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

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