On today’s 2023 recap episode, Dr. Mark Costes and executive director Kay Lang discuss the significant growth and challenges faced by the organization, including the expansion of the Dental Success Network and the complexities of organizing live events amidst rising costs. A major focus is on their successful navigation through a demanding IRS audit for 2018 and 2019, underscoring the importance of a competent team and effective delegation. Dr. Costes shares his personal milestone of retiring from clinical dentistry to concentrate more on DSI and his ambition to expand the Smile Outreach International foundation. The episode reflects on the past year’s achievements and sets a positive tone for future growth and community engagement.
Thank you to our listeners and we look forward to bringing many more exciting episodes in 2024!
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On today's episode, we dive into the second part of our engaging conversation with Dr. Addison Killeen. As a co-founder of the Dental Success Network (DSN), Dr. Killeen brings his extensive experience and insights into the world of dental practice management, systemization, and personal achievement. This episode is a continuation of our journey into optimizing dental practices, setting achievable goals, and exploring the dynamic world of dentistry.
The discussion kicks off with an exploration of the growth and impact of DSN, highlighting its unique position in the dental community and its potential for further expansion. With over 1,430 active members, DSN has become a vibrant coaching community offering invaluable resources for dental professionals at all stages of their careers.
Dr. Killeen and Dr. Costes delve into the challenges and opportunities facing dentists today, including financial management, reducing overhead, and improving profitability. They emphasize the importance of setting realistic goals and the power of incremental improvements in practice management.
The conversation shifts to personal and professional development, with Dr. Killeen sharing his approach to setting annual goals, both for his dental practice and personal life. He discusses his passion for endurance sports and the concept of 'misogi,' a physical challenge that pushes personal limits. This segment provides a fascinating insight into balancing professional success with personal growth and fulfillment.
For those who missed the first part of this enriching discussion, we encourage you to go back and listen to Part 1 of our podcast episode with Dr. Addison Killeen. It sets the stage for the insights and strategies shared in this second part, offering a comprehensive view of achieving success in both your professional and personal life. Don't miss out on the full experience of learning from one of the leading minds in dental practice management.
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On today's episode of the Dentalpreneur Podcast, we're excited to have Dr. Addison Killeen, a co-founder of the Dental Success Network, a successful practice owner, and a black belt DSI coach. This episode promises to delve into a range of intriguing topics, from annual planning and setting wildly important goals to mastering time management and achieving remarkable growth in dental practice.
Dr. Addison Killeen shares his experience of attending the annual DSN meeting in Prescott, Arizona, highlighting the importance of setting clear, attainable goals for the year ahead. He emphasizes the necessity for dental professionals to understand the primary objectives of their practice and to ensure their team is aligned with these goals. Dr. Killeen and Dr. Costas discuss the importance of avoiding the trap of taking on too many responsibilities and instead, focusing on delegating tasks effectively to empower team members.
Dr. Killeen, with his diverse roles, provides insights into how he manages his time efficiently, balancing his work as a full-time dentist, an author, and an executive member of DSN. He stresses the importance of having disciplined routines, focusing on productive hours, and the significance of habit stacking for efficiency. Additionally, Dr. Killeen shares his journey from owning multiple practices to starting a new one, demonstrating how systematic approaches and team empowerment have led to the practice’s significant growth.
To all our listeners, be sure to tune in for tomorrow's Part 2 of this insightful episode with Dr. Addison Killeen. We'll continue to explore the strategies and habits that have led to his success in dentistry and beyond. Don't miss out on the valuable lessons and tips that can help you in your dental practice and professional journey. Stay tuned!
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On today's episode, we continue our enlightening conversation with Kyle Francis, a financial and strategic expert in dental practice transitions. Kyle delves deeper into the evolving nature of the dental industry, particularly in the context of consolidation, and shares his insights on the recent trends and changes he's observed.
Kyle Francis discusses the evolution of dental practice consolidation, highlighting the shift from the early days of control-oriented management to the current landscape where diverse deal structures and higher valuations are prevalent. He explains the impact of increased competition among DSOs and private equity, leading to more attractive offers for dental practices. Kyle also addresses the resilience of the dental industry, especially post-2020, and how it has continued to attract investor interest. He sheds light on the concept of leveraged buyouts and the opportunities for dental professionals to participate in the equity growth of their practices. Kyle emphasizes the importance of understanding the risks associated with different investment strategies and encourages dentists to make informed decisions about their future, whether early, mid, or late in their careers.
