The Bulletproof Dental Podcast Episode 348   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak     DESCRIPTION Join Craig and Peter as they discuss rural practices in rural versus urban area and the challenges and advantages of practicing in rural markets. Also, a concerning trend in dentistry: the rise of non-dentist veneer technicians, or 'near-techs.' These individuals, with minimal training, are illegally placing veneers on patients using nail supplies and acrylic. Craig and Peter express their frustration with the lack of protection for the dental profession and the potential harm caused by these unqualified practitioners.   TAKEAWAYS Rural dentists are three times busier than dentists in urban areas, highlighting the demand for dental services in rural markets. The rise of non-dentist veneer technicians, or 'near-techs,' is a concerning trend in dentistry, as these individuals are illegally placing veneers on patients with minimal training. The dental profession needs better protection and advocacy to prevent the proliferation of unqualified practitioners and ensure patient safety. The commoditization of dental services and the race to the bottom on pricing can undermine the quality of care and patient outcomes. Dentists should be aware of these trends and actively advocate for the profession to maintain high standards and protect patient well-being.   CHAPTERS 00:00 - Introduction and Reflection on Progress 03:02 - The Busy Rural Dentist 13:25 - The Rise of Non-Dentist Veneer Technicians     REFERENCES Bulletproof Summit Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 347   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:  Dr. Sulman Ahmed   DESCRIPTION This week's episode of the Bulletproof Dental Practice podcast welcomes Dr. Sulman Ahmed, Founder, Chairman, and CEO of DECA Dental Group. Discover Dr. Ahmed's expertise in building a patient-centered organization with around 200 locations across nine states. Learn from his leadership insights and personal career achievements, including prestigious awards like EY Entrepreneur of the Year and Glassdoor's Top CEOs. Don't miss this opportunity to gain valuable insights from a trailblazer in the dental industry.   TAKEAWAYS Hard work, perseverance, and vulnerability are key to achieving success. Success is a journey, and it takes time and continuous growth to reach new levels. Giving back and helping others is a fulfilling way to create a legacy. Fatherhood can take different forms and evolve over time, with each individual having their own parenting style and experiences. The dental investment market is facing challenges due to high interest rates and the need for a proven track record of success. Consolidation in the dental industry is increasing, with more dentists joining group practices and DSOs. The future of dentistry looks promising for those who are passionate about providing quality care and are aligned with the values of the profession. It is important for dentists to focus on their core competency in dentistry and seek partnerships that align with their values and goals. Business training should be incorporated into dental school curricula to better prepare dentists for the realities of running a practice. Dentists should embrace their strengths and seek support from others to fill in the gaps in their knowledge and skills. The joint venture model can be a beneficial approach for dentists looking to partner with others and expand their practices. The dental industry is experiencing a shift towards valuing quality of care and differentiation, rather than just focusing on revenue and valuations. The future of dentistry will be shaped by factors such as competition, costs, negotiation with payers, and the ability to differentiate and provide value to patients.   CHAPTERS 00:00 - Introduction and Background 03:10 - The Journey to Success 08:36 - The Importance of Hard Work and Vulnerability 13:37 - Balancing Work and Life 23:30 - The Impact of Family and Fatherhood 31:57 - The Increasing Trend of Consolidation in Dentistry 36:07 - Focusing on Core Competency and Partnerships 40:02 - The Importance of Business Training in Dental Education 41:34 - Embracing Strengths and Seeking Support 46:10 - The Benefits of the Joint Venture Model 49:33 - Valuing Quality of Care and Differentiation 52:57 - Factors Shaping the Future of Dentistry     REFERENCES Bulletproof Summit Bulletproof Dental Practice Make Them Smile, Dr. Sulman Ahmed

The Bulletproof Dental Podcast: Bonus Episode! HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:  Chase Howard   DESCRIPTION BREAKING NEWS! Join us as we welcome Chase Howard for an impromptu bonus episode to discuss the recent news surrounding the FTC and non-compete agreements.    TAKEAWAYS The FTC is attempting to ban non-compete agreements, which could have a significant impact on the dentistry industry. Existing non-compete agreements will still be enforceable until the employee leaves the practice. Non-solicitation agreements may become more important for protecting patient and staff retention. The ban does not apply to the sale of practices or certain high-level executives. Dentists should consider revisiting their associate agreements and focusing on other protections such as training costs, non-disclosure agreements, and protecting intellectual property.   CHAPTERS 00:00 - The FTC's Attempt to Ban Non-Compete Agreements 06:54 - Exceptions to the Non-Compete Ban: Sale of Practices and High-Level Executives     REFERENCES Bulletproof Summit Bulletproof Dental Practice Chase Howard

