‍‍What does it take to run a successful dental practice in a small town? Dive into today's episode, as I sit down with Dr. Kim Power, embracing the journey of owning and operating her bustling practice in a rural region of North Carolina. Through her resilience and determination, Dr. Kim navigates us through the challenges and triumphs, from staff shortages, to unexpected challenges, and even embezzlement - offering an incredibly honest take on what it takes to grow a thriving practice despite all odds. She goes beyond the surface, offering insider knowledge on efficient systems investments, hiring tenacious staff, and the significance of maintaining a supportive office culture while detailing her transition from orthodontics to general dentistry.

This episode is filled to the brim with practical wisdom from someone who truly walked the talk. Whether you are thinking of running your own practice or just curious about what it takes to succeed in a challenging environment, Dr. Kim's experience is sure to leave you with meaningful insights and valuable lessons that can be applied in your practice.

What You'll Learn in This Episode:How Dr. Kim transitioned from Orthodontics to General Dentistry.Dealing with an unexpected path to owning a practice.The acquisition process and financial considerations.The importance of creating a positive work culture.How to overcome embezzlement within a practice.Managing a growing practice and delegating tasks.Dealing with personal challenges while managing a practice.
Don't wait, tune in now, and gain valuable knowledge from Dr. Kim's unique journey and experiences in practice ownership!‍‍
Guest: Dr. Kim PowerPractice Name: Smithfield Family DentistCheck out Kim's Media:Website: https://smithfieldfamilydentist.com/Email: kimpower9515@gmail.comPhone: 919-418-0538‍
Other Mentions and Links:‍Software/Services:Open DentalNadapaymentsProsperidentCommunity/Groups:Triangle Dental Solutions GroupEstablishments/Brands:AmazonFirst Citizens BankSouthern First BankInsurance Companies:AetnaCignaMetLife‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍
Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.‍

491: Scaling an Acquisition in a Rural Region? A Candid Conversation and Insider Look | Dr. Kim Power

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How essential IS understanding insurance contracts in the dental field? Join us in this Monday Morning Episode as Laura Radloff and I delve into this critical aspect of your dental practice. We underscore the necessity for dentists not just to skim but attentively read through the terms of contracts to sidestep potential pitfalls such as insurance fraud. Laura shares from her vast wealth of experience some common mistakes dental practices make and drives home the essentiality of proper billing practices.

In the second half of our discourse, we explore the incredible advantages of utilizing Oryx software for billing purposes. We put a spotlight on the tremendous support provided by the Oryx team. The takeaway of this episode revamps the importance of thorough understanding and transparent communication in dealing with claims and operating a successful dental practice.

What You'll Learn in This Episode:Why understanding insurance contracts is vital in the dental fieldThe common errors dental practices fall prey to and how to avoid themThe indispensable role of diligent billing practicesThe remarkable benefits of implementing Oryx software for your billingThe exceptional backing provided by the Oryx team in managing claims
Dive into this episode now to learn what you may be missing in your insurance contracts!‍‍
Sponsors:
‍Oryx: an all-in-one cloud-based dental software created by dentists for dentists.
Patient engagement, clinical, and practice management software that helps your dental practice grow without compromise. Visit Oryx today for a special TDM offer! (Just click or copy and paste the link here) https://thedentalmarketer.lpages.co/oryx/‍You can reach out to Laura Radloff here:
‍
Website: https://www.oryxdentalsoftware.com/‍Mentions and Links: 

