Start Your Dental Practice

Owning a dental practice gives you the opportunity to make lots of money.

But just as dental school doesn't teach you the business side of dentistry, it also leaves out the financial literacy aspect.

Building wealth will prove to be extremely difficult (even impossible) if you are financially illiterate.

On today's show, we welcome back a very special guest, Dr. Tom Larkin.

Dr. Larkin, also known as The Renaissance Man in dentistry, joins us this time to share some instrumental information that can help shape your financial future.

Dr. Larkin is the clinical director for Ideal Practices. He is also the founder of OralWellnessCenter.org, which is doing some incredibly fascinating things as far as linking oral systemic health with dentistry. He is also an instructor at Louisville's School of Dentistry.

If you learned a few things from today's show, stick around to check out the bonus. It's the Four Rock-Solid Financial Literacy Tips. Get that here.

Here are a few things you'll discover in today's episode:

• The surprising history of marketing in dentistry
• Four rock-solid financial literacy tips (follow these to set yourself up for long-term success)
• A little-known fact about mutual funds (if you overlook this truth, you'll be leaving LOTS money on the table)
• A stock market rule to follow that could potentially multiply your money
• What you need to know about human nature and greed that is a key part to financial literacy
• How to increase your income simply by changing your mindset and habits
• A few subjects you should educate yourself on to increase your financial literacy
• A recommendation on how to work together with your significant other to build a solid financial foundation

Free Episode Bonus:

If you gained a lot of value out of today's show, then you're going to want to take advantage of the bonus I've prepared for you.

Owning a dental practice gives you the opportunity to make lots of money. But the principles you use to manage it is even more important than the amount that you make.

To help you take action right away, you can download Dr. Larkin's Four Rock-Solid Financial Literacy Tips.

Go here to get that now.

Quotes:

"Financial illiteracy is the root of corporate dentistry." -Dr. Larkin

Resources:

• Email Dr. Tom Larkin
• Learn About Warren Buffett
• Learn About Dave Ramsey
• Learn About Greg Stanley

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

Marketing is an essential part to the success of your business.

And although it can be a relatively large expense, it often yields poor results (or worse, can be a complete waste of money).

For that reason, new marketing trends are often met with skepticism.

…Especially when it comes to online marketing.

Today's guest is NOT about hype. She's about PROVEN RESULTS.

Dr. Anissa Holmes is the founder of Delivering Wow and host of the Delivering Wow Podcast. She is owner of one of the most successful dental practices in Jamaica.

Dr. Holmes has had incredible results using Facebook to grow her practice, and reveals all her top strategies in the FBMastery Course For Dentists.

She joins us on the show today to share some of her extremely valuable Facebook insight.

Dr. Holmes shares some great tips on today's show. If you want to learn more, you can download your own copy of her Facebook Success Blueprint. Get that here.

Here are a few things you'll discover in today's episode:

• The advantage that Facebook offers that you do not get with other online marketing tools
• The minor detail within Facebook ads that greatly impacts engagement
• A common mistake made when boosting Facebook posts that keeps you from growing your audience
• The three types of Facebook campaigns that will give you the best results (one of these is NEW to Facebook and you'll want to start using IMMEDIATELY)
• How online advertising is different for a dental practice than it is for an online marketer (and why you should ignore some of the advice they give)
• Why you'll get far better results managing your business Facebook page internally vs. outsourcing it to another company
• The MAJOR advantage to implementing Facebook into your marketing strategy now (and what you'll miss out on if you put it off)
• A Facebook strategy course that you can take advantage of at a very special rate

Free Episode Bonus:

If you learned a lot from today's episode, make sure you take advantage of the bonus.

There are tons of ways to use your marketing budget, but not all of them are worth your money. Stop shooting aimlessly, and go with proven results. You can start by downloading today's bonus, Dr. Holmes' Facebook Success Blueprint.

Click here to access that now.

Quotes:

• "Facebook is about community. It's about engagement. That's why it's so valuable." -Dr. Holmes

Resources:

• Dr. Holmes on SYDP (EP 28)
• Delivering Wow Podcast
• FBMastery Course For Dentists Promotion

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

There are many reasons people get into dentistry.

