Explore every episode of the podcast The Dental Boardroom
| Title | Pub. Date | Duration | |
|---|---|---|---|
| 73: Partnership Valuations | 07 Nov 2024 | 00:23:49 | |
Episode Summary: In this episode, we dive deep into the intricacies of valuing dental practices, particularly in the context of partnerships. We break down key valuation concepts for general practitioners (GPs) and how factors like cash flow, overhead, and goodwill contribute to a practice’s overall worth. We also explore different partnership models, including associate buy-ins and common pitfalls when transitioning from associate to partner. Gain insight into how practice owners and associates can fairly assess and negotiate valuations to build equitable and sustainable partnerships. Key Points:
#DentalPracticeValuation #DentalPartnership #AssociateBuyIn #DentalBusiness #DentalFinance #PracticeGrowth #DentalPartnerships #Goodwill | |||
| 72: Three Elements to a Successful Dental Partnership | 31 Oct 2024 | 00:34:39 | |
Episode Summary: In this episode. we dive into the essentials of forming a successful dental partnership—a vital strategy in today's challenging economic landscape for dental practices. Our host draws on over 15 years of experience to highlight the financial and personal benefits of partnerships, explaining how joining forces can alleviate cost pressure, increase profitability, and create a supportive work environment. Key discussion points include the importance of chemistry, shared clinical philosophy, and fair profit allocation between partners. Tune in to learn how to navigate potential pitfalls and maximize the benefits of a dental partnership. Key Points:
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| 63: Dental Staffing Problems and Solutions—with David Schwab, Ph.D | 02 Jul 2024 | 00:48:28 | |
For most practice owners, the dentistry is the easy part. What’s hard is managing your team, especially with the current dental staffing shortage. So, what factors contribute to this shortage of staff? What can doctors do to solve this systemic issue? David Schwab, PhD, is a professional speaker, author and dental practice management consultant who helps dentists grow their practices, educate their patients and train their teams. On this episode of the Dental Board Room Podcast, David joins host Wes Read to explain what’s behind the dental staffing shortage and how we might address it with virtual workers, part-timers and temps. David offers advice on addressing employees who chronically call in sick, conducting performance reviews, and responding to requests for a raise. Listen in for insight on the Ritz-Carlton concept of lateral service and learn David’s top strategies for building and managing your team through the current dental staffing shortage. Topics Covered Why managing your team is the most difficult aspect of running a dental practice Why there’s a shortage of dental staff and what doctors can do to solve the problem The evolution of virtual work in dental practices David’s take on hiring virtual assistants from places like the Philippines or Africa What dental office tasks are likely to be outsourced moving forward The advantages of hiring part-timers and people without a background in dentistry How the emergence of online marketplaces might impact the dental space How well-documented processes allow doctors to leverage temporary employees David’s advice on addressing employees who chronically call in sick David’s ‘open book test’ system for performance reviews How dentists should respond to employee requests for a raise The benefit of open-book management that allows staff to understand overhead What dentists can learn from the Ritz-Carlton concept of lateral service David’s background and experience as a dental management business consultant Connect with David Schwab David Schwab Dental Practice Management Consulting Connect with Wes Read & Drew Phillips Email wes@practiceorbit.com or drew@practiceorbit.com Resources | |||
| 62: Trends in the DSO & Private Practice Sale Markets—featuring David Cohen | 17 Jun 2024 | 00:45:50 | |
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 Practice Transitions [R]evolution Facebook Group Connect with Wes Read & Drew Phillips Email wes@practiceorbit.com or drew@practiceorbit.com Resources | |||
| 61: How to Overcome Dental Staffing Challenges—with Dr. Michael Neal | 29 Mar 2024 | 00:36:20 | |
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 Connect with Wes Read, Matt Odgers & Drew Phillips Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources Episode Promo Videos | |||
| 60: Practice Sales: The Role of the CPA | 06 Feb 2024 | 00:38:37 | |
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 Email matt@practiceorbit.com Connect with Wes Read Email wes@practiceorbit.com 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 | |||
| 59: Practice Sales: The Role of the Attorney | 29 Jan 2024 | 00:38:30 | |
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 Email matt@practiceorbit.com Connect with Wes Read Email wes@practiceorbit.com 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 | |||
| 58: Practice Sales: The Role of Escrow | 25 Jan 2024 | 00:37:24 | |
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 Email matt@practiceorbit.com Connect with Wes Read Email wes@practiceorbit.com 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 | |||
| 57: Inflation, Interest Rates & Investing into 2024—featuring Brandon Hobson & Paul Lipcius | 19 Dec 2023 | 01:00:40 | |
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 Connect with Wes Read, Matt Odgers & Drew Phillips Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources Jerome Powell’s Speech on November 30, 2023 ‘What’s Going on in the Housing Market?’ in The Wall Street Journal | |||
| 56: Insurance Audits, Board Investigations and Criminal Matters—with Attorneys Justin Withrow and Matt Odgers | 15 Dec 2023 | 00:54:40 | |
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 Connect with Matt Odgers Connect with Wes Read & Drew Phillips Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources Dentist, Dental Practice and DSO Representation at Flannery Georgalis Episode Promo Videos | |||
| 55: Hygiene Superstar: Quadrupling the Production of Your Hygienist—with Steve Sperry | 06 Dec 2023 | 00:55:00 | |
