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Episode Summary:
In this episode, we dive deep into the intricacies of valuing dental practices, particularly in the context of partnerships. We break down key valuation concepts for general practitioners (GPs) and how factors like cash flow, overhead, and goodwill contribute to a practice’s overall worth. We also explore different partnership models, including associate buy-ins and common pitfalls when transitioning from associate to partner. Gain insight into how practice owners and associates can fairly assess and negotiate valuations to build equitable and sustainable partnerships.
Key Points:
Understanding Dental Practice Valuations: Importance of cash flow, overhead, and goodwill in determining a practice's value.Associate Buy-In Models: Different approaches for associates buying into a practice, including up-front 50% buy-ins and phased purchases over time.Calculating Ownership Value: Methods for estimating buy-in costs for associates and considering contributions to the practice’s growth.Equity Distribution and Decision-Making: Pros and cons of 50-50 ownership versus minority stakes, and how these impact authority and motivation.Potential Pitfalls in Partnerships: The need for clear agreements around patient distribution, revenue sharing, and equity to avoid conflicts and financial imbalances.Importance of Professional Guidance: Engaging accountants, attorneys, and other professionals to ensure fair valuations and sustainable partnership structures.#DentalPracticeValuation #DentalPartnership #AssociateBuyIn #DentalBusiness #DentalFinance #PracticeGrowth #DentalPartnerships #Goodwill
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Episode Summary:
In this episode. we dive into the essentials of forming a successful dental partnership—a vital strategy in today's challenging economic landscape for dental practices. Our host draws on over 15 years of experience to highlight the financial and personal benefits of partnerships, explaining how joining forces can alleviate cost pressure, increase profitability, and create a supportive work environment. Key discussion points include the importance of chemistry, shared clinical philosophy, and fair profit allocation between partners. Tune in to learn how to navigate potential pitfalls and maximize the benefits of a dental partnership.
Key Points:
Benefits of Dental Partnerships - Understanding the economic advantages of sharing cost to boost take-home profits and enhance wealth-buildingThree Pillars of Successful Partnerships - Chemistry, shared clinical philosophy, and equitable profit sharing as the foundation for a harmonious business relationship.Financial Insights on Cost Structures - Explanation of fixed vs. variable costs in dental practice and how partnerships can optimize expenses.Navigating Challenges in Partnerships - The common reasons for partnership dissolutions and the complexities of handling conflicts.Evaluating Chemistry and Communications Skills - Why strong interpersonal skills and tryst are crucial for long-term partnership success.
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In this episode of The Dental Boardroom Podcast, host Wes continues his deep dive into dental partnerships, focusing on the potential downsides. Following the previous discussion on the advantages of partnerships, Wes now addresses key challenges such as decision-making conflicts, differing mission statements, profit allocation issues, and the complexities of new patient distribution. Whether you're currently in or considering a dental partnership, this episode equips you with the knowledge to approach these arrangements with your eyes wide open, avoiding potential pitfalls that could lead to costly disputes down the road.
Key Points:Decision-Making Conflicts: Partnerships require mutual agreement on critical decisions like hiring, spending, and tax planning, which can lead to friction.Differing Mission Statements and Values: Misalignment on long-term goals and practice strategies can create tension between partners.Profit Allocation Complexities: Properly distributing profits is essential, and failure to do so transparently can lead to significant conflicts.New Patient Distribution: Mismanagement of new patient allocation, especially when a new partner buys into the practice, can be a major point of contention.#DentalPartnerships #BusinessTips #Dentistry #DentalPractice #DentalBoardroom #SmallBusiness #PracticeManagement #DentalProfessionals #ProfitAllocation #BusinessStrategy
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Episode Summary:
In this episode of The Dental Boardroom Podcast, host Wes Reid kicks off a six-part series on dental partnerships. Whether you’re in a partnership or considering one, this series is packed with insights. Today’s episode focuses on the pros of dental partnerships, with a deep dive into how financial efficiencies, particularly in overhead costs, can benefit multi-doctor practices. Wes breaks down the different categories of overhead costs—labor, labs, supplies, facility, marketing, and admin—and explains which are fixed versus variable, providing a clear picture of how partnerships can reduce costs while increasing profitability.
