In this episode of Next Gen DDS, co-hosts Wes Lyon and Dr. Scott Menaker explore the crucial role of personal branding in dental practices, asserting that successful branding goes beyond mere advertisements and service promotion. Wes argues against the misconception that purchasing a practice guarantees patient referrals, emphasizing that authentic patient care and communication are key to effective practice management. Drawing from his 38 years of experience, Dr. Menaker recalls how strong branding was built on personal relationships long before the digital age. The discussion offers tangible strategies for cultivating a robust brand, including timely patient interactions and the significance of accountability. Dr. Menaker illustrates how small gestures, like offering Starbucks gift cards for any delays, enhance patient experiences. They highlight the importance of training staff to embody the practice’s brand values, as a cohesive team strengthens the overall patient experience. Wes and Dr. Menaker motivate listeners to actively engage with their communities, foster genuine relationships, and build trust through intention and authenticity. The episode encourages emerging dental professionals to embrace vulnerability while nurturing their branding efforts, underscoring that every team member plays a vital role in shaping patient perceptions.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker explore the impact of distractions and disruptions faced by today's dental professionals. Wes opens the dialogue by sharing his enthusiasm for understanding how external factors influence new dentists' career paths. Dr. Menaker reflects on pivotal disruptions he experienced, from the AIDS crisis to COVID-19, and underscores the necessity of mental and financial preparedness for long-term success amidst unpredictability. The hosts highlight the critical role of establishing robust systems to mitigate disruption effects. Dr. Menaker stresses the importance of strategic thinking and long-term goal orientation in maintaining practice resilience. Wes introduces the idea of “floating” through challenges, advocating for an adaptable mindset while avoiding over-leveraging financially. They discuss the dangers of excessive spending on unneeded technology, drawing parallels to economic downturns like the 2008 crisis. The conversation also touches on distractions linked to digital connectivity. Dr. Menaker expresses frustration with how technology can hinder meaningful professional interactions and growth. Wes emphasizes the importance of focused work and nurturing uplifting relationships. They conclude by encouraging thoughtful communication and boundary-setting around technology use to balance personal and professional lives effectively.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode, Wes and Scott discuss the importance of caution when considering enticing investment opportunities. They cover the hidden risks in high-return propositions, such as whole life insurance, annuities and DSO partnerships, emphasizing the need for thorough research and expert advice. By advocating for due diligence and prudent decision-making, Wes and Scott aim to steer listeners away from unrealistic promises and towards long-term financial security.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

Today, Scott and Wes explore the lesson of avoiding snap judgments and embracing empathy through a touching patient story. Stressing the importance of listening, providing options, and showing respect to all, they highlight the lasting impact of our interactions with others. They urge a mindful, graceful approach in all encounters, emphasizing understanding and refraining from quick assessments.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

Wes and Scott explore digital dentistry in this episode, focusing on CEREC machines and the shift to digital workflows. Discover the financial benefits, the significance of training staff, and the importance of embracing digital technologies for enhanced patient experiences and long-term success in dental practices.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this discussion, Wes and Dr. Menaker explore key strategies for dentists to elevate their procedures and enhance the patient experience. They cover topics like efficient anesthetic techniques, innovative tools such as the intraligamental syringe, and the importance of proper crown preparation.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode, Wes and Scott discuss the importance of following rules in a dental practice to maintain efficiency and quality. The speakers emphasized understanding the reasons behind protocols, both clinical and administrative, and the repercussions of not adhering to them.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode of Next Gen DDS, we discuss interview preparation for dental students seeking jobs. We highlight the importance of being well-prepared, dressing appropriately, conducting oneself professionally, and researching the potential employer. Asking thoughtful questions and showing genuine interest in the practice can set you apart.

Wes and Scott emphasize the need to cover various topics during the interview, including patient flow and growth opportunities. If you'd like to learn more, you can set up a free 30-minute call with us for further questions! We want to help you land the most desirable job possible.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode of Next Gen DDS, we discuss the importance of dressing appropriately for a job interview. We emphasize the significance of making a good first impression and recommend

overdressing, even wearing a suit if possible.

Punctuality is also crucial, as being late can result in immediate disqualification. We also highlight the importance of treating all employees with respect and suggest writing a handwritten thank you card after the interview to stand out from other candidates. Tune in to our next episode as we dive into interview questions and conduct.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, we explore the impact of AI on the financial industry. We discuss the benefits and limitations of AI in investments and emphasize the importance of knowledgeable advisors in complex financial planning. We highlight the need for dentists to find a financial advisor who understands their specific needs and goals. We stress the significance of choosing the right help for practice owners and the indispensability of human expertise in maximizing financial success.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode, Wes and Scott dive into stress in the dental profession. We explore its sources and impact on your career, finances, and personal well-being. We provide practical advice on managing stress, reducing failures in procedures, and handling financial stress. By understanding stress, acquiring skills, and making wise decisions, dental professionals can thrive under reduced stress levels.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode, Wes and Scott dive into the topic of effective communication with dental patients and how it can make a huge difference in their overall experience and also your treatment acceptance rate.