The Bulletproof Dental Podcast Episode 345   HOSTS: Dr. Peter Boulden and Dr. Craig Spodak GUESTS: Dr. Trey Tippit and Dr. Dwight Peccora   DESCRIPTION In this episode, our Fearsome Four is back in full force as we discuss the state of dentistry in 2024 based on data from Dental Intel. We explore topics such as the stability of practices, the impact of inflation on the industry, and the increase in cancellations and no-shows. We emphasize the importance of tracking key performance indicators (KPIs) and implementing strategies to improve patient engagement and reduce no-shows. We also highlight the need for dentists to focus on their mental and emotional well-being to navigate the challenges of running a dental practice.   TAKEAWAYS The state of dentistry in 2024 shows a stratification, with top performers doing better than ever and bottom performers struggling. The average practice is experiencing more cancellations and no-shows than ever before, which can be attributed to factors such as lack of patient engagement strategies and deprioritized hygiene programs. Hygiene reappointment percentage is a crucial metric that indicates the stability of a practice and its future success. Mitigating no-shows can be challenging, but implementing systems such as confirmations, scheduling goals, and charging fees for missed appointments can help reduce their impact. Dentists should focus on their mental and emotional well-being to navigate the challenges of running a dental practice and maintain stability in their business. Accountability is crucial in dental practices to ensure that protocols are followed consistently. Creating scarcity in appointment scheduling can increase patient compliance and reduce no-shows. AI technology has the potential to streamline dental workflows and improve diagnostic capabilities. The upcoming summit is an opportunity to learn about the latest advancements in dentistry.     CHAPTERS 00:00 - Introduction and Reunion 09:03 - Hygiene Reappointment Percentage 15:03 - Mitigating No-Shows and Improving Patient Engagement 35:49 - The Value of Scarcity in Scheduling 42:28 - The Role of AI in Dentistry   REFERENCES Bulletproof Summit 2024 Dental Intel

The Bulletproof Dental Podcast Episode 344 HOSTS: Dr. Peter Boulden  GUESTS: Dr. Trey Tippit and Dr. Dwight Peccora   Join us as we break down the well know Harvard Business Review: "Who's got the Monkey" and apply it to the world of delegation, boundaries, and time management in the dental practice. We explore the concept of 'monkeys' - those pesky tasks or problems we delegate to others - and provide invaluable insights on effective delegation strategies and problem-solving techniques. From setting clear expectations to fostering open communication, we'll uncover the keys to preventing monkeys from taking over your work life. Get ready to empower yourself and your team to tackle challenges head-on while maintaining a healthy work-life balance.   TAKEAWAYS Delegation is essential for effective management and growth in any organization. Setting boundaries and managing expectations are crucial for preventing tasks and problems from becoming overwhelming. Clear communication and time management are key to successful delegation.  Taking ownership of one's responsibilities and empowering others to take ownership of theirs leads to a more efficient and productive workplace. Set a structured time to address problems and have conversations with the team. Avoid discussing important matters over email or text messages. Assign a specific time and level of responsibility for each task or problem. Leaders should empower their team and encourage independent thinking. Maintaining a healthy work-life balance is crucial for personal and professional growth. Building and selling small dental practices can be a successful business model. There are different approaches to scaling dental practices, with some dentists opting for a decentralized network and others choosing centralization and consolidation. Outsourcing certain aspects of dental practice operations, such as revenue cycle management, can help streamline processes and improve efficiency. The future of AI in dentistry holds promise, but the technology is still evolving and its full potential has yet to be realized. The dental industry may experience a Renaissance in the coming years, with increased investment and consolidation. Collaboration and learning from others in the industry, even those with different approaches, can lead to valuable insights and growth opportunities.     CHAPTERS 00:00 - Introduction and Nostalgia 01:31 - Fitness and the Importance of Taking Care of Your Body 06:17 - The Story of 'Whose Monkey Is It?' 09:10 - The Rules of Managing Monkeys 16:25 - Limiting Time and Setting Boundaries 24:01 - Structured Time and Problem-Solving 28:30 - Effective Communication: Face-to-Face vs. Email 30:11 - Assigning Time and Responsibility for Tasks 32:38 - Empowering the Team and Encouraging Independent Thinking 34:22 - Maintaining a Healthy Work-Life Balance 41:11 - Building and Selling Small Dental Practices 47:58 - Introduction and Different Approaches to Scaling Dental Practices 48:30 - The Role of Outsourcing in Dental Practice Operations 52:02 - The Potential for a Dental Industry Renaissance 01:06:23 - Collaboration and Learning from Diverse Perspectives in Dentistry   REFERENCES Bulletproof Summit 2024 Dental Students use code: BPSTUDENT for your discount!