Key Points:
Introduction to the Partnership Series
Six-part series focusing on dental partnerships: pros & cons, valuation, legal structures, success elements, buy-in timeline, and partnership agreements.Financial Efficiencies of Partnerships
Explains fixed vs. variable overhead costs in dental practices.Categories of overhead: labor, labs, supplies, facility, marketing, and admin.Breakdown of Overhead Costs
Labor: Generally fixed, with potential variable elements like bonuses tied to production.Labs and supplies: Variable.Facility, marketing, and admin: Mostly fixed.How Partnerships Reduce Overhead
The financial advantage of having multiple doctors to share fixed overhead costs.Example scenario: How overhead costs decrease when a second doctor joins a practice.Selling a Dental Practice
Introduction to PracticeOrbit.com as a modern solution for dental practice sales, featuring various selling options.#DentalPartnerships #DentalPractice #DentalBusiness #DentalOverhead #DentalValuation #PracticeManagement #DentistLife #PartnershipSuccess #FinancialEfficiency #PracticeOrbit
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Summary:
In this episode of the Dental Boardroom Podcast, host Drew Phillips welcomes Beth LaChance, CEO of Global Medical Virtual Assistants, to discuss how virtual assistants are transforming dental and medical practices. With a growing need for staffing solutions post-COVID, Beth shares how her company is filling the gap by providing highly qualified virtual professionals. Learn how integrating these professionals into your practice can improve efficiency, reduce burnout, and streamline operations, all while maintaining high-quality patient care.
Key Points:.
Beth’s Background – Journey from pharmaceutical and surgical sales to founding a virtual assistant company specializing in medical staffing.Impact of COVID on Staffing – How the pandemic accelerated the adoption of virtual assistants in medical and dental practices.Role of Virtual Assistants in Dental Practices – Integration of virtual assistants in front desk operations, billing, and patient communications.Difference Between Outsourcing and Insourcing – Beth explains the unique model of insourcing and how virtual assistants become an extension of in-house teams.Professionalism and Expertise – Addressing misconceptions about virtual assistants and highlighting their professional qualifications.Industry Trends – Growing use of virtual assistants across multiple roles in practices, and the potential impact of AI on future staffing solutions.Management Support – How Global Medical provides management support to practices, taking on the burden of training and coaching virtual assistants.#DentalBoardroomPodcast #VirtualAssistants #DentalStaffing #MedicalStaffing #BethLaChance #GlobalMedical #RemoteWork #PostCovidSolutions #DentalPractice #MedicalVirtualAssistants #HealthcareEfficiency #AIInHealthcare
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What are the most common delays that prolong a practice sale?
In general, the people who hold up deals are banks and landlords.
But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!
On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale.
Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice.
They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline.
Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.
Topics Covered
The legal documents a seller needs to prepare for a practice saleWhy it’s crucial to negotiate vendor contracts and talk to your landlord before you list your practiceWhat a seller can do to expedite the clinical due diligence of a practice saleWhat a buyer can do to accelerate the timeline for a practice sale4 ways to determine the price of your practice and how the list price impacts the closing timelineCommon delays in closing a practice sale associated with banks and landlordsWhy it’s the seller’s responsibility to negotiate the lease terms a buyer might needHow much faster you can close a practice sale if it’s staged wellHow Practice Orbit accelerates the process of selling your dental practiceWhy you need a ballpark valuation of your dental practice and how to get it done for free2 reasons you might use Practice Orbit to sell your dental practiceConnect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kevin Kenny on the Dental Board Room Podcast
The Role of Escrow on the Dental Board Room Podcast
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Once a dentist makes the decision to sell their practice, they want it done yesterday.
