Beyond Bitewings

Have you ever noticed when you search for something near you on Google, there are always 3 places that pop up on a map? That's called the Google 3-Pack, and it's the key to having Google become a lead-generating machine for your business.

In today's episode of Beyond Bitewings, Ash welcomes Darren Tessitore, CEO of Thrive Reviews, to unravel the mysteries of local SEO and how to maximize your Google Business Profile to drive traffic. 

Darren sheds light on the importance of frequent updates, active social media engagement, and strategic use of customer reviews to climb up the rankings of the Google Map 3-pack and soar above your competitors without paid ads.

Darren also provides crucial tips on the importance of commenting on reviews while remaining HIPAA compliant. He also talks about how you can incentivize your staff to encourage and ask for reviews, and why it's an important factor when staying on top of Google's local search.

To get in contact with Darren, you can visit https://thrivereviews.net/ or call him at 727.300.1084

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Episode Breakdown:

• The Importance of Google Business Profiles
• The science of optimizing Google Business for top-ranking
• Google marketing strategy to boost local rankings
• The importance of social media to your Google Profile
• Automated updating, posting, and review management
• The importance of understanding HIPAA to ensure compliance and avoid lawsuits.
• Lowering the cost for customers

Are you overpaying on your credit card processing fees?

Most dental providers have no idea how much they're overpaying on their processing fees, losing them, literally, thousands of dollars of their bottom line each year.

In this episode of Beyond Bitewings, Ash welcomes Jeremy Lessaris, founder and CEO of Payment Brokers, a fintech company specializing in AI-enabled cost reductions within the payment processing industry. With a background as a seasoned entrepreneur who has successfully built and exited eight companies across diverse sectors like tech, SaaS, payments, and healthcare, Jeremy brings a wealth of expertise to the table.

Jeremy offers some history of the payment processing industry, revealing pricing tactics that can burden small to medium-sized enterprises, including dental practices. He also shares his journey from being affected by high credit card processing fees to creating a solution that helps businesses avoid these pitfalls. Through Payment Brokers, Jeremy utilizes advanced machine learning tools to analyze merchant statements and negotiate better rates for clients, ensuring significant savings without requiring businesses to switch providers or disrupt their operations.

They also touch upon Jeremy's entrepreneurial journey, the importance of sound advisory, and how addressing small operational costs can lead to massive impacts on business valuation, especially for those planning an exit strategy.

To find out more about Jeremy, visit: paymentbrokers.com.

Key Topics Discussed:

• Origin and mission of Payment Brokers
• Challenges in the payment processing industry
• AI and machine learning applications
• Specific advice for medical and dental practices
• Importance of good advisory support
• Insights from Jeremy’s entrepreneurial journey
• Cost-saving strategies for businesses

In this episode of Beyond Bitewings, Ash welcomes Bank of America's Adam Schenck to discuss the vital steps involved in acquiring or starting a dental practice.Ash and Adam cover a wide range of crucial topics, particularly focusing on the significance of building a knowledgeable team. This team should include industry-specific professionals like CPAs, lenders specializing in dental loans, and insurance advisors. Adam emphasizes that having this team not only makes the daunting process of starting a practice more manageable but also ensures that aspiring dental practice owners are well-prepared for their most significant investment yet.

Adam provides insight into the practicalities of obtaining a practice loan. He explains the importance of cash flow management and the role of working capital loans in covering initial operating expenses such as staff salaries and supplies. Further, the episode compares starting a new practice from scratch versus acquiring an existing one. Adam advises keeping all options open and stresses the importance of fact-checking and consulting with experts to make informed decisions.

To connect with Adam, you can email him at Adam.Schenck {at} bofa.com

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

Key Topics:

• Importance of building a knowledgeable team
• Steps before applying for a practice loan
• Understanding cash flow and personal finances
• Role of working capital loans
• Comparing starting a new practice vs. acquiring an existing one
• Tips for finding the perfect practice location
• Importance of fact-checking information

Ash sits down with Danielle from Huntington Bank to answer pressing questions about dental practice loans. Danielle shares insights into the two main types of loans available for dentists: startup loans and acquisition loans. For dental students and new graduates, she emphasizes the importance of living within their means and maintaining a healthy financial profile to secure startup loans without needing high down payments. She also talks about the importance of producing enough to sustain overhead costs and the nuances of working capital.

