, it truly is run as a multi-specialty practice. Learn about how Nick branded his company separate from himself, how he’s working into a position where leadership and management are even more important than his clinical production, and how he’s created a purpose-driven practice built on detailed business processes. If you’re interested in growing and branding a practice that’s bigger than you, tune in. There’s great content for you here.
Stay current with critical changes to the student loan rules in this episode. In it, we discuss how the government is addressing miscounts of payments made toward student loan forgiveness and also ways they’re trying to give you more months counted toward your forgiveness under the IDR and PSFL programs. We also discuss the massive shakeup in those companies servicing your student loans.
One increasing trend in both private and group practices is centralized or outsourced, billing. In this episode, we talk with Alex Gallup (agallup@cosentus.com), Phil Bridges (pbridges@cosentus.com), and Krysten Garduno (Kgarduno@cosentus.com) with Cosentus Business Services. Cosentus provides full outsourced billing services for dental practices. In this episode, we explain what is dental “Revenue Cycle Management” and the inefficiencies found in dental office billing practices. We explore the process of outsourcing dental insurance, the related costs, staff responses, industry trends, practice management software, and various other issues.
Being a great mom can be challenging. Being a great mom while practicing dentistry can be downright overwhelming. How can a dentist who is also a mother manage success in both? In this podcast we interview Dr. Grace Yum, founder of the Mommy Dentist in Business (MDIB) community, a rapidly growing group of moms in dentistry addressing the unique challenges they face. We cover what does “work-life balance” mean for them, where and how are boundaries created between dentistry and family, and we share our thoughts on avoiding “mommy guilt,” the feeling of underperforming as a dentist and mother. If you’re a mom (or aspiring mom) practicing dentistry, we hope you’ll find this podcast to be insightful to your situation and life goals.
We have Dr. Beth Bowen on this week's episode of the Associates on Fire Podcast. Beth has the unique experience of starting a dental practice from scratch, something we don't see as much of anymore. Beth gives us her first-hand account of what it took to build her dream practice one brick at a time.
In this week's episode, we have Dr. Mathew Delgadillo, co-owner of Golden Grove Dental on the show. Mat, is one of the youngest practice owners to be on the show. At just 29 years of age, he is running a successful dental operation with his partner Dr. Alice Chun. During the show, Mat covers key points that he and Alice focused on during their search for a dental practice as well as the lessons they've learned during their first year of ownership.
With another quarter in the books, it's time for another episode with PracticeCFO's investment director, Brandon Hobson. In our quarterly investment podcasts, our goal is to bring you our take on the latest economic trends, discuss monetary policy updates, provide our outlook on the markets, and everything else in-between as it relates to investment management.
What makes for a happy “business marriage” between two or three dentists? Why do dental partnerships fail at frequently? Will a dental partnership help me compete more effectively in the dental market? In this episode of the Associates on Fire Podcast, we interview Bob Spiel and Bryton Nield, founders of Dentist Partner Pros (formerly Dentist Hiring Pros). Bob and Bryton spend most of their time helping a single doctor practice owner find, vet, and onboard a partner. They outline the process of partnership formation that leads to a healthy, productive relationship in which one plus one equals three, both in professional enjoyment and financial reward. If you’re in a dental partnership, or would like to be a part of one, tune in. Lot of great content in this episode.
Today's guest has a reputation in insurance and billing that precedes him; you may know him as the dental insurance guy or, more simply, as Dr. Travis Campbell. Travis quite literally wrote the book on dental insurance, and you can find a copy of "Understanding Dental Insurance" on Apple's iBooks platform. During our episode, Travis goes into rich detail about common misconceptions in the dental insurance and billing space and provides a number of helpful tips and tricks to get your practices billing system. His new web-based platform is coming out soon, and you can get access to even more detail once it launches. The URL: www.dentalinsuranceguy.com
It's hard to talk about the business of dentistry without talking about insurance and billing because without them, there wouldn't be collections. It doesn't take a business degree to understand the importance of collections, without collections, there isn't a business; at best, it's a hobby. Travis isn't only an insurance and billing guru; he's also a practice-owning dentist who has put his methods to the test in his own practice. I'm excited for everyone to hear this episode!
We're excited to introduce the first episode of our new series "The Stories of Thriving Practice Owners". In this new series, our listeners will get first-hand accounts from practice owners that have dedicated their lives to both clinical excellence and best business practices.
Our first episode is a family affair. We have a trio of dentists that are more than co-practice owners, they're a thriving family. I'm excited to introduce you all to the Dankworth family. We have Drs. Stephen, Kimberly, and Piper Dankworth; owners and founders of La Costa Dental Excellence. Stephen and Kimberly built their practice on the pillars of function, health, and aesthetics. Each member of this family embodies both the drive for clinical excellence and a knack for savvy business practices. I'm excited for you all to hear their story.
In this week's episode of the Associates on Fire Podcast, we have Brandon Hobson, the Investment Director of PracticeCFO, on the show. Brandon takes our listeners through the challenges investors face in the modern world and what investment strategies are best suited to navigate our new investment landscape. It's an episode you won't want to miss, and there's something for everyone regardless of your investment knowledge and experience.
