Bulletproof Dental Practice

Bulletproof Dental Practice Podcast Episode 25 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Erika Pusillo / Practice Optimizer @ Spodak Dental Group Key Takeaways: Running a 4-person office is quite different than running a 40-person team, the key is having the right leadership for your team. Every new stage in your life requires a different version of you. Seek areas that need improvement and try to optimize those areas. Leadership is essential for practice growth, having one person running the whole show can lead to breakdowns. Leadership is bringing other people around you up and into ownership. Nothing will ever be perfect. Start and try, if it doesn’t work the first time then identify what that is and change it. If it does, then multiply those things that work great. The goal is to allow team members to think for themselves, with leadership’s guidance on best practices to get results. Writing down your vision and sharing it creates a snowball effect. Your whole team will be inspired and empowe

Bulletproof Dental Practice Podcast Episode 24 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Bruce Johnstone / Apex Design Build Key Takeaways: It is better to have one team handle everything rather than having separate contractors handle your renovation. In a Design-Build Model, the liability and risk is lower because you talk to only one supplier committed to finishing the design. Look at dentistry as a retail function than a health care function in order to learn how to utilize space in new ways. Dental offices can become like retail stores by looking at ways to make patients comfortable while they wait. No one goes to a dental office thinking they’ll have fun. Dental offices have to shift their space so it is more engaging for customers and makes them excited to visit. A lot of things affect your patient’s perception like the lighting of your clinic, the color, the upholstery of your furniture, etc. The best source of new customers is from internal referrals. You get more referrals if patients l

Bulletproof Dental Practice Podcast Episode 23 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Josh Robbins / America's Best 401k Key Takeaways: The 401k is a massive liability for any business owner. As the business owner, you are in charge of setting up the account for the sole benefit for your employee. The providers of 401k are broken. There are too many so you need to choose the right one for your team. There are many funds within a 401k plan. You need to know what and why it is being offered and what fees are being charged. The best scenario is a level playing field where there are no middlemen and you get access to all funds regardless of how big your plan is. You can hire a fiduciary to handle your 401k liability for your employees. Investigate the fees being charged to your 401k plan. Most can be cut off. Dentists are easy prey for 401k brokers because of several factors: high income, recession proof, want to look out for their teams, etc. Brokers don’t earn from startup 401k plans so they gi

Bulletproof Dental Practice Podcast Episode 22 Host: Dr. Peter Boulden / Atlanta Dental Spa Guest: Craig Cody Key Takeaways: Mistake 1 - Failing to plan. Like buying a car or a house, you need to make a plan how you’ll pay off your taxes. Mistake 2 - Choosing the wrong entity to operate. You need to understand the different types of entities available before deciding which entity you would choose. Mistake 3 - What-if Paranoia. Do not be afraid of the questions of the IRS as long as you follow the tax codes and everything is documented. Don’t be afraid to take a legitimate deduction. Mistake 4 - Getting the wrong retirement plan. Understand the different plans available to your employees and those that they’ll resonate to. Ask for advice from your CPA. Mistake 5 - Missing family employment if you have kids. Kids can become employees of your business and you can pay them wages to cover other non-deductible expenses. Mistake 6 - Not implementing a medical expense reimbursement plan. This works for some entities

Bulletproof Dental Practice Podcast Episode 21 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Key Takeaways: Find fulfillment in helping others. Today is the golden age of dentistry. To create a raving fan culture, your team must know how to make creative solutions within a given paradigm. Self-managed teams - they know what to do and they manage themselves. This results in more fulfillment. Tell your employees the WHY of the job. Make it results and performance-based. Learn to be self-sufficient first then learn to delegate the job. Referrals happen organically. Recognize your culture and explicitly define it. Self-managed team can hire their own people. You have to talk about your culture and give examples about it daily. Talk about the most important thing to your people outside their annual review. You’ll find out it’s not really about the money. Concept of peer-to-peer rewards. Focus on giving your people experience. Customers mostly review the culture. Make it a safe environment for your team and cust

Bulletproof Dental Practice Podcast Episode 20 Host: Dr. Peter Boulden / Atlanta Dental Spa Guest: Michael Levin  Key Takeways Dentistry is a crowded marketplace. You can distinguish yourself by writing a book. You can target niche audiences using a book and build your credibility in that niche. Writing a book is easy using the right resources. You don't even need to write the entire book. You can hire ghostwriters to write it using the knowledge you have. Patients who buy your books and become fans can be your sales force. They become advocates of your practice. You can market your books by giving them as giveaways. Write books that will educate your market. This will create value for your customers. You can write books about your legacy as a dentist. Resources Mentioned: Books: Sober Dad by Michael Graubart River of Doubt by Candice Millard The Hundred-Year Marathon by Michael Pillsbury App: Headspace Tweetables: "People are grateful to the educator." Michael Levin "If you create enough value in the first

This is a republished interview from The Relentless Dentist. I met Dr. David Maloley of Avon, Colorado - at the Voices of Dentistry conference in Nashville, TN this February.   His energy and story that I heard during his presentation  almost compels you to live that EPIC life....and the relentless pursuit of it.   It was an incredible conversation-  check it out!