Danielle also touches on practice acquisitions and how they are significantly different from startups. She explains the various factors lenders consider, such as production capacity, cash flow, and personal lifestyle, to ensure the practice can support itself. Additionally, Danielle outlines the benefits and considerations for refinancing existing loans, discussing how it can aid in practice expansion despite higher interest rates.

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

Key Topics Discussed:

• Preparation for applying for a loan
• The importance of living within one’s means
• Types of dental practice loans: startups vs acquisitions
• Role of student debt in loan approval
• Criteria for securing a startup loan
• Significance of working capital
• Current lending climate and interest rates
• Practice acquisitions and sustainability
• Importance of lender specialization in the dental industry
• Benefits and process of refinancing

In this episode of Beyond Bitewings, host Ash welcomes special guest Steve Hipson from DDSmatch.com, a professional dental practice broker with over 25 years in the dental industry. The discussion focuses on what you need to know before selling a dental practice and the steps necessary for a smooth transition. Steve explains how his company assists dental practice owners in planning their retirements and transitions by using a structured approach that starts 3 to 5 years before the intended sale. This approach ensures that practices retain or even enhance their value leading up to the sale.

Steve discusses the importance of evaluating key performance indicators like revenue trends and properly calculating EBITDA. He notes the difference in sale dynamics between private practice sales and those involving Dental Service Organizations (DSOs). Confidentiality and a meticulous planning process are essential aspects of Steve’s service, ensuring that practice owners can sell without causing unrest among staff and patients.

To find out more visit: https://ddsmatch.com

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

Key Topics Discussed:

• Role of a Dental Practice Broker
• Importance of networking and experience in dentistry
• Transition planning for dental practice sales
• Working with DSOs versus independent buyers
• Importance of EBITDA and practice valuation
• Confidentiality in selling a dental practice
• Contact information for Steve Hipson and ddsmatch.com

Welcome to another episode of Beyond Bitewings, where Ash is joined by two special guests, Shelby and Sarah, from Barton and Associates, the 4th largest staffing agency in the United States.

They explore the often overlooked yet crucial topic of locum tenens in dentistry. Shelby and Sarah share insights on what locum tenens is, its benefits for both new grads and retired dentists and how it offers flexibility and opportunities to travel.

They also discuss the process of getting started and the unique ways their agency supports dentists, including handling licensing and credentialing and offering tax seminars. Whether you're curious about locum tenens work or just want to hear about some fascinating stories from the field, this episode is packed with valuable information.

To connect with Barton and Associates, visit: https://www.bartonassociates.com/

Key Topics Discussed:

• Introduction of guests from Barton and Associates
• Definition and concept of locum tenens in dentistry
• Benefits for new graduates and retired providers
• Support for start-up practices
• Logistical support, such as credentialing and licensing
• Importance of building relationships with providers
• Accommodation of personal needs, including family and pets
• Payment processes via Barton and Associates
• Tax considerations for locum tenens dentists

Welcome to another episode from the Southwest Dental Conference where Ash sits down with Paul Montelongo, founder of Montelongo Capital, an investment firm based in San Antonio, Texas. They discuss Paul’s background and expertise in real estate investment, focusing on cash-flowing properties such as apartments, self-storage, and oil and gas assets. Paul talks about how Montelongo Capital partners with business owners, including dentists and physicians, to invest in these assets that offer regular cash flow, significant equity growth, and substantial tax benefits.

The conversation also covers the dynamics of multifamily syndicates—a key investment strategy for Montelongo Capital. Paul explains the role of both general and limited partners in these deals, emphasizing the benefits of passive income and tax advantages for busy professionals. He also details current investment opportunities, including a promising property in Corpus Christi, Texas, projected to offer a 20% annual return on investment.

