The Dentalpreneur Podcast w/ Dr. Mark Costes

Latest Episodes:

1875: A Unique DSO Model Pt. 1 Dec 18, 2023

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On today's 2-parter episode, Mark is joined by Dr. Weston Spencer, an accomplished cosmetic dentist and dental partnership group co-founder. Dr. Spencer discusses his journey in dentistry, influenced by his grandfather, and his focus on cosmetic procedures after being inspired by cosmetic dentists during his studies. He shares his growth strategy, emphasizing internal marketing and patient engagement to transition from single-tooth to comprehensive dentistry, which helped expand his practice from $500,000 to $2.5 million in revenue.

Dr. Spencer also delves into practice management, discussing the delegation of administrative tasks to maintain a patient-centric focus. He highlights the importance of building a team culture and investing in staff to foster a positive and productive work environment. The discussion touches on his innovative dental partnership group, SPP Dental Partners, designed to preserve the autonomy of private practices while offering the benefits of group practice through shared back-office services and economies of scale.

Lastly, Dr. Spencer discusses the growth and operational aspects of his own practice, including his expansion to a larger facility with multiple providers. He emphasizes the importance of having a good team and the ability to adapt and grow, both clinically and in terms of practice management, to prevent burnout and ensure the success of the practice.

Join us tomorrow for the exciting conclusion to this interview with Dr. Weston Spencer.

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1874: Advanced Prosthetics & Conversions Dec 16, 2023

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On today's episode, Dr. Mark Costes is joined by Dr. Dan Briskie and Dr. Taher Dhoon from the Colorado Surgical Institute (CSI) for another exciting Surgical Saturday. The trio dives into advanced prosthetics & prosthetic conversions.

In this episode, we delve into the intricate world of advanced prosthetics and prosthetic conversion, exploring various facets of this field. We discuss the traditional analog approach and examine the detailed steps involved in hybrid and removable prosthetics, particularly focusing on the restoration of implants. Additionally, we cover the digital workflow, highlighting how modern technology integrates into these processes.

Don't miss out on the upcoming events from CSI. Explore and register here: https://www.coloradosurgicalinstitute.com

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1873: Valuations & Consolidation Pt. 2 Dec 15, 2023

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On today's episode, we have a special 2-part series featuring Kyle Francis, Matt Mulcock, Dr. Pamela Maragliano-Muniz and Mark, titled, "Industry Consolidation: Should you ride out the wave or sell your practice?"

The episode primarily addressed four key themes in the dental industry. First, it discussed the value of dental practices and the impact of various factors like capacity and profitability on their valuation. The conversation then shifted to examining the influence of consolidation in the industry, particularly with the involvement of Dental Service Organizations (DSOs) and private equity. The third theme focused on the personal and emotional aspects of selling a dental practice, emphasizing the importance of aligning financial decisions with personal values and goals. Finally, the discussion explored various transaction styles, such as complete affiliation, joint ventures, and equity roles, and how these impact dentists differently based on their career stage and personal circumstances. The overarching narrative centered on the need for dentists to be informed and organized in their approach to practice valuation and sale, regardless of their stance on DSOs.

Be sure to go back and listen to part 1 if you haven't already!

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1872: Valuations & Consolidation Pt. 1 Dec 14, 2023

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The episode primarily delves into the trends of industry consolidation in dentistry, focusing on whether dental practice owners should sell their practices amidst this wave or continue independently. It emphasizes the importance of risk management and informed decision-making in this context, considering both financial implications and personal factors. Additionally, the discussion covers financial planning strategies, particularly concerning retirement, and evaluates the evolving nature and business models of Dental Service Organizations (DSOs) in the market. This conversation provides insights into the complexities facing dental professionals in today's changing landscape, highlighting the need for careful consideration of various factors in making pivotal business decisions.

Be sure to stay tuned for tomorrow to hear part 2!

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1871: Analytics, Maximizing Growth & Profitability Pt. 2 Dec 13, 2023

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On today's episode of Mark's podcast, we are delving into the world of dental practice financials. Hosts Dr. Summer Kassmel and Ashlee Hirschfeld, joined by Jake Conway and Dr. Monica Urda, continue their informative discussion. If you're just tuning in, consider listening to Part 1 first for a foundational understanding of the topics covered.

This episode delves into the intricacies of ideal hygiene care KPIs and exam numbers, discussing the paradoxical effect of too many periodic exams on production and case acceptance. The phenomenon of exam fatigue and its impact on case acceptance is also explored. The conversation then shifts to strategies for maximizing production and profitability, including reducing personal clinical time. The return on investment associated with proper onboarding of associates and overall systemization is analyzed. The episode concludes with practical advice on quickly reducing overhead percentages, a crucial aspect of financial management.