For those who may have missed it, be sure to go back and listen to Part 1 of our discussion with Kyle Francis. Gain valuable insights into the world of dental practice transitions and understand the critical factors influencing the current consolidation wave in dentistry. Stay informed and make the best decisions for your practice and career trajectory.
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On today's episode, join us as we delve into the intricacies of dental practice transitions with Kyle Francis, a seasoned expert in the field. With an MBA in finance and strategy, Kyle has founded Professional Transition Strategies, guiding over $2 billion in dental practice deals. His remarkable journey from potential Goldman Sachs recruit to a pivotal figure in dental consolidations offers unique insights into the world of dental practice sales, mergers, and acquisitions.
Kyle Francis, an MBA graduate specializing in finance and strategy, shares his insights into the dental industry, focusing on practice transitions, consolidations, and strategies for successful sales. We explore his journey from considering a career in institutional capital to finding his niche in the dental world. Kyle discusses his approach to valuations, his experiences with various types of deals, and the evolution of the dental industry in terms of practice valuation methods. He highlights the impact of industry consolidation on practice value and the changing landscape of dental practice sales.
Don't miss out on the continuation of this insightful conversation in tomorrow's Part 2 episode, where we'll dive deeper into the complexities of dental practice transitions with Kyle Francis. Stay tuned to learn more about the strategic aspects of selling or merging your dental practice, and the future of dental practice ownership in an ever-evolving industry.
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On today's episode, we delve into an insightful presentation by Stephen Abrams on disability insurance for medical professionals. Our comprehensive discussion covers the extensive services offered by Doctor of Disability Insurance, focusing on disability and life insurance, coupled with full financial planning, all specifically tailored to the needs of those in the medical field. We explore Stephen's personal involvement with the medical community, understanding their unique professional challenges to provide more effective service. The episode also highlights the crucial role of having a responsive and reliable external support team for medical practices, emphasizing the importance of quick communication and dependable assistance.
Furthermore, we dissect the intricacies of disability insurance for dentists, underscoring the importance of comprehending policy details and ensuring adequate coverage. Stephen shares his own experiences with disability insurance, offering real-life insights into its significance and effectiveness in unforeseen circumstances. We also tackle the vital aspects of contract language and terms in disability insurance policies, focusing on the importance of policies being non-cancellable, guaranteed renewable, and including true own-occupation language.
For more valuable insights and resources on launching and managing a successful medical practice, be sure to check out The Practice Launchpad.
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On today's episode, we have Dr. Justin Scott for a special crossover episode from the Virtual Dental Office podcast. Dive into a comprehensive discussion about the impact of virtual assistants, the essentials of a successful dental practice, and the art of leadership in dentistry. Discover insights on integrating technology into a growing practice, alongside Marks' forward-thinking predictions about the future of dentistry. This engaging and informative episode offers valuable perspectives for every dental professional. Don't forget to check out more from Dr. Justin Scott at www.virtualdentaloffices.com.
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On today’s episode, we have insights from Debbie Dotson, the office manager behind some of the most successful dental practices led by Dr. Summer Kassmel in Colorado. Expect to dive deep into the flaws of typical dental onboarding, the importance of hiring aligned with core values, the necessity of a clear organizational chart, and the art of selecting a universal trainer. Debbie's 20-minute masterclass from our St. Louis mastermind meeting is packed with actionable advice, so grab your pen and paper—you won't want to miss a beat!
Don't forget to join us at dentalsuccessnetwork.com to continue the conversation and access a plethora of resources tailored for dental success.
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On today’s part 2 episode, Mark is joined by Dr. Weston Spencer, an accomplished cosmetic dentist and dental partnership group co-founder. They discuss the future of dental practice consolidation and group partnerships. They explore the current state of industry consolidation, with estimates varying widely, and the projection that within the next seven to ten years, consolidation could reach around 50%. The conversation then turns to the ideal characteristics of a dental practice that would attract high valuations from DSOs and private equity firms. They emphasize the importance of a balanced and diversified provider base to mitigate "key man" risks and maintain practice value.
Dr. Spencer shares insights into SPP Dental Partners, the group he co-founded. He outlines their approach, which differs from traditional DSO models by seeking minority partnerships with practices, thus preserving ownership and autonomy for practitioners. They discuss how their model allows for increased valuations and shared services, leading to practice growth. The model aims to bring together a strong EBITDA and provide access to the benefits of larger groups without sacrificing the independence of private practices.
Towards the end, the dialogue covers practical aspects such as the processes of selling to a DSO, the benefits of joining a group like SPP, and the various investment opportunities for dentists within the industry. They also delve into the specifics of partnership agreements, emphasizing the importance of maintaining a say in the practice's future and the potential for financial gain through a well-strategized partnership.
