On today’s episode, continuing their insightful discussion in Part 2, Mark and Dr. Deren Flesher delve deeper into the business aspects of dental practices. They explore the process of preparing a practice for acquisition by DSOs and how to achieve maximum valuation in such models. The conversation extends to understanding the various types of DSO purchase structures, including joint ventures and hold co-situations. Dr. Flesher shares his extensive knowledge on recapitalization events and their potential impacts on practice sales. The episode provides valuable knowledge for dental practitioners looking to navigate the complex world of practice sales and acquisitions.
If you missed part 1, go back and listen to it before tuning into this one!
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On today’s episode, this is the first part of this two-part series. Mark is joined by Dr. Deren Flesher, a new DSI black belt coach. The episode dives into the expertise of Dr. Flesher, who hails from Oklahoma City, Oklahoma. They focus on preparing businesses, including dental practices, for sale and maximizing their valuation. Topics covered include the intricacies of working with Dental Support Organizations (DSOs), strategies for increasing the value of a practice, and insights into the lifecycle of selling a dental practice. Mark and Dr. Flesher discuss the different scenarios that can influence the valuation multiples of a dental practice.
Stay tuned for tomorrow's part 2 episode.
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On today’s episode, Dr. Mark Costes (Dental Success Summit 2022) shares insights from the Dental Success Summit's Highlight Vault. The episode, titled "Harnessing Collective Wisdom," delves into the DSI Belt classification, a successful categorization strategy for dental practice growth. Mark discusses key factors in advanced operational flow, designing infrastructure for rapid growth, and the importance of measuring practice areas for continuous improvement. This episode is part of a series highlighting the impactful content and topics presented at Dental Success Summits, emphasizing the community's high-level practitioners and business sophistication. For more information on the upcoming summit in San Antonio, visit TrueDentalSuccess.com.
For more information or to join the DSN or DSI community, visit Dental Success Network and True Dental Success.
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On today’s episode, Dr. Mark Costes (Dental Success Summit 2022) shares a clip from the Dental Success Summit Highlight Reel Archives, focusing on "The Hierarchy of Competence." The segment, from a keynote in San Antonio, explores the Dunning-Kruger effect and the four stages of learning. Dr. Costes discusses the transition from unconscious incompetence to effortless mastery, delving into frameworks for personal and professional growth, including the Four Futures framework and the Elite Practice Blueprint. This episode highlights the types of concepts covered at the Dental Success Summits, which are known for their educational value and positive environment.
For more information or to join the DSN or DSI community, visit Dental Success Network and True Dental Success.
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On today's episode, Dr. Mark Costes delves into the world of outsourced healthcare services with guest Garrett Robins, Senior Account Executive at Strike Healthcare. Garrett shares his journey from mass communication studies to leading teams in digital marketing and customer satisfaction. The focus is on the transformative role of outsourcing in dental practices, particularly in the realms of call answering and marketing integration. This insightful discussion reveals how services like StrikeHealthcare can enhance patient interaction and streamline practice operations. For more on how outsourcing can revolutionize your practice, check out Nexa's offerings.
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On today’s episode, we have the 2nd part of the DSN webinar, continuing the discussion on "hiring without experience," focusing on effective strategies for onboarding and training new staff in dental practices. The episode delves into reactivation techniques, maintaining a productive schedule, setting clear expectations for new scheduling coordinators, and mastering patient interaction skills. Additionally, the importance of role-playing, understanding workplace vocabulary, attire dos and don'ts, and creating a feedback loop for performance assessment within the first 30 days are highlighted. This segment emphasizes the value of integrating new team members with no dental experience into a practice's culture and team.
If you haven’t listened to part 1 yet, go back and do so before you listen to this concluding episode.
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On today's episode of the Dentalpreneur podcast, part of the DSN webinar series, features a valuable webinar turned podcast titled "Hiring Without Experience." Key speakers include DSI coach Dr. Summer Kassmel, Operations Manager Debbie Dodson, and Scheduling Coordinator and Trainer Delsey. They discuss onboarding a scheduling coordinator without experience, setting early expectations, effective training schedules, and managing team dynamics. The episode offers insights into the first 30 days of training and a re-activation program for patient flow.