As current or future business owner, it’s critical you understand the laws around employment. If not, you run the significant risk of litigation from a current or previous employee. Even the nicest of employees can become legal opponents down the road. In this podcast, we speak with Anita York, an employment law attorney that has worked extensively with dentists. We discuss the traps dentists unknowingly fall into that can cost them hundreds of thousands. We dive deep into wage and hour law, W2 vs 1099, HR due diligence when purchasing a practice, and systems or methods to ensure a strong HR platform to protect you as an employer.
In this episode we interview Dr. Brian Harris, founder of Virtual Smile, a software platform and doctor-education group that enables dentists to introduce cosmetic dentistry into their practice on an entirely new scale. Additionally, we have Dr. Weston Spencer on the program. Dr. Spencer is a user of Smile Virtual and member of the Smile Virtual community of dentists. He shares his experience adopting the technology and his path to doubling his collections by redefining his market and brand. For all you dentists beholden to the PPO, this podcast is an absolute must.
In this episode of the Associates on Fire podcast we have the wizard of dental insurance and everything that is dental billing, Mr. Ben Tuinei on the show to discuss the secrets that dental insurance companies don't want you to know. Ben's in-depth knowledge is sure to challenge your thoughts on dental insurance, and provide new and refreshing insights that can help your dental practice significantly.
In this week's episode of the Associates on Fire podcast, our founder and CEO, Wes Read, goes over everything you need to know when purchasing a dental practice. It's a must-listen for any associates and future practice owners out there that want to avoid costly missteps and set themselves up for great success.
In this weeks episode of the Associates on Fire podcast we have two very special guests on the show, Dr. Howard Feffer, and his all-star daughter, Stacy Feffer. The topic today is such a fascinating one, and it's also one that has the power to create the practice and life you've likely been dreaming of for years, and one that drives real, sustainable profitability. I'm talking about case acceptance, but not in the boring or unproductive way you've likely heard it before. Right now, if you all took a hard and honest look at your conversion rates on higher-end full arch dental implant cases, you're successful conversion rate is probably somewhere below 30%. When looking at case acceptance from a financial math perspective, a 20% increase in overall case acceptance leads to a 100% increase in your bottom line profits, so pretty powerful stuff. Stacy and Howard are going to give us the inside scoop on the system they've built to close all-on-four and full arch dental implant cases at an 80% rate or higher. If you're interested after the show, you can learn more about Stacy and Howard's program at www.arch-ology.com
Are you interested in building a cosmetic dental practice? If so, tune in to this episode. Dr. Todd Snyder started his practice with the sole focus of building a preeminent cosmetic practice. He’s learned so many great lessons along the way and shares some of his key take-aways of his formula with us. This formula goes beyond cosmetic clinical training. It focuses on communication, mindset, and life. If you’re interested in cosmetic dentistry, get ready to fire it up with this one.
In this week's episode of the Associates on Fire Podcast, we have the author of DentalEase and CEO and founder of Denco Construction, Steve Anderson. Steve began his construction career in 1984 and founded Denco Construction in 1997. During his career, he has helped over 1,000 dental professionals build or remodel the office of their dreams. Every dentist out there knows that specialization in their field is important, and Denco Construction has embraced that completely by building out a team of individuals dedicated to building and remodeling dental practices; and it’s through these years of experience in dental that provided Steve the knowledge and expertise necessary to write a book as comprehensive as DentalEase. In the book, he goes through every step that a dentist will endure during their career from start to finish. He raises important questions that need to be answered and defined during each step along the way and provides helpful real-life case studies for context. I was particularly impressed with how the book was able to demystify the world of architecture, design, and construction, especially within the context of dentistry.
You can learn more about Steve's book DentalEase at www.dreamdentalpractice.net
You can learn more about Steve's dental construction company, Denco Dental Construction, at www.DencoDental.com
In this week's episode of the Associates on Fire Podcast, we have dental attorney and CEO of Acquire Dental Law, Matthew Odgers, on the show to walk our aspiring dental practice owners through the legal aspects of purchasing a practice. Matt also gives our listeners a taste for how his company is leveraging technology to change the dental industry's legal landscape for the better. One of our goals in this episode is to strip out the fancy legal jargon and deliver plain English explanations around the legal aspects of purchasing a dental practice. As our man Einstein said, if you can't explain it simply, you don't understand it well enough!
The legal topics that we'll cover today include:
- Pre Letter of Intent negotiations
- Letter of Intent submission
- Important provisions in the Purchase and Sales Agreement
- The Purchase and Sales Agreement negotiation process.
- Legal concepts during lease negotiations.
- Critical Legal Due Diligence items.
https://odgerslawgroup.com/
www.acquiredentallaw.com
In this weeks episode of the Associates on Fire podcast, Dr. Jungman walks us through the experience of buying into his parent’s dental practice and then dropping Delta Dental In-Network PPOs. Today his practice is more profitable and enjoyable than ever before!