The Bulletproof Dental Podcast Episode 343 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak   TAKEAWAYS Comprehensive diagnosis is essential, but effective delivery of treatment plans is equally important. Recording consultations can help dentists improve their presentation skills. Fear of rejection and discomfort can hinder effective enrollment. Empathy and understanding the patient's perspective are crucial in the enrollment process. Body language and context play a significant role in treatment presentations. Use patient-benefited language and avoid technical jargon to effectively communicate with patients. Record frequently asked questions and provide videos or resources to patients prior to consultations. The belief set and confidence of the doctor are important factors in patient acceptance. Storytelling and leadership can engage patients and build trust. Avoid talking to patients in a supine position and consider using consultation rooms for treatment presentations. Establish a smooth patient handoff process to ensure continuity of care.   CHAPTERS 00:00 - Introduction and Reflection on the Podcast 02:04 - Updates and Speaking Engagements  03:01 - Enrolling More Dentistry and Student Discount 04:06 - Personal Experience with Lecture at Dental School 07:42 - Dental Summit and Booking Hotel Rooms 09:04 - Importance of Enrolling Dentistry 12:00 - Saying More vs. Comprehensive Diagnosis 13:20 - Recording Consultations for Self-Improvement 18:08 - Fear of Rejection and Sweaty Back Conversations 21:44 - Importance of Body Language and Empathy 25:09 - Context Matters in Treatment Presentation 27:14 - Patient-Benefited Language 29:39 - Recording Frequently Asked Questions 30:00 - The Belief Set and the Confidence of the Doctor 32:41 - Storytelling and Leadership 39:45 - Consultation Rooms vs. Treatment Rooms 45:29 - Patient Handoff Process   REFERENCES Bulletproof Summit 2024 Dental Students use code: BPSTUDENT for your discount!

The Bulletproof Dental Podcast Episode 342 HOSTS: Dr. Peter Boulden GUESTS:  Dr. Trey Tippit and Dr. Dwight Peccora   TAKEAWAYS Understanding the differences between acquisitions and startups is crucial in making informed decisions. Financial factors such as revenue, debt-to-revenue ratio, and cash flow play a significant role in acquisitions. Operational efficiencies and utilization rates are key metrics to consider in underperforming practices. Determining the purchase price based on body count can help in evaluating the value of an acquisition. Body count, or the active patient count, is an important metric to consider when evaluating an acquisition. Different metrics, such as average production per patient visit, can provide insights into the efficiency of a practice. Addressing attrition and periodontal disease is crucial in maintaining patient retention and improving overall oral health. Using effective verbiage and communication techniques can help navigate uncomfortable conversations with patients and team members. A letter of intent (LOI) is a non-binding agreement that outlines the terms and conditions of an acquisition, and it is important to clearly communicate expectations and components in the LOI. Negotiating the deal involves discussing important components such as non-compete clauses. Due diligence is crucial and should include reviewing financial data, evaluating equipment and IT systems, and assessing the team and culture of the practice. Using memorandums of understanding (MOUs) and letters of intent (LOIs) can help facilitate the acquisition process. Phasing in changes after the acquisition can help build trust and retain the team. Learning from mistakes and continuously improving the acquisition process is essential.   CHAPTERS 00:00 - Introduction and Overview 00:58 - The Importance of Understanding Acquisitions 08:08 - Factors to Consider in Acquisitions 11:50 - Identifying Acquisitions 14:46 - Analyzing Financials in Acquisitions 23:31 - Utilization Rate as a Key Metric 28:35 - Determining Purchase Price Based on Body Count 31:14 - Different Metrics for Evaluating Efficiency 34:13 - Evaluating the Value of a Practice 36:08 - The Impact of Attrition in Acquisitions 45:33 - The Importance of Verbiage in Uncomfortable Conversations 51:29 - The Significance of a Letter of Intent (LOI) 57:34 - Negotiating the Deal 58:33 - Important Components to Include 01:02:07 - Using MOUs and LOIs 01:03:12 - Due Diligence Overview 01:05:18 - Day One Priorities 01:06:19 - Phasing in Changes 01:12:20 - Continuing the Discussion 01:19:09 - The Learning Process     REFERENCES Bulletproof Summit Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 341 HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:   Dr. Trey Tippit and Dr. Dwight Peccora   TAKEAWAYS AI has the potential to revolutionize dentistry by analyzing documents and providing financial insights. Dentists can benefit from AI tools like chat GPT and copilot for financial management and analysis. Business education is crucial for dentists to succeed in managing their practices and making informed financial decisions. The transition from clinical dentistry to business ownership requires a shift in mindset and the acquisition of business skills. Minimizing student loans and financial planning are essential for dentists to achieve financial freedom and career opportunities. Debt can be a useful tool for dentists, but it requires a strategic mindset and the ability to manage it effectively. Board complaints are a