To find out more, you can visit: montelongocapital.com

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. (https://www.EandAssociates.com)

Key Topics Discussed:

• Cash-flowing investments and their benefits
• Tax benefits for business owners and passive investors
• Differences between General Partners and Limited Partners
• Transition from single-family to multifamily investments
• Typical holding periods and return timelines for investments
• Quarterly distributions and investor returns
• Current investment opportunities in Corpus Christi, Texas
• Risk management and market leverage
• Treating real estate investments as businesses

In this episode of Beyond Bitewings, Lynn sits down with Duane Gallup from Vital Technology Group, a specialist in dental cyber security. Duane shares insights into the evolution of their company from a Managed Service Provider (MSP) to a Managed Security Service Provider (MSSP), focusing heavily on security issues within dental practices. The discussion highlights several misconceptions in the dental industry about cyber security and stresses the importance of having robust systems and professional oversight.

Lynn and Duane cover crucial elements of cyber security such as the importance of secure DNS, backup systems, phishing prevention, and compliance with HIPAA and PCI regulations. They also share anecdotes about real-world security risks and the impact of compromised systems on dental practices. Duane emphasizes the need for dental practices to use professional IT services rather than relying on DIY methods while detailing the range of products and services his company offers to help mitigate these risks.

For more information about Duane, visit: https://vtgtx.com/

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. (https://www.EandAssociates.com)

Key Topics Discussed:

• Introduction to Vital Technology Group
• Cyber security threats in dental practices
• Importance of secure DNS
• User-initiated security risks
• Real-life examples of phishing and cyber attacks
• Ethical hacking
• Evolution of ransomware
• Compliance with HIPAA and PCI
• Importance of professional IT services
• Tools and services offered by Vital Technology Group
• Cost-effectiveness of consolidating cyber security tools

In this episode of Beyond Bitewings, Ash sits down with Sarina Arzani, a third-year student at A&M College of Dentistry. Sarina shares her experiences and the common concerns many dental students face as they approach graduation. They discuss navigating the less-discussed business aspects of dentistry, particularly for those looking to start their own practice. Sarina shares the importance of early preparation, building a strong support network, and consulting with experts to ensure a smooth transition from student to professional.

Ash offers insights on key steps dental students should take, such as engaging with financial advisors, insurance agents, and forming study clubs. They explore the significance of creating a reliable team and how networking and social media, as highlighted by Sarina's own experience as an influencer, play a pivotal role in today's dentistry world. The episode serves as a valuable resource for dental students to mitigate the overwhelming aspects of launching their careers by gathering practical advice and industry knowledge.

To find more info or follow, visit: https://www.instagram.com/Dentistrybysarina/

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. (https://www.EandAssociates.com)

Key Topics Discussed:

• Importance of business knowledge for dental students
• Building a team of experts and networking
• Early preparations during the D3 and D4 years
• Free contract review services for dental students
• Role of social media and influencer marketing in dentistry

We're bringing back some of your most common questions about write-offs and tax deductions for dental practice owners. Ash is joined by Lynne and Lorainne Kent to talk about a broad array of topics, including the nuances of business expense deductions, home office claims, and considerations for travel-related deductions. They also discuss the protocols for handling cash receipts, with Lorraine stressing the importance of proper record-keeping to avoid tax evasion issues. Lynne provides insights into the complexities of vehicle write-offs and the constraints around EV tax credits, especially for high-income earners.

The episode touches on the misconceptions around adding AirBnB's to a portfolio and what you can write off, handling gifts and business etiquette, especially during festive seasons. They also talk about how important it is to not withhold income from the IRS, and why you need to be careful of red flags on your taxes.

And as always, make sure you consult with a tax professional.

Key Topics Discussed:

• Vehicle Write-Offs
• Business Expense Deductions
• Handling Cash Receipts
• Deducting Travel and Meals
• Home Office Deductions
• Combining Airbnb with Farming Activities
• Gift Tax Rules and Business Etiquette
• Documentation and IRS Audits
• Importance of Consulting Tax Professionals