Without a doubt, one of those reasons is the opportunity to make lots of money.

But in order to make lots of money, there's a cost to pay:

• Student loans
• Business startup costs
• Payroll

Let's face it…it's a high price to pay.

So what's the best way to truly start building wealth?

Well, I'm SUPER excited to bring on today's guest.

Reese Harper is the founder of DentistAdvisors.com, a financial planning services company specifically for dentists.

He is also the host of The Dentist Money Podcast, which guides you through the financial challenges specific to dentistry.

Reese will shed some light on the greatest misconceptions about wealth, along with some valuable tips to start building your financial portfolio.

If you find Reese's financial advice useful, then don't miss out on the bonus. It's a FREE one-hour consultation with Reese. Get that here.

Here are a few things you'll discover in today's episode:

• Why you should strongly consider hiring a financial planner
• A key component to understanding wealth (the majority tend to overlook this critical factor)
• The first step in financial planning
• What a Total Term is (this is how wealth should really be measured)
• The biggest misconceptions about what financial planning is (and what it is NOT)
• Why financial planning shouldn't begin until this particular ratio has been figured out (this will help you make sense of what's going on)
• Why it's important for your financial planner to know how to accurately value your dental practice
• The financial areas you should focus on when you're getting out of school to prepare you to buy the right practice
• Who you DON'T want to get financial advice from
• How to build up your board of advisors

Free Episode Bonus:

Did you find Reese's advice helpful?

Then don't forget to take advantage of the bonus we've made available to you.

There is tons of advice on how you should manage your money. As you heard, not all advice is good advice.

So today you're getting access to a FREE one hour call with Reese so that you can start making smarter financial decisions right away.

Click here to access that now.

Quote:

• "As a dentist, you need advice in every area. Never think that you don't need advice. And realize that the cost of good advice goes up over time as you need more of it." -Reese Harper

Resources:

• Visit Dentist Advisor's Website
• The Dentist Money Podcast
• Email Reese

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

When patients visit the dentist, they are typically there to address dental hygiene.

Nonetheless, studies show that a person's oral health may have a direct correlation with other potential health issues.

This is but a small part of what today's guest has discovered (and is heavily advocating for).

Dr. Tom Larkin's accomplishments go beyond the walls of a dental office.

Grasping on to mentors from the moment he began his journey in dentistry, his knowledge and influence has multiplied and spans across several facets within the dental world.

A true renaissance man in dentistry, Dr. Larkin is the clinical director for Ideal Practices. He is also the founder of OralWellnessCenter.org, which is doing some incredibly fascinating things as far as linking oral systemic health with dentistry. He is also an instructor at Louisville's School of Dentistry.

If you find the content of today's show valuable, make sure you download a copy of the bonus. It's Dr. Tom Larkin's Health Questionnaire. Get that here.

Here are a few things you'll discover in today's episode:

• How Dr. Larkin balanced the clinical duties of being a medical doctor while being a new business owner during the first six months
• The number one thing Dr. Larkin did to get "lucky" (and start making a lot of money from the start)
• The three keys to financial management
• A skill set that has served Dr. Larkin immensely well in dentistry and consulting
• The number one problem that Dr. Larkin had when he opened a practice
• What you never, EVER want to assume when you're first getting out of dental school
• Some issues that occur after the acquisition of a new practice that students are not ready for
• An interesting characteristic about dental practices that typically go up for sale (ignoring this can be a very costly mistake)
• The two models in dentistry (one of these is the model of the future and has a significant fee-for-service component to it)
• The impact of the correlation between the location you choose to open your practice and the cost of living in that area

Free Episode Bonus:

If you loved today's episode, then you're going to enjoy the bonus I've prepared for you.

Just about every dental practice out there focuses solely on dental hygiene. What few people know is the direct correlation between oral health and overall health.

As a bonus for today, Dr. Larkin is giving away a copy of his Health Questionnaire that helps educate patients on other potential risks related to their oral health.

Click here to access that now.

