The Dentalpreneur Podcast w/ Dr. Mark Costes Mark Costes

On today’s episode, we have the 2nd half of our two-part episode with Ashlee Hirschfeld and Summer Kassmel, delving into the intricacies of strategic scheduling in dental practices. They discuss the critical role of scheduling coordinators in setting high goals, prioritizing high-production appointments, and efficiently utilizing resources to maximize productivity and patient satisfaction.
Ashlee and Summer highlight the necessity of comprehensive training programs and role-playing exercises for new team members. These initiatives are essential for equipping staff with the skills to handle various patient interactions and to grasp the complexities of dental practice operations. This structured approach ensures that team members are well-prepared to provide exceptional patient care from day one.
The discussion also covers the checkout process in detail, underscoring the importance of understanding insurance policies, accurately collecting payments, and ensuring that patients leave with their next appointments scheduled. This focus on thorough and knowledgeable handling of the checkout process is crucial for maintaining a seamless patient experience and securing the financial health of the practice.
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On today’s episode, we have this two-part episode from the Dental Success Network's Lady Leaders series, titled “Achieving Top-Notch Customer Service,” Ashlee Hirschfeld and Summer Kassmel dive deep into the strategies for achieving top-notch customer service within dental practices, focusing on innovative hiring and training methods. Ashlee and Summer share their experiences in employing individuals without prior dental experience and leveraging unique advertisements and recruitment strategies to build a robust team.
The conversation emphasizes the crucial role of a universal trainer in creating a solid foundation of dental practice knowledge for all team members, regardless of their specific roles. This approach ensures consistency and quality in patient care, enhancing the overall patient experience.
Additionally, Summer and Ashlee address the particular challenges of onboarding scheduling coordinators without dental experience. They highlight the importance of comprehensive training plans and the necessity of setting clear expectations to achieve both efficiency and productivity. This episode is a must-listen for dental professionals seeking to elevate their customer service and team management strategies.
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On today’s episode, we have Black Belt coach, Dr. Chris Green. Dr. Green is a dynamic and accomplished dentist who founded Green Dental Care in 2018. His practice has seen rapid growth thanks to his meticulous research and extensive preparations, allowing him to reduce his clinical commitments to just three days per month. In 2023, the practice's value reached a point where a strategic partnership made sense. Besides his thriving practice, Dr. Green is a respected author and co-founder of the Practice Launchpad, a valuable resource for dentists looking to build successful practices.
In this episode, we dive into the nuances of starting and acquiring dental practices. Dr. Green shares his journey and the critical steps he took to ensure the success of his startup practice. We discuss the importance of demographic research, creating a solid business plan, and the value of a strategic partnership. Dr. Green emphasizes the need to master your first practice before considering expansion and highlights the role of the Practice Launchpad in guiding dentists through their startup or acquisition journey.
We also explore the current market trends for DeNovo practices versus acquisitions, the impact of private equity on dental practice sales, and the critical factors to consider when choosing between starting from scratch or acquiring an existing practice. Dr. Green provides insights into the challenges of distressed practice acquisitions and the importance of thorough due diligence and demographic research.
For those contemplating the dental practice journey, Dr. Green outlines a comprehensive checklist for startups, emphasizing the need for a clear vision, securing financing, and assembling a reliable advisory team. He also shares practical advice on negotiating with contractors, equipment specialists, and IT providers, as well as the importance of credentialing and assembling your team before opening your doors.
EPISODE RESOURCES
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On today’s episode, we continue our Part 2 of our discussion with Troy Eckard on the Dentalpreneur podcast! In this episode, we delve into a non-windfall case study, which will resonate with many listeners who haven't experienced a significant liquidation event but are still earning substantial incomes.
We discuss the scenario of a dental professional making a million dollars a year without a windfall in sight. Troy uses his own experience to illustrate how to strategically allocate free cash flow above basic living expenses. For instance, with a gross income of a million dollars and $300,000 covering fundamental needs, the remaining $700,000 can be wisely invested. Troy explains the benefits of putting a portion into drilling investments to save on taxes while diversifying into various asset classes for growth and security.
Troy emphasizes the value of mineral rights as an investment, especially in today's market where technological advancements have reduced risks. He shares examples of partners who have successfully built their portfolios by reinvesting dividends and acquiring more mineral assets over time. These investments provide long-term, compounding income, making them ideal for professionals looking to build a substantial nest egg for retirement.
