True Dental Success Institute

Archive for September 2016


075: Dr. Mark Costes – Creative Practice Financing, Balance & Favorite Books

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Dr. Mark CostesWelcome to another episode of The Dentalpreneur Podcast. On today’s episode I would like to share some of the questions and comments I have received in the last month or so.

To start, I address a question I am asked very often about maintaining work/life balance. Balance is a continuous evolution between life and your never changing non-negotiables. I explain what the differences are for me now that I have more experience in practice management and systemization. I am again in a business growth mode, but armed with new tools I am able to continue the balance I have established with my family and work life.

Next, I take a question regarding profit management and ways to manage that profit. I also share the more dependable ways to develop a tangible plan for that income.

Finally I discuss creative strategies I use to negotiate the purchase of practices. I cover a recent purchase deal that includes a 10% down payment, owner financing, and 10 year amortization with a balloon payment in 2 years.

“Listener questions”, is one of my favorite types of episodes, because the variety of topics is broad and there is so much information shared.

All of that and more on today’s episode of The Dentalpreneur.

In this episode you’ll hear:

  • Why you don’t have to choose between happiness and success
  • How to grow after you have defined your non-negotiables
  • How I manage the profit of a successful practice
  • How to utilize your travel and down time for personal growth by listening to podcasts and audio books
  • Creative strategies for negotiating the purchase of a practice

Thanks to you for joining us on another episode of the Dentalpreneur podcast.

EPISODE RESOURCES




074: Dr. Aaron Nicholas & Jake Conway – Risk/Reward The Multiple Practice Debate

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Dr. Aaron NicholasWelcome to another episode of The Dentalpreneur podcast. Joining me today are both Dr. Aaron Nicholas, a repeat guest on The Dentalpreneur and Jake Conway, DSI’s in house Financial Analyst.

Today Dr. Nicholas, Jake and I share current projects we are involved. Aaron talks about how he has been influenced in the last year by our Mastermind group to consider purchasing a practice in addition to his existing very successful practice. Jake covers his experience of using a broker to find a practice to purchase as a non-dentist. Together we explore and have an in depth discussion on when, where and how to become a multiple practice owner. We each share our personal experiences with searching for, finding, researching, negotiating and purchasing practices.

All of that and more on today’s episode of The Dentalpreneur.

In this episode you’ll hear:

  • How a non-dentist can own all or part of a dental practice
  • Why due diligence is key to a successful practice purchase
  • How to find the creative deals in practice purchases
  • Weighing the good and the bad of purchasing a distressed practice
  • How to determine if you are ready to be a multi-practice owner
  • Why the reputation of a practice for sale should be considered

A special thanks to Dr. Aaron Nicholas and Jake Conway for sharing their expertise with me on today’s show. Thanks to you for joining us on another episode of The Dentalpreneur podcast.

EPISODE RESOURCES




073: Jennifer Schultz – Slaying The Billing And Collection Monsters In Your Practice

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Jennifer SchultzWelcome to another episode of The Dentalpreneur podcast. Joining me in today is Jennifer Schultz.

Jennifer is the founder of Virtual Dental Office and Dental Insurance Navigator. She has more than 20 years of experience of working in dental practices. After 10 years as a hygienist Jennifer started working at the front desk one day a week. She gradually extended those hours at the front desk and became an expert in systemizing front desk operations.

Today Jennifer and I talk about how to train and develop an efficient and knowledgeable front desk staff. Jennifer offers insight into how Virtual Dental Office can provide expert administrators to support for front desk operations. The observations Jennifer has made in working with dental practices has given her clear insight into what is typically lacking and how best to improve it. Jennifer and I discuss how outsourcing to a team of experts in billing, collections and insurance can increase practice revenue to such a degree the ROI is definitely worth it.

All of that and more on today’s episode of The Dentalpreneur.

In this episode you’ll hear:

  • How your front desk staff can utilize their time better and be more focused on patients
  • Why insurance should be verified prior to a patients first visit
  • How verifying insurance can be a bottleneck at your front desk for patients
  • Why timely filing is important to your insurance collections
  • How to find the right person to present treatment plans

A very special thanks to Jennifer Schultz for sharing her amazing expertise and experience as an entrepreneur with me on today’s show. Thanks to you for joining us on another episode of The Dentalpreneur podcast.

EPISODE RESOURCES




072: University of Nebraska – Vetting Dental Practice Purchase Opportunity

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University of NebraskaWelcome to another episode of The Dentalpreneur podcast.

Today I am going to share a recent lecture I gave to a class of D4 students at the University of Nebraska Dental School. It was a great pleasure to share what I have learned over the years about practice acquisition with the students and to hear what they are learning today in dental school.

Financing for dental graduates to start their own practice or purchase a practice is easily available in today’s business climate. The financial stakes are also higher for recent graduates and they can’t afford to make mistakes.

In my lecture I share with the students what steps they should consider before purchasing a dental practice. I discuss the data that should be reviewed before making an offer on a practice, production, monthly new patient average, collection/production ratio and more. I also explain how demographics come into vetting a practice prior to purchasing. I discuss the importance of not just knowing overhead numbers, but which ones are important when contemplating a purchase. At the close of the lecture I cover why practice ownership can and should be a viable and educated goal for any recent graduate that wants it.

All of that and more on today’s episode of The Dentalpreneur.

In this episode you’ll hear:

  • How to determine practice valuation prior to purchase
  • Why you should define your target audience prior to considering purchasing a practice
  • What practice data is needed to evaluate a possible purchase opportunity
  • Which key performance indicators should be evaluated in a potential practice
  • What the benefits are to practice ownership

A very special thanks to the University of Nebraska, Dr. David Dunning and the students in his class for attedning my lecture and appearing on The Dentalpreneur. Thanks to you for joining us on another episode of The Dentalpreneur podcast.

EPISODE RESOURCES