So, how long does a practice sale usually take? What can you do to accelerate that timeline?
On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to walk you through a typical timeline for selling a dental practice.
Matt and Wes discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale.
Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice.
Topics Covered
Common timelines for a practice sale and important mile markers in the journeyWes’ motorcycle analogy for the process of buying a dental practiceWhy it’s beneficial to hire your accountant and attorney at the point of NDAHow Practice Orbit technology shortens the timeline for selling your dental practicePotential consequences when the LOI to close period extends beyond 60 daysWhy it typically takes 4 months to sell a practice (once you’ve made the decision)What you can do to shorten the timeline for a dental practice saleHow staging your practice for a sale is like preparing dinner for a family reunionWhy Matt & Wes suggest having a weekly huddle with your team to drive the practice sale forwardThe primary financial and tax documents you need to prepare for a practice saleConnect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kevin Kenny on the Dental Board Room Podcast
The Role of Escrow on the Dental Board Room Podcast
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When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On this episode of the Dental Board Room Podcast, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.
Matt and Wes discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Topics Covered
Why you want to start the process of selling your practice when it’s on the upThe psychological challenge of planning for a practice sale before there’s a crisisWhy you should know what your practice is worth (even if you have no intention of selling)Crises that require an immediate sale vs. crises that expedite the timeline for a saleWhy financial independence is a primary factor in timing the sale of a practiceHow to know if you’re psychologically ready to stop working as a dentistWhy Matt & Wes suggest planning what to do with your time once you retireHow rising collections impact the price of a practice and speed of its saleWhy it’s easier to sell a million-dollar practice as opposed to a $500,000 oneWes’ advice on paying off a 10-year practice loanWhat differentiates buying a dental practice from buying real estateSelling your practice to retire vs. selling your practice to pay off debtThe benefits of selling your dental practice when interest rates are lowWhy Matt recommends timing the sale of your practice with your leaseConnect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
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Is a salesperson trying to talk you into claiming an R&D tax credit for your dental office?
It can be tempting to trust a pitch like this and leverage research and development to reduce your tax liability.
But how do you satisfy IRS criteria for the R&D tax credit? What documentation do you need? And what happens if you get audited?
Andre Shevchuck serves as Partner at BPM, one of the country’s top 20 accounting and advisory firms.
Andre oversees the Specialized Tax Services Practice at BPM, helping clients identify, document and defend their R&D tax credit claims.
On this episode of the Dental Board Room Podcast, Andre joins host Wes Read to discuss the four criteria for claiming the R&D tax credit and explain how it’s calculated.
Andre describes what the IRS can do to discredit a claim, challenging dentists to exercise caution before you let a salesperson talk you into taking the R&D tax credit.
Listen in for insight on mitigating your tax liability without abusing the system and learn when it’s appropriate to claim the R&D tax credit for your dental practice—and when it isn’t!
Topics Covered
Andre’s expertise in specialized tax services and representing clients against the IRS
The 4 criteria for a business owner to claim the R&D tax credit
Why demonstrating technical uncertainty is key in qualifying for the R&D tax credit
How salespeople downplay the risk of claiming the R&D tax credit if you don’t meet all 4 criteriaWhat the IRS can do to discredit an R&D tax credit claim
How your entity structure impacts your risk of being audited for an R&D tax credit
How the R&D tax credit is calculated
How the R&D tax credit allows for a deduction and tax credit on the same expenses
How the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax credit
Why aggressive salespeople aren’t necessarily on the hook if the IRS revokes your R&D tax credit
Capitalizing R&D work vs. claiming it as an expense on your taxes
How to be aggressive on taxes for your practice without the abusing the system
Connect with Andre Shevchuck
Andre at BPM
Andre on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Amortizing R&D Expenses Under the TCJA
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You’ve worked so hard for so long to build a private dental practice in your community. But now you’re thinking about exiting the business.
