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Bulletproof Dental Practice

Dentistry is evolving - Is your practice BULLETPROOF? Marketing. Systems. Leadership. Proven strategies to grow your practice with co-hosts Dr. Peter Boulden and Dr. Craig Spodak.
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Mar 22, 2018

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit in fall 2018!

 

Bulletproof Dental Practice Podcast Episode 58

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Tarun Agarwal, owner/dentist Raleigh Dental Arts, owner T-Bone Speaks

 

Watch the full video of the interview by clicking here!

 

Key Takeaways:

  • Make sure you’re not being oversold by predatory companies offering horrible insurance and investment planning.
  • Review your estate plans every couple years.
  • It’s not about how rich or poor you are, it’s about preventing your loved ones from inheriting a storm.
  • The cost of maintaining a healthy office is significantly higher than it was 15 years ago.
  • We should be shooting for profitability in the 10-20% ballpark.
  • Profitability should be based on all your normal expenses, plus the following:
    • Each dentist (including yourself) should be paid as an associate
    • Build in an escrow dollar or percentage amount (2-3%) for future improvements, renovations, and technology gains
    • Interest amount (5%) on capital put into the practice
  • “All things under one roof” – medical and dental – is the future of dentistry. Cottage industry offices as we know them will be displaced in certain environments.
  • Approximately 80% of offices are solo dentists. The believe is within 10 years this number will drop to closer to 50%.
  • If you’re going to stop practicing within the next 10 years you’ll probably be fine. If you’re planning to practice longer than that you will get hit by these changes.
  • Put away money on an annual basis to cover renovations.
  • Make sure you’re getting fulfillment in your professional life, as well as in personal.
  • If you design your business around you and make yourself happy, others around you will be happy as well.
  • Focus on outcomes, not goals.
  • People aren’t doing enough live training. The magic is being around people and interacting with others.

 

References:

Creative Planning

Tools of Titans by Tim Ferriss

 

Tweetables:

“Life’s ultimate ROI is fulfillment and happiness.” – Dr. Craig Spodak

“What makes people happy is progress.” – Dr. Craig Spodak

“Focus on outcomes, not goals.” – Dr. Tarun Agarwal

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