In this episode of Next Gen DDS, co-hosts Wes Lyon and Dr. Scott Menaker explore the crucial role of personal branding in dental practices, asserting that successful branding goes beyond mere advertisements and service promotion. Wes argues against the misconception that purchasing a practice guarantees patient referrals, emphasizing that authentic patient care and communication are key to effective practice management. Drawing from his 38 years of experience, Dr. Menaker recalls how strong branding was built on personal relationships long before the digital age. The discussion offers tangible strategies for cultivating a robust brand, including timely patient interactions and the significance of accountability. Dr. Menaker illustrates how small gestures, like offering Starbucks gift cards for any delays, enhance patient experiences. They highlight the importance of training staff to embody the practice’s brand values, as a cohesive team strengthens the overall patient experience. Wes and Dr. Menaker motivate listeners to actively engage with their communities, foster genuine relationships, and build trust through intention and authenticity. The episode encourages emerging dental professionals to embrace vulnerability while nurturing their branding efforts, underscoring that every team member plays a vital role in shaping patient perceptions.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker explore the impact of distractions and disruptions faced by today's dental professionals. Wes opens the dialogue by sharing his enthusiasm for understanding how external factors influence new dentists' career paths. Dr. Menaker reflects on pivotal disruptions he experienced, from the AIDS crisis to COVID-19, and underscores the necessity of mental and financial preparedness for long-term success amidst unpredictability. The hosts highlight the critical role of establishing robust systems to mitigate disruption effects. Dr. Menaker stresses the importance of strategic thinking and long-term goal orientation in maintaining practice resilience. Wes introduces the idea of “floating” through challenges, advocating for an adaptable mindset while avoiding over-leveraging financially. They discuss the dangers of excessive spending on unneeded technology, drawing parallels to economic downturns like the 2008 crisis. The conversation also touches on distractions linked to digital connectivity. Dr. Menaker expresses frustration with how technology can hinder meaningful professional interactions and growth. Wes emphasizes the importance of focused work and nurturing uplifting relationships. They conclude by encouraging thoughtful communication and boundary-setting around technology use to balance personal and professional lives effectively.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker explore the critical realm of dental insurance and reimbursement, emphasizing its essential role for new practitioners. Wes underscores the necessity of grasping the fundamentals of dental insurance before entering practice, particularly how reimbursement dynamics influence associate contracts and revenue streams. Dr. Menaker offers a historical lens on the evolution of dental insurance since the 1970s, highlighting a substantial decrease in coverage that today affects practitioners' financial perceptions. Together, they dive into the complexities of working with various insurance networks, especially Delta Dental, and stress the importance of managing patient expectations to enhance satisfaction. Dr. Menaker's personal story underscores the value of transparency in cost communication. The discussion extends to overarching themes of practice management, advocating for new dentists to create a strong value perception in care to justify pricing in a competitive market. As the episode concludes, the hosts empower listeners to take command of their insurance knowledge and patient experience, setting the stage for future talks on personal branding and effective marketing strategies.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker discuss the importance of representation in dental practice transactions. Wes voices his concerns over the rise in dual representation during practice sales, which often compromises the interests of young buyers. They stress the importance of having independent representation and share insights from Dr. Menaker’s extensive experience in the industry to underscore the need for thorough due diligence. This episode covers essential topics such as evaluating financial statements, understanding hidden costs, and the significance of having individual representation in partnership agreements to prevent overpayment and operational shock. Dr. Menaker shares a poignant story of a colleague's unfortunate experience due to lack of representation, reinforcing the emotional and financial implications of poor decision-making in dental transactions. Both hosts advocate for new dentists to seek reputable advisors committed to safeguarding their interests, emphasizing that investing in expert guidance can lead to long-term savings and stability.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, Dr. Scott Menaker and Wes Lyon explore the critical link between dental practices and real estate investments. They discuss how many dentists may overlook the long-term implications of property ownership when purchasing a practice, sharing cautionary tales of financial disruptions caused by unexpected relocations. The hosts highlight the importance of controlling real estate assets, emphasizing the significant renovation costs that can arise in dental-specific setups. Listeners are equipped with valuable strategies, including negotiating rights of first refusal and understanding the risks of urban development areas. The conversation encourages dentists to evaluate their current practice locations against potential moving costs, advocating for careful due diligence and strategic real estate planning. Scott and Wes conclude by stressing the importance of consulting professionals for both practice and real estate evaluations to secure a stable future.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, Wes and Scott emphasize the "Three Ps" for long-term success in dentistry: patience, persistence, and perseverance. They explore how these principles guide dental professionals through the challenges of practice ownership, highlighting that success requires time and thoughtful effort. Scott discusses the importance of patience in establishing a solid practice foundation and shares his experience in evaluating team dynamics before making hiring decisions. Wes adds that societal pressures can create misconceptions about immediate success, urging listeners to focus on genuine effort over superficial validation. Moving to persistence, Scott recounts his early career and the significance of continuous community engagement for building a loyal patient base. Wes echoes this, illustrating how meaningful connections often stem from consistent outreach rather than paid marketing. Perseverance becomes the focal point as they address the inevitable challenges in practice ownership. Scott encourages embracing setbacks as growth opportunities, emphasizing flexibility and resilience in adjusting strategies for sustained success. Listeners gain practical strategies for incorporating the Three Ps into daily practice management, with a reminder that the commitment to quality patient care is paramount.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, co-hosts Wesley Lyon and Dr. Scott Menaker discuss the compelling benefits of dental practice ownership for young dentists, emphasizing the control and autonomy it provides. They address common concerns like student debt and the complexities of buying a practice while highlighting the long-term financial and personal advantages, including tax benefits. The duo identifies three key advantages: independence, enhanced income potential, and improved work-life balance. They also touch on how ownership creates a fulfilling lifestyle, allowing for family involvement and personal growth.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode, Scott and Wes tackle the essential yet challenging topic of goal setting in the dental profession. They discuss the significance of establishing realistic and motivating goals for professional growth. Dr. Menaker shares his transformative journey from skepticism to advocacy for effective goal setting, highlighting the important belief of accountability within teams. They offer practical strategies, such as using visual reminders, and stress the need for regular goal discussions to boost morale and ensure progress. The conversation emphasizes the value of writing down goals to foster commitment, encapsulated in the mantra “what gets written gets worked on.”

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode, Dr. Scott Menaker and Wes Lyon explore the complex role of dentists as both practitioners and CEOs. They discuss the unique challenges dental practice owners face in balancing clinical duties and leadership responsibilities. Dr. Menaker reflects on the necessity of effective time management, delegation, and the importance of making difficult staffing decisions for team harmony and business efficiency. The conversation emphasizes the need for clear communication, fostering trust, and creating an environment conducive to feedback. Wes and Scott share strategies for strategic thinking and encourage a growth mindset within dental practices. Ultimately, they advocate for practice ownership as a path to personal and financial fulfillment, providing valuable insights for those navigating the intricacies of being a dentist and a business leader.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of NextGenDDS, Wes and Scott explore the complex landscape of dental insurance and its historical evolution since the mid-1980s. They discuss how the initial perception of dental insurance as a patient benefit has transformed into a reimbursement-focused model that imposes significant restrictions on fees, impacting both earnings and patient care. The conversation highlights the challenges practices face with reduced maximum payouts and the implications of being in-network vs. out-of-network providers. Wes and Scott share insights on practice management strategies that can enhance profitability while prioritizing patient experience. They emphasize the importance of transparency in communicating the value of dental services and preparing young dentists to navigate these complexities effectively.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at [email protected].

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.