Bulletproof Dental Practice

  The Bulletproof Dental Podcast Episode 363 HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUEST:  Dr. Dwight Peccora & Dr. Trey Tippit DESCRIPTION In this episode, the hosts discuss the concept of lifestyle creep and its impact on dentists' ability to retire. Overall, the episode emphasizes the need for dentists to be proactive in managing their finances and making smart financial decisions. The speakers emphasize the need to have a minimum size practice that covers expenses and allows for investment. The conversation also touches on the concept of FOMO (fear of missing out) and the negative impact it can have on financial decisions. The main themes include the importance of turning a practice into a self-sustaining business, the need for financial discipline and saving, the value of taking calculated risks and seeking mentorship, and the significance of surrounding oneself with a supportive team. The conversation also touches on the challenges of scaling a practice and the potential benefits of partnerships. Overall, the speakers emphasize the importance of continuous learning, growth, and adaptability in the dental industry. TAKEAWAYS Lifestyle creep can hinder dentists' ability to retire on time Financial independence is achieved when passive income covers expenses Controlling spending and investing wisely are key to building wealth Set boundaries and prioritize work-life balance Avoid making financial decisions based on FOMO Surround yourself with like-minded individuals and hold each other accountable Consider the potential impact of interest rate cuts on investments. Turn your dental practice into a self-sustaining business that generates entrepreneurial profit. Seek mentorship and learn from experienced professionals in the industry. Be adaptable and open to partnerships as a means of scaling your practice. Continuously learn, grow, and evolve in the dental industry. CHAPTERS 00:00 - Introduction and Discussion on Lifestyle Creep 09:13 - Defining Financial Independence and Passive Income 13:26 - Factors Affecting Dentists' Ability to Retire 19:22 - The Role of Leverage and Alternative Investments 22:03 - Importance of Measuring and Tracking Expenses 26:14 - Setting Boundaries and Prioritizing Work-Life Balance 29:40 - Avoiding Financial Decisions Based on FOMO 31:30 - The Importance of Accountability and Like-Minded Connections 46:45 - Building a Self-Sustaining Dental Practice 50:11 - The Importance of Financial Discipline and Saving 54:17 - Taking Calculated Risks and Seeking Mentorship 56:06 - The Value of a Supportive Team 01:03:27 - Scaling a Practice through Partnerships 01:08:30 - Continuous Learning and Growth in the Dental Industry REFERENCES Bulletproof Mastermind Bulletproof Summit  

Darren Shaw, a local SEO expert from Whitespark.ca, shares invaluable insights for dentists looking to enhance their online presence. He emphasizes the critical role of optimizing Google Business Profiles and the importance of soliciting reviews. Image and video optimization, particularly on platforms like YouTube, are highlighted for better engagement. Darren also discusses user behavior tracking with Microsoft Clarity, and how mobile optimization is now a must. In the rapidly evolving landscape of dental marketing, these strategies could transform how practices attract and engage with patients.

The Bulletproof Dental Podcast Episode 361   HOSTS: Dr. Peter Boulden, Dr. Craig Spodak GUEST: Shreyas Parab   DESCRIPTION In this conversation, Peter and Craig interview Shreyas Parab, an AI specialist, about the applications of AI in dentistry. They discuss the potential for AI to increase efficiency in various areas, such as revenue cycle management, chart notes, and phone calls. They also explore the idea of using AI to interact with insurance companies. They explore the benefits of AI receptionists, automated insurance verification, and claims processing. They also discuss the concept of a decentralized DSO and the use of AI in improving operational efficiency. The conversation highlights the importance of leveraging technology to enhance the patient experience and alleviate the burden on dental teams. Overall, the conversation emphasizes the positive impact of AI in dentistry and the potential for growth and innovation in the field. TAKEAWAYS AI can be used to increase efficiency in various areas of dentistry, such as revenue cycle management and chart notes. Using AI for phone calls, especially for interactions with insurance companies, can save time and reduce frustration for dental practices. AI is not meant to replace humans, but rather to augment their abilities and allow them to focus on tasks that require a human touch. AI can be used to automate various tasks in dentistry, such as receptionist duties, insurance verification, and claims processing. A decentralized DSO model, supported by AI technology, can level the playing field for solo dental practices. The rising tide of AI in dentistry can benefit the entire industry by sharing knowledge and improving processes. The potential of AI in dentistry is vast, and it offers opportunities for growth and innovation. CHAPTERS 00:00 - Introduction and Background 03:11 - The Energy and Mindset of the Bulletproof Community 06:02 - Understanding Large Language Models (LLMs) 09:28 - Applications of AI in Dentistry: Revenue Cycle Management 13:43 - Automating Phone Calls and Interactions with Insurance Companies 20:45 - Addressing Bottlenecks in Dental Practices with AI 25:20 - The Future of AI in Dentistry: Outbound Calls and Insurance Interactions 29:19 - The Benefits of AI in Dental Operations and Patient Care 34:58 - Automating Receptionist Duties 37:45 - The Rise of Decentralized DSOs 42:23 - AI and the Future of Dentistry 48:49 - Selling to a DSO and Decentralization 56:37 - Conclusion and Looking Ahead REFERENCES Bulletproof Mastermind Shreyas Parab  