Many dentists struggle to convince hesitant patients to proceed with treatment because they tend to over-explain in technical terms that patients don't understand. It's crucial for dentists to ask better questions, listen to patients' concerns, and tailor the communication to their specific needs and desires.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker explore the critical realm of dental insurance and reimbursement, emphasizing its essential role for new practitioners. Wes underscores the necessity of grasping the fundamentals of dental insurance before entering practice, particularly how reimbursement dynamics influence associate contracts and revenue streams. Dr. Menaker offers a historical lens on the evolution of dental insurance since the 1970s, highlighting a substantial decrease in coverage that today affects practitioners' financial perceptions. Together, they dive into the complexities of working with various insurance networks, especially Delta Dental, and stress the importance of managing patient expectations to enhance satisfaction. Dr. Menaker's personal story underscores the value of transparency in cost communication. The discussion extends to overarching themes of practice management, advocating for new dentists to create a strong value perception in care to justify pricing in a competitive market. As the episode concludes, the hosts empower listeners to take command of their insurance knowledge and patient experience, setting the stage for future talks on personal branding and effective marketing strategies.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode, Wes and Scott discuss the two main options for dentists in their careers: working as an associate or purchasing a practice. Which is more profitable for dentists in the long run? Listen to find out.

Along with the financial implications, there are many other considerations when it comes to owning or not, such as owner perks, being a boss and HR management, having to work ON the practice, as well as others.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode of Next Gen DDS, Wes and Scott discuss what young doctors should be doing with their first paycheck. For most doctors, their first paycheck will be the largest sum of money they've gotten at one time, so it's important to make sure you're doing the right things with it to set yourself up for success.

How much should you be saving? What's the best way to save for retirement? Is it okay to be regularly financing your purchases? What insurance coverages does a doctor need?

All these questions and more will be answered on this episode!

Want to submit a question for Wes and Scott to answer on the next episode? Submit them here or give us a call at 704.424.9780.

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

In this episode, Wes and Scott dive into the topic of corporate dental practices compared to private practices. They highlight that both have their own advantages and it's important to understand the differences between them. As always, it's important to consider

personal preferences and individual circumstances when making career decisions such as whether to go corporate or private.

Wes and Scott also touch upon potential challenges in corporate dental groups, such as treatment philosophies and the potential for clawbacks if production goals are not met. Overall, it's crucial to have a clear understanding of one's long-term goals and assess the pros and cons of different practice settings.

In the next episode, we will explore how to wisely manage and utilize your first paycheck as a dentist. Stay tuned!

If you're not already, subscribe to The McGill Advisory newsletter to stay up-to-date on all things business! Students and residents- sign up for your FREE membership here.

Welcome to our first episode! Today, Scott and Wes delve into the topic of financial goals for young dentists after they graduate, specifically regarding how to select a first job out of school.

Scott and Wes give three practical tips on what to look for when trying to find an associateship to keep both your finances in order and also ensure you're growing as a doctor.

Our ultimate goal is to guide young dentists in making sound clinical, business, and financial

decisions that will set them on a path to success. It's important to consider not only the short-term financial gain, but also the long-term benefits that come with finding the right mentor and practice.

FREE McGill Advisory Membership for Students and Residents

Welcome to Next Gen DDS! Join co-hosts Wes Lyon and Scott Menaker as they discuss the most pertinent business, financial, AND clinical topics for dental students, residents, and early-career dentists.

As co-hosts, Wes Lyon and Dr. Scott Menaker bring their combined 40 years of expertise to the podcast. Wes Lyon of McGill and Hill Group specializes in providing optimal financial results for dentists nationwide. Dr. Scott Menaker, who recently retired after a diverse and busy career, brings a clinical perspective to the show. He has also worked as a consultant, trainer, and author.

The goal of Next Gen DDS is to support and guide young dentists in their new careers, both financially and clinically, through 15 to 20 minute episodes on various topics. By sharing their experiences, Wes and Scott aim to help dentists understand the "why" factors of growing a successful dental practice, being financially responsible, and continuously learning. Tune in to gain valuable insights and succeed in your dental journey.

