The Nifty Thrifty Dentists – Details, episodes & analysis

Dr. Justin Bhullar is the founder of High Performance Practice. He started looking at joining the best practices in his fourth year of dental school. He ended up in Canada as an associate. He then purchased several rural practices that he managed remotely. After selling he tried other practice models including startups. Today he has six practices in Canada and manages them from Florida. He thinks that mistakes are where you learn the most. Partnering with a good business coach or dentist who is good with the business aspects.

Mistakes: Be clear on you why and whether it’s a good fit for you. Discover and learn from the mistakes of others. Not every dentist wants to be a business owner or spend the time to learn it.

What are the biggest issues practice owners have besides not investing the time? There are over 300 potential issues he has found in working with practices. Common ones deal with people and systems. He is very transparent and doesn’t want to waste people’s time. He also focuses on a few smaller problems to help get to the next step in your practice. It’s about more than collecting a check.

Trying to work on your practice between patients or after work means something suffers. You have to take time to work on the business and not just in the business. Their aim is to give you more time to grow your business while doing less chairside. While working five days may be necessary, you won’t know until you try it a different way. There is no magic pill, but trying new things and tracking results will show you what can work better. When your ego gets in the way, things were often made worse. Listening and learning from people who have found success in areas where you are wanting to learn is necessary. They can help you with compacting the time by heading off mistakes as well as encouraging you as a mentor.

His newest project Dental Business Mentor is a partnership with Dr. Paul Etchison. This focuses on looking at performance indicators. By making video modules of concepts he teaches, people are able to gain the knowledge to implement the changes they need in their practice. They offer a year of access for a low price to help more people. In his own practices, he is finding issues that come up to address to add to their offerings. This method can save you money and give access to your entire team. Another benefit is that you can submit questions and if it is something that is a shared concern by others, they will create a video. The modules also give you time to pause and reflect or pace yourself.

His newest book “High Performance Practice: Management, Marketing, and Leadership” is available for only shipping and handling. Go to www.highperformacepractice.com and follow the link.

On a personal level, it is also important to measure things. Breaking it into the fulfillment segments: Family, Physical, Finances, Freedom, Fun, and Friends are all areas to evaluate for life balance.

In this episode of the Nifty Thrifty Dentists Podcast, Dr. Glenn Vo sits down with Dr. Jim Arnold, Founder and CEO of Foundation Dental Alliance, to talk about what it really takes to build a successful fee for service dental practice.

If you are feeling squeezed by insurance reimbursements, rising overhead, and the pressure to see more patients just to stay profitable, this conversation will resonate with you.

Dr. Arnold shares:

• Why insurance driven dentistry is leading to burnout

• The mindset shift required to move toward fee for service

• How leadership and culture directly impact profitability

• Why relationship based care creates long term stability

• The six pillars needed to build a freedom based practice

This is not about dropping PPOs overnight. It is about building clarity, confidence, and a strategy that protects your future.

If you have ever wondered whether there is a better way to practice dentistry, this episode is worth your time.

👥 Connect with Dr. Jim Arnold

🌐 https://foundationdentalalliance.com

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👥 Join the Nifty Thrifty Dentists Facebook Group

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In this episode, Dr. Glenn Vo brings back a long-time friend of the community: Aaron Boone, former pro football player, CEO & founder of MVP Mailhouse.

If you think direct mail is “old school,” you haven’t seen what MVP is doing.

Aaron and his team have mailed over 100 million postcards for dentists and track everything... from where your best patients live, to which offers they respond to, to how your front desk handles every call. This isn’t “spray and pray” mailing. This is data-driven direct mail built to generate revenue, not just phone calls.

You’ll hear how MVP Mailhouse:

⦁ Maps where your BEST patients already come from (down to neighborhoods)

⦁ Targets their neighbors instead of wasting money mailing your existing patients

⦁ Tracks every call with unique numbers for each mailing and area

⦁ Scores front desk performance and helps you improve conversions

⦁ Matches each new patient and dollar back to the homes that got the mailers …so you finally know your true ROI from direct mail.

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👉 Grab the deal here:

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✉️ Sponsor

This episode is sponsored by MVP Mailhouse, the direct mail partner that speaks dentistry and backs everything with real data and ROI.

📌 Join the conversation inside the Nifty Thrifty Dentists Facebook Group:

👉 https://fb.com/groups/niftythriftydentists

With each new year comes new opportunities and responsibilities—there are new things to figure out. And while most dentists love the idea of launching off the new year by trying new tax strategies, even more of us like waiting until the last minute to do just that. 