Bulletproof Dental Practice Podcast Episode 18 Host: Dr. Peter Boulden / Atlanta Dental Spa Key Takeaways: 3 Reasons for Doing a Morning Huddle Bring your team into alignment Allow you to discuss opportunity 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 de

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 situ

Bulletproof Dental Practice Podcast Episode 15 Host: Dr. Peter Boulden / Atlanta Dental Spa Guest: Garrett Gunderson / Wealth Factory Key Takeaways: Big Mistake: putting money too early into investments for retirement and not having enough liquidity for your business. Grow your business first by investing in it. Invest in what you know. Diversification for a dentist is bad. Learn to be comfortable with having a lot of cash. 5 Part Formula that will give you financial independence in 5 - 7 years Be more efficient with your money by keeping more of what you make. Strategically engineer wealth to eliminate diversification. Accelerate investment by finding ways to make them produce cash. Scale your business revenue. Treat yourself as your greatest asset. Hire a good accountant in order to learn how to pay less in taxes. How to save on taxes: Be proactive with your team and communicate with them. Find all the related expenses to your business and write them off for tax deductions. Reclassify your income.

Bulletproof Dental Practice Podcast Episode 14 Host: Dr. Peter Boulden / Atlanta Dental Spa Guest: Charissa Wood / Atlanta Dental Spa  Key Takeaways: Create an appointment flow that will ensure consistency Consistency is one of the biggest reasons for her success Give customized care to every patient Find the balance between consistency and tailored care Educate patients about the process and the value you offer Be aware of your patient's situation and empathize where they are Be open to change - either new technology or new processes Assess your hygiene department and be willing to make changes if you're not happy with its production Fuel the fire by exposing your hygienist to further learning Create a plan together with your hygienist and be collaborative Hygiene can be a standalone income source and not just a "loss leader" / necessity In every hygiene step you do, help the patient understand where they are so they can make the best decisions for themselves Tweetables: "We're not there to fix teeth. We'r

Bulletproof Dental Practice Podcast Episode 13 Host: Dr. Peter Boulden Atlanta Dental Spa  Key Takeaways: We have to be very strategic with our goals and reverse-engineer them. Writing down your goals is exponentially more effective than not. Strategically measuring your goals is reverse engineering your written goals. Reviewing your goals on a daily basis ensures a higher chance of achieving them. Qualifying your goals with a "why" purpose makes them more attainable. Get in the habit each morning of doing the 5-minute miracle: Write 3 things you are grateful for. Gratitude is super powerful in your life. Spend a few minutes sitting in a quiet place and focusing on your breathing. Visualize your agenda for the day in your head including what you feel. Review your goals. Tip: Fill out a personal balance sheet. Tweetables: "Gratitude has been proven over and over to be super powerful in your life because anxiety, scarcity and fear cannot exist in its presence." - Dr. Peter Boulden Resources Mentioned: Th

Bulletproof Dental Practice Podcast Episode 11 Host: Dr. Peter Boulden Atlanta Dental Spa Guest: Dr. Steven Rasner Realizing the Dream Key Takeaways: If you're young, you should invest first in yourself by mastering a specialty. Meet with the top people in your top department regularly and discuss your company's challenges and strategies. Create something that will inspire people to come to you Build relationships with your patients Get your oral sedation certificate in your local state Two skills to learn: (1) atraumatic extractions and (2) implant dentistry Create an atmosphere where dentistry becomes easy Do a 5-point exam than a comprehensive exam Offer dental x-ray for free if you can to be able to get them to agree to a complete exam Give people a chance to see how it is to have complete dental treatment Increase acceptance by requesting the significant other to be at the first visit Speak honestly and sincerely to patients Create scripts that work and memorize them Treat all patients equally and with

Bulletproof Dental Practice Podcast Episode 11 Host: Dr. Peter Boulden Atlanta Dental Spa Guest: Dr. Steven Rasner Realizing the Dream Key Takeaways: If you're young, you should invest first in yourself by mastering a specialty. Meet with the top people in your top department regularly and discuss your company's challenges and strategies. Create something that will inspire people to come to you Build relationships with your patients Get your oral sedation certificate in your local state Two skills to learn: (1) atraumatic extractions and (2) implant dentistry Create an atmosphere where dentistry becomes easy Do a 5-point exam than a comprehensive exam Offer dental x-ray for free if you can to be able to get them to agree to a complete exam Give people a chance to see how it is to have complete dental treatment Increase acceptance by requesting the significant other to be at the first visit Speak honestly and sincerely to patients Create scripts that work and memorize them Treat all patients equally and with