We hope these episodes have provided you with actionable insights. If you've skipped Part 1, it's a valuable resource for understanding the financial aspects of dental practice management and sets the stage for the topics discussed in this episode. Be sure to check it out!

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1870: Analytics, Maximizing Growth & Profitability Pt. 1 Dec 12, 2023

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On today's episode of Mark's podcast, we are delving into the world of dental practice financials. Hosted by Dr. Summer Kassmel and Ashlee Hirschfeld, and featuring Jake Conway and Dr. Monica Urda, this episode is a goldmine of insights on financial management for dental practices. This discussion, taken directly from a DSN webinar in the Lady Leaders Group, is essential listening for anyone keen on grasping the nuances of dental practice finances.

The discussion begins with a comparative analysis of accrual versus cash flow accounting, highlighting the impact of each method on a dental practice. The importance of a well-organized chart of accounts is emphasized, clarifying its role in financial management. A critical segment on analyzing overhead and profitability follows, offering strategies for maintaining financial health. The episode also cautions against taking advice from CPAs without understanding the basics of cash flow and personal business health. The significance of accurate categorization and auditing is addressed, alongside an exploration of fixed and variable expenses. Jake Conway introduces his symptom-cause-solution approach, vital for analyzing and resolving cash flow issues.

Stay tuned for Part 2 of this enlightening discussion where we delve deeper into maximizing growth and profitability through KPIs and analytics. If you haven't listened to Part 1 yet, we highly recommend going back to gain a comprehensive understanding before jumping into Part 2.

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1869: Navigating Dental Lending Dec 11, 2023

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On today's episode, join Steve Steinbrunner, from Provide Financial, at the recent presentation at the TPL event in San Diego with his presentation titled "Navigating Dental Lending".

Steve delves into how technological advancements have revolutionized the traditional processes of borrowing money, highlighting the positive disruptions in the banking industry. He provides insights into calculating one's liquidity number and the impact of credit card balances on this figure. The discussion also covers the practicality of engaging in associateships for those launching startups. Steve further elucidates the formal loan approval process, including the nuances of locking in interest rates and the distinctions between lending for startup ventures versus established practices. An essential part of his presentation addresses how banks and underwriters perceive practice expansions and the significance of holding the first position in banking. Notably, he explores the strategy of leveraging equity in one's practice as a down payment for new loans. A critical point of discussion is the use of personal assets, such as one's home, as collateral in conventional business lending. This episode is especially valuable for dental professionals looking to expand, acquire, or start their practices, providing them with a deeper understanding of the financial landscape and strategies for successful borrowing.

To gain more wisdom on launching your practice successfully, check out The Practice Launchpad at https://www.thepracticelaunchpad.com

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1868: Techniques to Avoid & Correct Incision Line Opening Dec 09, 2023

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The focus is on a common surgical complication – incision line opening. The discussion covers techniques to prevent incision line opening, especially in lower arch surgeries, and the importance of meticulous suture practices. Dr. Briskie shares insights on his new protocol for managing these complications, including pre-surgical strategies and the innovative use of Botox to prevent muscle movements that can cause incision lines to open. Additionally, the podcast addresses the mental and physical challenges surgeons face towards the end of long procedures and strategies to maintain focus and energy. The episode is rich with practical advice on surgical techniques, suture selection, and the importance of a meticulous approach to ensure successful outcomes in dental surgeries.

Don't miss out on the upcoming events from CSI. Explore and register here: https://www.coloradosurgicalinstitute.com/

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1867: Mastering Dentistry's Financial Game Pt. 2 Dec 08, 2023

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On today's episode we're diving into the second half of our engaging crossover episode.

In part two of our conversation with Ross Brannon on the Financial Flossing Podcast, we continue our deep dive into the dental industry. This episode focuses on the dynamics of consolidation, the role of DSOs, and the keys to a successful transition in the dental field. Additionally, Ross shares his journey into financial planning, his experiences working with dentists, and his past as an elite lab athlete. This insightful conclusion is filled with valuable lessons and entertaining anecdotes that are sure to resonate with our listeners.

If you haven't heard part one yet, I highly recommend pausing here, checking it out first, and then returning for this informative conclusion.

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1866: Mastering Dentistry's Financial Game Pt. 1 Dec 07, 2023

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On today's episode of the Dentalpreneur Podcast, we have a crossover episode with Ross Brannon on his Financial Flossing Podcast. Dr. Mark Costes, delves deep into the essentials of practice management. Ross, a financial analyst who specializes in the dental industry, engages with Mark on a variety of crucial topics. They discuss the origins of the Dental Success Institute, common challenges faced by dentists, and key mistakes to avoid. The conversation also covers Mark's insights on DSOs and his thoughts on industry consolidation. This is part one of a two-part series, packed with invaluable insights for every dental professional.

Don't forget to tune in tomorrow for the compelling conclusion in part two of this crossover episode!

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