Dental Business

Phil Cole
  • 4.7 (15)
  • Management
  • Monthly

This podcast is a community of dental professionals who share their knowledge, expertise and experience in order to provide value to you and your dental practice. Our topics will cover practice management, transitions, real estate, accounting, law, financial planning, dental product reviews, marketing and much more! We welcome you to visit us at (https://www.klassolutions.com) to learn more about how we can help you build your dream practice.

  1. 6h ago

    I Reveal What Your Dental Practice Is Actually Worth

    What is your dental practice REALLY worth? The answer might surprise you. Your tax returns don't tell the whole story, and rules of thumb can leave thousands of dollars on the table. So, how do you determine what your practice is actually worth? In this episode, we break down how dental practice valuations really work, from uncovering hidden cash flow to determining what a buyer can realistically afford. You'll discover how adjusting financials can turn $230,000 in reported net income into $520,000 in seller's discretionary cash flow, potentially supporting a practice valuation of nearly $870,000! We'll walk through the three valuation methods used to establish fair market value, explain why lenders have the final say in what a buyer can pay, and uncover the factors that can make or break your practice's value. Most importantly, we'll show you what you can start doing TODAY to increase your practice's value, whether you're planning to sell soon or simply building for the future. If you own a dental practice, this is an episode you don't want to miss! Key TakeawaysKnow What Your Practice Is Really Worth: Why cash flow matters more than tax returns, emotional attachment, or industry rules of thumb.Uncover Hidden Cash Flow: How recasting financials can reveal the true earning potential of your practice.See the Numbers in Action: Follow a real-world example that turns $230K in reported net income into $520K in discretionary cash flow.Understand the Three Valuation Methods: How multiple approaches work together to establish a defensible fair market value.Pass the Lender Test: Why debt service coverage determines what a buyer can realistically afford.Increase Your Practice's Value: Learn how hygiene production, new patient flow, overhead, team stability, and lease terms impact valuation.Know Your Next Steps: A simple three-step plan to understand, protect, and grow your practice's value. Links Referenced in This EpisodeYouTube: Dental Business Podcast KLAS Informational Email: info@klassolutions.comPersonal Email: phil@klassolutions.comFREE Community: KLAS Community

  2. Oct 28

    I Know My Overhead Now: Clear Steps Every Dentist Must Take

    I Know My Overhead Now: Clear Steps Every Dentist Must Take Knowing your numbers is key to running a profitable dental practice. In this episode, we explore how understanding overhead, maintaining accurate financials, and working with a proactive CPA can help dentists make smarter business decisions and reduce taxes. Phil Cole, CEO & Host of the Dental Business Podcast, talks through practical strategies for retirement planning, family payroll, real estate depreciation, and equipment investments, plus how to involve your team and build a trusted advisory team to improve profitability with special guest, Chris Cuadros from Crossroads Tax Advisors. Key Takeaways Know your monthly overhead and break-even point.Keep accurate financials and plan taxes proactively.Explore retirement plans, family payroll, and real estate tax strategies.Make equipment purchases based on business value, not just tax savings.Involve your team in controlling costs and meeting financial goals.Work with a trusted CPA throughout the year to avoid missed opportunities. To learn more about how KLAS Solutions can help your taxes for your practice, visit: klasaccounting.com!

  3. Sep 23

    We Reveal How I Found Half a Million in Hidden Write‑Offs

    Are Your Insurance Contracts Costing You More Than You Realize? In this episode, I take a closer look at how contractual write-offs, insurance mix, and network leasing can quietly eat away at practice revenue and owner income, often without being obvious. You’ll learn the five numbers every practice owner should be watching: Insurance mixWrite-off percentage by planNet collectionsEffective hourly rate by payerPatient concentration by insurance plan I’ll break down how to calculate your effective hourly rate and why a procedure that looks profitable on paper may actually be costing your practice money once insurance adjustments, collections, and chair time are factored in. But this isn’t simply a conversation about dropping insurance plans. We’ll explore practical options for improving your payer strategy, including renegotiating fees, optimizing an in-network practice, adopting a hybrid model, or strategically transitioning away from certain plans. You’ll also learn how to approach timing, patient communication, front-desk scripting, membership plans, recall, and case acceptance so you can make changes without disrupting the patient experience. Most importantly, you’ll walk away with a clear, data-driven starting point. We’ll identify three reports you can pull right now to better understand where your practice is making money, where it may be losing money, and which insurance relationships deserve a closer look. Key TakeawaysLearn how to calculate write-off percentages by insurance carrier using 12 months of production data.Identify two common traps that can hide profitability problems: outdated fee schedules and network leasing.Understand the five key numbers that should guide your insurance strategy.Calculate effective hourly rate by payer and compare collections against your cost per chair hour.Discover alternatives to simply dropping an insurance plan, including renegotiation, optimizing your in-network model, and creating a hybrid approach.Learn how to strategically transition away from plans when necessary while maintaining clear communication with patients.Get three actionable steps to complete this week: analyze write-offs by plan, identify active patients by insurance, and calculate effective hourly rates for your top procedures. Your insurance strategy shouldn't be based on assumptions. It should be based on your numbers. If you are looking to get some guidance for your practice, let us know! The KLAS Solutions Coaching team is here to help! Check out our website: klasdentalcoaching.com or klashealthcarecoaching.com to learn more!