Quotes:

• "There are people that are looking for a dentist that does not exist yet." – Dr. Tom Larkin

Resources:

• Email Dr. Tom
• Visit Dr. Tom Larkin's Website
• Visit Complete Health Dentistry's Website
• The Startup Practice Blueprint
• Jayme Amos Podcast

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

Owning a dental practice means you wear many hats (especially when you're first getting started). As the owner, these are just some of the roles you play:

• Dentist
• Personnel Manager
• Marketing Director

As you fill your dentist chair and get busier, it's natural to take shortcuts when it comes to certain areas of your business.

But the one thing you always want to make a priority is filling that dental chair.

That's why today's guest strongly believes that you should never take shortcuts when it comes to your marketing.

And he has the business portfolio to back it up.

Before becoming a dental practice owner, he owned multiple other businesses, which he bought, built to great heights, and sold.

This gives him a unique perspective that I'm excited for you to hear about today.

Jerry Jones is the owner of Jerry Jones Direct, a company that markets and helps dental practices attract and retain patients. He also owns Wellness Springs Dental, a national franchise of dental practices that is helping people all over the country get started.

If you get value out of today's show, you'll want to make sure you check out the bonus. It's a book called 24 Mistakes To Not Make When Owning A Dental Practice. Get that here.

Here are a few things you'll discover in today's episode:

• The most common misconception that new practice owners have
• How marketing has evolved over the years (and how past stigmas are hurting current practice owners)
• The average cost to attract a new patient across any media
• A recommendation to all young dentists that are looking to start their practices or a practice owner who is looking to open an office in a new location
• Expert advice on how to make the most of your marketing budget
• A warning you shouldn't ignore when shopping for a company to build your website (there's a good chance you'll lose a lot of money if you ignore this)
• A powerful way to leverage local press to get free exposure (and become the expert in your area)
• An ad campaign that was so successful that it caused a scheduling jam
• What limiting copy is (and why it can be helpful to have in your ads)

Free Episode Bonus:

It's great to get a different perspective from someone who has owned businesses outside of the dental industry. If you found today's episode valuable, then you're sure to get even more out of today's bonus.

As Jerry mentioned, there are some things you shouldn't take shortcuts on when it comes to your business, and marketing is one of them. Jerry provides more of his marketing insight, and more, in today's bonus.

It's a book called 24 Mistakes To Not Make When Owning a Dental Practice.

Click here to access that now.

Quotes:

• "Don't underestimate what it's gonna take to fill a practice with new patients." – Jerry Jones
• "I'm not a fan of insurance, but I understand it. It is a tool. It can either slice you and bleed you to death, or build an incredible practice." – Jerry Jones
• "Diversity of patient base and diversity of patient attractive mechanisms leads to stability. The more diverse your patient base is, the stronger your practice is going to be." – Jerry Jones
• "You should not shortcut certain things in business. Marketing is one of those things." – Jerry Jones

Resources:

• Jerry Jones Direct Website
• Wellness Springs Dental Website

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

I felt inspired to do this episode after a trip to Disney World with my family.

It was the end of tax season, and probably the most appropriate time for us to disconnect from the business and have fun as a family.

We were there for 7 days and the experience is phenomenal.

Here's the thing about Disney:

It gives a complete experience from start to finish, for anyone who's been there. It leaves memories and stories for families to tell for years to come.

How can this translate to your dental practice?

I shared my entire experience in this episode and how we can use this to grow our practice and give your patients the best experience they can have so that they will look forward to visiting you every single time.

Here are a few things you'll discover in today's episode:

• What's unique about the Disney experience (and why people are willing to spend tons of dollars for it)
• What Disney does extraordinarily well (and how it compares to our dentist practice)
• How Disney builds up the experience even before you get to the park (this is priceless when applied to your practice's customer experience)
• Preparing a customer to get the best experience at the park
• Taking away the stress from the customer
• How employees play a huge role in your business

Quotes:

• "Your staff can make your ship sell or sink." – Jonathan VanHorn
• "The key is to hire employees that exhibit the behaviors that best align to your company's values." – Jonathan VanHorn
• "Think about the things that are adding stress, think about the things that you can add value to, think about the things you can do to help your patients come in to see you, and have a good experience."- Jonathan VanHorn
• "If Disney – at that massive scale – can figure it out, at small scale, we can figure it out for our dental practices."- Jonathan VanHorn

Resources:

• Check out this related episode: How To Build A Dental Practice Culture That Creates Patients For A Lifetime with Dr. David Moffet

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

Decisions are part of of every business...

