Art of Dental Finance and Management

Today Art talks with Brian Conners, a wealth manager, Registered Investment Advisor, and Certified Financial Planner. Brian and Art discuss the importance of a financial plan, what the components of a plan are, and how Brian assesses a client's goals and objectives to develop a plan. In addition, there is great discussion around how Brian approaches constructing a client's investment portfolio, how he assesses risk, as well as how annuities work. This podcast contains lots of great information and (hopefully) motivation for our listeners to put together their own financial plan.

In this episode of The Art of Dental Finance, Art talks with Paul Woody, the founding partner of Woody and Associates. Paul’s firm is located in Oklahoma City and is the CPA firm for the Academy of Dental CPAs. Paul brings an expertise in the area of Social Security benefits. He and Art help dentists understand the rules about Social Security, including when a dentist should take his or her benefits, how a restricted application works, the health of the social security trust fund, and many other rules that will be very helpful for dentists approaching Social Security age. Art and Paul also discuss entrepreneurship in dentistry and why it is important. Paul has amazing insight into Social Security as well as the entire dental profession. Listen in to better manage and grow your dental practice and social security benefits. Guest: Paul Woody, CPA Woody and Associates, Certified Public Accountants

This episode of The Art of Dental Finance includes a lot of great information about the overall dental profession, as well as oral surgery. Art spends the hour with Dr. Edward Balasanian, Orange County Oral Surgeon and President of the Orange County Dental Society. Ed is very involved in the California Dental Association and gives great insight into the challenges dentists face today, as well as what organized dentistry is doing to help its membership. Ed also talks about new trends in oral surgery, how oral surgeons bring value to their referrals, how they are helping patients manage pain and avoid addiction to opioids, and updates on implant surgery and sleep procedures. Be sure to listen in if you'd like to learn how to better manage and grow your dental practice.

In this episode, Art talks to his dentist client, Dr. Peter Abas. With the assistance of Art as his broker, Dr. Abas bought an excellent dental practice in Laguna Hills, California and has since grown the practice by 50%. Art talks to Dr. Abas about his experience as an associate, what he was looking for in buying a practice, what has made him so successful and how he's grown his practice. Dr. Abas also gives great tips to young, up-and-coming dentists to help them become successful. This is an inspirational interview showing that dentists can purchase good practices, make them even better, practice in a fee-for-service office, while avoiding PPOs.

Today Art visits with his good friend and dental coach, Debbie Seidel-Bittke. Debbie has been a coach in the dental profession for well over 20 years and has been in dentistry longer than that. She has a rare passion for her work, helping her clients with building a great hygiene department, developing a great team, and becoming more profitable. Art and Debbie discuss what makes a successful hygiene program, how communications and leadership are paramount to success in the dental office, and what works or doesn’t work in growing a practice. You will love listening to Debbie as the excitement she has for helping dentists resonates through the microphone.

In this episode, Art talks about year-end income tax planning for dentists. He explains the difference between a marginal and effective rate of tax, how changes in the Congress and the White House might impact tax rates and deductions in 2021, and what things a dentist can do to reduce his or her tax liability through their dental practice. In addition, he’ll provide tips on how to use retirement plans and equipment purchases to cut taxes, and how to take care of two very important parts of the 2017 tax reform act: (1) the 20% Pass-Through deduction under Tax Code Section 199A, and (2) the Child Tax Credit, which can save taxpayers $2,000 per child. Lots of tips and tax planning ideas that could save dentists thousands of dollars before the end of the year. Don’t miss this important episode!

Today Art visits with colleague dental attorney Pat Wood. Pat and his team have worked with over 6,000 dentists spanning his 35 year career as an attorney for dentists. Art and Pat dialogue about associate agreement content and how covenants not to compete work. They also cover issues for senior doctors and associates involved in these contracts, as well as legal issues for buyers and sellers in the purchase and sale of a dental practice. Lots of insightful nuggets that could save dentists from legal issues when entering into contracts.ellers in the purchase and sale of a dental practice. Lots of great pearls that will save dentists from legal issues when entering into contracts.

Today, Art spends the hour talking about one of his favorite topics - associates and partnerships. Art will cover the reasons a dentist would want to bring on an associate, the steps a dentist would take in finding and interviewing a prospective associate, what should be important to the senior doctor as far as characteristics of an associate dentist, and whether to pay that associate as an employee or independent contractor. He then discusses the formation of a partnership, how much of the practice to sell to a young associate, how to determine the splitting of profits, and other issues a senior doctor needs to consider when adding an associate dentist to his or her practice. This is an area where Art consults frequently with dentists and helps them structure their partnership so all parties are successful. If you have a growing practice and are looking to add an associate dentist and perhaps ultimately a partner, this episode is information you need.