Bulletproof Dental Practice Podcast Episode 18

Host: Dr. Peter Boulden / Atlanta Dental Spa

Key Takeaways:

3 Reasons for Doing a Morning Huddle

1. Bring your team into alignment
2. Allow you to discuss opportunity
3. Provides transparency. You can share your numbers with your team.

Tips for a Good Meeting:

• Meetings should be done by the office manager or a team member
• Start on time and when everyone is ready.
• Meetings should be 15 minutes max.
• End the meeting on a motivational note.

 Top Things to Discuss in a Meeting:

• Look for same day opportunities
• Look for outstanding treatments
• Look for outstanding balances
• Look for any marketing opportunities

Tweetables:

If you’re not doing the morning meeting, I highly recommend that you start ASAP because it will change the game. - Dr. Peter Boulden

Bulletproof Dental Practice Podcast Episode 17

Host: Dr. Peter Boulden / Atlanta Dental Spa

Guest: Dr. Brady Frank

Key Takeaways:

• DSO (Dentist Service Organizations) were created to address legal challenges presented by corporate dentistry. Dentists can take advantage of this.
• Dentists should learn how to become owner-dentists then hire an associate to do heavy lifting of clinical dentistry.
• Equity harvesting - find a value-added practice, acquire it and convert it to cash
• Knowing your business value may not necessarily have an impact to your retirement fund
• How to have cash from investment and use it: (1) Find a value-added practice (2) grow the value-added practice and (3) find a way to receive cash from this asset
• Get a dentist partner to work on the clinical side so you can work on the business side
• Continuous exit strategy works with equity harvesting
• If you acquire another practice, operate it as one business with your existing practice
• Add dentist partners as you acquire more practices
• The founding dentist becomes a private equity company also
• Continuous exit strategy means you own a portion of your company (the DSO) and earn from it continuously as it expands to other regions
• Hire dentists who want to work as partners vs those who want to just be associates. They are go-getters.
• Dentists can compete with corporate if they understand how DSOs work.
• Multiple Incomes available to dentists: management income, clinical income, income from building lease, residual income from regional DSOs, etc.

Tweetables:

Staying in the game will make you more energized and give you more cashflow. – Dr. Brady Frank

Resources Mentioned:

• Multiple Streams of Income by Robert Allen

Bulletproof Dental Practice Podcast Episode 16

Host: Dr. Peter Boulden / Atlanta Dental Spa

Guest: Matthew Lewis

Key Takeaways:

• Corporate often invites dental students to join them although it feels that they only present ideal scenario most of the time.
• Deciding to sell to the corporate model is a tough decision to make.
• Corporate dentistry can compete on pricing but not on relationship factor.
• Dental students should keep their options open whether they'll go corporate or pursue a private practice.
• Corporate dentistry can help dental students get a job and learn practical dental skills.
• Huge dental debts encourage students to go corporate after graduation.
• The more in-debt you are after graduation, the fewer choices you have.
• Fewer students now want to start their own practice after graduation.
• Corporate offers $500-a-day baseline pay to dental students.
• Dental associates who are willing to hustle their pay after six months are good for a practice because it means they are interested to be in a win-win situation.
• When selecting where to practice after graduation consider market saturation. Don't just go with the herd.
• When looking for a CPA, look for someone who can give you personalized attention, especially if you are running your own business.
• For contract reviews, you only need the simple services of an attorney.
• When looking for people to work with - like a CPA or an attorney - look for someone who you are comfortable working with. Interview if necessary and ask for recommendations.
• Corporate dentistry will make sure you work hard for the money they pay you.
• Be awesome in something that you are passionate about. Don't force yourself to do something you do not like.
• Try different procedures first in order to find something you love. You may like a procedure that you hated during school.

Tweetables:

• Force yourself to back out and look at the big picture.
• Keep an open mind at the things coming at you. Open mind is key.
• Attitude is everything.