Stay tuned for Part 2 of this enlightening discussion where we delve deeper into hiring.
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On today’s episode, Dr. Mark Costes (Dental Success Summit 2022) explores various aspects crucial to the development and customization of an Operations Manual for dental practices. The discussion begins with an emphasis on the significance of an Operations Manual in the realm of dental practice management. Following this, Mark shares effective tactics for creating and tailoring these manuals, ensuring they meet the specific needs of each unique practice. A key focus is placed on involving team members in the authorship process, which not only fosters a sense of ownership but also significantly increases their buy-in.
Markthen delves into the different components that make up an Operations Manual, highlighting the importance of organizing these elements in a logical manner for ease of use. He talks about the development of protocol sheets, accountability agreements, and performance review assessment sheets, and how these critical documents should be integrated into the operations manual. Another vital topic covered is the establishment of an overall meeting cadence and an organizational structure that can greatly enhance the orderliness and flow within a dental practice.
For more information or to join the DSN or DSI community, visit Dental Success Network and True Dental Success.
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On today's episode, we continue our insightful journey with Mark Costes, live from the January 2024 Mastermind in Scottsdale, AZ. If you haven't heard Part 1, make sure to check it out to get the full picture. In Part 2, Mark shares six strategic approaches to making lasting impressions and becoming a likable figure, drawing on personal experiences that lend authenticity to his advice. He then provides a tactical guide on boosting charisma, essential for anyone looking to enhance their personal and professional influence. Mark doesn't stop there; he breaks down the components of the Wealth Formula, illustrating its vital role in the dental industry, and then caps it off with a comprehensive look at Lifetime Patient Value—a key factor for ensuring the long-term prosperity and resilience of your dental practice.
For those who are just joining us, go back and listen to Part 1 to start the story right. For everyone else, let's jump back in!
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On today's episode, join us as we delve into the profound concept of 'Value VS Reward' with Mark Costes at the January 2024 Mastermind in Scottsdale, AZ. In Part 1 of this series, Mark discusses the inherent value that you, as a leader, contribute to your dental practice and the wider community, challenging us to rethink how we perceive professional benefits. Rather than mere financial compensation, Mark encourages viewing these benefits as genuine rewards. He also introduces us to the UMS framework, a tool that helps us understand whether a team member's understanding, motivation, and skill set align with our business goals. Additionally, Mark distinguishes between the tangible real value and the more subjective perceived value, both of which play pivotal roles in the context of dental practice operations.
Don't miss out on these insights—tune in now! And be sure to catch Part 2 for more in-depth discussion.
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On today’s episode, we have the second of a 2-part series from the TPL (The Practice Launchpad) event in San Diego, CA. Vivek Kinra’s (founder of PPO Profits) presentation, “Solving the PPO Riddle” is broken down and shared in this episode.
If you missed Part 1, be sure to check it out for valuable insights. Today, we dive deeper into the critical importance of proper credentialing in dental practices and the significant financial benefits of securing better fee schedules. Vivek further discusses the flexibility and negotiation possibilities with PPO insurance, emphasizing that fee schedules are indeed negotiable. We continue exploring the High Tech Law's application in specialty procedures, allowing certain treatments to be performed at cash fees through specific patient agreements. The conversation also revisits the value of expert support in negotiating insurance contracts, such as that provided by PPO Profits, to achieve substantial returns. We further discuss the different aspects of insurance in dentistry, including the distinctions between credentialing, contracting, and fee negotiations, and their implications for practices. Lastly, we delve into the technicalities of National Provider Identifiers (NPIs) and the detailed process of credentialing for dentists and associates.
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On today’s episode, we have the first of a 2-part series from the TPL (The Practice Launchpad) event in San Diego, CA. Vivek Kinra’s (founder of PPO Profits) presentation, “Solving the PPO Riddle” is broken down and shared in this episode.
