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

The Bulletproof Dental Podcast Episode 357
HOSTS: Dr. Peter Boulden and Dr. Craig Spodak
GUESTS: Brannon Moncrief 
DESCRIPTION
In this episode, Craig and Peter welcome guest Brannon Moncrief as they discuss the common misconception that more dental practice locations automatically lead to higher valuations and buyer demand. They emphasize the importance of building intentionally and scaling only when the first location is successful and profitable. They also highlight the significance of EBITDA as the ultimate key performance indicator (KPI) in dental practice operations and provide insights into what private equity buyers look for in terms of EBITDA percentages. The discussion also touches on the issue of fake EBITDA and the misconception that high personal income equates to a valuable business. 
TAKEAWAYS
Building with intentionality and ensuring the success and profitability of each location before scaling is crucial.
EBITDA is the ultimate KPI in dental practice operations and is significant in valuations and buyer demand.
Private equity buyers look for EBITDA percentages in the range of 20-25% for healthy margins.
The macroeconomic climate, including interest rates, influences dental practice valuations.
The market for dental practice acquisitions has changed, with a shift in the mix of buyers and increased scrutiny on the quality of assets. Building a real business in dentistry requires scalability and the ability to survive without the dentist's direct involvement.
High personal income does not necessarily equate to a valuable business, as fake EBITDA can inflate profits.
Consolidation in the dental industry is expected to continue, with private equity playing a significant role.
Dentists should focus on optimizing their practices and adapting to changes in the industry to stay competitive.
Understanding the value of your business and planning for the future is crucial for long-term success.
CHAPTERS
00:00 - Introduction and Scaling Misconceptions
06:33 - Building with Intentionality and EBITDA Importance
13:08 - Macroeconomic Climate and Dental Practice Valuations
18:15 - The Future of Dental Practice Acquisitions
23:16 - Building a Real Business in Dentistry
24:48 - The Pitfalls of Fake EBITDA
28:23 - Consolidation in the Dental Industry
36:30 - Adapting and Optimizing for the Future
 
REFERENCES
Bulletproof Mastermind
Bulletproof Summit 2024
McLerran and Associates
 

The Bulletproof Dental Podcast Episode 356
HOSTS Dr. Peter Boulden and Dr. Craig Spodak
DESCRIPTION
In this conversation, Peter and Craig discuss the advice they would give to themselves as dental school students or new dentists. They emphasize the importance of taking care of oneself, including getting regular massages, maintaining core fitness, and having a concierge doctor for personalized healthcare. They also discuss the value of regular testing, such as the GRAIL test for detecting microscopic cancers and the MTHFR test for methylation issues. They touch on the importance of posture and mental fitness for dentists, the need for effective communication skills, the value of focusing on one's strengths rather than weaknesses, and the significance of leadership in dental practices. They also mention the upcoming Bulletproof Summit and the possibility of having a representative from the Ritz-Carlton speak about customer service.
TAKEAWAYS
Take care of yourself and prioritize self-care, including getting regular massages and maintaining core fitness.
Consider having a concierge doctor for personalized healthcare and attention.
Regular testing, such as the GRAIL test and the MTHFR test, can provide valuable insights into your health.
Practice good ergonomics to prevent back pain and other physical issues.
Be aware of the potential health risks associated with mercury exposure in dentistry. 
Maintaining good posture and mental fitness is crucial for dentists.
Effective communication skills, including the ability to read body language and tailor conversations to individual patients, are essential.
Rather than trying to improve weaknesses, dentists should focus on their strengths and surround themselves with a team that can compensate for their weaknesses.
Leadership skills are vital for dental practice success, and dentists should continually work on developing their leadership abilities.
The upcoming Bulletproof Summit will provide valuable learning opportunities for dentists, including a potential session on customer service by a representative from the Ritz-Carlton.
CHAPTERS
00:00 - Introduction and Background
03:11 - The Importance of Self-Care
08:55 - Taking Care of Your Physical Health
14:49 - The Value of Regular Testing
19:18 - Preventing Physical Strain and Injury
24:04 - Focusing on Strengths: The Key to Success
28:23 - Applying Ritz-Carlton's Customer Service Expertise to Dental Practices
REFERENCES
Bulletproof Mastermind
Bulletproof Summit 2024
 