HMP Consultants is a business that performs the whole nine yards: bookkeeping/keeping payroll, advisory services, income tax prep, tax estimates, tax planning, and more.

This is a big deal: many CPAs only take care of one part of the package. The fact that Harsh operates within the niche of dentistry means he keeps things even cleaner than other CPAs who advertise the same services.

It’s time to take a step back and launch off on the right foot. That’s why Harsh Patel, the owner of HMP Consultants, was so happy to step in for this week’s episode and provide some advice.

Their goal is to help practices maximize their growth by implementing tax-saving strategies and ensuring all compliance needs are done well on time.

Every dentist is in a different phase of their career and, if they have the right CPAs on their team, then they’ll always be leveling up.

HMP Consultants is equipped to handle all your accounting needs, no matter how complex. Whether you require assistance at the corporate or personal level. HMP is ready to serve as your tax planners and accounting advisors.

It makes sense: Harsh has a lot of family in the medical field.

Harsh has been working with dentists for some time. His dental clients often come to him with situations he wishes he saw sooner, to say the least.

So, what should we be thinking about this New Year?

Common denominators:

Business structure:

This is a common problem with new dentists who’ve just acquired a practice.

They need advising and consulting guidance.

Their whole structure is wrong. 

How so?

There are so many business structures to choose from, and that’s half of the battle. The right structure might come in the form of a local proprietorship, partnership, LLC, corporation, S-corp, DSOs—the list goes on. While S-corp is one that Harsh particularly advises, every situation is different. 

The objective: cut costs. Don’t overpay on taxes by knowing your books. 

Scaling…

We’re constantly leveling up as practice owners…

It’s always good to get a fresh set of eyes—there’s no harm in that. Startup with a consultation from HMP Consultants and, if there’s anything that needs to be reconstructed, they’ll handle that. Simply undergo their Benchmark Analysis, see how other practices are performing through various software, and decide what pivots you want to make.

Ways to improve cash flow:

Go to someone who knows what they’re doing.

Keep track of each month’s balances.

Dabble in projections—but don’t take them too seriously.

Learn about:

How can you reduce the tax burden, according to Harsh?

How can you stay on top of your finances better?

How do you handle “familial factors,” “taking the throne,” etc…?

Kids?

Marriage?

Elderly parents?

How do you keep your eyes set on the business when life is changing around you, responsibilities are growing, etc.?

Hint: It has something to do with tax planning, and it’s not a one-time thing—it’s year-round.

How close do you want your CPA to be to your family?

This is common sense: You don’t want to get thrown under the bus, especially with all of the new laws and regulations. 

What got Harsh interested in working with people like us?

How do HMP Consultants offer the education component?

What are some finance things that a dentist should be thinking about in 2023?

What tips does Harsh have for you?

And more!

If you want to get in touch with Harsh, he’s offering a free tax and accounting analysis session to practice owners where his company will immediately address issues and offer various levels of consulting.

NIFTY DEAL:

Offering a free tax and accounting analysis session to practice owners.

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In this podcast, Dr. Glenn Vo sits down with Adit CEO Ali Jhaver to talk about his entrepreneurial journey and how it ultimately lead him to Dentistry. A problem solver at heart, Ali saw the struggles that Dental Practice Owners faced and in solving their problems, the Adit platform was created.

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Designed & engineered specifically for Dental Practices. Adit is the only software solution that integrates Texts, Emails, Patient Forms, Online Scheduling, Analytics, Reviews, and more, all in one place! Adit also integrates with MOST existing practice management software so your team can sync all your practice activity with a simple click or tap.

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Trey Hargrave, Senior Vice President of Dental Space Advisors, joins Dr. Glenn Vo to discuss how his firm helps Dentists find the right location for their future practice by using competition and demographic analysis, consumer behavior insights, and proprietary market research. So whether you are opening your first practice, expanding to a new location, or wanting to start multiple offices - Dental Space Advisors is the Real Estate Company that can help.

Trey Hargrave is one of the foremost experts in dental real estate in the country. He is frequently asked to speak to various groups of dental professionals as well as to dental students. Over the years, Trey has helped many general dentists find and secure the ideal location for their start-up dental practice, as well as many pediatric dentists, orthodontists, periodontists, oral surgeons, and prosthodontists. 

Dental Space Advisors exclusively help dental professionals when they want to lease or purchase dental office space. They are the first step in the process and they are with you every step of the way. Their expertise and market knowledge help ensure that they identify the most optimal location for your practice and negotiate the best possible lease terms. They have represented clients across the country in over 2 million square feet of dental office space transactions since 2001. The fee for their services is paid by the building owner. 