common occurrence in dentistry and should not be seen as a reflection of a dentist's skills or abilities. Malpractice insurance provides support and protection for dentists in the event of a board complaint or legal issue. Dentistry is a numbers game, and mistakes and failures are inevitable. It is important to learn from these experiences and continue to grow. Effective communication and collaboration are essential skills for dentists to succeed in their profession. Leadership training is crucial for dentists to effectively manage their teams and create a positive work environment. Dentists should be open to exploring different career paths and options within the field of dentistry. Appreciating and celebrating the achievements of your team members can help foster a positive work culture and improve team morale.   CHAPTERS  00:00 - Introduction and AI in Dentistry  03:17 - The Need for Accessible Legal and Financial Advice  05:33 - The Five Things They Should Have Taught You in Dental School  07:15 - The Transition from Clinical Dentistry to Business Ownership  12:09 - Minimizing Student Loans and Financial Planning  18:03 - The Importance of Financial Management in Dentistry  19:47 - The Importance of Occlusion and Dentures  20:32 - Minimizing Student Loans and Financial Planning  26:01 - Different Perspectives on Debt and Financial Management  30:57 - The Mindset of Dentists  32:24 - Understanding Board Complaints and the Role of Malpractice Insurance  35:17 - The Numbers Game of Dentistry  37:25 - The Importance of Communication and Collaboration  40:06 - Leadership Skills in Dentistry  42:02 - Dealing with Failure and Mistakes  46:20 - Exploring Different Career Paths  52:26 - Appreciating and Celebrating Your Team     REFERENCES Bulletproof Summit Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 340 HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:  Randy Smith   TAKEAWAYS Quality sponsors are crucial in real estate investments to ensure success and minimize capital loss. Investing in real estate should be a long-term strategy focused on steady cash flow and high-quality deals. Diversification is important in real estate investing to spread risk and maximize returns. Tax advantages, such as depreciation, make real estate investing an attractive option for wealth accumulation. Supporting charities, such as Warrior Sailing, can provide a sense of fulfillment and make a positive impact.   Chapters 00:00 - Introduction and Favorite Places 00:30 - Different Types of Real Estate Investment 05:42 - The Challenges of Direct Ownership 08:20 - Why Real Estate is a Wealth-Building Asset 09:16 - Different Types of Real Estate Investments 21:47 - The Importance of Diversification 23:34 - The Risks and Rewards of Real Estate Investing 27:48 - Educational Resources 36:36 - The Importance of Proper Pricing 40:19 - The Role of Sponsors in Real Estate Deals 44:19 - The Value of Dividend Stocks 46:41 - The Importance of Quality Tenants 49:21 - The Value of Real Estate Reproduction 56:31 - Tax Advantages of Real Estate Investing 59:56 - Real Estate Investment Education 01:09:17 - Opportunity to Invest in Future Deals 01:14:31 - Supporting Charity: Warrior Sailing   REFERENCES Bulletproof Real Estate Warrior Sailing Bulletproof Summit Bulletproof Dental Practice

 The Bulletproof Dental Podcast Episode 339 HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUEST: Brian Colao   TAKEAWAYS The dental industry is experiencing a shift towards same store growth as M&A activity becomes more constrained. Understanding your EBITDA is crucial for practice growth and valuation. Culture plays a significant role in practice value and patient satisfaction. Innovation, technology, and AI are driving same store growth and improving patient care. Joining a DSO can provide dentists with more opportunities for career advancement and financial stability. Working for a DSO can provide greater job security and protection against unpaid wages compared to private dental offices. DSOs have better quality control measures in place, ensuring a higher standard of care for patients. The dental profession is expected to become more consolidated, with DSOs accounting for a larger percentage of practices. As consolidation increases, valuations are likely to rise due to decreased supply and increased demand. The consolidation of the dental profession may pose an existential threat to insurance companies. Market conditions, including interest rates and political factors, can impact deal flow in the dental industry. Building a business that you don't want to sell can be a viable alternative to selling, but it's important to choose the right growth partner. The DYKEMA Summit is an annual event that brings together dental professionals to discuss industry trends and best practices.   Chapters 00:00 - Introduction and Setting the Stage 01:19 - The Pulse of the Dental Industry 04:13 - The Importance of Knowing Your EBITDA 07:56 - The Changing Landscape of Dental M&A 12:43 - The Importance of Culture in Dental Practices 18:46 - The Transition to Same Store Sales Growth 23:05 - The Impact of Technology and AI in Dentistry 31:28 - The Advantages of Joining a DSO 34:43 - Benefits of Working for a DSO 35:49 - Quality Control in DSOs 37:03 - Consolidation of the Dental Profession 39:35 - Potential Threat to Insurance Companies 44:40 - Building a Business to Keep or Sell 49:43 - DYKEMA Summit       REFERENCES Bulletproof Summit Bulletproof Dental Practice