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

The Bulletproof Dental Podcast Episode 350
 
HOSTS: Dr. Peter Boulden & Dr. Craig Spodak
 
 
DESCRIPTION
Deciding on Practice Ownership: Risk or Reward? Join Dr. Peter Boulden and Dr. Craig Spodak as they tackle a critical decision: buying a dental practice. With a net profit of $188,000 and a 40% associate earnings, is it a smart move? Explore the nuances of practice ownership, from analyzing historical data to navigating projections. Dive into the risks, rewards, and personal impacts of this pivotal choice. Plus, gain invaluable insights on financial literacy, learning from mistakes, and the future of dentistry. Don't miss this enlightening discussion! 
 
TAKEAWAYS
Buying a dental practice should be carefully considered, weighing the risks and rewards. Analyzing historical data is crucial in evaluating the true value and potential of a practice. Relying solely on projections can be misleading and may not reflect the actual performance of the practice. Consider the key man risk and the impact on personal cash flow and lifestyle before making a decision. Owning a practice may not be the best option for everyone, and alternative investments should be explored. Learning from mistakes is crucial for personal and professional growth. Dental schools should provide more education on business and entrepreneurship. AI can be used as a tool for financial analysis and contract review in dentistry. Investing in real estate can be a game-changer for dentists. Financial literacy is essential for long-term success in the dental profession.  
CHAPTERS
00:00 - The Temptation of Practice Ownership
02:02 - Analyzing Historical Data vs. Projections
07:56 - The Downside Risk of Buying a Practice
18:14 - Lack of Business Education in Dental Schools
19:13 - AI in Dentistry
20:09 - Investing in Real Estate
23:23 - The Changing Landscape of AI
25:37 - The Importance of Financial Literacy
28:10 - The Potential of Real Estate Investment
29:27 - Sharing Personal Stories
30:49 - The Value of Dental Summits
31:27 - The Power of Execution
 
 
REFERENCES
Bulletproof Summit
Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 349
 
HOSTS: Dr. Peter Boulden & Dr. Craig Spodak
GUESTS:  Dr. Dwight Peccora & Dr. Trey Tippit  
 
DESCRIPTION
Our Fearsome Four explores the advancements in AI, specifically focusing on the launch of GPT-4 and its potential impact on various industries. We discuss examples of how AI can disrupt education, customer service, and language translation. The conversation highlights AI technology's exponential growth and improvement and its potential to transform various aspects of our lives.  Additionally, we tackle the need for regulations and consent in implementing AI in dental practices.
 
TAKEAWAYS
AI technology, particularly GPT-4, is advancing rapidly and has the potential to disrupt various industries. Examples of AI applications include AI tutoring, customer service, and language translation. AI has the potential to revolutionize dentistry and improve patient experiences. The exponential growth and improvement of AI technology suggest that it will continue to transform various aspects of our lives. AI technology is advancing rapidly and has the potential to greatly impact the field of dentistry. AI can be used for call analytics, note summarization, and financial analysis, among other applications. Implementing AI in dental practices can improve productivity and efficiency, allowing professionals to focus on providing a better patient experience. AI should be seen as a tool that augments human capabilities rather than replaces them. Regulations and consent are important considerations when implementing AI in dental practices.  
CHAPTERS
00:00 - Introduction
03:11 - AI Disrupting Education
05:30 - AI Revolutionizing Dentistry
07:15 - AI in Customer Service
09:06 - AI Handling Calls in Dental Practices
13:32 - AI's Impact on Travel
16:09 - The Future of AI
20:40 - Advancements in AI Technology
25:40 - Addressing the Pain Point of Writing Notes
30:06 - Using AI to Analyze Financial Documents
32:16 - Tips for Prompting AI Correctly
36:08 - The Potential Impact of AI on Dentistry
43:02 - Closing Remarks
 
 
REFERENCES
Bulletproof Summit
Bulletproof Dental Practice

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