Software/Tools:Open DentalEaglesoftDentrixDentrix AscendSoftDentDentrix EnterpriseiDentalBrands/Products:Invisalign‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey, Laura. So talk to us. What's one piece of advice you can give us this Monday morning. Laura: So one piece of advice is. Really to make sure that you understand your contract with any, uh, your, any insurance company that you have chosen to contract with. There are a lot of rules that come with those contracts, and if you've chosen to be in network with a certain insurance company, they may have specific rules that you have to follow, such as you have to bill certain procedures out, even if they're not going to be covered.So you just want to make sure that you really understand your contract before you start committing insurance fraud. And it's little things like, You may have a certain procedure that's not covered by that insurance, and you may choose not to bill out that to that insurance company, because you've decided since it's not going to be covered, we're not going to bill it out anyway.But if your contract says that you should still be billing it out, you still need to make the insurance company aware that you did that procedure, even if you don't think you're going to get covered for it. Michael: Okay, no, that's interesting. That's interesting. And then. You said understand your contract. Are some contracts difficult to understand?Laura: They just vary. They vary a lot based on carrier and state. And especially once you start to get federal plans, it's more just making sure that you do read the fine print. Uh, some states say that you can't charge a patient if it's not covered. and some carriers say the same thing. So it's really just making sure you, You don't go outside of those lines and making sure that you are billing correctly, not only to your patient, but to the insurance company too.Michael: In your experience, Laura, like what is the most difficult company? I guess you feel like you've worked with when it comes to like, Oh my God, this is all in the contract. Are you serious? Kind of thing. Laura: I wish I could just say there's only one. I feel like every company is going to have their own quirks. and each one of them is going to have their own guidelines.I just ran across a policy the other day that said, if you try to bill out the buildup the same day as your crown, then it won't get covered. And they told you in the contract, you should bill out the buildup separately, um, on the prep date and then your crown on the seat date. Because they're already telling you it's not going to be covered, but it was so fine print and it was way deep in the contract.understanding that from the beginning, it's not very common that you would see that. So it's just making sure you understand you would hate to bill that out and then not get paid just because you billed it on the wrong day. Michael: Yeah. How often does that happen? I mean, so real quick, if you can let us know, you're with Oryx, right?their billing department or how does that work? Laura: Yeah, so I am with Oryx. I actually come from a lot of other software background where I've used a bunch of different softwares throughout my almost 20 years in the dental field. And Oryx is my favorite. So when I was working with Oryx, I reached out to Oryx and I told them how much I absolutely love their company and how much I would love to be a part of their company.So, now I am in, in charge of the outsourced billing department. So we actually helped newly converted offices with the conversion process. Um, and we allow additional trainings in regards to insurance. And billing. And then also we help with those services, especially for startups.They're not a hundred percent aware of all of the ins and outs of insurance. So we're able to help guide them at least through the beginning phases to make sure that they're off on the right start. Michael: Yeah. So then how often does that happen? Especially when it comes to, I guess, transitioning from a software to another software or like, where are you seeing the most common mistakes?Laura: The most common errors is, I would say, a sense of if it's not going to be covered, I don't have to bill it anyway, or trying to charge additionally due to a downgrade or a fee that may not be exactly what's needed. billable. I know sometimes ortho cases, if you're contracted with an insurance company for an ortho case, you have to go by their contracted rate, but Invisalign has a flat fee that they charge no matter how, you know, just to get the case going.So some offices have found that they want to try to charge that additional fee and some states and some insurance companies say too bad, it's all inclusive. Just because you picked Invisalign instead of brackets doesn't mean we're going to give you more money. So it's making sure that you understand that piece.the biggest thing that we run into is just thinking that we can step outside of those contract guidelines. and not necessarily defining it as fraud. It's still considered a form of fraud if you're withholding information, if you're falsifying the information, submitting under a different provider just because they have different network statuses.Things like that can all be considered forms of insurance fraud. So just being careful. Last thing you want is to go have huge fines, get your license revoked, or have your business shut down because of insurance fraud. Michael: Yeah. Have you seen that happen? Like where somebody really didn't read the fine print and it just went downhill from there?Laura: Yeah, unfortunately I haven't personally experienced it, but I've gone to continuing education courses where they've talked about the Somebody else, the business owner versus the dentist. And the business owner was doing billing out things a certain way. And then the owner, the business had to shut down.Michael: So then what would be the difference here? Laura, like if, if I were to say, okay, I have listened to this episode, I'm going to make sure my team reads the fine print compared to having like. Outsourcing it, your team, Oryx or you, right. I'm going to read the fine print. What would be the difference in those two?Laura: So there are a lot of credentialing companies that will help make sure that as you're getting credentialed, they can read that contract for you, so it's more just making sure that maybe whoever's helping you with your credentialing understands what your expectations are too, so that they don't sign you up for something that goes against the way that you want to run your business.personally, I've been in the dental field for 20 years, but that doesn't necessarily mean that I know all the ins and out of every insurance company too. Since it is so specific to state and carrier, it's really important that you understand it within, yourself versus even relying on someone else to do it for you, because then you're also holding yourself and your team accountable for what's happening in your office too.So as much as I would love to say, I'm a professional, I will read it for you and tell you all the things with my magic cape. at the end of the day, it's your license and it's your practice that's on the line. So making sure that whoever's doing your billing for you is doing it the way that aligns with your contract.And. How you want your business ran. Michael: Okay. Interesting. So then does this come with like, let's just say we decide to go with Oryx. Does it come with Oryx, this service or? The extra how does that work? Laura: It would be something if you have questions, we would definitely be able to review with you. We're more focused on making sure that you get paid.So we want to make sure that those claims, there's nothing holding them up from getting sent out that you've got all the necessary attachments documentation to be able to support the claim. And then we do catch some of those things like, Hey, I remember this insurance plan said you can't bill out the buildup and the crown on the same day.Do you still want to, because That's how you do it, or do you want to align with how the plan does it? So we do catch those things as the claims are going out, but it's more just making sure on the front end that you understand how that's coming in too. Michael: Yeah. That's so nice that Oryx does that, the claims, you know what I mean, for, for practice.I feel like it takes off a lot of the front office, I guess you can say like their time and you know what I mean. Laura: Oh yeah, it's huge because personally if I have a team member that I'm paying to be in office with me that's going to be patient facing, I want them to be patient facing, talk to them about their treatment plans, get them into the schedule.I don't need them hiding behind closed doors talking to insurance companies, but I also want to get paid. So making, putting that on someone else, especially someone who's versed in the software and has a lot of insurance experience, we've got phenomenal team that's all there to support and make sure that those claims are going out and getting paid.Michael: Yeah. Is it pretty difficult to learn for the team? Oryx? Laura: we offer a lot of support. It's not that it's difficult, honestly. Like I said, I I've worked with open dental, Dentrix, EagleSoft, SoftDent, Dentrix Ascend, Dentrix Enterprise, iDental, I've worked with a large number of dental softwares and I found it.Like with any software, there's definitely a learning curve, but once you really get into it, it has so many neat hidden features and neat things, and they're constantly evolving. I guarantee you, you tell Dentrix you want to change the way that they have something set up and they'll laugh at you. Oryx, we really try to consider how are our users using it and can we make it better as much as we can all the time.Michael: Yeah, that's so true. I see that in the Facebook group, like the Oryx users, Facebook group, like somebody will be like, Hey, Hey, Rania, can we do this or can we do that? And working on it. We'll implement it. You know what I mean? And they're on it. So Laura: yeah, we have developer meetings all the time. Like we're still as big as we are.We're still small, right? We're still connecting with each other regularly to make sure, Hey, this is something that our front end user saw that we might be able to improve. Is it something we can implement? if it's only one person that wanted it, then it may not be the top of our list, but being just vocal about things that we could possibly do to improve helps too.But I also think it's got a really strong base. So, while some people may see that there's areas to improve, it's got a lot of really great things already integrated into it. That helped me when I'm doing aging or when I'm doing the insurance stuff, this is my go to it's the fastest one to work out of.It's got the most detail. I find less errors once I'm using the software correctly. it's just phenomenal in my opinion Might be a little biased but Michael: No, that's awesome. And then what's one final piece of advice you can give us when it comes to claims and practice ownership Laura: Um, there's no such thing as too much information You'd much rather have 15 photos a big strong narrative and x rays right before the procedure versus later Finding out that you needed that x ray narrative or photo and not have it Michael: So there's never enough information.Interesting. Awesome. Thank you so much for your time. I appreciate it. But if anybody had questions or concerns or anything like that, where can they find you? Laura: If you're already an Oryx user, then you can put in a help ticket and they'll make sure that you're directed to the right department. I do specialize in billing and insurance, but we have a whole bunch of trainers that may be able to help with any other areas.And then if you're on our Facebook group too, you'll be able to keep posted on how often our webinars are happening and what topics are coming up, or put in suggestions for future, future requests or other webinars that you want to see. So. Michael: Nice. Awesome. So that's going to be in the show notes below.And Lauren, thank you so much for being with me on this Monday morning episode. Laura: Great to chat with you, Michael.