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 Connect with Wes Read, Matt Odgers & Drew Phillips Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources Hygiene Superstar by Mike Czubiak and Steve Sperry The 7 Habits of Highly Successful People by Stephen R. Covey | |||
| 54: The Serial Dental Entrepreneur with Dr. Mark Costes | 02 Nov 2023 | 00:50:53 | |
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 CostesThe Dentalpreneur Podcast with Dr. Mark Costes Connect with Wes Read, Matt Odgers & Drew PhillipsEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com ResourcesWes Read on The Dentalpreneur Podcast EP1817 The 4 Disciplines of Execution by Sean Covey | |||
| 71: The Cons of Dental Partnerships | 03 Oct 2024 | 00:28:30 | |
In this episode of The Dental Boardroom Podcast, host Wes continues his deep dive into dental partnerships, focusing on the potential downsides. Following the previous discussion on the advantages of partnerships, Wes now addresses key challenges such as decision-making conflicts, differing mission statements, profit allocation issues, and the complexities of new patient distribution. Whether you're currently in or considering a dental partnership, this episode equips you with the knowledge to approach these arrangements with your eyes wide open, avoiding potential pitfalls that could lead to costly disputes down the road. Key Points:
#DentalPartnerships #BusinessTips #Dentistry #DentalPractice #DentalBoardroom #SmallBusiness #PracticeManagement #DentalProfessionals #ProfitAllocation #BusinessStrategy | |||
| 53: Imposter Posing as DEA Agent Targets Dentist – with Dr. Ursula Levine | 28 Oct 2023 | 00:40:22 | |
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 LevineConnect with Wes Read, Matt Odgers & Drew PhillipsEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources | |||
| 52: An Operations-First Approach to Marketing Your Dental Practice—with Ryan Gross | 24 Oct 2023 | 01:05:49 | |
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 Boardroom Podcast, 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 GrossConnect with Wes Read, Matt Odgers & Drew PhillipsEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources | |||
| Protect Yourself & Your Practice with a Dental Attorney—with Cecilia Chen | 09 Aug 2023 | 00:55:50 | |
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 PhillipsEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources | |||
| 5 Dumb Things Smart Dentists Do—with Dr. Richard Madow | 27 Jul 2023 | 00:50:53 | |
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 MadowThe Madow Center for Dental Practice Success The Dental Practice Fixers Podcast Connect with Wes Read, Matt Odgers & Drew PhillipsEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources | |||
| The Evolution of Deal Structures in the DSO Space - with Dean Gould | 30 Jun 2023 | 00:56:53 | |
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 GouldEmail dgould@dykema.com Connect with Wes Read, Matt Odgers & Drew PhillipsEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Resources | |||
| PracticeCFO’s Diversified Approach to Investing - with Brandon Hobson, CFA®, CPA | 27 Jun 2023 | 01:14:59 | |
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 HobsonConnect with Wes Read & Drew PhillipsResourcesBrandon on The Dental Board Room EP028 | |||
| Estate Planning 101 for Dentists | 28 Mar 2023 | 00:41:31 | |
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:
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. | |||
| Thriving within a PPO Practice! | 07 Mar 2023 | 01:13:18 | |
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:
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! | |||
| 46: The Wonderist Agency with Michael Anderson | 06 Mar 2023 | 00:54:17 | |
On this episode of the Dental Boardroom podcast, we have one of the founders of The Wonderist Agency, 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. | |||
| 45: DSOs, DPOs, and Other Dental Financial Talk with Drew Phillips CPA | 01 Mar 2023 | 00:49:56 | |
Welcome to the second episode of our CFO Series! In it, we interview our very own Drew Phillips of Team Financial Fitness. 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. | |||
| 70: The Pros of Dental Partnerships | 30 Sep 2024 | 00:32:59 | |
Episode Summary: In this episode of The Dental Boardroom Podcast, host Wes Reid kicks off a six-part series on dental partnerships. Whether you’re in a partnership or considering one, this series is packed with insights. Today’s episode focuses on the pros of dental partnerships, with a deep dive into how financial efficiencies, particularly in overhead costs, can benefit multi-doctor practices. Wes breaks down the different categories of overhead costs—labor, labs, supplies, facility, marketing, and admin—and explains which are fixed versus variable, providing a clear picture of how partnerships can reduce costs while increasing profitability. Key Points: Introduction to the Partnership Series
Financial Efficiencies of Partnerships
Breakdown of Overhead Costs
How Partnerships Reduce Overhead
Selling a Dental Practice
#DentalPartnerships #DentalPractice #DentalBusiness #DentalOverhead #DentalValuation #PracticeManagement #DentistLife #PartnershipSuccess #FinancialEfficiency #PracticeOrbit | |||
| 44: Inspire Smiles with Dr. Elona Gaball | 23 Feb 2023 | 01:06:40 | |
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! | |||
| 43: Live at MDIBS CEO Roundtable 2023: Patient Membership Plans 101 w/ Kleer | 15 Feb 2023 | 00:29:15 | |
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! | |||
| 42: Diving Into Delta Dental Insurance w/ Joanne Tanner | 13 Jan 2023 | 00:56:36 | |
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. | |||
| 41: Why Are You In Life? | 11 Nov 2022 | 00:36:02 | |
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. | |||
| 40: Overcoming Financial Headwinds to Thrive as a Private Practice Owner Today | 08 Nov 2022 | 00:58:57 | |
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/. | |||
| 39: Landmines To Avoid When Purchasing a Dental Practice (And More!) | 14 Oct 2022 | 00:53:39 | |
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. | |||
| 39: Upside Down Leadership as a Dental Practice Owner: Part 2 | 02 Sep 2022 | 00:53:56 | |
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.
