The Bulletproof Dental Podcast Episode 397

HOSTS: Dr. Peter Boulden and Dr. Craig Spodak

GUEST: Dr. Alex Edgerly

DESCRIPTION

In this podcast, Peter Boulden and Craig welcome Alex Edgerly, a general dentist from Southeast Texas, about growing his dental practice. They discuss managing patient demand, leaving insurance networks, strategic expansion planning, and maximizing chair utilization. The conversation covers construction strategies that minimize patient disruption, financing options, tax benefits of real estate investments, and architectural planning using 3D visualization tools. They also explore financial projections, overcoming expansion fears, community engagement, and the value of mastermind groups for professional development and support.

TAKEAWAYS

• Alex Edgerly welcome and background

• Alex is currently planning to expand his practice from 7 to 12 operatories.

• He has transitioned out of insurance networks to improve profitability.

• Alex trained his staff on effective patient scheduling and communication.

• Alex's journey reflects the challenges and rewards of dental entrepreneurship. The excitement during construction can positively impact practice revenue.

• Engaging patients and staff during construction can minimize disruption.

• Understanding the structure of construction loans is crucial for financing.

• Community needs should drive decisions about practice expansion.

• Cost segregation analysis can lead to substantial tax savings.

• Strategic planning is essential for sustainable growth in a dental practice. Spend copious amounts of time with your design.

• Utilize technology like Revit for better planning.

• Overcoming fear of growth is essential for success.

• Mastermind groups provide valuable support and accountability.

• Transparency with your team and family is important.

CHAPTERS

00:00 Introduction to Alex Edgerly and his journey in Dentistry

07:20 Planning for Expansion

15:05 Serving the Community Through Expansion

18:01 Transitioning Out of Insurance Networks

21:24 Current Status and Future Plans

24:26 Minimizing Patient Disruption During Construction

30:10 Navigating Lending and Financing for Expansion, tax benefits and ROI in real estate

38:44 Strategic Planning for Future Growth

42:32 Architectural Planning and Design Importance

49:15 The Value of Community and Team Engagement

50:57 Financial Projections and Growth Strategies

54:50 Overcoming Fear of Growth and the role of Masterminds in Personal Development

REFERENCES

Bulletproof Summit

Bulletproof Mastermind

The Bulletproof Dental Podcast Episode 396

HOSTS: Dr. Peter Boulden and Dr. Craig Spodak

GUEST: Clifton Cameron, Lightwave Dental

DESCRIPTION

Clifton Cameron, Chief Dental Officer of LightWave, discusses the dental service organization (DSO) landscape, covering industry challenges like labor inflation, financial strategies, and market consolidation. The conversation explores how dentists should evaluate partnerships, the impact of consumerism on practices, challenges facing solo practitioners, and the importance of strong leadership in navigating the evolving dental industry

TAKEAWAYS

• LightWave is America's only Dental Leadership Organization (DLO).

• Labor inflation has significantly impacted the dental industry.

• Dentistry is resilient and can withstand economic fluctuations.

• The importance of understanding earn-outs and financial risks in DSO agreements.

• Stability in the market is becoming increasingly important for investors.

• The majority of dental practices are still solo practitioners.

• Financial strategies must adapt to current economic conditions.

• Consolidation in dentistry is ongoing, with a significant percentage of practices under DSO contracts. The need for camaraderie among dental professionals is crucial.

• Consumerism is reshaping patient expectations in dentistry.

• Dentists must adapt to changing market dynamics to remain relevant.

• Investing in leadership and technology is vital for growth.

• The dental industry is seeing a trend towards consolidation.

CHAPTERS

00:00 Introduction to LightWave and Leadership

05:00 The Current State of DSOs

10:01 Understanding Earn-Outs and Financial Risks

14:58 Navigating Labor Inflation and Financial Strategies

20:07 The Future of Dentistry and Market Resilience

25:00 Consolidation in Dentistry: Current Trends and Insights

32:06 The Rise of Startups and DSOs

36:19 Consumerism and the Future of Dental Practices

40:19 The Value of Dental Practices in Transition

44:25 Two Paths for Dentists: Business Owner vs. Employee

53:39 The Future of DSO Consolidation

REFERENCES

Bulletproof Summit

Bulletproof Mastermind

The Bulletproof Dental Podcast Episode 395

HOSTS: Dr. Peter Boulden and Dr. Craig Spodak

GUEST: Paul Vigario, Founder and CEO of SurfCT

DESCRIPTION

Craig, Peter, and Paul Vigario explore the dental industry's complexities, discussing competition among doctors, sales perceptions, and entrepreneurial challenges. They emphasize personal growth, brand development, and redefining success in dentistry. The conversation highlights the importance of embracing risk, living authentically, and seeking mentorship while breaking free from industry constraints and societal expectations. The speakers encourage dentists to pursue their passions, make aligned choices, and leverage community support to navigate career challenges and achieve meaningful success.

TAKEAWAYS

• The dental industry fosters a competitive environment among doctors, hindering collaboration.

• Sales skills are essential, despite the common belief that dentists should only educate.

• Many dentists view themselves as commodities due to a lack of branding and marketing.

• Entrepreneurship in dentistry is not for everyone, but everyone deserves a chance to try.

• Falling in love with the journey is vital for personal and professional growth.

• Instant gratification is a societal issue that affects the entrepreneurial mindset.

• Failure is a part of the journey, and learning from it is essential.

• Dentists often feel pressured to conform to societal expectations rather than pursue their true aspirations.

• Engaging in practical experiences is necessary for growth, rather than just theoretical learning. The older you get, the more risk-averse you become.

• Mentorship can be a catalyst for personal and professional growth.

• Dentists should not limit their identity to their profession.

• You can choose your path and make decisions that align with your happiness.

• The industry often positions dentists as operators, limiting their potential.

• Happiness should be the ultimate goal in your career.

CHAPTERS

01:25 The Concept of Doctor Competition

05:00 Sales vs. Education in Dentistry

09:31 Entrepreneurship in Dentistry

12:45 The Journey of Dentistry and Personal Growth

18:04 Societal Perspectives and Personal Experiences

24:52 The Importance of Mentorship and Community

26:42 Breaking Free from Industry Constraints

30:11 Understanding the Game of Dentistry

39:01 Choosing Your Path: Authenticity Over Shame

REFERENCES

Bulletproof Summit

Bulletproof Mastermind