MME: Avoiding the Insurance Pitfall | How to Comprehensively Understand Your Contracts | Laura Radloff

How does one navigate cultural and language barriers as an exile from their home country AND build a thriving practice? Welcome to this enlightening episode where we step into the unique journey of Dr. Monzer Shakally, a remarkable dentist with an extraordinary backdrop: born and raised in Damascus, Syria, yet carving out a stellar career in the U.S. His narrative winds from his comfortably privileged upbringing in a medical environment to a twist with the breakout of the Syrian revolution, leading him down a path of arrest, exile, and eventual resettlement in the U.S.

In this episode, Monzer takes us along on his odyssey from the throes of revolution and exile to his pursuit of dentistry in Iowa, a step driven by his resolve to create a unique niche in the dental space. Listen in as he shares the challenges of early days in America, wrestling with language barriers and chipping away at cultural dissimilarities, through to his triumphant emergence from dental school and his thoughtfully decisive move to settle in the balanced charm of Scottsdale, Arizona. Monzer also delves into his professional journey, tracing his hard-earned lessons from a dissatisfying stint at Pacific Dental Services to his present status operating a thriving dental practice. This episode is more than an account of resilience and determination, it is a beacon for all those navigating their routes to success in the dental profession.

What You'll Learn in This Episode:Monzer's intriguing journey from Syria to the United StatesThe cultural and educational challenges Dr. Shakally overcame in the pursuit of his careerHis experiences in corporate dentistry and the wisdom gained from itHow Shakally turned a new opportunity into a flourishing dental practiceStrategies for avoiding pitfalls such as insurance dependencyThe ethos that underpins Shakally's profession and personal journeyStrategies to ensure patient satisfaction and operational efficiency in your practice
Don't miss this episode full of valuable insights and inspiring tales of resilience. Start your journey to mastering the business side of dentistry by listening today!‍‍
Sponsors:‍For high quality AND affordable dental supply options, visit The Dentists Supply Company(TDSC) website today! Our listeners get a special deal - 25% off on orders over $500 - Just type in the special code: TDM25 at checkout for your exclusive offer. AND if you're a member of your state's Dental Association, you may be eligible for additional savings upon providing your ADA number. Click or copy and paste the link here to save today! https://www.tdsc.com/‍
Guest: Dr. Monzer ShakallyPractice Name: Southern SmilesCheck out Monzer's Media:Website: https://ssmilesdental.com/Instagram: https://www.instagram.com/drshakally/LinkedIn: https://www.linkedin.com/in/dr-monzer-shakally-dds-54945989/Email: meezdds@gmail.com‍
Other Mentions and Links:‍Software/Services:Henry ScheinPPO ProfitsImplant PathwayQuickBooksKleerBooks/Publications:How to Buy a Dental Practice: A Step-by-step Guide to Finding, Analyzing, and Purchasing the Right Practice For YouDental Operations Manual: Detailed Systems to Run your Dental PracticeBusinesses/Brands:Pacific Dental ServicesSignature Dental PartnersAspen DentalHeartland DentalCerecVan Hook LabPeople:Dr. Farran (30 Day Dental MBA)Elon MuskPodcasts:Dental UnfilteredCommunities:DentaltownOrganizations:UNHuman Rights WatchUS Embassy in EgyptMusic:Frank Sinatra - My Way‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍
Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.

500: Dr. Monzer Shakally | Southern Smiles

‍Are you ready to take a refreshing and practical look at the business side of your career? In this episode, I sit down with Dr. Shahin Safarian, a seasoned dentist, entrepreneur, and coach who urges private sector dentists to embrace financial literacy. Shahin's insightful perspective draws a connection between understanding key financial metrics and improving both patient care and business efficiency, a concept often overlooked in the profession.

In the second half of the episode, we delve into the pressing need for innovation in dental practices. Not just the technical aspect, there's an often ignored realm of lead generation, patient engagement and operational optimization that can propel your practice to new heights. Dr. Shahin softens the intimidation factor around modernizing workflows and systems in such a traditional profession, making it sound not just attainable, but also essential.