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| 38: Upside Down Leadership as a Dental Practice Owner: Part 1 | 30 Aug 2022 | 01:03:17 | |
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. | |||
| Student Loans: The Latest Updates | 26 Aug 2022 | 01:18:40 | |
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. | |||
| Growing a True Multi-Specialty Practice with Dr. Nick Marongiu | 27 Jul 2022 | 01:35:23 | |
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. | |||
| 69: How The Global Workforce Era Is Shaping The Future Of Dental Staffing | 25 Sep 2024 | 00:48:36 | |
Summary: In this episode of the Dental Boardroom Podcast, host Drew Phillips welcomes Beth LaChance, CEO of Global Medical Virtual Assistants, to discuss how virtual assistants are transforming dental and medical practices. With a growing need for staffing solutions post-COVID, Beth shares how her company is filling the gap by providing highly qualified virtual professionals. Learn how integrating these professionals into your practice can improve efficiency, reduce burnout, and streamline operations, all while maintaining high-quality patient care. Key Points:.
#DentalBoardroomPodcast #VirtualAssistants #DentalStaffing #MedicalStaffing #BethLaChance #GlobalMedical #RemoteWork #PostCovidSolutions #DentalPractice #MedicalVirtualAssistants #HealthcareEfficiency #AIInHealthcare | |||
| Student Loan Update: IDR/PSLF Waivers and Student Loan Servicer Changes | 28 Jun 2022 | 00:30:12 | |
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. | |||
| Outsourced Insurance Verification and Billing Everything You Need to Know! | 21 Jun 2022 | 01:16:11 | |
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. | |||
| Juggling Motherhood and Dentistry | 07 Jun 2022 | 01:11:44 | |
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. | |||
| The Stories of Thriving Practice Owners: Dr. Beth Bowen | 02 May 2022 | 00:54:17 | |
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. | |||
| The Stories of Thriving Practice Owners: Golden Grove Dental | 25 Apr 2022 | 00:59:22 | |
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. | |||
| Investing In The Modern World: Ep. 2 | 18 Apr 2022 | 01:11:10 | |
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. | |||
| Dental Partnerships: Factors of Success | 12 Apr 2022 | 00:57:47 | |
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. | |||
| The Dental Insurance and Billing Guru - Dr. Travis Campbell | 30 Mar 2022 | 01:08:32 | |
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 | |||
| The Stories of Thriving Practice Owners: La Costa Dental Excellence | 02 Mar 2022 | 01:23:52 | |
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. | |||
| Investing In The Modern World: Ep. 1 | 22 Nov 2021 | 01:00:19 | |
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. | |||
| 68: How Long Will It Take to Sell My Dental Practice? Part 2—with Matt Odgers | 21 Aug 2024 | 00:34:03 | |
What are the most common delays that prolong a practice sale? In general, the people who hold up deals are banks and landlords. But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale! On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale. Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice. They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline. Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice. Topics Covered
Connect with Matt Odgers Connect with Wes Read & Drew Phillips Email wes@practiceorbit.com or drew@practiceorbit.com Resources | |||
| Understanding Employer Law in a Dental Practice | 01 Nov 2021 | 01:02:49 | |
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. | |||
| The Power of Virtual Consults: How to Bring Cosmetic Dentistry Into Your Practice Like Never Before | 18 Oct 2021 | 00:56:07 | |
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. | |||
| Unlocking the Secrets of Dental Insurance and Billing - Part 1 of 2 | 23 Sep 2021 | 00:49:48 | |
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. | |||
| Everything You Need to Know When Purchasing a Dental Practice | 21 Jun 2021 | 01:05:57 | |
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. | |||