He brings invaluable insights into the Importance of Proper Credentialing and Fee Schedules in dental practices. We start off by discussing the critical role of negotiation in insurance contracts and how it can significantly impact your practice. Then, we delve into the utilization of the High Tech Law in specialty procedures, highlighting how it allows certain procedures to be performed at cash fees through specific patient agreements. Vivek also emphasizes the impact of having expert support, like PPO Profits, in insurance negotiations to achieve substantial returns. We also touch upon the various types of insurance plans in dentistry, the distinctions between credentialing, contracting, and fee negotiations, and their implications for dental practices. Lastly, we explore the technical aspects of National Provider Identifiers (NPIs), focusing on the difference between Type 1 and Type 2, and the detailed process of credentialing for dentists and associates. Don't forget to tune in tomorrow for Part 2 of this discussion!
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On today’s episode, Dr. Mark Costes (Dental Success Summit 2022) uses the film "Limitless" as an analogy to discuss achieving exceptional results in dental practice without relying on quick fixes like the fictional NZT pill. He emphasizes that there's no shortcut or magic pill for success, and the path to reaching one's full potential in business and life involves hard work, dedication, and the right strategies.
Mark outlines four critical components necessary for dentists to achieve 'limitless' success in their practices: motivation, information and knowledge, framework and processes, and support and accountability. He suggests that most dental practice owners possess motivation but often lack in other areas like adequate knowledge, a structured framework, and a support system.
Dr. Costes warns against common pitfalls dental practitioners face, such as hiring without fixing practice culture, investing in marketing without training staff, or pursuing advanced clinical training without addressing underlying cash flow issues. He emphasizes the importance of addressing the weakest links in their business operations, advocating for a strategic and systematic approach to improvement and growth in dental practices.
For more information or to join the DSN or DSI community, visit Dental Success Network and True Dental Success.
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On today’s episode, we have Chris Richard, Dr. Dan Briskie and Dr. Taher Dhoon from the Colorado Surgical Institute (CSI) for another exciting Surgical Saturday. The trio dives into full arch dental procedures and the patient’s experience.
Taher, Dan and Mark discuss integrating full arch dental procedures into private practice. The episode covers topics like marketing for such cases, the patient's lifecycle and experience, and the effective use of before-and-after visuals in practice. Insights on the patient's emotional journey, capturing key moments like the reveal, and strategies for managing patient expectations post-surgery are also shared.
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 part-2 episode, Dr. Andrew Vallo and Matt Brown continue their insightful discussion with host Mark. They delve into the complexities and stresses of managing multiple dental practices, with a particular focus on HR, cash flow, patient care, operations, and leadership. They also share their experiences and lessons learned since starting their own dental podcast. This episode provides valuable insights for dental professionals looking to expand their practices and enhance their leadership skills.
Be sure to check out Part 1 if you haven't already.
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On today's episode, we dive into the entrepreneurial journey of two dental industry professionals, Dr. Andrew Vallo and Matt Brown, co-hosts of the Dental Unfiltered podcast. Dr. Vallo, a rapid-growth expert and dental startup enthusiast, and Matt Brown, a military veteran and marketing strategist, share their unique perspectives on dental entrepreneurship and the integration of advanced clinical procedures into private practice. This insightful discussion covers the lifecycle of a full-arch implant patient, foundational strategies for implant programs, and team training for complex surgical and restorative procedures.
Stay tuned for tomorrow's Part 2 conclusion.
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On today’s episode, Dr. Mark Costes (Dental Success Summit 2022) discusses the financial dynamics of dental practice ownership, focusing on the profitability contrasts between efficient and less efficient practices. He explores the benefits and challenges of owning a business, highlighting autonomy, tax benefits, and potential equity gains, alongside stresses like debt and HR complexities. Additionally, Mark addresses high stress and burnout rates in dentistry, advocating for community support and self-care practices to maintain mental and professional health.
For more information or to join the DSN or DSI community, visit Dental Success Network and True Dental Success.
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On today’s episode, we return for a riveting continuation of our discussion with Chris Sands and Brent Saunier from Profi2020. Focusing on the complex world of tax strategies and financial regulations, this episode offers deep insights into several critical aspects crucial for dental practices.
