Bulletproof Dental Practice Dr. Peter Boulden & Dr. Craig Spodak

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