And with every decision made brings an outcome.

The best way to get a desired outcome is being enabled to makean informed decision.

This is where having the right processes come into place.

In today's episode, we are going to talk about thebest accounting software for your dental practice.

This episode is a self hosted episode where I share with you mythoughts on the current accounting software available for a dentalpractice and why you need it to run your business successfully.

If you like today's show, you'll enjoy the bonus following. It'smy personal Chart of Accounts Template.

Get that here.

Here are a few things you'lldiscover intoday's episode:

• The definition of accounting (and why you need a goodaccountingsystem for your business)
• How dental practices did their accounting 10 years ago
• The new and improved way you can start recordingyourtransactions (so that you save tons of time and have a systeminplace)
• Desktop accounting software vs Cloud accounting systems
• Why you should consider a cloud accounting system (and whyIstrongly recommend this)

Free Episode Bonus:

If you loved today's episode, then you're going to enjoythebonus I've prepared for you.

Today's bonus is our internal chart of accounts that we usefordental practices. We adjust this according to each practicethatcomes on, to be able to mold it to what each practice needs.Butthis is what we start off with with all our accountingclients.

A chart of accounts is the starting point that you can usetoimport into your software. It is done in excel format and youcanjust import into your software easily.

Clickhere to access thatnow.

Quotes:

• Accounting is simply to have a process of recording economicstohelp you make informed decisions. – Jonathan VanHorn

Resources:

• Xero software
• Quickbooksonline

Support The Show:

Without you, Ambitious Dentists, this should wouldn't exist.

If you enjoyed today's episode, please go here to give theshow anhonest rating and review in iTunes.

This allows me to evolve the show as it goes on, andalsohelps spread the word to other podcast listeners sinceiTunespromotes shows with active engagement.

Dental school will teach you how everything there is to know about oral hygiene:

• Proper care of teeth
• Correctly use of dental instruments
• How to administer treatments

But it won’t teach you how to run a business:

• How to manage people (both patients and employees)
• How to manage debt
• How to make a business profitable

Today’s guest, Dr. David Rice, realizes this, and has created a community that teaches members what you don’t learn in dental school.

In this show, he shares some amazing insight on little-known tips that are sure to propel your business and speed up the road to prosperity.

Dr. Rice is the practice owner of East Amherst Dental Center in New York, and founder and creator of Ignite DDS, an education platform that prepares you for true success.

If you like If you want more great tips from Dr. David Rice, then you’ll want to download today’s bonus. It’s Dr. Rice’s Crush Success Guide. Get that here.

Here are a few things you’ll discover in today’s episode:

• What you must know in order to become a leader (this will help you develop great systems and stay on course)
• Why hiring someone with several years of experience shouldn’t be a priority (and what you should be looking for instead)
• A reason to always carry business cards (it isn’t just to draw new patients)
• An amazing tip to recruit the best talent (from places you hadn’t thought of before)
• A major obstacle for young professionals (that can be discouraging and maybe even crush hopes of owning a practice)
• A valuable thing to have if you’re moving to a new place
• The number one thing to do if you’re a young dentist looking to build your team
• Something to keep in mind if you’re intimidated by the idea of reaching out to people who are more successful than you are (who can offer valuable advice and connect you with other great people)
• What Doctoritis is (and how it can rob you of living the American Dream)

Free Episode Bonus:

If you loved today’s episode, then you’re going to enjoy the bonus we have for you.

As you heard, being successful in this business isn’t about how good of a dentist you are.

Yes, it’s important, but how you manage people matters even more.

As a bonus for today, you can download a free copy of Dr. Rice’s The Crush Success Guide, where you’ll learn more great tips on how to make it in this business.

Click here to access that now.

Quotes:

“You don’t build a business, you build people. And then those people build your business for you.” -Dr. David Rice

Resources:

• Email Dr. David Rice
• Ignite DDS Website
• The Ambitious Dentist Mastermind

Support The Show:

Without you, Ambitious Dentists, this should wouldn’t exist.

