The Dental Boardroom PracticeCFO

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 wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com 
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO...

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 matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
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 matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
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 matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
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 wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com 
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...