By PracticeCFO
5
2020 ratings
The podcast currently has 74 episodes available.
In this episode of The Dental Boardroom Podcast, host Wes continues his deep dive into dental partnerships, focusing on the potential downsides. Following the previous discussion on the advantages of partnerships, Wes now addresses key challenges such as decision-making conflicts, differing mission statements, profit allocation issues, and the complexities of new patient distribution. Whether you're currently in or considering a dental partnership, this episode equips you with the knowledge to approach these arrangements with your eyes wide open, avoiding potential pitfalls that could lead to costly disputes down the road.
Key Points:#DentalPartnerships #BusinessTips #Dentistry #DentalPractice #DentalBoardroom #SmallBusiness #PracticeManagement #DentalProfessionals #ProfitAllocation #BusinessStrategy
Episode Summary:
In this episode of The Dental Boardroom Podcast, host Wes Reid kicks off a six-part series on dental partnerships. Whether you’re in a partnership or considering one, this series is packed with insights. Today’s episode focuses on the pros of dental partnerships, with a deep dive into how financial efficiencies, particularly in overhead costs, can benefit multi-doctor practices. Wes breaks down the different categories of overhead costs—labor, labs, supplies, facility, marketing, and admin—and explains which are fixed versus variable, providing a clear picture of how partnerships can reduce costs while increasing profitability.
Key Points:
Introduction to the Partnership Series
Financial Efficiencies of Partnerships
Breakdown of Overhead Costs
How Partnerships Reduce Overhead
Selling a Dental Practice
#DentalPartnerships #DentalPractice #DentalBusiness #DentalOverhead #DentalValuation #PracticeManagement #DentistLife #PartnershipSuccess #FinancialEfficiency #PracticeOrbit
Summary:
In this episode of the Dental Boardroom Podcast, host Drew Phillips welcomes Beth LaChance, CEO of Global Medical Virtual Assistants, to discuss how virtual assistants are transforming dental and medical practices. With a growing need for staffing solutions post-COVID, Beth shares how her company is filling the gap by providing highly qualified virtual professionals. Learn how integrating these professionals into your practice can improve efficiency, reduce burnout, and streamline operations, all while maintaining high-quality patient care.
Key Points:.
#DentalBoardroomPodcast #VirtualAssistants #DentalStaffing #MedicalStaffing #BethLaChance #GlobalMedical #RemoteWork #PostCovidSolutions #DentalPractice #MedicalVirtualAssistants #HealthcareEfficiency #AIInHealthcare
What are the most common delays that prolong a practice sale?
In general, the people who hold up deals are banks and landlords.
But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!
On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale.
Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice.
They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline.
Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.
Topics Covered
Connect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kevin Kenny on the Dental Board Room Podcast
The Role of Escrow on the Dental Board Room Podcast
Once a dentist makes the decision to sell their practice, they want it done yesterday.
So, how long does a practice sale usually take? What can you do to accelerate that timeline?
On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to walk you through a typical timeline for selling a dental practice.
Matt and Wes discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale.
Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice.
Topics Covered
Connect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kevin Kenny on the Dental Board Room Podcast
The Role of Escrow on the Dental Board Room Podcast
When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On this episode of the Dental Board Room Podcast, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.
Matt and Wes discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Topics Covered
Connect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Is a salesperson trying to talk you into claiming an R&D tax credit for your dental office?
It can be tempting to trust a pitch like this and leverage research and development to reduce your tax liability.
But how do you satisfy IRS criteria for the R&D tax credit? What documentation do you need? And what happens if you get audited?
Andre Shevchuck serves as Partner at BPM, one of the country’s top 20 accounting and advisory firms.
Andre oversees the Specialized Tax Services Practice at BPM, helping clients identify, document and defend their R&D tax credit claims.
On this episode of the Dental Board Room Podcast, Andre joins host Wes Read to discuss the four criteria for claiming the R&D tax credit and explain how it’s calculated.
Andre describes what the IRS can do to discredit a claim, challenging dentists to exercise caution before you let a salesperson talk you into taking the R&D tax credit.
Listen in for insight on mitigating your tax liability without abusing the system and learn when it’s appropriate to claim the R&D tax credit for your dental practice—and when it isn’t!
Topics Covered
Andre’s expertise in specialized tax services and representing clients against the IRS
The 4 criteria for a business owner to claim the R&D tax credit
Why demonstrating technical uncertainty is key in qualifying for the R&D tax credit
How salespeople downplay the risk of claiming the R&D tax credit if you don’t meet all 4 criteriaWhat the IRS can do to discredit an R&D tax credit claim
How your entity structure impacts your risk of being audited for an R&D tax credit
How the R&D tax credit is calculated
How the R&D tax credit allows for a deduction and tax credit on the same expenses
How the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax credit
Why aggressive salespeople aren’t necessarily on the hook if the IRS revokes your R&D tax credit
Capitalizing R&D work vs. claiming it as an expense on your taxes
How to be aggressive on taxes for your practice without the abusing the system
Connect with Andre Shevchuck
Andre at BPM
Andre on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Amortizing R&D Expenses Under the TCJA
Employee Retention Credit
You’ve worked so hard for so long to build a private dental practice in your community. But now you’re thinking about exiting the business.
