Bulletproof Dental Practice Podcast Episode #320 HOSTS Dr. Peter Boulden and Dr. Craig Spodak GUEST: Mitchell Baldridge KEY TAKEAWAYS:  Introduction Twitter (X) Accounting Firm / Dental CPA Taxes Business Advice Business Plan Mitchell's Tweets 10 Tax hack for Business owners QBI optimization Donor advice funds  S - Corps Bonus Depreciation Mega backdoor ROTH Give Yourself Tax Credit Fringe Benefits The Augusta Rule PTET - Salt Cap Workarounds Real Planning and Good Advice ERISA, the Employment Retirement Income Security Act of 1974 Real Estate Opportunity Zones or RV Parks and different  REFERENCES: Dental Cost Seg Mitchell on Twitter/X Bulletproof Mastermind  Bulletproof Summit  Mighty Networks: Bulletproof Dental Practice     

Top 10 Tax Tips with Mitchell Baldridge

Dentistry is evolving - Is your practice BULLETPROOF?
Marketing. Systems. Leadership. Proven strategies to grow your practice with co-hosts Dr. Peter Boulden and Dr. Craig Spodak.

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 The Bulletproof Dental Podcast Episode 351    HOSTS:  Dr. Peter Boulden &  Dr. Craig Spodak  GUESTS:  Paul Vigario    DESCRIPTION  Join Dr. Peter Boulden and Dr. Craig Spodak in a captivating conversation with Paul Vigario, Founder of Surf CT. Explore the trio's longstanding friendship, their journeys in dentistry, and the imperative of thinking innovatively in the field. Discover insights on the dental industry's landscape, financial hurdles, and the power of data-driven choices. Paul delves into the future of dentistry, advocating for brand-building, streamlined systems, and embracing technological advancements. Uncover strategies for designing visionary practices, fostering exceptional patient experiences, and achieving extraordinary success in dentistry. Don't miss this enlightening discussion!    TAKEAWAYS   Long-standing friendships in dentistry can create deep bonds and support during challenging times.  The dental industry is worth $200 billion and is controlled by corporations that prioritize shareholder interests over those of dentists.  Dentists often face financial challenges and may not realize the true profitability of their practices.  Data-driven decision-making is crucial for dentists to make informed choices and avoid unnecessary expenses.  The future of dentistry may involve the continued growth of corporate dentistry and the need for dentists to break free from unnecessary expenses and control by corporations. Build a brand that stands for something and implement systems to power that brand.  Stay up-to-date with advancements in design and technology in dental offices.  Ask smarter questions and be aware of the potential for extraordinary success in dentistry.  Create a positive patient experience by eliminating noise and focusing on productivity.  Focus on relationships while also implementing systems that enhance the patient experience.       CHAPTERS  00:00 - Long-standing Friendships and Memorable Experiences in Dentistry  04:02 - The Size and Control of the Dental Industry  08:07 - Financial Challenges Faced by Dentists  11:44 - The Importance of Data-Driven Decision-Making  29:35 - Asking Smarter Questions and Achieving Extraordinary Success  34:41 - Creating a Positive Patient Experience  38:57 - Balancing Relationships and Systems    REFERENCES  Bulletproof Summit 2024

Next-Gen Dentistry: Chatting with Paul Vigario, Founder of SurfCT

 The Bulletproof Dental Podcast Episode 350    HOSTS:  Dr. Peter Boulden  &  Dr. Craig Spodak      DESCRIPTION  Deciding on Practice Ownership: Risk or Reward? Join Dr. Peter Boulden and Dr. Craig Spodak as they tackle a critical decision: buying a dental practice. With a net profit of $188,000 and a 40% associate earnings, is it a smart move? Explore the nuances of practice ownership, from analyzing historical data to navigating projections. Dive into the risks, rewards, and personal impacts of this pivotal choice. Plus, gain invaluable insights on financial literacy, learning from mistakes, and the future of dentistry. Don't miss this enlightening discussion!     TAKEAWAYS   Buying a dental practice should be carefully considered, weighing the risks and rewards.  Analyzing historical data is crucial in evaluating the true value and potential of a practice.  Relying solely on projections can be misleading and may not reflect the actual performance of the practice.  Consider the key man risk and the impact on personal cash flow and lifestyle before making a decision.  Owning a practice may not be the best option for everyone, and alternative investments should be explored. Learning from mistakes is crucial for personal and professional growth.  Dental schools should provide more education on business and entrepreneurship.  AI can be used as a tool for financial analysis and contract review in dentistry.  Investing in real estate can be a game-changer for dentists.  Financial literacy is essential for long-term success in the dental profession.     CHAPTERS  00:00 - The Temptation of Practice Ownership  02:02 - Analyzing Historical Data vs. Projections  07:56 - The Downside Risk of Buying a Practice  18:14 - Lack of Business Education in Dental Schools  19:13 - AI in Dentistry  20:09 - Investing in Real Estate  23:23 - The Changing Landscape of AI  25:37 - The Importance of Financial Literacy  28:10 - The Potential of Real Estate Investment  29:27 - Sharing Personal Stories  30:49 - The Value of Dental Summits  31:27 - The Power of Execution      REFERENCES  Bulletproof Summit  Bulletproof Dental Practice

Craig: Should I Buy This Practice?