If you enjoyed today’s episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

As a dental practice owner, there are so many things you can be doing to grow your business…yet so little time.

One of the beautiful things about technology is that you can put it to use even when you’re not working (or working on something else).

Just ask today’s guest, Dr. Shawn Van De Vyver.

Dr. Van De Vyver has mastered the art of automation, so that he can stay top of mind with new and existing patients (and provide them with personalized experiences that keeps them coming back).

Dr. Van De Vyver is the owner of Great Lakes Dentistry and creator of practiceinapod.com, a tool that helps dentists find the best learning resources to build their business.

If you want to get more positive reviews for your business, you’ll like the bonus following. It’s The Super Awesome 5-Star Review Getting Letter. Get that here.

Here are a few things you’ll discover in today’s episode:

• The types of patients you DON’T want and should gladly let go (so that you can focus on the patients you DO want)
• The most successful way to transition patients from one location to another
• A tech tool that will give you better long-term results than mailers
• How to personalize new patient experiences
• A time-efficient way to train new employees (so that you can spend more time on money-making tasks)
• How marketing your practice is like dating
• How to stay in touch with existing patients (with little effort)
• A way to increase positive online reviews (to remain relevant and attract new patients who use reviews to make decisions)
• How to quickly get a review website up
• An automation tool that saves staff time and reduces patient no-shows

Free Episode Bonus:

Many people will check reviews before they decide to step through your doors. Reviews are a reflection of the work you’re doing. They are feedback for your business (wanted or unwanted).

If you want to get more positive reviews for your business so that you attract more online traffic, today’s bonus will help you with that.

The tough reality is that people are quick to tell the world about a negative experience, while most of those with a positive one aren’t as compelled to post a review.

With Dr. Van De Vyver’s Super Awesome 5-Star Review Getting Letter, you have an opportunity to change that. You can ask your customers for their feedback directly through email. If their experience wasn’t great, you have a chance to make it right; and if it was, you can encourage them to share it online.

Click here to access that now.

Quotes:

• “Automation allows you to do a whole lot more with a whole lot less.” – Dr. Van De Vyver

Resources:

• Email Dr. Van De Vyver
• Great Lakes Dentistry
• Dental Podcasts Website
• LeadPages

Support The Show:

Without you, Ambitious Dentists, this should wouldn’t exist.

If you enjoyed today’s episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.

It can take months, if not years, for someone to decide that they’re finally ready to own a practice.

Today’s guest will tell you that there’s no such thing as truly being “ready.”

As soon as he graduated from dental school, he was off to the races.

Sure, it takes a certain work ethic and skill set to run a successful practice, but waiting around can be costly.

Dr. Hunter Smith is a multiple practice owner, and a contributor on DentalTown, where he posts some of the best numbers-related content available.

If you are inspired to own a practice after today’s show, you’ll enjoy the bonus following. It’s Three Steps To Get Started On Finding A Practice To Buy. Get that here.

Here are a few things you’ll discover in today’s episode:

• What to look for to see if a practice is a good match for you to purchase
• The time when buying a practice with the intention to grow doesn’t make sense
• The number one evaluating factor when determining a good startup location
• Where to start if you’re looking to buy a dental practice
• A problem you want to avoid as a multiple practice owner
• The factor that matters more than the dentist-to-population ratio
• The number one problem that keeps practices from growing
• Scheduling mistakes to avoid

Free Episode Bonus:

If you were inspired to own a practice (or start acquiring more practices), then you’re going to enjoy the bonus I’ve prepared for you.

You don’t have to have it all figured out before you go out and buy a practice, but it helps to know how you can get off to a great start.

As today’s bonus, you can download Three Steps To Get Started On Finding A Practice To Buy.

Click here to access that now.

Quotes:

• “You don’t know what you don’t know until you get in there and do it.” -Dr. Smith
• “I learned more through owning five practices in one year than what I would’ve learned owning one practice for five years.” -Dr. Smith

Resources:

• Email Dr. Smith

Support The Show:

Without you, Ambitious Dentists, this should wouldn’t exist.

If you enjoyed today’s episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.