The Dentalpreneur Podcast w/ Dr. Mark Costes

Latest Episodes:

1865: Dental RE Fundamentals Dec 06, 2023

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On today's episode, join JJ Ditkofsky from the recent presentation at the TPL event in San Diego with his presentation titled "Leases".

JJ Ditkofsky of We Care Practice Advisors unfolds the layers of dental real estate, crucial for practice startups and commercial real estate dealings. Dive into the nuances of lease negotiations and strategies that form the bedrock of financial planning for any dental practice. Learn about the startup process and the role of financing, dictating real estate choices and equipment investments. Plus, understand the foresight needed for long-term planning in practice sales, where today's lease agreements can profoundly influence tomorrow's business outcomes.

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

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1864: Dental Innovation Dec 05, 2023

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On today's episode of the Dentalpreneur Podcast, host Dr. Mark Costas welcomes Dr. Michael Lowe, a seasoned dental professional with over 14 years of experience. Dr. Lowe shares his unique journey from the greens of the golf course to the leader of a thriving dental practice. The conversation uncovers the realities of entrepreneurial growth within the dental industry, the importance of building a strong team, and the challenges of staffing in today's market. Additionally, Dr. Lowe discusses his innovative venture, Tef Ball, providing a rare glimpse into the invention process within the dental field. Don't miss this insightful discussion on the blending of clinical expertise and entrepreneurial spirit in modern dentistry.

From the onset, Dr. Michael Lowe details his unexpected transition into dentistry, highlighting the determination required to switch careers and excel in a new field. As Dr. Lowe recounts his expansion from solo practice to a multi-location enterprise, he underscores the steep learning curve he navigated and the critical role his support staff played in his success. Staffing challenges have not deterred him; instead, Dr. Lowe emphasizes the significance of fostering a strong team culture for retention in a competitive landscape. The episode also dives into Dr. Lowe's inventive side with the development of Tef Ball, a product aimed at improving dental implant procedures, illustrating the lengthy and intricate journey from conception to market-ready product.

To learn more about Dr. Michael Lowe's innovative work and to get a closer look at Tef Ball, visit https://tefball.com/. Join us for a discussion that's as much about the entrepreneurial journey as it is about the dedication to dental excellence.

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1863: Frameworks for Systemization Success Dec 04, 2023

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On today's episode, join Dr. Mark Costes as he delves into the crucial aspects of systemization and calibration for dental practices, from his recent presentation at the TPL event in San Diego titled "Systemization & Calibration".

Discover the foundational elements of the 'Elite Practice Blueprint' which highlights six key pillars necessary for a high-performing practice. Gain insights into the APE framework (AI PPE), a strategic approach for effective practice prioritization. Learn about optimal expense ratios for phase 4 practices, and understand when it's advantageous to remain an associate versus transitioning to practice ownership. Explore the differences between fixed and variable expense ratios and the techniques for managing and calculating them. Finally, Dr. Costes discusses the significance of identifying Key Performance Indicators (KPIs) and primary objectives in a dental practice to ensure efficient and goal-oriented management.

For more valuable insights, be sure to check out The Practice Launchpad.

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https://www.thepracticelaunchpad.com
https://www.truedentalsuccess.com
Dental Success Network
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1862: Human Capital Recruitment Meets Tech Dec 01, 2023

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On today's episode, we're joined by Trey Tepechin, the innovative CEO and co-founder of Cloud Dentistry. Trey shares his fascinating journey from Harvard Law School to revolutionizing dental staffing. Listen as we explore the inefficiencies of traditional legal practice, the inspiration behind Cloud Dentistry, and how the platform is addressing current challenges in the dental industry."

Dive into the world of dental staffing with Trey Tepechin, as he recounts his transition from law to dentistry and how his desire for efficiency led to the birth of Cloud Dentistry. Trey discusses the contrast between his time as an attorney and the creation of a tech platform that is reshaping how dental practices hire staff. As a result of COVID-19, the dental industry faced a significant shortage of professionals, particularly hygienists. Cloud Dentistry responds by unlocking 'fractional units of labor,' allowing dental practices to tap into a wider pool of part-time professionals to fill their staffing needs. This platform offers an alternative to the traditional staffing model, cutting out placement fees and enabling a more direct and cost-effective hiring process. Trey also shares insights on the legal nuances and challenges of using 1099 workers and the platform's success in navigating these complexities.

To learn more about how Cloud Dentistry is pioneering change in the dental industry and for a chance to connect with Trey Tepechin, visit www.clouddentistry.com.

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1861: The Shifting Dental Consolidation Landscape Pt. 2 Nov 30, 2023

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On today's episode, we continue our conversation with Brannon Moncrief, focusing on part 2 of our series on dental practice transitions. Brannon takes us deeper into the financial intricacies of recapitalization events within private equity, strategies for investment returns, and the compelling role of leverage in enhancing these returns. We also discuss the crucial support financial advisors offer to dental practice owners during sales, and why a sell-side advisor could be a game-changer in your transition strategy.

Part 2 of our series with Brannon Moncrief offers a comprehensive look into the financial mechanics behind private equity's involvement with dental practices. We dissect recapitalization events, or 'recaps', and their significance for practice owners and investors. Brannon demystifies how private equity firms achieve substantial returns through strategic cost-averaging and leverage, illustrating these concepts with a real estate investment analogy. We also delve into the importance of financial advising during the sale of a dental practice, examining how expert guidance can be the difference between a good and a great sale outcome. Brannon contrasts the approaches to selling a dental practice, highlighting the advantages of employing a sell-side advisor versus direct dealings. Lastly, we explore the full spectrum of services that sell-side advisors provide, detailing how they support clients from the inception of the sale idea to the final transaction.