So, how do you know when it’s time to retire? What can you do to plan for the next chapter of your life?
Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas.
Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago.
On this episode of the Dental Board Room Podcast, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice.
Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away.
Listen in for Dr. Kenny’s advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale.
Topics Covered
A high-level overview of Dr. Kenny’s career as a dentist
How Dr. Kenny knew it was time to sell his practice
Determining how much money you need for retirement
How bankers calculate the value of a dental practice
The CPAs role in helping you plan for a practice sale
Mitigating your tax liability in a dental practice sale
When to do a broker sale and when to sell your practice privately
The pros and cons of selling your practice to a DSO
Why you should hire an attorney who specializes in dental transitions
Cleaning up your books before you sell your practice
How to create a business plan for your retirement
Advice for young doctors who’ve just bought a practice
Dr. Kenny’s blueprint for a successful practice sale
The humanitarian mission of Dr. Kenny’s foundation
Connect with Dr. Kevin Kenny
The Dr. Kevin M. Kenny Foundation
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kenny on Dental Board Room Podcast EP018
McLerran & Associates
Global Dental Relief
How to Win Friends & Influence People by Dale Carnegie
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For most practice owners, the dentistry is the easy part. What’s hard is managing your team, especially with the current dental staffing shortage.
So, what factors contribute to this shortage of staff? What can doctors do to solve this systemic issue?
David Schwab, PhD, is a professional speaker, author and dental practice management consultant who helps dentists grow their practices, educate their patients and train their teams.
On this episode of the Dental Board Room Podcast, David joins host Wes Read to explain what’s behind the dental staffing shortage and how we might address it with virtual workers, part-timers and temps.
David offers advice on addressing employees who chronically call in sick, conducting performance reviews, and responding to requests for a raise.
Listen in for insight on the Ritz-Carlton concept of lateral service and learn David’s top strategies for building and managing your team through the current dental staffing shortage.
Topics Covered
Why managing your team is the most difficult aspect of running a dental practice
Why there’s a shortage of dental staff and what doctors can do to solve the problem
The evolution of virtual work in dental practices
David’s take on hiring virtual assistants from places like the Philippines or Africa
What dental office tasks are likely to be outsourced moving forward
The advantages of hiring part-timers and people without a background in dentistry
How the emergence of online marketplaces might impact the dental space
How well-documented processes allow doctors to leverage temporary employees
David’s advice on addressing employees who chronically call in sick
David’s ‘open book test’ system for performance reviews
How dentists should respond to employee requests for a raise
The benefit of open-book management that allows staff to understand overhead
What dentists can learn from the Ritz-Carlton concept of lateral service
David’s background and experience as a dental management business consultant
Connect with David Schwab
David Schwab Dental Practice Management Consulting
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Trainual
SweetProcess
The E Myth by Michael E. Gerber
Entrepreneurial Operating System
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In the aftermath of COVID, there was a massive boom in dental practice transactions.
The market finally corrected itself in 2023. And while doctor-to-doctor private sales remained consistent, DSO sales slowed dramatically.
So, what caused these market trends? What does the market look like so far in 2024? And how will understanding trends help you make informed decisions as you buy or sell your own dental practice?
David Cohen is Managing Attorney at Cohen Law Firm, a legal practice with a unique focus on dentists and dental specialists. His team does between 300 to 400 practice transactions nationwide every year.
On this episode of the Dental Board Room Podcast, David joins host Drew Phillips to discuss how the DSO and private practice markets have evolved since 2020.
David shares his process for helping clients decide between DSO versus private practice deals and describes how deal terms are changing on the DSO end in 2024.
Listen in to understand what’s behind the uptick in private partnerships in recent months and learn how to make the best decision for selling your dental practice based on your circumstances and current market trends.