The conversation explores cost segregation, a tax strategy that accelerates deductions and its profound impact on dental practices. We delve into the topic of bonus depreciation, discussing its implications for dental business owners as the benefits begin to reduce in the coming years. An important point of discussion is the rise in IRS underpayment penalty interest rates and how it influences dental practices, emphasizing the need for timely quarterly tax payments.
This episode also examines the Secure Act 2.0, elaborating on its mandates for small businesses regarding retirement plans and what it means for dental practice owners. The importance of maintaining cash reserves in businesses is underscored, along with strategies for effective financial management in times of economic uncertainties. Valuable advice is provided on how to select the right CPA firm, focusing on aspects like communication, alignment of core values, and expertise in growth-oriented tax strategies. Additionally, tips are shared for dental practice owners on optimizing their investments and minimizing tax liabilities.
Brent Saunier imparts his expertise on cost segregation, highlighting its potential to significantly impact tax savings by accelerating depreciation on various property components. Chris Sands brings to the fore critical changes in tax regulations, including the Secure Act 2.0, and discusses their effects on small business owners, especially those in the dental industry.
For listeners who missed the discussion in Part 1 of this series, it's recommended to catch up with yesterday's episode.
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On today's episode, we are joined by two exceptional guests, Brent Saunier and Chris Sands from Profi2020. They bring a wealth of knowledge in finance and accounting, particularly in the healthcare sector, providing us with invaluable insights into business operations, tax strategies, and financial management.
Brent Saunier, with over two decades of experience in accounting and finance, shares his expertise in enhancing business profitability and valuation, offering comprehensive tax and operational advice, especially in the healthcare sector. Chris Sands, a partner at Strategic Growth and Profi2020, uses his experience in dental practice to provide strategic growth advice to healthcare professionals, focusing on fiscal responsibility and proactive tax planning.
We dive into the complexities and key learnings from my recent two-year IRS audit, highlighting the importance of having a strong, competent team and exceptional record keeping. The discussion also explores how IRS audits are determined, focusing on statistical analysis and the need for comprehensive documentation. The significance of maintaining clean and organized business records to ensure favorable outcomes during audits is a critical point of discussion.
Our conversation then shifts to various tax strategies and the importance of being wary of fraudulent promoters, especially concerning Employee Retention Credits (ERC) and other tax benefits. We delve into the IRS's "Dirty Dozen" list, highlighting common audit triggers in the dental industry and the importance of cautious navigation in tax planning. Additionally, we examine the rising popularity of cryptocurrency in business transactions and its potential audit risks.
Don't miss out on the continuation of this engaging discussion. Tune in tomorrow for Part 2 of our episode with Brent Saunier and Chris Sands, where we delve deeper into the strategies for financial success in the healthcare sector.
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On today’s episode, we have Chris Richard, Dr. Dan Briskie and Dr. Taher Dhoon from the Colorado Surgical Institute (CSI) for another exciting Surgical Saturday. The trio dives into te full arch implant life cycle.
Dr. Taher Dhoon, Dr. Dan Briskie, and Chris Richards have a discussion that focuses on the full arch implant patient's life cycle and how to integrate such advanced clinical procedures into a private practice. They cover starting an implant program from scratch, overcoming common challenges, and ensuring your team is well-trained for these high-end surgical and restorative procedures. The episode promises a wealth of knowledge for those looking to expand their clinical skills and services without external referrals.
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 welcome Dr. Ben Kacos from Shreveport, Louisiana. Dr. Kacos, a successful dental practitioner and a primary DSI Black Belt coach, discusses various topics, with a particular focus on marketing strategies in the context of a potential financial crunch and declining consumer confidence.
Ben shares his perspective on balancing work and leisure, expressing a preference for short vacations due to his love for work and the structured environment of his office. He emphasizes the importance of being actively involved in his practice and the sense of satisfaction he derives from it.
Ben also covers internal marketing strategies, where Dr. Kacos talks about his approach to fostering trust and positive impressions among patients within his dental practice. He mentions using TVs with USBs to display slideshows of various images in the treatment rooms and waiting area, showcasing the practice’s services, team activities, and patient interactions.