  4. Sep 16

    How We Turned Culture into Measurable Practice Results

    A dental practice’s long-term success is driven by the quality of its team and the leadership behind them; not simply by having great systems in place. In many practices, the owner sets the ceiling for what the team is capable of achieving. When the team isn’t performing at its potential, the solution often starts with the owner taking an honest look at their own leadership and being willing to change their behavior. Two key tools can help raise that ceiling: Everything DiSC helps team members understand their own behavioral styles and learn how to communicate more effectively with one another. The Five Behaviors framework focuses on five building blocks of a high-performing team: trust, productive conflict, commitment, accountability, and results. Each builds on the one before it to create stronger teamwork and better performance. These concepts need to become part of the practice’s daily operations. We recommend: Daily: A short, focused team huddle to align priorities and address immediate needs.Weekly: A leadership meeting focused on communication, challenges, and accountability.Monthly: A 90-minute paid team meeting focused on one shared practice scorecard and the behaviors that drive results.Quarterly: A strategic reset to evaluate performance, identify opportunities, and establish priorities for the next quarter.Ongoing: Clear roles, clear expectations, and a culture where team members hold one another accountable, not just the owner or manager. Start With 90 DaysThe process doesn’t have to be complicated. Begin with a focused 90-day plan: The owner completes the DiSC assessment and gains a better understanding of their leadership and communication style.Identify one personal behavior to change and openly share that commitment with the team.Rebuild the daily huddle so it becomes a meaningful communication and accountability tool.Create an environment of trust and vulnerability where team members can have honest, productive conversations.Establish one shared scoreboard so everyone can clearly see how the practice is performing and understand their role in the results. When culture is turned into specific, teachable, and measurable behaviors, it becomes something a practice can intentionally improve. The result is a stronger, more accountable team, less turnover, greater productivity, and a practice that can continue to perform well even when the owner steps away from the day-to-day operations. Looking to try and implement these strategies in your own practice? Let's talk! Visit: klasdentalcoaching.com -or- klashealthcarecoaching.com to learn more! #DentalCoaching #HealthcareCoaching #PracticeTransitions #DentalEducation #KLASSolutions

  5. Sep 9

    Recovering the Lost Revenue: Why Your Practice is Collecting at 91%

    Are you producing $1 million but only collecting $910,000? Where is the other $90,000 going? In this episode, we take a closer look at one of the biggest financial issues facing dental practices: the gap between production and collections. A 91% collection rate may sound good, but on $1 million in production, that means $90,000 is not being collected. Year after year, that gap can turn into hundreds of thousands of dollars in lost revenue. We discuss why practice owners need to understand the difference between what their practice produces and what it actually collects, how these financial leaks happen, and why uncollected revenue is not an investment—it’s money your practice has already earned. Most importantly, we share practical strategies to help you close the collection gap, recover lost revenue, and improve the financial health of your practice. Because producing more isn’t always the answer. Sometimes, the biggest opportunity is collecting more of what you’ve already produced. Takeaways: The significant disparity between production and collections indicates a serious financial leak within a dental practice.Practices that consistently collect only 91% of their production incur substantial losses over time, amounting to hundreds of thousands of dollars.Effective collection strategies focus on recovering money already earned rather than creating new income streams through increased production.Monitoring both the collection percentage and adjustments provides invaluable insights into a practice's financial health and operational efficiency. Looking for guidance on how to run your practice effectively? Visit: klasdentalcoaching.com to see how we can help set your practice up for success!