On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker discuss the importance of representation in dental practice transactions. Wes voices his concerns over the rise in dual representation during practice sales, which often compromises the interests of young buyers. They stress the importance of having independent representation and share insights from Dr. Menaker’s extensive experience in the industry to underscore the need for thorough due diligence. This episode covers essential topics such as evaluating financial statements, understanding hidden costs, and the significance of having individual representation in partnership agreements to prevent overpayment and operational shock. Dr. Menaker shares a poignant story of a colleague's unfortunate experience due to lack of representation, reinforcing the emotional and financial implications of poor decision-making in dental transactions. Both hosts advocate for new dentists to seek reputable advisors committed to safeguarding their interests, emphasizing that investing in expert guidance can lead to long-term savings and stability.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, Dr. Scott Menaker and Wes Lyon explore the critical link between dental practices and real estate investments. They discuss how many dentists may overlook the long-term implications of property ownership when purchasing a practice, sharing cautionary tales of financial disruptions caused by unexpected relocations. The hosts highlight the importance of controlling real estate assets, emphasizing the significant renovation costs that can arise in dental-specific setups. Listeners are equipped with valuable strategies, including negotiating rights of first refusal and understanding the risks of urban development areas. The conversation encourages dentists to evaluate their current practice locations against potential moving costs, advocating for careful due diligence and strategic real estate planning. Scott and Wes conclude by stressing the importance of consulting professionals for both practice and real estate evaluations to secure a stable future.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, Wes and Scott emphasize the "Three Ps" for long-term success in dentistry: patience, persistence, and perseverance. They explore how these principles guide dental professionals through the challenges of practice ownership, highlighting that success requires time and thoughtful effort. Scott discusses the importance of patience in establishing a solid practice foundation and shares his experience in evaluating team dynamics before making hiring decisions. Wes adds that societal pressures can create misconceptions about immediate success, urging listeners to focus on genuine effort over superficial validation. Moving to persistence, Scott recounts his early career and the significance of continuous community engagement for building a loyal patient base. Wes echoes this, illustrating how meaningful connections often stem from consistent outreach rather than paid marketing. Perseverance becomes the focal point as they address the inevitable challenges in practice ownership. Scott encourages embracing setbacks as growth opportunities, emphasizing flexibility and resilience in adjusting strategies for sustained success. Listeners gain practical strategies for incorporating the Three Ps into daily practice management, with a reminder that the commitment to quality patient care is paramount.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, co-hosts Wesley Lyon and Dr. Scott Menaker discuss the compelling benefits of dental practice ownership for young dentists, emphasizing the control and autonomy it provides. They address common concerns like student debt and the complexities of buying a practice while highlighting the long-term financial and personal advantages, including tax benefits. The duo identifies three key advantages: independence, enhanced income potential, and improved work-life balance. They also touch on how ownership creates a fulfilling lifestyle, allowing for family involvement and personal growth.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode, Scott and Wes tackle the essential yet challenging topic of goal setting in the dental profession. They discuss the significance of establishing realistic and motivating goals for professional growth. Dr. Menaker shares his transformative journey from skepticism to advocacy for effective goal setting, highlighting the important belief of accountability within teams. They offer practical strategies, such as using visual reminders, and stress the need for regular goal discussions to boost morale and ensure progress. The conversation emphasizes the value of writing down goals to foster commitment, encapsulated in the mantra “what gets written gets worked on.”

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode, Dr. Scott Menaker and Wes Lyon explore the complex role of dentists as both practitioners and CEOs. They discuss the unique challenges dental practice owners face in balancing clinical duties and leadership responsibilities. Dr. Menaker reflects on the necessity of effective time management, delegation, and the importance of making difficult staffing decisions for team harmony and business efficiency. The conversation emphasizes the need for clear communication, fostering trust, and creating an environment conducive to feedback. Wes and Scott share strategies for strategic thinking and encourage a growth mindset within dental practices. Ultimately, they advocate for practice ownership as a path to personal and financial fulfillment, providing valuable insights for those navigating the intricacies of being a dentist and a business leader.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, Wes and Scott explore the complex landscape of dental insurance and its historical evolution since the mid-1980s. They discuss how the initial perception of dental insurance as a patient benefit has transformed into a reimbursement-focused model that imposes significant restrictions on fees, impacting both earnings and patient care. The conversation highlights the challenges practices face with reduced maximum payouts and the implications of being in-network vs. out-of-network providers. Wes and Scott share insights on practice management strategies that can enhance profitability while prioritizing patient experience. They emphasize the importance of transparency in communicating the value of dental services and preparing young dentists to navigate these complexities effectively.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.