The conversation concludes with Dr. Spencer explaining how SPP Dental Partners supports dentists by offloading administrative tasks, enabling them to focus on clinical work. They also discuss how the partnership structure allows dentists to leverage the financial advantages of being part of a group while retaining control over their practice.
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On today’s 2-parter episode, Mark is joined by Dr. Weston Spencer, an accomplished cosmetic dentist and dental partnership group co-founder. Dr. Spencer discusses his journey in dentistry, influenced by his grandfather, and his focus on cosmetic procedures after being inspired by cosmetic dentists during his studies. He shares his growth strategy, emphasizing internal marketing and patient engagement to transition from single-tooth to comprehensive dentistry, which helped expand his practice from $500,000 to $2.5 million in revenue.
Dr. Spencer also delves into practice management, discussing the delegation of administrative tasks to maintain a patient-centric focus. He highlights the importance of building a team culture and investing in staff to foster a positive and productive work environment. The discussion touches on his innovative dental partnership group, SPP Dental Partners, designed to preserve the autonomy of private practices while offering the benefits of group practice through shared back-office services and economies of scale.
Lastly, Dr. Spencer discusses the growth and operational aspects of his own practice, including his expansion to a larger facility with multiple providers. He emphasizes the importance of having a good team and the ability to adapt and grow, both clinically and in terms of practice management, to prevent burnout and ensure the success of the practice.
Join us tomorrow for the exciting conclusion to this interview with Dr. Weston Spencer.
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On today’s episode, Dr. Mark Costes is joined by Dr. Dan Briskie and Dr. Taher Dhoon from the Colorado Surgical Institute (CSI) for another exciting Surgical Saturday. The trio dives into advanced prosthetics & prosthetic conversions.
In this episode, we delve into the intricate world of advanced prosthetics and prosthetic conversion, exploring various facets of this field. We discuss the traditional analog approach and examine the detailed steps involved in hybrid and removable prosthetics, particularly focusing on the restoration of implants. Additionally, we cover the digital workflow, highlighting how modern technology integrates into these processes.
Don’t miss out on the upcoming events from CSI. Explore and register here: https://www.coloradosurgicalinstitute.com
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On today’s episode, we have a special 2-part series featuring Kyle Francis, Matt Mulcock, Dr. Pamela Maragliano-Muniz and Mark, titled, “Industry Consolidation: Should you ride out the wave or sell your practice?”
The episode primarily addressed four key themes in the dental industry. First, it discussed the value of dental practices and the impact of various factors like capacity and profitability on their valuation. The conversation then shifted to examining the influence of consolidation in the industry, particularly with the involvement of Dental Service Organizations (DSOs) and private equity. The third theme focused on the personal and emotional aspects of selling a dental practice, emphasizing the importance of aligning financial decisions with personal values and goals. Finally, the discussion explored various transaction styles, such as complete affiliation, joint ventures, and equity roles, and how these impact dentists differently based on their career stage and personal circumstances. The overarching narrative centered on the need for dentists to be informed and organized in their approach to practice valuation and sale, regardless of their stance on DSOs.
Be sure to go back and listen to part 1 if you haven’t already!
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On today’s episode, we have a special 2-part series featuring Kyle Francis, Matt Mulcock, Dr. Pamela Maragliano-Muniz and Mark, titled, “Industry Consolidation: Should you ride out the wave or sell your practice?”
The episode primarily delves into the trends of industry consolidation in dentistry, focusing on whether dental practice owners should sell their practices amidst this wave or continue independently. It emphasizes the importance of risk management and informed decision-making in this context, considering both financial implications and personal factors. Additionally, the discussion covers financial planning strategies, particularly concerning retirement, and evaluates the evolving nature and business models of Dental Service Organizations (DSOs) in the market. This conversation provides insights into the complexities facing dental professionals in today's changing landscape, highlighting the need for careful consideration of various factors in making pivotal business decisions.
Be sure to stay tuned for tomorrow to hear part 2!
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On today's episode of Mark's podcast, we are delving into the world of dental practice financials. Hosts Dr. Summer Kassmel and Ashlee Hirschfeld, joined by Jake Conway and Dr. Monica Urda, continue their informative discussion. If you're just tuning in, consider listening to Part 1 first for a foundational understanding of the topics covered.
This episode delves into the intricacies of ideal hygiene care KPIs and exam numbers, discussing the paradoxical effect of too many periodic exams on production and case acceptance. The phenomenon of exam fatigue and its impact on case acceptance is also explored. The conversation then shifts to strategies for maximizing production and profitability, including reducing personal clinical time. The return on investment associated with proper onboarding of associates and overall systemization is analyzed. The episode concludes with practical advice on quickly reducing overhead percentages, a crucial aspect of financial management.