President Trump signed into law on December 27, 2020 the Consolidated Appropriations Act, 2021. This law revised certain provisions in the CARES Act and allocated funds for a new round of PPP funding. In this podcast we'll discuss some of the key provisions that affect dental practice owners.
In this episode of the Associates on Fire program, Dr. Kevin Kenny shares about the mistakes that opened his eyes to the world of practice ownership. Harsh realities that new dental practice owners everywhere are still learning the hard way. Dr. Kenney wants you to avoid those same mistakes by getting the education he was missing early on. In spite of those mistakes, Dr. Kenny grew his practice to be a top-performing dental practice as measured by any standard. And he’s the founder of the Patriot’s study club that boasts of over 100 active members. Buckle up for some great content in this one.
In this week's episode of the Associates on Fire Podcast, we have a special guest, Colin Carr. Colin is the CEO and founder of CARR Healthcare Realty. CARR is the nation's leading provider of commercial real estate services for healthcare providers and is one of the only real estate provider dedicated exclusively to tenants and buyers. In this episode, Colin gives our listeners an in-depth view of how dentists and other medical practice owners should navigate the real estate side of their practice ownership journey. He goes over important topics such as market evaluation, site selection, purchase vs. lease comparison, lease analysis, negotiation strategy, and much more.
In this week's episode of the Associates on Fire podcast, we have Travis Hornsby on the show. Travis Hornsby is the owner of Student Loan Planner, one of the most popular resources for student loan education and resources. Travis gives his insights on proposed legislative changes under Biden's administration that could impact student loan borrowers, and how borrowers should navigate the current student loan landscape, as well as how the proposed changes could affect the economy at large. Travis also gives an overview of what income-driven repayment plans may be right for you and some of the key differences between each.
You can visit his website at www.studentloanplanner.com to learn more.
In this week's episode of the Associates on Fire podcast, we have Brian Leet. Brian is a non-captive insurance broker with many years of experience in the industry. Brian's been working with dentists and dental specialists since he started in the insurance industry. He shares his insights for how dentists should navigate one of the most critical financial planning elements of their career, insurance.
In this week's episode of the Associates on Fire podcast, we have CEO and founder of Prosperident, David Harris. Prosperident is the world's oldest and largest firm investigating financial crimes committed against general dentists and dental specialists. David shares several embezzlement stories his firm has uncovered and goes through a number of methods to identify at-risk areas for embezzlement in your dental practice.
In this week's episode of the Associates on Fire podcast, we have Dr. Jared Lee and his wife Kristin on the show to discuss their journey toward their 10-year goal of financial independence. Dr. Lee and his wife give a great perspective on important course corrections and their move to Juneau Alaska in search of a great (though challenging) opportunity.
In this week's episode of our Associates on Fire podcast, we have Dr. David and Kristin Kelly on the show. The Kelly's share their blueprint for finding and growing their first dental practices' collections by 50% and the net profit by 100% in the first year of ownership.
In this week's episode of the Associates on Fire podcast, we have Nick Partridge on the show. In this podcast, we tackle the subject of PPO contracts. PPO contracts are becoming increasingly prevalent in dental practices. Insurance contracts are complicated, and dentists often leave large sums of money on the table because they don't configure their PPOs effectively. We talk with Nick Partridge, founder of Five Lakes Dental Solutions, on managing PPOs in the dental practice to maximize financial outcomes.
In this week's episode of the Associates on Fire podcast, we have a long-time friend and client, Dr. Weston Spencer, on the show. Dr. Spencer opens up about his early days as a practice owner and touches on areas where new practice owners can really THRIVE and make a difference in their new dental practice's long-term success!
In this weeks episode of the Associates on Fire podcast, we talk with Dr. Landon Libby and his wife and right arm in the practice, Nichole Libby. In five years they've purchased three dental practices, rolling each new practice into their own. Through leadership and culture management, they've built a premier practice. Listen and learn how they did it.
In this weeks episode we have the owner of Dental Game Plan, Josh Summers. Dental Game Plan is a holistic dental marketing company dedicated to the dental space, and Josh gives us an in depth look at how to design and execute a holistic marketing plan for your dental practice. Get ready, because there is a ton of great information in this podcast for our practice owners out there!
In this episode of our Associates on Fire podcast we talk with Bob Marcus, former practice owner that ran a $2,000,000 single-doctor nuts-and-bolts dental practice with 50% profit margin. He shares with us his secrets of success. Also on the show is Darren Kaberna, practice management coach with Accelerate My Practice to share his insights in practice growth.
In episode 3 of the associates on fire podcast series we have guest and client, Dr. Chad Foster, join us for an in-depth perspective of what it takes to run a successful orthodontic practice.
Time to ignite dental associates! In this opening podcast, we lay out what the Associates on Fire program is all about. We discuss the challenges and opportunities early-career dentists are facing and provide our insight on how dental associates can fire up their pathway to success.
In episode 2 of the Associates on Fire program we have Dr. Tim Garofolo as our guest. To say Tim's early days as a practice owner were eventful is a dramatic understatements. We believe every early stage dentist should listen to this incredible story of getting knocked down and then picking oneself back up and finding their way to unbelievable success.