The Bulletproof Dental Podcast Episode 355
HOSTS: Dr. Peter Boulden and Dr. Craig Spodak
 
 
DESCRIPTION
The conversation explores the advantages and disadvantages of DSOs (Dental Service Organizations) compared to solo dental practices. We’ll discuss the operational efficiencies of DSOs, including better lab fees, insurance negotiations, procurement of supplies, technology, and data utilization as well as highlight the importance of the patient experience and the potential for solo practices to excel in this area. The conversation delves into the challenges faced by solo practitioners, such as high team salaries and the pressure to compete with DSOs.  Peter and Craig emphasize the need for private practice owners to adapt and innovate in order to stay competitive. They also discuss the impact of student debt on private practice ownership and the role of technology in improving dental practices. 
 
TAKEAWAYS
DSOs have operational advantages in terms of lab fees, insurance negotiations, procurement, technology, and data utilization. Solo practices can excel in providing a superior patient experience. Solo practitioners should focus on improving operational efficiencies and reducing expenses to level the playing field. Mergers between solo practices can provide economies of scale and enhance competitiveness. The DSO model may face challenges due to the pressure for short-term returns and the potential fallout from a changing economic landscape. Private practice owners need to be aware of the changing landscape of dentistry and the rise of dental service organizations (DSOs). The high amount of student debt limits options for private practice ownership and partnerships. The Bulletproof Summit and Bulletproof Mastermind offer valuable opportunities for learning and growth in the dental industry.  
 
CHAPTERS
00:00 - Reuniting and Discussing the Rise of DSOs
04:10 - The Advantages of DSOs: Operational Efficiencies and Technology
14:12 - The Importance of the Patient Experience in Solo Practices
17:09 - Challenges Faced by Solo Practitioners: Team Salaries and Competition
22:26 - Potential Solutions: Mergers and Long-Term Strategies
27:38 - The Future of DSOs: Challenges and Opportunities
30:45 - Adapting to the Changing Landscape of Dentistry
32:13 - The Impact of Student Debt on Private Practice Ownership
33:34 - The Role of Technology in Improving Dental Practices
35:23 - The Value of the Bulletproof Summit and Mastermind
 
REFERENCES
Bulletproof Mastermind
Patient Prism
Bulletproof Summit 2025

The Bulletproof Dental Podcast Episode 354  
When Should I Expand?
 
HOSTS: Dr. Peter Boulden
GUESTS:  Dr. Dwight Peccora and Dr. Trey Tippit
 
DESCRIPTION
Pete, Dwight, and Trey discuss the importance of understanding when it's the right time to expand and how to determine the right metrics to make that decision. We emphasize the need to consider factors like utilization rate, infrastructure, and cash flow when deciding to expand. We also explore the challenges of balancing work and personal life during the expansion process. 
 
TAKEAWAYS
Understanding when to expand a dental practice is crucial for growth and success. Metrics like utilization rate, infrastructure, and cash flow can help determine the right time to expand. Balancing work and personal life during the expansion process is a challenge that requires open communication and support from family and team members. Having a clear vision and goals for the expansion can help guide decision-making and prioritize resources. Regularly tracking and analyzing key metrics can provide valuable insights and inform expansion decisions. Consider utilization rate, capacity, and future growth when deciding to expand a dental practice. Cannibalization can be a strategic move in expanding a practice. Continuous learning and skill development are essential for success in dentistry. Building strong relationships and team bonding can contribute to practice success. CHAPTERS
00:00 - Introduction and Setting the Context
11:59 - Understanding the Craftsman Mentality in Dentistry
21:50 - Determining Utilization Capacity and Expansion Readiness
27:43 - Defining Utilization Capacity and Tracking Metrics
31:36 - Considering Utilization Rate and Capacity
33:01 - The Inspiring Example of Innovative Dental
34:23 - The Importance of Continuous Learning and Skill Development
37:33 - Factors to Consider in Expansion Decisions
43:07 - Utilization Rate and Multi-Location Practices
44:40 - Leveraging Existing Practices for Patient Count Growth
46:15 - The Strategy of Cannibalization in Market Domination
50:14 - Building Strong Relationships and Team Bonding
 