Topics Covered
How David’s family background inspired his work with dentists
How the DSO and private practice markets have evolved from 2020 to present
How David helps clients decide between private and DSO deals
How DSO deal terms are changing to favor the DSO
David’s insight on the uptick in both private partnerships and 100% sales
What’s behind the rise of workbacks in private practice sales
Connect with David Cohen
Cohen Law Firm
Practice Transitions [R]evolution Facebook Group
Cohen Property Law Group
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Seattle Study Club
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Is good help hard to find when it comes to staffing your dental practice?
According to the ADA Health Policy Institute, staffing shortages, recruitment and retention are among dentists’ top concerns moving into 2024.
But what if you could easily find A players to fill your open positions? A players who will stick with your team for the long term?
Dr. Michael Neal is Founder and CEO of Build My Team, an affordable, outsourced healthcare hiring service that provides highly qualified job candidates for your dental practice.
A practicing optometrist in rural Pennsylvania, Dr. Neal created Build My Team to solve his own hiring challenges. Today, the platform serves healthcare providers in 40 states and Canada.
On this episode of The Dental Board Room, Dr. Neal joins host Drew Phillips to share the Build My Team process for hiring staff in healthcare practices without resumes or traditional interviews.
Dr. Neal explains how Build My Team designs an algorithm specific to your open position and collects data from job candidates to find A players for your practice.
Listen in to understand how Build My Team solves for the supply issue in healthcare staffing and learn how Dr. Neal can help you find employees with the skills and talents to excel on your team.
Topics Covered
[0:23] The Build My Team process for hiring staff in healthcare practices
[1:54] What data Build My Team collects from job candidates to find A players for a practices
[4:21] How Build My Team creates an algorithm specific to each position
[6:18] Build My Team’s guidance around finding employees who will excel in a given role
[8:23] How Build My Team collects the data they use to refine their algorithms
[9:46] What inspired Dr. Neal to design the Build My Team process
[11:14] Dr. Neal’s advice on creating a culture that retains A players
[12:05] How Build My Team solves for the supply issue in healthcare staffing
[13:34] What language Build My Team uses in its job descriptions
[17:52] How Build My Team informs a candidate that they’re no longer in the running for a position
[20:07] Why Build My Team asks applicants an open-ended question re: wage expectations
[23:05] Success stories of practices that used Build My Team to fill open positions
[25:07] Why you shouldn’t be afraid to hire team members without experience (for non-licensed positions)
[27:23] The typical timeline for filling an opening with Build My Team
[28:44] How the Build My Team process serves rural clients with a small talent pool
[30:23] How Build My Team helps a practice work with new team members
Connect with Dr. Michael Neal
Build My Team
Connect with Wes Read, Matt Odgers & Drew Phillips
Practice Orbit
Email [email protected], [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO...
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You cannot sell a dental practice without clean books. And you definitely shouldn’t buy a practice without having an accountant evaluate its potential profitability.
But a good dental CPA has value beyond assisting with the basics of bookkeeping and price assessment.
So, what is the full value proposition of an experienced CPA in the context of a dental practice sale?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers serves as guest host and interviews Wes Read on the role of a CPA in the practice transaction.
Wes explains how a good dental CPA forecasts the range of profitability for a buyer, and he walks us through the process of financial due diligence in a dental transition.
Listen in to understand how a CPA helps buyers make business decisions after closing and develop the mindset of a business owner to grow a financially successful dental practice.
Topics Covered
An overview of the CPA’s role in a dental transaction
How a good dental CPA assesses the profitability of a practice
Wes’ approach to forecasting the range of profitability for a buyer
How Wes defines financial due diligence in a dental transaction
Using a seller’s tax returns to validate data on a P&L
How a dental CPA might coach buyers on business decisions
What to do as a seller if your books are not in order
What a buyer should expect in terms of CPA fees for due diligence
PracticeCFO’s relationship with a buying dentist after closing
What differentiates the mindset of a clinician vs. business owner
Connect with Matt Odgers
Odgers Law Group
Email [email protected]
Connect with Wes Read
Practice Orbit
Email [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
Practice Sales: The Role of Escrow on DPS EP010
Practice Sales: The Role of an Attorney on DPS EP011
Episode Promo Videos
Video Promo 1
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Every dental practice sale involves several legal documents. And that’s why an attorney is a crucial part of the transition team for both buyers and sellers.