Furthermore, Dr. Kacos discusses external marketing strategies, including community involvement and non-traditional marketing efforts like sponsoring local sports teams and utilizing promotional materials to attract new patients. He explains the effectiveness of offering tangible rewards like Yeti coolers or battery banks to encourage referrals and reviews, and shares insights on sourcing affordable marketing materials from platforms like Alibaba.
Finally, Dr. Kacos outlines his plans for 2024, focusing on a robust follow-up system using various communication methods and leveraging talent from the Philippines for customer service tasks. He stresses the value of integrating this system into his practice to enhance efficiency and patient engagement.
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On today’s episode, we continue exploring Dr. Urda's journey in the world of dentistry. She sheds light on the unique challenges and strategies associated with urban dental practices and how she's navigated these waters with grace and expertise.
The highlight of today's talk focuses on Dr. Urda's transition to a larger facility and her evolving role within DSI, where she embraces both leadership and coaching responsibilities. This segment is especially invaluable for anyone looking to scale their practice or take on a more significant role within their organization.
Missed the first part of our talk with Dr. Monica Urda? Head back to Part 1 to hear the beginnings of her fascinating journey and insights into building a successful dental practice.
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On today's episode, we are thrilled to welcome the incredibly talented Dr. Monica Urda. Born and raised in the northern suburbs of Chicago, Dr. Urda's impressive journey in dentistry started with her cum laude graduation from Loyola University, moving through Marquette School of Dentistry, and leading to her current position at Smile Science Chicago in Wicker Park.
In Part 1 of this two-part series, Dr. Urda dives deep into the rapid growth of her practice. She shares her insights on the critical role of culture and systems in managing a busy dental practice efficiently. We also explore the nuances of building a strong team culture, a cornerstone of any thriving practice.
Stay tuned as Dr. Urda unravels the secrets behind her successful career, offering valuable lessons for dental professionals at all stages. Don't forget to tune in tomorrow for Part 2, where we'll continue our conversation with Dr. Urda!
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On today’s episode, we have Dr. Desiree Yazden join us, a successful dentist and coach. Dr. Yazden shares her journey from working extensive hours to significantly reducing her workweek while doubling her revenue, a change prompted by the birth of her first child. She founded the Million Dollar Mentorship program in 2019, leveraging her experience to help other doctors achieve similar work-life balance. Dr. Yazden also discusses her passion for cosmetic dentistry and her practice in Newport Beach. She emphasizes the importance of marketing, particularly through social media, and how it transformed her practice, attracting patients and building a robust online following. Additionally, Dr. Yazden discusses the challenges of leadership and team management in her practice, highlighting the role of mindset and strategic planning in achieving professional success and personal fulfillment.
Learn valuable insights on effective marketing, team management, and harnessing the power of social media to grow your practice. Don't miss out on these game-changing strategies – listen now and take the first step towards a more balanced and successful dental career!
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On today’s episode, Dr. Mark Costes addresses the main causes of career dissatisfaction in dentistry: chronic stress, isolation, hedonic adaptation, and negativity bias. He explains how the demanding nature of dentistry contributes to ongoing stress and isolates professionals. Discussing hedonic adaptation, he notes the tendency to overlook achievements in pursuit of new goals. Negativity bias, which gives more weight to negative experiences, also impacts dentists' mental well-being. Dr. Costes suggests six steps to combat these issues, including developing awareness, establishing a self-reflection routine, defining personal non-negotiables, and creating a personal ethos centered on integrity, discipline, and empathy. He emphasizes the importance of giving back to the community to find fulfillment and combat burnout, sharing his own experiences for illustration. The episode concludes with a call to action for dentists to develop and adhere to their personal core values.
Join us at the 2024 Dental Success Summit, an event not to be missed by dental professionals seeking growth and success in their careers! From April 11th to 13th, immerse yourself in transformative learning and networking at the luxurious La Cantera Resort & Spa in San Antonio, TX. Elevate your practice with insights from industry leaders, connect with like-minded professionals, and ignite your passion for dentistry. Reserve your spot now for an experience that will redefine your approach to dental success. Don't wait, register today and be a part of this extraordinary journey to excellence in dentistry!
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