So, how do you know when it’s time to retire? What can you do to plan for the next chapter of your life?
Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas.
Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago.
On this episode of the Dental Board Room Podcast, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice.
Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away.
Listen in for Dr. Kenny’s advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale.
Topics Covered
A high-level overview of Dr. Kenny’s career as a dentist
How Dr. Kenny knew it was time to sell his practice
Determining how much money you need for retirement
How bankers calculate the value of a dental practice
The CPAs role in helping you plan for a practice sale
Mitigating your tax liability in a dental practice sale
When to do a broker sale and when to sell your practice privately
The pros and cons of selling your practice to a DSO
Why you should hire an attorney who specializes in dental transitions
Cleaning up your books before you sell your practice
How to create a business plan for your retirement
Advice for young doctors who’ve just bought a practice
Dr. Kenny’s blueprint for a successful practice sale
The humanitarian mission of Dr. Kenny’s foundation
Connect with Dr. Kevin Kenny
The Dr. Kevin M. Kenny Foundation
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kenny on Dental Board Room Podcast EP018
McLerran & Associates
Global Dental Relief
How to Win Friends & Influence People by Dale Carnegie
The One Minute Manager by Kenneth Blanchard and Spencer Johnson
The Richest Man in Babylon by George S. Clason
For most practice owners, the dentistry is the easy part. What’s hard is managing your team, especially with the current dental staffing shortage.
So, what factors contribute to this shortage of staff? What can doctors do to solve this systemic issue?
David Schwab, PhD, is a professional speaker, author and dental practice management consultant who helps dentists grow their practices, educate their patients and train their teams.
On this episode of the Dental Board Room Podcast, David joins host Wes Read to explain what’s behind the dental staffing shortage and how we might address it with virtual workers, part-timers and temps.
David offers advice on addressing employees who chronically call in sick, conducting performance reviews, and responding to requests for a raise.
Listen in for insight on the Ritz-Carlton concept of lateral service and learn David’s top strategies for building and managing your team through the current dental staffing shortage.
Topics Covered
Why managing your team is the most difficult aspect of running a dental practice
Why there’s a shortage of dental staff and what doctors can do to solve the problem
The evolution of virtual work in dental practices
David’s take on hiring virtual assistants from places like the Philippines or Africa
What dental office tasks are likely to be outsourced moving forward
The advantages of hiring part-timers and people without a background in dentistry
How the emergence of online marketplaces might impact the dental space
How well-documented processes allow doctors to leverage temporary employees
David’s advice on addressing employees who chronically call in sick
David’s ‘open book test’ system for performance reviews
How dentists should respond to employee requests for a raise
The benefit of open-book management that allows staff to understand overhead
What dentists can learn from the Ritz-Carlton concept of lateral service
David’s background and experience as a dental management business consultant
Connect with David Schwab
David Schwab Dental Practice Management Consulting
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Trainual
SweetProcess
The E Myth by Michael E. Gerber
Entrepreneurial Operating System
Is a salesperson trying to talk you into claiming an R&D tax credit for your dental office?
It can be tempting to trust a pitch like this and leverage research and development to reduce your tax liability.
But how do you satisfy IRS criteria for the R&D tax credit? What documentation do you need? And what happens if you get audited?
Andre Shevchuck serves as Partner at BPM, one of the country’s top 20 accounting and advisory firms.
Andre oversees the Specialized Tax Services Practice at BPM, helping clients identify, document and defend their R&D tax credit claims.
On this episode of the Dental Board Room Podcast, Andre joins host Wes Read to discuss the four criteria for claiming the R&D tax credit and explain how it’s calculated.
Andre describes what the IRS can do to discredit a claim, challenging dentists to exercise caution before you let a salesperson talk you into taking the R&D tax credit.
Listen in to understand the additional IRS scrutiny placed on amended returns and learn when it’s appropriate to claim the R&D tax credit for your dental practice—and when it isn’t!
Topics Covered
Wes’ philosophy on tax planning and tax deductions for dentists
Andre’s expertise in specialized tax services and representing clients against the IRS
The 4 criteria for a business owner to claim the R&D tax credit
How the R&D tax credit is calculated
How the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax credit
Capitalizing R&D work vs. claiming it as an expense on your taxes
What the IRS can do to discredit an R&D tax credit claim
Understanding your personal liability in using a salesperson’s R&D credit study as documentation for your taxes
Why the IRS requires additional documentation for amended returns that use the R&D credit
Exercising caution before you let a salesperson talk you into claiming the R&D credit
What other specialty tax services BPM offers business owners
Connect with Andre Shevchuck
Andre at BPM
Andre on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email [email protected] or [email protected]
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Amortizing R&D Expenses Under the TCJA
The podcast currently has 74 episodes available.
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