But what, exactly, does a dental attorney do in the practice sale process? What should you look for in an attorney to help you buy or sell a dental practice?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers is back with host Wes Read to discuss the role an attorney plays in the dental practice transition.
Matt and Wes walk us through the legal documents required in every practice sale as well as the deal-specific ancillary documents you might need.
Wes asks why it’s crucial to have a dental attorney review your LOI, and Matt explains what an asset sale agreement does and how it’s negotiated.
Listen in for insight on the attorney’s role in negotiating either the lease or real estate purchase agreement and learn why it’s beneficial to use a dental specific attorney for your practice transition!
Topics Covered
The documents a dental attorney addresses in a given practice sale
Why it’s crucial to have a dental attorney review your LOI
What provisions in an LOI are binding (and which ones are non-binding)
How a good LOI includes timelines for due diligence
Matt’s approach when a buyer has little money in the bank but needs an LOI review
The purpose of the asset sale agreement and how attorneys negotiate it
Why it’s beneficial to use a dental specific attorney vs. a general business attorney
How a good dental attorney moves the deal forward when the other side won’t budge on a particular term
The attorney’s role in reviewing a lease and negotiating with the landlord
When to ask for a lease extension when the buyer takes over
How the process differs when a seller is at the end of their lease or owns the real estate
When you need a workback agreement or seller financing note
Connect with Matt Odgers
Odgers Law Group
Email [email protected]
Connect with Wes Read
Practice Orbit
Email [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
The Role of Escrow in a Dental Practice Sale on DPS EP010
Episode Promo Videos
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What role does escrow play in a dental practice transition? How does it benefit buyers and sellers alike?
Should you use an escrow for your practice sale?
Matt Odgers is a Dental Attorney with Odgers Law Group and VP of Business Development and Legal Operations with Practice Orbit.
Matt has more than a decade of experience representing hundreds of dentists in the process of buying or selling a practice.
On this episode of the podcast, Matt joins host Wes Read to discuss the purpose of escrow in a private practice sale, beginning with the financial security it affords sellers.
Matt and Wes explain why buyers have a larger representation when an escrow is involved and how it significantly increases the probability of closing the deal.
Listen in to understand how an escrow agent helps move a dental practice transaction forward and learn when you can avoid using escrow vs. when it is necessary to protect you in a dental practice sale.
Topics Covered
What inspired Wes & Matt’s podcast series on dental practice transitions
How Practice Orbit simplifies the dental practice sale process
How using an escrow affords dental practice sellers financial security
Why the buyer has larger representation when an escrow is involved
Why Wes & Matt are advocates of earnest money in the escrow process
How escrow instructions should be built into the letter of intent
How an escrow significantly increases the probability of closing a deal
The escrow agent’s role in moving a dental practice transaction forward
How an escrow statement makes things easier from an accounting, tax and legal standpoint
When it makes sense to hold back a percentage of the purchase price in escrow (and release it to the seller after certain conditions are met)
When you might avoid using an escrow in a dental practice sale
Connect with Matt Odgers
Odgers Law Group
Email [email protected]
Connect with Wes Read
Practice Orbit
Email [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
Episode Promo Videos
Video Promo 1
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Inflation is down and the stock market is rallying in response. But the Fed is exercising caution before it lowers interest rates.
What does that mean for you and me? What should we be investing in right now?
Paul Lipcious, CPA, serves as Partner and Senior CFO Advisor and Brandon Hobson, CFA, CPA, is Chief Investment Officer at Practice CFO.
On this episode of The Dental Board Room Podcast, Brandon and Paul join host Drew Phillips for the continuation of The Dental Board Room Podcast's quarterly investment podcast series.