What You'll Learn in This Episode:The importance of understanding the financial metrics of your dental practiceHow to achieve a minimum net of 30% from your practiceThe connection between financial health and patient care qualityHow to enhance lead generation and patient engagement in your practiceThe essential role of the dentist as a business ownerThe benefits of upgrading your systems and operations
Don’t let the finances of your dental practice intimidate you. Dive into this conversation with Dr. Shahin and start making informed financial decisions for your practice today!‍‍
Sponsors:
‍For high quality AND affordable dental supply options, visit The Dentists Supply Company(TDSC) website today! Our listeners get a special deal - 25% off on orders over $500 - Just type in the special code: TDM25 at checkout for your exclusive offer. AND if you're a member of your state's Dental Association, you may be eligible for additional savings upon providing your ADA number. Click or copy and paste the link here to save today! https://www.tdsc.com/‍You can reach out to Dr. Shahin Safarian here:
LinkedIn: https://www.linkedin.com/in/drshahinsafarian/Facebook: https://www.facebook.com/DrshahinsafarianInstagram: https://www.instagram.com/drshahinsafarian‍Mentions and Links: 

Services/Tools:Solutionreach‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey, Shahin, so talk to us. What's one piece of advice you can give us this Monday morning? Shahin: Well, first of all, thanks so much for having me. I appreciate the time and the opportunity. this notion we're talking private sector, we're talking practitioners that want to stay in the private sector.So we're not talking DSOs, we're not talking DPOs, we're not talking multiple practices and. multiple associates and 25 or 30 plus employees in a single small business, in a single dental practice, small business in the private sector. What you need to focus on is you need to focus on your financial numbers.The health of your business trumps everything else. and the more old school or, or seasoned dentists that, you know, got licensed in the eighties and the nineties, and maybe even a little bit later, Their thought process is that we need to focus on the patients and the patients come first. Well, I tend to say, yes, patients certainly have value when you're working in your business, but when you're working on your business, everything, is trumped by the health of your business.And that comes from your financial numbers. So If you are a private dentist in the private sector, you want to focus on understanding your financial numbers. And that's really most important because if you have a healthy business, you'll be much better capable and able to take care of your patients in your community at the highest quality possible.If you're in a stressed environment and you have financial stress in a business. And you have to try to meet payroll. You have to try to pay rent. It becomes a lot more complicated as far as the efficiency and patient experience of what, um, your patient and your community will experience at your practice.Michael: Okay. So then, break it down for us. What's the health benefit? And what does it healthy look like? Shahin: Yeah. So, you know, there, there's a lot of notions as far as what you need to net out of a practice. Ideally, you want to net at least 30 percent as a private practitioner or more. ideally you want to get, I mean, even some of the more seasoned dentists that really understand how to efficiently run their business.they're over 50 percent on their net, from their practice. So if you are in a practice, it's a million dollars. Do you want to be in a situation where you're netting 200, 000 or you're netting 400, 000? That comes a lot from the practical components of how much attention you pay attention to the financial numbers.So I would say minimum you want to be 30 percent net, um, out of your, uh, business. Michael: So then what financial numbers should we start paying attention to right now? If we're listening to this and we're thinking, okay, I have a analytic software, we're looking at the numbers. What do we got to pay attention to?Shahin: Yeah. Look at your expense report. Um, and so there's the practice analysis software that if you've been in business for three to five years, you should incorporate, um, but you also have to look at your bookkeeping and your expense reports and the key number that you want to pay attention to right out of the gate is payroll.Um, payroll is one thing that's really out of control in most dental practices that we're discussing here today. Okay. So, um, I think that's a really important component of, what you need to pay attention to. First, that's your biggest expense. Then obviously you've got to deal with rent. You've got to have a distinction between fixed expense and variable expense.Fixed expenses are payroll, are your rent, are your office loans or business loans that you're holding every month that you have to pay out, to every single month. Variable expenses are a little bit more your marketing, your supplies and, and some other, factors that come in, but you have to really pay attention to, to payroll.I think that's one key component that a lot of doctors are really overlooking. And what ends up happening is complacency comes into play, empathetic. Doctors are paying attention to the, employees that they've had longterm in their practice. And so we have to understand again, financial numbers trump everything else.The business health trumps everything else. If the numbers don't make sense, it's time for you to make some decisions. Michael: That's interesting. So then when it comes to the payroll, being out of control. What is out of control? What have you seen? Shahin: Yeah, so, one key metric that a doctor needs to pay attention to is production per hour.what their production per hour is dictates a lot about a practice. And you want to target being 600 per hour plus. if you're a private practice owner and you're at 300 an hour, 400 an hour, you're not really running a very efficient business. You want to be a macro producer. And there's a lot of discussion in this, and we don't have enough time to get into all the details, but.An important metric to pay attention to is when I am clinically in the practice, what is my production per hour? And we notice that if your production per hour is low, payroll is going to go up. And so many times what we recommend is you have to be innovative. In order to create ideas in order to grow your business, or the other option, obviously, is you don't have to be open five days a week in order to hit your production.If you're producing Um, 400 an hour and you're coming home at, you know, 3, 000 days, five days a week, you can do that in three or three and a half days, you don't need to be open five days a week that automatically reduces your payroll. Michael: You mentioned being innovative to grow your practice. What have you seen where they're like, wow, that's, that's innovative?Shahin: Yeah. So there's not much innovation in doctors. Um, and