REFERENCES
2024-2025 Bulletproof Mastermind

The Bulletproof Dental Podcast Episode 353 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak
 
DESCRIPTION
On this Episode we’re re-capping our  2024 Bulletproof Summit- the energy and feedback,  importance of paying attention to one's body, and the need for educational platforms and team-building events. We also discuss the challenges of being a business owner and feeling overwhelmed, as well as the importance of team engagement and buy-in.  We’ll shift to pricing strategies and the concept of designing fees based on desired earnings and the importance of setting fees based on what you want to earn and not just following industry standards. The conversation touches on the challenges and constant learning involved in dentistry, as well as the importance of investing back into the business to create more capacity and serve the community better.
 
TAKEAWAYS
The summit was a highly energizing and successful event, with positive feedback from attendees. Paying attention to one's body and incorporating practices like biohacking can enhance overall well-being and performance. There is a need for educational platforms and team-building events specifically designed for dental teams. Business owners often feel overwhelmed and become the bottleneck in their own progress. Engaging and empowering the team is crucial for growth. Pricing strategies should be based on desired earnings and the value provided, rather than arbitrary benchmarks. Designing fees with first principles thinking can lead to better profitability and case enrollment. Set your fees based on what you want to earn, not just industry standards Be less egoic about your fees and more realistic about your income goals Having a community of like-minded individuals is invaluable for collaboration and feedback Dentistry is a constant learning process and there is always more to learn and improve upon Investing back into your business can create more capacity and better serve the community  
CHAPTERS
00:00 - The Energizing and Successful Summit Experience
03:19 - The Need for Dental Team Educational Platforms
08:59 - The Role of the Business Owner in Growth
13:44 - Designing Fees Based on Desired Earnings
15:31 - Using First Principles Thinking in Fee Design
19:50 - Dynamic Pricing in Dentistry
22:20 - Challenges and Learning in Dentistry
27:26 - The Value of Community
33:52 - Investing Back into the Business
 
REFERENCES
Bulletproof Mastermind Enrollment for 2024-2025

The Bulletproof Dental Podcast Episode 352
 
HOSTS: Dr. Peter Boulden 
GUESTS: Dr. Trey Tippit and Dr. Dwight Peccora
 
DESCRIPTION
The conversation covers the challenges and considerations of hiring and onboarding dental associates, as well as the impact of construction costs on practice expansion. Join us in discussing the decision-making process, financial implications, and the importance of finding the right fit for the practice. We'll also explore the concept of progress over perfection and the need for flexibility in hiring decisions. The conversation covers a range of topics related to hiring and onboarding dental associates, including the importance of hiring for the business rather than personal preferences, the need for balance and diversity in the practice, the role of continued education and mentorship, and the value of creating leverage through hiring. 
 
TAKEAWAYS
Hiring and onboarding dental associates requires careful consideration and flexibility. Construction costs have a significant impact on practice expansion and decision-making. The concept of progress over perfection is important in the hiring process, and it's essential to be open to different candidates. Financial implications and the need for a thorough decision-making process are key factors in hiring dental associates. Hiring for the business, not personal preferences The importance of balance and diversity in the practice The role of continued education and mentorship in onboarding Creating leverage through hiring The significance of trust transfers and vulnerability in the onboarding process  
 
CHAPTERS
00:00 Soaring with Sea Planes and Construction Costs
03:13 The Impact of Construction Costs on Practice Expansion
15:22 Automated reviews versus personalization
25:08 The Thoroughbred Associate
31:21 Interviewing associates
42:49 Blue Ocean Strategies in Dentistry
46:57 Training New Dentists during Onboarding
54:15 Bulletproof Summit 
 
 
 
 
REFERENCES
Bulletproof Summit 2024