  6. Sep 2

    The Engine Room

    In this week's episode, Phil Cole, CEO of KLAS Solutions, talks through the critical role of the hygiene department, which is often misperceived as a "cost center" when, in fact, it serves as the vital engine propelling the entire dental practice forward. Through a comparative analysis of two practices within the same area, we look at one practice's hygiene department merely meets payroll while the other exhibits a remarkable threefold production increase, effectively optimizing the doctor's schedule. The distinction does not stem from talent, but rather from a systematic approach that encompasses mindset, clinical protocols, and operational efficiency. Throughout the conversation, Phil leaves some essential strategies, including an actionable 90-day implementation plan, to transform the hygiene department into a robust profit center. By the conclusion of this episode, Phil aspires to equip you with the requisite insights to elevate your practice's hygiene performance to unprecedented heights. Takeaways: It is imperative to recognize that the hygiene department serves as the engine driving overall practice production, rather than merely a cost center.A significant discrepancy exists between two similarly equipped dental practices, where one excels in hygiene productivity, highlighting the importance of systems and standards in practice management.The success of a hygiene department hinges on the belief of its purpose, as viewing it as a profit center fosters investment and growth.Implementing a comprehensive periodontal program can dramatically improve patient outcomes and practice profitability, addressing the substantial gap in necessary care that many practices currently overlook. To learn more about how KLAS Solutions can set your practice up for success, visit klasdentalcoaching.com!

  7. Aug 26

    Yes To the Treatment They Need

    In today's podcast, Phil Cole, CEO of KLAS Solutions, discusses the critical importance of case acceptance in dental practices. We dive into the financial implications of patient treatment refusals result in significant losses, as the expenses incurred prior to a patient's decision to decline treatment remain with the practice while the anticipated revenue dissipates. By emphasizing that case acceptance is fundamentally a communication issue rather than a mere financial one, we argue that enhancing understanding and urgency among patients can improve acceptance rates. Ultimately, this episode aims to equip dental professionals with actionable strategies to maximize the acceptance of treatment plans already established within their practice. Takeaways from today's episode: The practice of case acceptance is critical, as it directly influences the financial viability of a dental practice.Patients often decline treatment not due to cost, but rather due to misunderstanding or lack of urgency regarding their dental needs.Effective communication and the use of visual aids can significantly enhance patient understanding and acceptance of proposed dental treatments.Scheduling accepted treatment immediately is essential, as this prevents the likelihood of a patient changing their mind before actual treatment occurs. To learn more about KLAS Solutions, visit www.klassolutions.com!

  8. Aug 19

    The Patients You Already Have

    In this week's episode, our discussion centers on the implications of patient retention within dental practices, wherein we assert that the most financially burdensome patients are those who are new, while the most cost-effective and lucrative are those who are already familiar with the practice. We explore the troubling phenomenon of patient attrition, and look at how practices often inadvertently allow existing patients to depart without securing their return, thereby incurring unnecessary marketing expenses to attract new clientele. Our analysis reveals that many practices are unaware of the significant patient loss occurring quietly, often masked by seemingly stable production numbers. We emphasize the necessity of measuring and addressing this attrition through effective systems and practices, particularly focusing on the last moments of a patient's visit. We provide actionable strategies to enhance reappointment rates, which are essential for fostering a sustainable and profitable practice. Things to Takeaway: The most expensive patient in your practice is a brand new one, highlighting the importance of retaining existing patients for profitability.Practices often fail to recognize the significant loss of patients leaving unnoticed through the back door rather than gaining new ones.The hygiene reappointment percentage serves as a critical metric to gauge patient retention and overall practice health.The last 90 seconds of a patient visit are crucial for ensuring a follow-up appointment is scheduled, directly impacting retention rates.A proactive approach to patient reactivation can yield substantial financial benefits, as many former patients simply need a reminder to return.Effective communication during the scheduling process is paramount; using assertive language can significantly increase the likelihood of follow-through on appointments. Want to learn more about how KLAS Solutions can coach your team? Contact us at: info@klassolutions.com or 844-552-7100 or visit our website to learn more: klasdentalcoaching.com

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4.7
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About

This podcast is a community of dental professionals who share their knowledge, expertise and experience in order to provide value to you and your dental practice. Our topics will cover practice management, transitions, real estate, accounting, law, financial planning, dental product reviews, marketing and much more! We welcome you to visit us at (https://www.klassolutions.com) to learn more about how we can help you build your dream practice.

Information

  • Creator
    Phil Cole
  • Years Active
    2020 - 2026
  • Episodes
    82
  • Rating
    Clean
  • Copyright
    © Phil Cole
  • Show Website
    Dental Business