The Importance of Dental Sell-Side Advisory for DSO and Doctor Transactions

Brannon Moncrief, CEO of McLerran & Associates Practice Transitions, joins Dr. Glenn Vo to discuss how his firm helps Dental Practice Owners nationwide navigate the treacherous waters of dental practice transitions. We specifically dive into the science behind practice valuations and how to engage with DSO buyers as well as Private Doctors.

Brannon's mission is to educate dentists regarding their transition options and help them unlock equity in their practices at the highest possible valuation and best deal terms available in the marketplace.

McLerran & Associates Practice Transitions is the industry leader in dental practice sales and sell-side advisory for DSO transactions. They provide practice appraisal, practice sales (private party and DSO transactions), and transition consulting services to dentists nationwide.

David Lohmann, the Founder of Apex Dental Partners, joins Dr. Glenn Vo to discuss how he got involved in Dentistry and ultimately created Apex Dental Partners with his wife Dr. Layla Lohmann. We specifically dive into the model of Apex and how he balances the responsibilities of Apex with his own family life.

Apex Dental partners developed their Private Practice Reimagined® model as a commitment to preserving the feel and culture of relationship-based, patient-focused dentistry. Providers in their family of practices retain clinical autonomy, enabling them to focus 100% on providing the best possible patient care.

This week, Dr. Glenn Vo sat down with Ali Jhaver, CEO of Adit, and Jonathan Karren, an Account Executive at Adit. 

Adit is one software to manage your entire practice, with 15+ practice management tools all in one easy platform.

Many members of the Nifty Thrifty community are already happy customers of Adit. Unfortunately, there are a few people who have used Adit in the past and are unhappy about the results they got. That’s why Ali wanted to take a moment to discuss the results.

Adit was Ali’s first company coming out of college—he started it around 2012—and it’s been an amazing journey serving dentists specifically over the last ten years.

Adit’s story:

Adit started with digital marketing, helping dentists to grow in the online space. Their approach came down to transparency—i.e. tracking patients that actually book appointments by listening to phone calls—and they were one of the first marketing companies to bring that concept to the market. 

As Adit grew and did better and better with marketing, they started to run into the subjectivity of it all: 20 patients for a practice can mean one thing while 20 patients for a different practice can mean another thing. 

Over the years, Ali and his team have found that a lot of dentists struggle with the aspects that go beyond marketing. They’ve also learned that marketing isn’t always a “one-hat-fits-all” and what might work for one office might not work for the other. 

Thus, over the years, Ali and his team have learned what works and doesn’t. They’ve maintained a steady clientele of dentists, with over 1,000 dental offices still paying for their marketing program.

You’re probably wondering: What success have those practices seen? In terms of the Nifty Thrifty community, many of them started at 0—meaning they started with Adit—and have exited with more than five locations, more than $10,000,000 in valuations, and more crazy success stories. 

That said, we’ve all seen the nature of marketing: it doesn’t always work for everyone. Marketing strategies often disguise a piece of the picture.

have no clue what they’re averaging on their first patient. 

Since that realization, Adit has pivoted from being a digital marketing company to an “all-in-one software solution”:

Adit gives crucial data to practices:

What is (and what isn’t) working?

How do you act on datasets (from the patient operation, scheduling, forms, payment, etc., back to rehabilitation, re-care, etc.)?

Before Jonathan Karren joins a company, he wants to know what the leadership is like and what their software has to offer. But, for him, how much they focus on the customer is the most important thing—that’s why Adit made the perfect fit for him.

Adit integrates into about 90% of dental software—and they have a very “deep” integration at that: Designed & engineered specifically for dental practices, Adit is the only software solution that integrates VoIP, Texts, Emails, Patient Forms, Online Scheduling, Analytics, Reviews, Payments, and more—all in one place.

Watch or listen to the episode to learn more about diving into each of these, as Ali will walk through each piece of the puzzle and explore it in depth.

Learn about: 

What are the benefits of being a customer of Adit for 4-5 years?

How can Adit help you to stay on top of patient forms?

How can Adit help you to keep track of your appointments?

How can Adit help you to call a patient directly?

What makes the difference with hygiene production breakdown—fluoride vs. perio-treatment??

How much can practice management systems cost you per month?

At least $600-750 per month for two systems.

At least $1,200-$1,200-$1,400 per month for four systems.

What about Adit’s standard pricing—for everything?

A whopping $549 per month.

And more!

Nifty Thrifty Deal:

Get a $50 Amazon Gift Card when you demo Adit, plus 50% off activation when you sign up!

Get your Nifty Deal here: https://niftythriftydentists.com/dentaldiscount/adit-marketing-inc/