We hope these episodes have provided you with actionable insights. If you've skipped Part 1, it's a valuable resource for understanding the financial aspects of dental practice management and sets the stage for the topics discussed in this episode. Be sure to check it out!
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On today's episode of Mark's podcast, we are delving into the world of dental practice financials. Hosted by Dr. Summer Kassmel and Ashlee Hirschfeld, and featuring Jake Conway and Dr. Monica Urda, this episode is a goldmine of insights on financial management for dental practices. This discussion, taken directly from a DSN webinar in the Lady Leaders Group, is essential listening for anyone keen on grasping the nuances of dental practice finances.
The discussion begins with a comparative analysis of accrual versus cash flow accounting, highlighting the impact of each method on a dental practice. The importance of a well-organized chart of accounts is emphasized, clarifying its role in financial management. A critical segment on analyzing overhead and profitability follows, offering strategies for maintaining financial health. The episode also cautions against taking advice from CPAs without understanding the basics of cash flow and personal business health. The significance of accurate categorization and auditing is addressed, alongside an exploration of fixed and variable expenses. Jake Conway introduces his symptom-cause-solution approach, vital for analyzing and resolving cash flow issues.
Stay tuned for Part 2 of this enlightening discussion where we delve deeper into maximizing growth and profitability through KPIs and analytics. If you haven't listened to Part 1 yet, we highly recommend going back to gain a comprehensive understanding before jumping into Part 2.
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On today's episode, join Steve Steinbrunner, from Provide Financial, at the recent presentation at the TPL event in San Diego with his presentation titled "Navigating Dental Lending".
Steve delves into how technological advancements have revolutionized the traditional processes of borrowing money, highlighting the positive disruptions in the banking industry. He provides insights into calculating one's liquidity number and the impact of credit card balances on this figure. The discussion also covers the practicality of engaging in associateships for those launching startups. Steve further elucidates the formal loan approval process, including the nuances of locking in interest rates and the distinctions between lending for startup ventures versus established practices. An essential part of his presentation addresses how banks and underwriters perceive practice expansions and the significance of holding the first position in banking. Notably, he explores the strategy of leveraging equity in one’s practice as a down payment for new loans. A critical point of discussion is the use of personal assets, such as one’s home, as collateral in conventional business lending. This episode is especially valuable for dental professionals looking to expand, acquire, or start their practices, providing them with a deeper understanding of the financial landscape and strategies for successful borrowing.
To gain more wisdom on launching your practice successfully, check out The Practice Launchpad at https://www.thepracticelaunchpad.com
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On today’s episode, Dr. Mark Costes is joined by Dr. Dan Briskie and Dr. Taher Dhoon from the Colorado Surgical Institute (CSI) for another exciting Surgical Saturday. The trio dives into a comprehensive discussion, Techniques to Avoid & Correct Incision Line Opening.
The focus is on a common surgical complication – incision line opening. The discussion covers techniques to prevent incision line opening, especially in lower arch surgeries, and the importance of meticulous suture practices. Dr. Briskie shares insights on his new protocol for managing these complications, including pre-surgical strategies and the innovative use of Botox to prevent muscle movements that can cause incision lines to open. Additionally, the podcast addresses the mental and physical challenges surgeons face towards the end of long procedures and strategies to maintain focus and energy. The episode is rich with practical advice on surgical techniques, suture selection, and the importance of a meticulous approach to ensure successful outcomes in dental surgeries.
Don’t miss out on the upcoming events from CSI. Explore and register here: https://www.coloradosurgicalinstitute.com/
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On today's episode we're diving into the second half of our engaging crossover episode.
In part two of our conversation with Ross Brannon on the Financial Flossing Podcast, we continue our deep dive into the dental industry. This episode focuses on the dynamics of consolidation, the role of DSOs, and the keys to a successful transition in the dental field. Additionally, Ross shares his journey into financial planning, his experiences working with dentists, and his past as an elite lab athlete. This insightful conclusion is filled with valuable lessons and entertaining anecdotes that are sure to resonate with our listeners.
If you haven't heard part one yet, I highly recommend pausing here, checking it out first, and then returning for this informative conclusion.