unfortunately the reason is, is because we're not business owners. We're not, we're not built and developed as a business owner or clinician. So many times what we end up doing when we want to learn to be innovative, we go and learn more clinical dentistry.But the reality is, is to be innovative means. Things like this. How do I build a system or an operation in my business to where I'm able to maximize. lead generation at the top of the funnel. We're talking now sales funnel. How do I maximize lead generation? How do I maximize my ability to engage with the leads?How do I optimize that engagement to convert into new patients in my practice? And how do I optimize those new patients to say yes to me? And so that system or that operation is basically. Pretty much nonexistent in most private practices. So one of the things that I would highly recommend on the innovation side is you've got to upgrade your business to 2024, which is where we are today.Still, many practices are lacking the systems. The technology and the software in order to run an efficient operation. And so that's the first thing is really take a look inside your operations and see where you're lacking, where you're not up to date in what standard practices are today.upgrade, update yourself, and then build these systems and operations in order to maximize the potential lead generation coming in. Cause at the end of the day, one great way you can grow your business is by getting new patients to say yes to you. Michael: So if we're looking at our operations right now and our systems, how do we know we need to upgrade it?For example, if we're like, I'm just going to give you an example, right? I'm going to say some names. So we're like using. Solution reach, right? Like old school solution reach and stuff like that. And there's new software coming out and all these things, but as a practice owner, how do I know, you know what I mean?Like if I'm not even, so, Shahin: so let me give you a couple of examples. If you're still traditionally, if you still have a traditional phone system and you don't have a VoIP phone system, you're outdated, meaning. When a new patient calls, they're all centralized in one area or one phone line, you're outdated.So, what you need to do is create yourself a VoIP phone system. That VoIP phone system will allow you an opportunity to separate. So when you call my office, it will say, if you're a new patient, click one, all other callers click two. Well, here's how it starts. If you're a new patient, you click one, you go into a certain funnel in my business.There's a different person that's a dental concierge that's going to connect with you. That concierge is going to be an individual that is going to be your point of contact through your patient experience at my office. And so now you have a point of contact, we'll name her Jill, who you can go to every single time when you have administrative questions, insurance questions, scheduling questions, what's next.questions and financial questions. That is your point of contact. Now in more complicated practices, they'll have obviously an insurance coordinator. So there might be some, some, uh, steps or some others that are going to be involved behind Jill that are going to support you. But that's one thing. The other thing is, is we have to have a phone tracking system.So we need to be able to listen to phone calls, actually listen to phone calls, not have the phone call software and not listen. So you can have the software and not take advantage of it. That becomes an expense. If you have software and you take advantage of the software and its capabilities, that becomes an investment in your practice.So you listen to the phone, um, You understand why you have a poor engagement in your front. Desk with the lead generations that are coming in. Remember the only responsibility of a marketing firm Is to generate leads for you and nothing else So everything else as soon as they trigger that lead the marketing firm's job is done Now it's your internal team that takes over and this internal team is a team that the doctor is not innovative enough to understand how to manage How to run like a professional organization.At the end of the day, the owner is a dentist, but first he's an owner of a corporation. That corporation needs to run like a professional team, which means that dentist owner is the vice president and the general manager of the talent. That he has on his team. Well, how do you manage that talent that's on your team?What ends up happening is that owner dentist opens a dental practice, forgets about the corporation, forgets about the professional environment, and just wants to practice dentistry, doing the type of dentistry that they want to do. So they open a practice to become self employed. They don't open a practice to run a corporation.So innovative means this mindset that I am first a CEO of my corporation, and second, I'm a dentist practicing within the corporation. That's why we have a W 2 draw for the owner dentist. Michael: Interesting. Okay. So that's on the Shahin: top of the funnel, right? And then it trickles down to so many other factors that we can discuss as well, depending on how much time we have.Michael: No, yeah, that was, that was wonderful. I appreciate it. Awesome. Shaheen, thank you so much. And if anyone has a further questions or concerns, where can they reach out to you? Shahin: Yeah. Just follow me at Dr. Shaheen Safarian, um, Dr. Shaheen Safarian, um, on Facebook, LinkedIn or Instagram, and then just send me a DM, send me a direct message on one of those channels I'll be happy to connect with you and give you some more guidance on what you need to do next.Michael: Awesome, Shaheen. Thank you so much for being with me on this Monday morning episode. Shahin: You got it, buddy. ‍

MME: Which Numbers Count? The Key Metrics for Your Private Practice | Dr. Shahin Safarian

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Interested in making the big leap from associateship to private practice? Tune into this episode as we talk with Dr. Linda Nguyen, a passionate dentist with an inspiring tale of achieving her dreams despite facing adversities. Taken by surprise with challenges at her first glamorous job in downtown Denver, Linda had a reality check on ethical dilemmas that some practices may face. With the discord between promises made to patients and actual care delivered, she embarked on a journey that led her closer to owning the kind of practice she had always dreamed of - a place where patient-centric care is paramount.

Linda’s journey wasn't a smooth ride, but she conquered all odds with her never-give-up attitude and solidified her place in the dental space. She not only shares the authentic, often untold gritty realities of dentistry, but also offers key insights to navigate the startup phase and step up to the role of a private practice owner. Linda's story is a testament to how crucial it is to find your community, a trustworthy financial partner, and a dedicated team for thriving in the competitive world of dentistry.