We also touch on the unique advantages of mineral rights, including the lack of holding costs and liabilities, and the consistent demand for oil and gas. Troy explains how strategic investments in minerals can offer a high return with minimal risk, leveraging the stability and growth of the oil and gas industry.
Finally, we explore what to do if you suddenly realize mid-year that you owe a significant tax bill. Troy advises on the importance of finding secure, tax-deductible investments to offset liabilities and create long-term income. He stresses the need to work with reputable partners and diversify investments to mitigate risks.
Troy's insights highlight the importance of smart investment strategies tailored to individual financial situations, whether dealing with windfalls or substantial annual incomes. For more information, Troy invites listeners to visit EckardEnterprises.com and explore their educational resources and app, Eckard Insights, which offers comprehensive training and access to their investment opportunities.
EPISODE RESOURCES
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On today’s episode, we welcome Troy Eckard to the podcast. Troy has nearly four decades of experience exclusively focused on domestic oil and gas, making him a top expert in his field. His family-owned energy company, Eckard Enterprises, represents 1800 high-net-worth partners with over $850 million in assets under management, including mineral rights and working interests in midstream pipeline projects. Eckard Enterprises is renowned for its transparency, business ethics, track record, and results. Troy, welcome to the podcast! How are you doing today, my friend?
Troy, who was highly recommended by several trusted and prudent investor friends, is here to shed some light on the alternative investment world and how it differs from traditional investment platforms. He explains that when he started his career in 1985, alternative investments were seen as taboo and risky. However, over the past 40 years, the internet has revolutionized this asset class, making it more credible and accessible. Today, alternative assets are a mainstream investment opportunity, comparable to publicly traded assets.
We delve into whether these investments are suitable for high-income individuals without a windfall or those with large liquidity. Troy explains that one's financial position and personality determine their appropriateness for alternative investments, emphasizing the need for understanding the commitment involved. He shares insights on how these investments can provide long-term benefits and stability, especially through strategies like the 1031 exchange, which allows for tax deferment and continued wealth generation.
Troy also touches on the tax advantages of investing in oil and gas, highlighting the impact of the 1986 Tax Reform Act and the evolution of drilling technology. He explains how these investments can offer significant tax deductions while creating sustainable income. The conversation reveals the importance of working with reputable sponsors and understanding the complexities of the oil and gas industry to avoid pitfalls and maximize returns.
This episode provides a comprehensive overview of the opportunities and challenges in the alternative investment space, particularly in oil and gas, offering valuable insights for high-net-worth individuals and those considering diversifying their investment portfolios. Stay tuned for Part 2, where we'll continue this enlightening discussion with Troy Eckard.
EPISODE RESOURCES
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On today’s episode, Dr. Summer Kassmel continues her discourse on empowering leadership within dental practices from her presentation at DSS 2024. She delved into the importance of audit systems in maintaining the integrity of office protocols, stressing the need for regular checks to ensure consistency and accountability. Dr. Kassmel explained how rotating audit responsibilities among dental assistants (DAs) not only helps in maintaining standards but also cultivates a culture of peer-to-peer accountability.
Expanding on leadership development, she advised against hastily assigning titles to emerging leaders, emphasizing instead the observation of their ability to manage projects and uphold standards consistently. This approach, she suggested, prepares them for leadership by gradually increasing their responsibilities, thereby diffusing power within the practice and strengthening team dynamics.
Dr. Kassmel also discussed the identification and nurturing of potential leaders, focusing on traits like high accountability, internal motivation, and healthy empathy. These qualities, she argued, are crucial for leaders who can sustain high standards without constant external motivation. She highlighted the importance of humility and active listening in leadership, skills that enhance team communication and effectiveness.
Towards the end of her talk, Dr. Kassmel touched on the concept of "disciplined empowerment," which involves trusting leaders to make decisions and holding them accountable for results rather than processes. She shared personal experiences and insights into the challenges of leadership, including the need for honest communication and maintaining high standards to ensure patient care quality.
Dr. Kassmel concluded by reflecting on the personal and professional growth that comes from creating a leadership team that not only meets but exceeds the cultural and operational goals of a dental practice. She offered her leadership packet for further guidance, reinforcing her commitment to developing effective leaders in the dental industry.
EPISODE RESOURCES
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