 The Bulletproof Dental Podcast Episode 349    HOSTS:  Dr. Peter Boulden  &  Dr. Craig Spodak  GUESTS:   Dr. Dwight Peccora & Dr. Trey Tippit       DESCRIPTION Our Fearsome Four explores the advancements in AI, specifically focusing on the launch of GPT-4 and its potential impact on various industries. We discuss examples of how AI can disrupt education, customer service, and language translation. The conversation highlights AI technology's exponential growth and improvement and its potential to transform various aspects of our lives.  Additionally, we tackle the need for regulations and consent in implementing AI in dental practices.    TAKEAWAYS   AI technology, particularly GPT-4, is advancing rapidly and has the potential to disrupt various industries.  Examples of AI applications include AI tutoring, customer service, and language translation.  AI has the potential to revolutionize dentistry and improve patient experiences.  The exponential growth and improvement of AI technology suggest that it will continue to transform various aspects of our lives. AI technology is advancing rapidly and has the potential to greatly impact the field of dentistry.  AI can be used for call analytics, note summarization, and financial analysis, among other applications.  Implementing AI in dental practices can improve productivity and efficiency, allowing professionals to focus on providing a better patient experience.  AI should be seen as a tool that augments human capabilities rather than replaces them.  Regulations and consent are important considerations when implementing AI in dental practices.     CHAPTERS  00:00 - Introduction  03:11 - AI Disrupting Education  05:30 - AI Revolutionizing Dentistry  07:15 - AI in Customer Service  09:06 - AI Handling Calls in Dental Practices  13:32 - AI's Impact on Travel  16:09 - The Future of AI  20:40 - Advancements in AI Technology  25:40 - Addressing the Pain Point of Writing Notes  30:06 - Using AI to Analyze Financial Documents  32:16 - Tips for Prompting AI Correctly  36:08 - The Potential Impact of AI on Dentistry  43:02 - Closing Remarks      REFERENCES  Bulletproof Summit  Bulletproof Dental Practice

Things Are About To Get Crazy!  ChatGPT 4o (omni) - How AI will Help Dentistry!

 The Bulletproof Dental Podcast Episode 348    HOSTS:  Dr. Peter Boulden  &  Dr. Craig Spodak      DESCRIPTION  Join Craig and Peter as they discuss rural practices in rural versus urban area and the challenges and advantages of practicing in rural markets. Also, a concerning trend in dentistry: the rise of non-dentist veneer technicians, or  'near-techs.'  These individuals, with minimal training, are illegally placing veneers on patients using nail supplies and acrylic. Craig and Peter express their frustration with the lack of protection for the dental profession and the potential harm caused by these unqualified practitioners.    TAKEAWAYS   Rural dentists are three times busier than dentists in urban areas, highlighting the demand for dental services in rural markets.  The rise of non-dentist veneer technicians, or  'near-techs,'  is a concerning trend in dentistry, as these individuals are illegally placing veneers on patients with minimal training.  The dental profession needs better protection and advocacy to prevent the proliferation of unqualified practitioners and ensure patient safety.  The commoditization of dental services and the race to the bottom on pricing can undermine the quality of care and patient outcomes.  Dentists should be aware of these trends and actively advocate for the profession to maintain high standards and protect patient well-being.     CHAPTERS  00:00 - Introduction and Reflection on Progress  03:02 - The Busy Rural Dentist  13:25 - The Rise of Non-Dentist Veneer Technicians      REFERENCES  Bulletproof Summit  Bulletproof Dental Practice

Craig and Pete Discuss: Rural Over Metro Area, Veneer Costs, Veneer Techs Popping Up

 The Bulletproof Dental Podcast Episode 347    HOSTS:  Dr. Peter Boulden  &  Dr. Craig Spodak  GUESTS:   Dr. Sulman Ahmed    DESCRIPTION  This week's episode of the Bulletproof Dental Practice podcast welcomes Dr. Sulman Ahmed, Founder, Chairman, and CEO of DECA Dental Group. Discover Dr. Ahmed's expertise in building a patient-centered organization with around 200 locations across nine states. Learn from his leadership insights and personal career achievements, including prestigious awards like EY Entrepreneur of the Year and Glassdoor's Top CEOs. Don't miss this opportunity to gain valuable insights from a trailblazer in the dental industry.    TAKEAWAYS   Hard work, perseverance, and vulnerability are key to achieving success.  Success is a journey, and it takes time and continuous growth to reach new levels.  Giving back and helping others is a fulfilling way to create a legacy. Fatherhood can take different forms and evolve over time, with each individual having their own parenting style and experiences.  The dental investment market is facing challenges due to high interest rates and the need for a proven track record of success.  Consolidation in the dental industry is increasing, with more dentists joining group practices and DSOs.  The future of dentistry looks promising for those who are passionate about providing quality care and are aligned with the values of the profession.  It is important for dentists to focus on their core competency in dentistry and seek partnerships that align with their values and goals.  Business training should be incorporated into dental school curricula to better prepare dentists for the realities of running a practice.  Dentists should embrace their strengths and seek support from others to fill in the gaps in their knowledge and skills.  The joint venture model can be a beneficial approach for dentists looking to partner with others and expand their practices.  The dental industry is experiencing a shift towards valuing quality of care and differentiation, rather than just focusing on revenue and valuations.  The future of dentistry will be shaped by factors such as competition, costs, negotiation with payers, and the ability to differentiate and provide value to patients.     CHAPTERS  00:00 - Introduction and Background  03:10 - The Journey to Success  08:36 - The Importance of Hard Work and Vulnerability  13:37 - Balancing Work and Life  23:30 - The Impact of Family and Fatherhood  31:57 - The Increasing Trend of Consolidation in Dentistry  36:07 - Focusing on Core Competency and Partnerships  40:02 - The Importance of Business Training in Dental Education  41:34 - Embracing Strengths and Seeking Support  46:10 - The Benefits of the Joint Venture Model  49:33 - Valuing Quality of Care and Differentiation  52:57 - Factors Shaping the Future of Dentistry      REFERENCES  Bulletproof Summit  Bulletproof Dental Practice  Make Them Smile, Dr. Sulman Ahmed

Top 10 Tax Tips with Mitchell Baldridge

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