Brandon, Paul and Drew explain why the current markets are overly optimistic and where interest rates are likely to go in Q1 and Q2 of next year.
They go on to discuss what sectors they favor moving into 2024 and how they’re making decisions around equity allocations based on the current economic environment.
Listen in to understand what factors might create a softening of the real estate market and learn why Brandon, Paul and Drew recommend sticking to a long-term investment strategy versus trying to time the market.
Topics Covered
How the Fed might respond to the recent improvement in core inflation numbers
Why the markets are being overly optimistic by pricing in the Fed’s next move
The Magnificent 7 stocks that are driving market performance right now
Why we can’t count on the continued growth of the Magnificent 7
What sectors Brandon, Paul and Drew favor moving into 2024
Where interest rates might go from here and how they’re influenced by employment, inflation and fiscal policy
The likelihood that quantitative tightening will hold through next year
How to adjust portfolio allocations in lieu of the decrease in the 10-year yield
How Practice CFO is making decisions around equity allocations based on the current economy
What differentiates value vs. growth stocks (and why we prefer value over growth)
How to assess the health of a company based on capitalization and debt loads
How wage inflation is affecting dentists and dental specialists
How interest rates and inflation influence real estate and what factors might create a softening in the market
Why time in the market is more important than timing the market
Connect with Brandon Hobson & Paul Lipcius
Brandon at Practice CFO
Paul at Practice CFO
Connect with Wes Read, Matt Odgers & Drew Phillips
Practice Orbit
Email [email protected], [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
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What are the most common legal issues a dental practice might face?
How can dentists protect themselves from insurance audits? Board investigations? Or criminal charges?
Justin Withrow is Partner at Flannery Georgalis, LLC, where he specializes in representing dentists in regulatory investigations, insurance audits, professional licensing matters and complex business litigation.
Matt Odgers serves as Dental Attorney at Odgers Law Group, a firm with expertise in representing buyers and sellers in the purchase or sale of a dental practice.
On this episode of The Dental Board Room, Justin and Matt join host Wes Read to explain how a dental practice should approach sensitive legal matters.
Justin describes how a practice gets selected for an insurance audit, challenging dentists to put systems in place and conduct internal compliance checks to prepare for such an audit.
Matt and Wes ask what triggers a state board investigation, and Justin offers advice on reaching out to malpractice and securing legal counsel for your dental practice.
Listen in for insight on why a practice might find itself under criminal investigation and learn how the right attorney can help you navigate these challenging legal matters.
Topics Covered
[1:56] Justin’s background representing dentists with sensitive legal matters
[4:54] How a dental practice gets selected for an insurance audit
[8:03] Examples of statistical outliers that might trigger an insurance audit
[10:44] Variations in provider agreements among private insurance companies
[12:14] How often private insurance companies turn over the findings of an audit to a state board for criminal action
[13:41] 4 potential outcomes of an insurance audit and why it’s crucial to respect the process and respond in a timely manner
[18:52] The typical terms built into a contract between an insurer and provider (and how to terminate such an agreement)
[21:08] Building systems into your dental practice to prepare for an insurance audit
[22:39] How to properly document services provided and withstand the scrutiny of an insurance audit
[24:51] The benefit of having Justin’s firm conduct a compliance check for your practice
[27:20] What triggers a state board investigation of a dental practice
[30:03] Why a practice should take a state board investigation seriously from Day One
[35:05] When Justin suggests reaching out to your malpractice provider
[38:45] The quality of legal advice from on-panel providers for an insurance company
[42:20] Justin’s advice on how to secure legal counsel for a board investigation
[43:59] What partner dentists in a DSO can do to protect themselves from a board investigation
[47:16] Why a dental practice might find itself under criminal investigation
[51:35] The challenge of rebuilding a practice after a search warrant is executed
[53:17] Why Justin suggests consulting a lawyer before you answer any questions in a criminal investigation
[56:01] Case studies of 2 dentists Justin represented in criminal investigations
Connect with Justin Withrow
Justin on LinkedIn
Flannery Georgalis
Connect with Matt Odgers
Matt on LinkedIn
Odgers Law Group
Connect with Wes Read & Drew...