The Bulletproof Dental Podcast Episode 360   TITLE: Introducing Bulletproof Health with Dr. Uche Odiatu   HOSTS: Dr. Peter Boulden, Dr. Craig Spodak and Dr. Uche Odiatu   DESCRIPTION In this episode, Craig and Peter are joined by Dr. Uche Odiatu to discuss the importance of health and wellness in dentistry. They emphasize the need to prioritize health and fitness, as it is the foundation for success and longevity. The conversation covers various topics related to health and wellness, including the importance of eliminating junk food, the impact of coffee and alcohol on sleep quality, the concept of being your own pharmacy, the negative effects of exogenous substances on the body, the benefits of discipline and self-esteem, the role of cortisol in the body, the importance of prioritizing self-care as a dentist, and the significance of nutrition in overall health.   TAKEAWAYS Health is the foundation for success and longevity in dentistry. Small, sustainable changes in lifestyle can have a significant impact on overall health and wellness. Sleep plays a crucial role in brain health and cognitive function. Light exposure, both in the morning and at night, can affect sleep quality and overall health. Surrounding yourself with a supportive community of like-minded individuals can help you prioritize and maintain your health and wellness goals. Eliminating junk food has a significant impact on overall health and well-being. Coffee and alcohol can negatively affect sleep quality. Being your own pharmacy means relying on your body's natural abilities to heal and function optimally. Discipline and self-esteem are important for long-term health and success. Cortisol plays a role in the body's stress response and can have negative effects if sustained for long periods of time. Prioritizing self-care, including nutrition, is crucial for dentists and other professionals who experience high levels of stress. CHAPTERS 03:01 - The Foundation of Success: Prioritizing Health and Wellness 07:50 - The Power of Small Changes: Making Sustainable Lifestyle Choices 15:36 - Sleep: The Key to Brain Health and Cognitive Function 23:37 - Light Exposure: Managing Your Circadian Rhythm 29:28 - The Importance of Community: Surrounding Yourself with a Supportive Network 34:10 - The Impact of Junk Food and the Importance of Eliminating It 35:37 - Coffee, Alcohol, and Sleep Quality 37:42 - The Importance of Discipline and Self-Esteem 43:25 - Understanding Cortisol and Stress 53:07 - Prioritizing Self-Care for Dentists REFERENCES Bulletproof Mastermind Bulletproofhealth Dr. Uche Odiatu  