What You'll Learn in This Episode:Why Linda transitioned from dental associateship to owning her own practiceThe challenges Linda faced in her first job and how that shaped her future decisionsHow she approached ethical dilemmas and navigated her way towards the dentistry she wanted to practiceThoughts on choosing financial partners and strategically building her teamThe importance of creating a patient-centric experience in a dental practiceHow to balance business and personal values in a saturated market
So don't wait, hit the play button and join us as we walk through Dr. Linda Nguyen's inspiring journey!‍‍
Sponsors:‍For DSO integrations, startup solutions, and all your dental IT needs, let our sponsors, Darkhorse Tech, help out so you can focus on providing the amazing care that you do. For 1 month of FREE service, visit their link today! https://thedentalmarketer.lpages.co/darkhorse-deal/‍
Guest: Dr. Linda NguyenPractice Name: Sonder DentistryCheck out Linda's Media:Website: https://www.sonderdentistry.com/Instagram: https://www.instagram.com/sonderdentistry/
‍Other Mentions and Links:‍Software/Services:IndeedCrimson MediaDentagraphicsIdeal PracticesDarkhorse TechBurkhart Dental SupplyProducts/Brands:Almond JoyWingspanNintendo SwitchIt Takes Two (Switch Game)Banks:Bank of AmericaWells FargoPeople:Shane Simmons (Crimson Media)Stan Wiening (Burkhart Dental Supply)‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍
Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.

499: Dr. Linda Nguyen | Sonder Dentistry

‍Can embracing problems really lead to better decision-making and growth in practices? That's what we're delving into in this episode with our guest, Kiera Dent, from Dental A Team. She's here to offer some unconventional advice to practitioners and stress the importance of facing your challenges head-on. Not only will doing so increase your understanding of key metrics such as overhead, profit margins, payroll, and cash flow, but it also allows you to find innovative ways to reach financial freedom and increase practice success.

But, it's not all just about embracing the numbers. Kiera also discusses the crucial role of team collaboration and effective communication for leveraging this numerical data for growth. By aligning everyone on your team around these figures, you are fostering a shared responsibility and culture that's geared toward success. This episode is filled with insight and practical steps to help one comprehend not only the power of numbers but also the importance of viewing them not as obstacles but as levers for success.

What You'll Learn in This Episode:The transformative power of embracing challenges in dental practices.Importance of understanding key metrics for making informed decisions.Viewing numbers as tools for financial freedom.Role of team collaboration in improving the monetary aspect of practices.The value of effective communication around numbers and benchmarks.
Don't miss this episode that is filled to the brim with unconventional, yet extremely beneficial advice straight from the experienced Kiera Dent!‍‍Studio 8E8:‍Dentistry’s story-driven marketing agency. Traditional marketing repels. Story-first dental marketing attracts.We bring your story to life in a way that captivates and connects: https://s8e8.com/affiliates/tdm?utm_source=tdm&utm_medium=affiliate&wc_clear=true‍You can reach out to Kiera Dent here:Website: https://www.thedentalateam.com/ (Mention The Dental Marketer for a special offer!)Dental A Team Podcast: https://www.thedentalateam.com/podcasts/‍Mentions and Links: 