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If you see your hygienist as someone who simply cleans teeth, you’re missing an opportunity.
Steve Sperry characterizes hygienists as treatment coordinators who are licensed to clean teeth. And he suggests compensating them for motivating patients to improve their overall health.
But what does that look like? How might you incentivize your hygienists to educate patients while they’re cleaning their teeth?
Steve is President of Inventive Dental Solutions and Coauthor of Hygiene Superstar. With 25 years of experience in dental practice management, Steve is passionate about helping dentists grow as leaders and build a successful business.
On this episode of The Dental Board Room, Steve joins host Wes Read to explain how to quadruple the production of your hygienist.
Steve challenges us to look at a dental practice as a subscription model business and compensate hygienists based on dollars scheduled coming out of the room.
Listen in for insight on using real-time data to run a practice more effectively and learn how to leverage ‘hygiene superstars’ to make your practice more profitable!
Topics Covered
[0:59] The differences among leadership, management and teaming
[8:19] How dentists can use real-time data to run a practice more effectively
[19:20] Why Steve sees hygienists as ‘treatment coordinators licensed to clean teeth’
[26:01] The benefit of looking at your practice as a subscription model business
[27:45] Compensating hygienists for their global impact on patients
[41:03] How much revenue comes from hygiene vs. restorative work in the most profitable practices
[44:06] How to build appropriate incentive vehicles for your staff
Connect with Steve Sperry
Inventive Dental Solutions
Connect with Wes Read, Matt Odgers & Drew Phillips
Practice Orbit
Email [email protected], [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Hygiene Superstar by Mike Czubiak and Steve Sperry
EOS
The 7 Habits of Highly Successful People by Stephen R. Covey
Bryan Johnson Blueprint
Dr. Mark Costes on Dental Board Room EP054
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There's nothing overly complex about the business of owning a dental practice.
And while anybody who’s graduated from dental school can understand the operational side of running a practice, you still need to take the time to learn how it all works.
Dr. Mark Costes is Founder and CEO of The Dental Success Institute, a coaching program that helps dentists become more knowledgeable, more profitable and more fulfilled in their careers.
On this episode of The Dental Boardroom, Dr. Costes joins host Wes Read to explain how associates can design their own internship in the business of running a practice—even if they’re working for a DSO.
Dr. Costes discusses the importance of identifying a purpose beyond money, describing how Smile Outreach International affords him fulfillment now that he’s achieved financial freedom.
Listen in as Dr. Costes shares the business framework he used to grow his practice from one dental office to 16 and learn where to go for coaching in the business of scaling your own dental practice!
Topics Covered[0:13] What inspired Dr. Costes’ interest in dentistry and entrepreneurship
[8:31] Dr. Costes’ early experience as a dentist prior to buying his own practice
[15:21] What associates can do learn about the operational side of running a dental practice (especially if you’re working for a DSO)
[19:32] How to create your own internship in the business of running a dental practice
[28:28] The business framework Dr. Costes designed as he grew his practice from one dental office to 16
[37:06] Who’s the right fit for Dr. Costes’ Dental Success Institute coaching program
[41:21] Dr. Costes’ growing role as an advisor to dental business startups
[43:58] What Dr. Costes has learned from building charitable dental clinics in Third World countries
[47:57] The relationship between living your purpose and feeling fulfilled
Connect with Dr. Mark CostesThe Dentalpreneur Podcast with Dr. Mark Costes
Dental Success Network
Dental Success Institute
Smile Outreach International
Connect with Wes Read, Matt Odgers & Drew PhillipsPractice Orbit
Email [email protected], [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
ResourcesWes Read on The Dentalpreneur...
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