The Bulletproof Dental Podcast Episode 359   HOSTS: Dr. Peter Boulden, Dr. Craig Spodak GUEST: Ish Rouf   DESCRIPTION In this conversation, Peter and Craig interview Ish Rouf, who is the C-suite of his wife's private DSO. Ish shares his approach to hiring and developing associates, as well as his perspective on valuing and selling a dental practice. In this part of the conversation, Craig and Ish discuss the importance of understanding the revenue makeup of a dental practice when evaluating it for purchase. They also discuss the importance of clear communication and alignment between dentists and associates when negotiating contracts and expectations. Additionally, they highlight the significance of having comprehensive standard operating procedures (SOPs) and scalable systems in place to ensure the smooth operation and growth of a dental practice.   TAKEAWAYS Hiring associates based on their attitude, willingness to learn, and compatibility with the practice's values can lead to long-term success. Investing in technology and aligning the practice with the right team and systems can increase the value of a dental practice. Understanding the revenue makeup of a dental practice is crucial when evaluating it for purchase. Each dental practice is unique and factors such as services offered, fee mix, systems, culture, and technology can greatly impact income potential. Clear communication and alignment between dentists and associates are essential when negotiating contracts and expectations. Comprehensive standard operating procedures (SOPs) and scalable systems are important for the smooth operation and growth of a dental practice. Focus on simplicity, automation, and smooth operations in your dental practice. Profitability is important, but also strive for power and efficiency. Consider implementing accrual accounting to align spending and payment dates. Have visibility into every aspect of your practice for better decision-making. Set goals and incentives for your team to drive productivity and growth. CHAPTERS 00:00 - Introduction and Cultural Differences 05:26 - Ish's Background and Entry into the Dental Space 12:09 - Hiring and Developing Associates 14:02 - Valuing and Selling a Dental Practice 20:07 - Investing in Technology and Aligning the Practice 25:26 - Understanding Revenue Makeup in Dental Practice Evaluation 29:15 - Clear Communication and Alignment in Contract Negotiations 31:13 - The Significance of Comprehensive SOPs and Scalable Systems 36:18 - The Importance of Migrating to Enterprise-Grade Systems 51:11 - The Power of Simplicity and Automation 55:26 - Creating a Smooth and Efficient Operation 57:29 -  Setting Goals and Incentives   “The easier it is for you to run your business, the easier it is for someone to want to buy it. Additionally, the smoother the operation, the lower the likelihood you’d want to sell it. People love to sell their problems, not their opportunities.” -Dr. Craig Spodak    REFERENCES Ish’s Multiple Ladder 3 - Industry premium (dental)  1 - Year-on-year profitable, with 10% investor return  1 - Group practice with SOPs in place  1 - Multi-state practice with compliance in place  1 - Corporate function already established  2 - Enterprise-grade financial accounting  1 - Centralized reporting and forward-looking analytics  1 - User-/persona-level reporting  1 - Future-proof tech stack  1 - Integration playbook, diligence team, and rollout team  1 - Internal training and coaching library with LMS system  1 - Centralized procurement  1 - Centralized call center  0.5 - Strong recruitment pipeline  0.5 - No key person risk   Bulletproof Mastermind Ish Rouf  

The Bulletproof Dental Podcast Episode 358 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak GUESTS: David Ensley DESCRIPTION In this conversation, Craig and Peter interview David Ensley, an orthodontist and part of a dental service organization (DSO). They discuss various topics including the use of Twitter for networking, the differences between GP and ortho startups, the importance of location and visibility for dental practices, the use of Google Ads and CRM for marketing, and the benefits of hiring offshore employees. David shares insights on in-house financing in orthodontics and the challenges of cash flow in the beginning. He also emphasizes the value of specialized roles and better talent that can be obtained through offshore hiring. David shares insights on managing remote teams, finding the right talent, and creating a pathway to ownership for dentists.  TAKEAWAYS Orthodontic startups face challenges with cash flow in the beginning due to the longer treatment times and monthly payment plans. Location and visibility are crucial for dental practices, and retail locations with high vehicle traffic are preferred. Google Ads and CRM systems like Go High Level can be effective tools for marketing and lead management. In-house financing is more common in orthodontics due to the longer treatment times and the ability to break up payments throughout treatment. Hiring offshore employees can provide access to specialized roles and better talent at an affordable price. Remote workers can bring efficiency and specialization to a dental practice or DSO. Partnerships in a DSO can provide a pathway to ownership and increase retention and quality. Collaboration with professionals outside of dentistry can bring fresh perspectives and innovative ideas. Twitter can be a valuable platform for learning, networking, and engaging with professionals from various industries. CHAPTERS 00:00 - Introduction  04:14 - Challenges and Considerations for Ortho Startups 10:10 - The Importance of Location and Visibility 15:19 - Using Google Ads and CRM for Marketing 20:54 - Benefits of Hiring Offshore Employees 25:50 - Introduction to David Ensley and Remote Workers 27:04 - Partnerships: A Pathway to Ownership in a DSO 30:15 - Reciprocity and the Democratization of Ownership in Dentistry 35:26 - Competition and Efficiency in the Orthodontic Market 39:06 - Collaboration and Learning Beyond Dentistry 44:32 - The Power of Twitter for Networking and Knowledge Sharing 46:02 - Future Plans and Invitation to Connect REFERENCES Bulletproof Mastermind Bulletproof Summit 2025 David Ensley  

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