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On today's episode of the Dentalpreneur Podcast, we have a crossover episode with Ross Brannon on his Financial Flossing Podcast. Dr. Mark Costes, delves deep into the essentials of practice management. Ross, a financial analyst who specializes in the dental industry, engages with Mark on a variety of crucial topics. They discuss the origins of the Dental Success Institute, common challenges faced by dentists, and key mistakes to avoid. The conversation also covers Mark's insights on DSOs and his thoughts on industry consolidation. This is part one of a two-part series, packed with invaluable insights for every dental professional.
Don't forget to tune in tomorrow for the compelling conclusion in part two of this crossover episode!
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On today's episode, join JJ Ditkofsky from the recent presentation at the TPL event in San Diego with his presentation titled "Leases".
JJ Ditkofsky of We Care Practice Advisors unfolds the layers of dental real estate, crucial for practice startups and commercial real estate dealings. Dive into the nuances of lease negotiations and strategies that form the bedrock of financial planning for any dental practice. Learn about the startup process and the role of financing, dictating real estate choices and equipment investments. Plus, understand the foresight needed for long-term planning in practice sales, where today’s lease agreements can profoundly influence tomorrow's business outcomes.
To gain more wisdom on launching your practice successfully, check out The Practice Launchpad at https://www.thepracticelaunchpad.com/.
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On today's episode of the Dentalpreneur Podcast, host Dr. Mark Costas welcomes Dr. Michael Lowe, a seasoned dental professional with over 14 years of experience. Dr. Lowe shares his unique journey from the greens of the golf course to the leader of a thriving dental practice. The conversation uncovers the realities of entrepreneurial growth within the dental industry, the importance of building a strong team, and the challenges of staffing in today's market. Additionally, Dr. Lowe discusses his innovative venture, Tef Ball, providing a rare glimpse into the invention process within the dental field. Don't miss this insightful discussion on the blending of clinical expertise and entrepreneurial spirit in modern dentistry.
From the onset, Dr. Michael Lowe details his unexpected transition into dentistry, highlighting the determination required to switch careers and excel in a new field. As Dr. Lowe recounts his expansion from solo practice to a multi-location enterprise, he underscores the steep learning curve he navigated and the critical role his support staff played in his success. Staffing challenges have not deterred him; instead, Dr. Lowe emphasizes the significance of fostering a strong team culture for retention in a competitive landscape. The episode also dives into Dr. Lowe's inventive side with the development of Tef Ball, a product aimed at improving dental implant procedures, illustrating the lengthy and intricate journey from conception to market-ready product.
To learn more about Dr. Michael Lowe's innovative work and to get a closer look at Tef Ball, visit https://tefball.com/. Join us for a discussion that's as much about the entrepreneurial journey as it is about the dedication to dental excellence.
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On today's episode, join Dr. Mark Costes as he delves into the crucial aspects of systemization and calibration for dental practices, from his recent presentation at the TPL event in San Diego titled "Systemization & Calibration".
Discover the foundational elements of the 'Elite Practice Blueprint' which highlights six key pillars necessary for a high-performing practice. Gain insights into the APE framework (AI PPE), a strategic approach for effective practice prioritization. Learn about optimal expense ratios for phase 4 practices, and understand when it's advantageous to remain an associate versus transitioning to practice ownership. Explore the differences between fixed and variable expense ratios and the techniques for managing and calculating them. Finally, Dr. Costes discusses the significance of identifying Key Performance Indicators (KPIs) and primary objectives in a dental practice to ensure efficient and goal-oriented management.
For more valuable insights, be sure to check out The Practice Launchpad.
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On today's episode, we're joined by Trey Tepechin, the innovative CEO and co-founder of Cloud Dentistry. Trey shares his fascinating journey from Harvard Law School to revolutionizing dental staffing. Listen as we explore the inefficiencies of traditional legal practice, the inspiration behind Cloud Dentistry, and how the platform is addressing current challenges in the dental industry."
Dive into the world of dental staffing with Trey Tepechin, as he recounts his transition from law to dentistry and how his desire for efficiency led to the birth of Cloud Dentistry. Trey discusses the contrast between his time as an attorney and the creation of a tech platform that is reshaping how dental practices hire staff. As a result of COVID-19, the dental industry faced a significant shortage of professionals, particularly hygienists. Cloud Dentistry responds by unlocking 'fractional units of labor,' allowing dental practices to tap into a wider pool of part-time professionals to fill their staffing needs. This platform offers an alternative to the traditional staffing model, cutting out placement fees and enabling a more direct and cost-effective hiring process. Trey also shares insights on the legal nuances and challenges of using 1099 workers and the platform's success in navigating these complexities.
To learn more about how Cloud Dentistry is pioneering change in the dental industry and for a chance to connect with Trey Tepechin, visit www.clouddentistry.com.
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