Bulletproof Dental Practice Episode 10 Host: Dr. Peter Boulden Atlanta Dental Spa  Dr. Dick Reid spend most of his career focused on NOT growing a large practice.  Nope, he knew that is wasn't how MUCH you collect, but rather how much you KEEP of that collections.   Over his career, Dick was able to drive his overhead to around 43%- as general practicioner.  This is pretty much unheard of, so when I did catch wind of this I wanted to find out his "secret sauce" so that maybe some listeners could gain insight on how to emulate that - to a certain degree.   By keeping such a low overhead to his practice, Dick was able to retire early on his timeline.   Guest: Dr. Richard (Dick) Reid DentalTown article Contact:  630-800-6191 or rjrdds50@gmail.com   Key Summary: Dr. Reid spent only 43% overhead in his dental practice. Read and understand how the dental economy works. Listen when smart people speak and use them as mentors. Save 20% from your practice and do not live above your means. To maintain low overhead exp

Bulletproof Dental Practice Podcast Episode 9 Host: Dr. Peter Boulden Atlanta Dental Spa   Guest: Darren Shaw Founder & President of Whitespark Email: darren@whitespark.ca Darren is literally the authority when it comes to LOCAL search.  He's a frequent lecturer to others SEO's in the industry.   Darren's company - Whitespark is almost completely focused on how to help businesses rank better locally.  As we know, local search is what most brick & mortar businesses are concerned with.  Ranking nationally is great but as dentists we have geographical limitations (i.e. we have to do business in our office and not online).  There are some AWESOME tips and advice in this episode.  I have know Darren and consume his articles and content but I was still taking notes during the podcast!   Key Takeaways: Local SEO is about making sure your business appears in local search. Google has become better at showing you relevant search results that are near your location. Google is mobile-first. You need to design yo

Bulletproof Dental Practice Podcast Episode 8 Host: Dr. Peter Boulden Atlanta Dental Spa   Title: Top 7 Tips for SEO in 2016 / 2017 Subtitle: How Dentists Can Grow Their Practice Through SEO Key Takeaways: SEO is now based on the user experience, the freshness of your content and the authority Google gives your site. In the past, people can gamify SEO using spammy link building that creates no value in the Internet. This has changed. Google has become smarter with their algorithms and has focused on content that is actually relevant to consumers. Tip 1: Focus on social media strategy. Think outside the box. Social content will become more prominent for Google to quantify who is relevant. Becoming social and getting mentioned all the time online by legitimate people will increase your search engine rankings. Tip 2: Maximize the use of video. Videos will become increasingly powerful and will become the mainstay. People are captivated by videos even by strangers. You can even use your iPhone to shoot videos. Ti

Bulletproof Dental Practice Podcast Episode 7 Host: Dr. Peter Boulden Atlanta Dental Spa   Guest: Rob Bay President, Dental Intel   Key Takeaways: Dental Intel is a cloud based software which can be used as a practice management and financial management system. Dentists are busy with their practice so they have no time to pore over the data presented. So Dental Intelligence learned to take the data and turn it into reports that dentists can easily understand. They provided action items on the things dentists can do in order to improve. Causation data is understanding what is causing the managerial data being measured. The next and deeper level of data is called action items. It tells you what you need to do with the data you have. It tells dentists specific things that needs to be done in a specific time to specific patients. Dental Intel takes the data and processes it into actionable items that can be assigned to other people - not necessarily the dentist himself. Caring about your patients and understandi

Bulletproof Dental Practice Podcast Episode 6 Host: Dr. Peter Boulden Atlanta Dental Spa   Guest: Kent Miller of Dentagraphics kent@dentagraphics.com    Key Takeaways: You can identify the specific place to best establish your practice using demographic data. Dentagraphics can provide the best place by measuring saturation of dental practices, income of the population and demand of the population. Dentagraphics can also help you identify the competition in the area and their profile. They have a proprietary software that verifies legitimate practices in the area. Rural, Town and City areas: There are opportunities in all types of areas but the best are in rapidly developing areas where the residential area has started to grow and commercial areas are starting to develop. Dentagraphics can provide reports that are customized based on your needs. You can login on your account and access an interactive report that you can adjust to your needs. Dentagraphics also gives personal recommendation where you need to e