Tools/Software:ExcelBusinesses/Services:Netflix‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey, Kiera. So talk to us. What's one piece of advice you can give us this Monday morning. Kiera: Oh, Michael, thanks for having me on. Um, so mine is going to be a little controversial and unconventional is to stop hating your problems and learn to love them, which I know feels a little funny to hear.And I'm going to tie it into numbers for you, but, um, as I was thinking about it, Our body is like when we have pain, like the natural tendency is to pull back from that pain and, and so I, I was thinking about this and I thought like there are things that cause like psychological pain as well.And those psychological pains are ones to like lean into and our brain is a web of even more nervous cells. And so like our natural tendency is like when there are problems, We want to pull away from it. We want to run away from it. We don't want this to be our problem. But the exact opposite, I believe, is what is needed to actually lean into them, solve them, because problems can create innovation.And I feel like, again, it's counterintuitive to what we think we should do, but stop hating our problems and truly learn to love them. Michael: What are some common problems that you see a lot of us, either as humans or as practice owners, tend to hate the most? Where we either ignore it or it bites us back in the butt later on.Kiera: Yeah. I would say like the number one thing I see with our dentists that we coach are numbers. I think numbers are just one thing. We don't want to look at it. We think that me knowing my numbers, me looking into my numbers, I am a dentist. I am an entrepreneur. I'm a business owner. I don't know numbers. I know dentistry.And so it's almost like even with my hands, like we're pushing back, we're pushing against that. But leaning into that problem, because so many of our problems actually stem from not knowing our numbers. can I hire this person or can I not? I have a client currently, and she's like, Kiera, I've got all this turnover.And I'm like, well, one, like, let's look at the pattern. So like leaning into the hiring piece. But if you don't know your numbers, it's very hard to make decisions of, can I afford this person? Can I actually give raises? Uh, what do I need to do in case of a recession? How can I recession proof my business?What is my true overhead? How do I like, what do I need to set my production goals for looking at all those numbers? I would say is like the number one thing people literally like, it's like a visceral response. Like, no, I don't want to know my numbers. I don't want to look at the PNL. It feels like a totally foreign language.Which it is and it's scary and it's daunting, but honestly leaning into that and loving the things that possibly cause the initial pain are going to be the ones that give you the most freedom. Michael: So then going with the numbers side of this, the main numbers we need to be looking at are what?Because that's a good point you brought out where it's like, I would feel like, man, I'm just so overwhelmed. We need another hygienist or, Oh my God, I don't want to do hygiene. Or we need another assistant, another front office because we feel overwhelmed. Um, but what numbers need to speak? Kiera: Yeah. So what I love and we actually just created an awesome calculator that I think people can have is number one, like go through and figure out if you don't know what your overhead is.So overhead is all the costs of running the business, prior to paying our doctors. And like, sometimes if you've got associate doctors that should go up in the top line overhead, but then below that would be how much we're paying you as a doctor. And then below that is how much are our debt services to ultimately get a profit number.And I like every office to be running at least at a 20 percent profit margin. After paying themselves and after debt services, that would be ideal. Um, but then looking at the overhead, ideally 60 between 50 and 60 percent is a great number. Now, when we look at it, it's also, then you can tie into, all right, what is my payroll payroll right now?You're in California, Michael. So, uh, 30 percent has been the standards recently, but in some areas it's higher than that. And so if I want to get my overhead down to 50 percent or 60%, Looking at all those different metrics and the numbers and knowing what should my supply cost be? What should my payroll be?What should my labs be? What should my marketing be? All those different areas and making sure that they're in line. But then really looking at what my true profit is and then making sure I know what my cash flow is, that's going to help you then maneuver throughout to know what exactly do I need to, to change, to adjust and looking at numbers, not as like pain or punishment, or I'm not doing this right, but as levers on a dial of which one can I turn?It's like a combination lock. If I turn this one just a little bit, or I turn this one just a little bit, I'm going We instantly get more cash flow, less stress, but I'm able to hire more and have a happier team at the same time. So a lot of people had really bad Decembers and I think, well, go look at the numbers.Why was it a bad December? It was a bad December because we had holiday parties, we had bonuses, we had PTO. Well, if we use those numbers and look to see how much extra was being paid in December, Divide that out amongst 11 months. Now it's a very small amount that we save up through every single month.We can prepare that into our costs. December won't have to be a hard month for you ever again, but it's looking at those numbers. First of the overhead, the profitability of the practice. And then we move into like the KPI. So what's going to influence the supplies. What's going to influence the payroll was going to influence that and getting your team bought into it.And I think like, gosh, Michael, I could come on here and talk about anything, right? Like any topic. But I promise you, if I can empower people to not be afraid of the numbers and to say like, all right, it's kind of like, I think air traffic control towers, can you imagine, like, just for three seconds? Like, I cannot imagine hearing the nonsense chaos that that per person's having to like navigate through.It probably sounds like static in their ears, but like, the more they listen to it, the more they're able to understand, they're able to understand what those pilots need and be able to guide them in safely. Same thing with looking at your numbers. It might feel like static and chaos and overwhelming today, but even just committing to, I'm going to look at my P and L every month.I'm going to figure out what my overhead is. I'm going to figure out what my cashflow is. Those little, little tiny steps that seem daunting. One step is going to lead you to financial freedom. And that's honestly, we're done. It's like, like, if you want to feel free, confident, and secure, knowing those numbers forward and backward, and then getting your team bond into it, it's going to give you all the freedom that you've ever wanted.Michael: Do you let the whole team know all the numbers? Kiera: It depends on the practice, but it depends on the owner. So, uh, in our company, like in the ones I've been a part of in the practices I've owned in the practices, I've been a team member in typically, yes, they do share their numbers. And what I mean by sharing all the numbers, doctors, I don't care what you're paid, I want you to be paid.a very healthy amount. I tell all of my teams, you want your doctors paid insanely well, because when they're secure, your job is secure. And so, um, I don't think you need to necessarily share like your pay, your cashflow. I think that that can be personal for you, but the top line overhead numbers of our payroll, all those different pieces for sure.Let them know what the benchmarks are. Teams honestly want to support you. As a team member myself, uh, I was a team member before I became a consultant. Um, I've owned practices. Just know that that team wants to support you and they're not thinking about you like, Oh, they want to buy a boat. It's literally like, tell me the number, let's go for it.But they need to know what they're guiding towards and what their metric is in order to be able to hit it correctly. Michael: Gotcha. Okay. That's interesting. So if the numbers don't work when it comes to wanting to hire an employee, where do you think they can start trimming? Kiera: Yes. So, like I said, first is the overhead.Second, I like to have a monthly cost spreadsheet for every practice that I work with. This is like annoying, Michael. This is the stuff that's controversial. This is the stuff of like the discipline here will create the freedom in the future. So get your monthly costs of there of everything that you're spending, go back to last month's credit card statement.Um, go back, put in like I've got this assistant. I pay them 25, 30 an hour or whatever you pay in your area and they work this many hours. I always err on the high end, not the low end. So that way I can see like my quick month at a glance costs. Then from there, if I can't afford, let's say I need to bring on another assistant.I'm going to go look at the remaining costs below. Am I paying for extra things? Like, do I have subscriptions that maybe I could consolidate? Could I maybe go and work with like synergy of a supply group and get my supplies lower? Are there ways that I could maybe change my labs? Is there, maybe I'm paying for Netflix and we don't need to pay for Netflix.Do I have like subscriptions on there that maybe are no longer serving us? If so, that's where I would start to But like, again, numbers are levers. So either we increase the production. Are we decrease the cost and I'm always pro of like, let's cut the costs that are unnecessary, but also can we look at our schedule and can we find out within our schedule?Are we like, what is our dollar per hour? Are we using block scheduling instead of just letting patients go wherever we want? Are we making an ideal schedule and having our patients schedule there? Like those little things. can make your hourly be so much more productive with ease and you're doing nothing else other than just scheduling the patients in a more effective block.So before I go cut teams or I cut anything else like that, let's look at your schedule too. And could we make your schedule a bit more productive? So that way your time there is better utilized. And then we can hire that team member. And also just knowing the number, break it down. A lot of times we break it down into like, Oh, I need to make this per month, break it down into.Per month, per week, per day, per hour. And then again, build that block schedule. It's really fun. You can get into Excel. Like this is where you get into the nitty gritty. And I love to do this for offices, but I found for offices, when you like get even into that schedule, before you go cutting costs, I've been able to add usually between 30 and 50, 000, like minimum.I've even had upwards of a hundred K per month added to a schedule. And they're working no more hours. We're not having to do extra treatment. It's using the treatment we have, having better blocks and then teaching your team how to be like, Oh my gosh, Dr. Michael's incredible. They do their crowns at eight o'clock or 10 o'clock, which time works best for you.So I'm guiding the patient into a perfect schedule. I'm not going to go cut costs. But then after that, like, From there, then we go and figure it out, but I would rather see could I be more productive with my scheduling before I'm having to cut other people to be able to hire. And then also sometimes you might have to make a, all right, I'm going to do a hope, a wish, and a prayer.I know this person is going to bring in revenue over the next three months. Can I sustain that extra cost for three months? And if so, that was a good investment. And I've even hired people and been like, look, I can't afford you today, but I know you're going to be able to bring in the income. I need to be able to afford you.I've got three months and you're going to prove your worth. And this is where we are. And it's a hope it's a wish, but if they know, and you know. I've never been burned in that situation. Maybe someone has, but uh, being upfront and honest, they usually will prove their worth really quickly and pay for themselves.And that's usually like a TC, an OM, a hygienist, a producer. Usually there are costs I'm willing to run maybe a little high on for three months because they'll, they'll pay for themselves within that three month period. Michael: Interesting. You tell them that you're like, Hey, I can't afford you, but I'm going to hire you.Kiera: I have Michael I just think I have the honest combo because I want to be up front with them of like today I know I need you. I can't necessarily afford you but i'm also so confident that You're going to bring in the revenue to my practice to be able to afford you. Like they're a producer, right? A hygienist is a producer, a doctor is a producer, a treatment coordinator, they're not technically a producer, but they can close cases to put money on the books.They're going to actually pay for themselves. And like, yeah, I hired a treatment coordinator in my first practice and I was like, I can still see her. And I said, honest to goodness, I. you are out of the budget of what I was planning, but I'm so confident you're going to be able to make up your salary in our monthly revenue.I got three months of a runway. And if not, like, I honestly, I'm going to have to part ways with you. And she was so like, she has a TC and she's like, Oh girl, I'm going to put this money on your books. Like you will, you will pay for me like 10 times. And she did, she was an incredible, incredible hire, but, um, sometimes you gotta just take the risk to knowing that you're hiring who you can't afford today.But who's going to put money on your books? Be careful though, you don't want to get into hot water, but producers, I'll take a risk and I'll run on them, knowing that they'll bring revenue to my practice. Michael: What does hot water look like? Kiera: Hot water is when you're not paying yourself and you're taking out like, second mortgages on your house.Um, I've had some doctors where they're like, like, it's just like, we're just going to keep pumping money into the machine versus saying like, all right, what things do we need to cut at this point? We do need to cut costs. And maybe that is cutting. I never liked to cut team members. They're my last one. A lot of consultants are the opposite and they come and just slash.I just feel like teams are valuable and I see them as assets, not liabilities of a practice. And so hot water is you're not paying yourself. We're taking out more loans. And there is, there's a fine line of having the hustle versus the like, completely engulfs you to where you can't come back from it.And so that's going to be your hot water. I don't like to run less than like a 5 percent profit. Now, if you're a startup practice, you're going to be negative for a few months, but you've got your working capital, hire the people that are going to produce for you. Be strategic on my startups. I'm always like, have the hygiene patients come in. But if they need dentistry, do that first and then schedule them back on Friday and hire a temp hygienist on just Fridays. That way, when you're here, you're doing more production instead of just doing the hygiene, scooch that out to Friday, fill a full Friday schedule.You are always able to produce. That's how you build up a schedule. So always also be working at the top of your, your license is a good way to look at it as well. Michael: Interesting. Okay. Awesome. Kiera. Thank you so much for being with us. But before we say goodbye, can you tell our listeners where they can find you?Kiera: Absolutely. If you want help with this, if you want help to get your numbers, I love to do this. And this is why we built the dental a team. It's consulting, and we have virtual and in person. We have lots of different things. It's a ton of fun. So head on over to the dental team. com. You can also listen to our podcast, the dental team podcast.And if you ever are curious about consulting every Friday at 8 30 AM Pacific. 1130 a. m. Eastern. You can come pop on. We have a 15 minute, like learn about consulting, see if it's a good fit for you. No stress. You can just come learn, but I'd love to help anyone out. Thedennallyteam. com. And if you tell us that you came from this podcast, we actually have, um, preferred pricing for all the listeners here.So definitely mention it. We want to take care of you guys. Go have an incredible day. Thanks, Michael. It was a good time. Michael: Awesome. So guys go check out the preferred pricing in the show notes below and reach out to Kiera too, with the links in the show notes below. And Kiera, thank you so much for being with us.It's been a pleasure. And we'll hear from you soon. Kiera: Thanks. See ya.‍

491: Scaling an Acquisition in a Rural Region? A Candid Conversation and Insider Look | Dr. Kim Power

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