To gain further expertise on navigating the complexities of dental practice sales and to connect with Brannon Moncrief, visit https://dentaltransitions.com/. And if you haven't already, make sure to go back and listen to part 1 of our discussion to get fully up to speed with the valuable insights shared.

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1860: The Shifting Dental Consolidation Landscape Pt. 1 Nov 29, 2023

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On today's episode, join us for a discussion with Brannon Moncrief, a seasoned expert in dental practice transitions. We delve into the market dynamics reshaping dental practice sales, the vital role of sell-side advisors, and the changing landscape of DSO activity. Brannon offers his unique perspective on what DSOs seek in acquisition targets and how evolving DSO models impact dentists' roles post-affiliation. Tune in for strategic insights on valuation tactics used by DSOs and private equity firms in the dental space.

In part one of our discussion with Brannon Moncrief, we dive into the shifting currents of the dental practice sales market. Brannon unpacks the trend of younger dentists entering the seller's market and the increasing attention from private equity, which is significantly influencing practice valuations. He underscores the critical role sell-side advisors play in enhancing economic outcomes for sellers by negotiating favorable deal structures. We also examine the evolving purchasing behaviors of DSOs, especially under the influence of current economic factors like tightening capital markets. Brannon sheds light on the attributes that make a dental practice an attractive buy for DSOs, from the seller's profile to the practice's operational structure. Furthermore, he discusses how DSO affiliations are transforming, granting doctors greater post-sale autonomy and how these changes affect the valuation process. The conversation rounds out with a detailed analysis of the strategies and tactics DSOs employ in valuing dental practices, revealing how EBITDA adjustments, equity terms, and multiples are utilized in deal-making.

For more insights into the dental transitions landscape and to connect with Brannon Moncrief for expert advice on navigating your practice sale, visit https://dentaltransitions.com/. Don't forget to stay tuned for part 1 tomorrow for more invaluable knowledge on making the most of your dental practice transition.

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1859: Breaking Capacity Ceilings Nov 28, 2023

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On today's episode, join Dr. Mark Costes and Sydney Robinson, the Executive Director of Operations at DSN, as they tackle real-world challenges faced by dental practices. With a mix of humor and wisdom, they offer their unique perspectives on managing growth, balancing professional relationships, and cultivating a positive practice culture.

Their topics delve into the strategic planning required when a dental practice reaches its capacity limits. Dr. Costes and Sydney discuss the situation of a dentist who is exploring ways to manage a growing patient list and the constraints of a four-operatory practice. They talk about the decision to expand physical space, the complexities of PPO plan management, and the potential of adjusting office hours to accommodate patient demand.

The focus shifts to the delicate balance of maintaining professional boundaries when personal relationships intertwine with the business. They share insights on managing situations where a team member, who is also a friend, may not fully respect the professional demands of the practice. Dr. Costes provides thoughtful strategies on addressing such sensitive issues without compromising the integrity of the workplace or personal relationships.

Together, they highlight the importance of leadership in nurturing a healthy practice culture, especially when dealing with perceptions of favoritism. Dr. Costes and Sydney emphasize the role of clear communication, setting expectations, and the need for consistent leadership to maintain team harmony and ensure that the practice operates as a cohesive unit.

Dive deeper into the world of dental practice management and join the conversation at DSN. Explore a community where education, resources, and peer support converge to drive success. Check out DSN at https://www.dentalsuccessnetwork.com

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1858: Effective Patient Communication Nov 27, 2023

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On today's episode, join us as we dive into the world of dental practice efficiency and profitability with Mark and guest, Dr. Ben Kacos. Together, they unravel the secrets of effective patient communication, innovative case acceptance strategies, and techniques to re-engage patients. Whether you're a dental practitioner looking to enhance your practice or just curious about the nuances of dental management, this episode is packed with insights and practical tips. Don't miss these valuable lessons on driving success in your dental practice.

This podcast episode focuses on strategies for maximizing case acceptance in dental practices. Mark and Ben discuss effective patient communication techniques, avoiding technical jargon, and innovative methods to re-engage patients. They highlight the use of varied contact methods and tailored offers, emphasizing the importance of consistent messaging across the dental team. Practical insights are offered on enhancing patient interaction from initial contact to treatment presentation, ensuring a cohesive and patient-centric approach in dental practices.

Want more insights from Dr. Ben Kacos? Reach out to him at admin@peakdentalresources.com for further guidance and resources in dental practice management.

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1857: Innovation in Dental Patient Acquisition Pt. 3 Nov 24, 2023

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In Part 3 of our TPL event series on the Dentalpreneur Podcast, we conclude with powerful insights from Dr. Mark Costes, Dr. Taher Dhoon, Dr. Chris Green, and Laura Maly. Learn about designing impactful signage, using local influencers, harnessing the power of before-and-after case studies, leveraging video testimonials, and effectively responding to negative reviews.

The final part of the series dives into the physical aspects of marketing, like creating effective signage and collaborating with local influencers. The episode highlights the importance of trust-building tools such as before-and-after case studies and video testimonials. Plus, get expert advice on responding to negative reviews in a way that protects and even enhances your practice's reputation.

Thank you for joining us in this comprehensive marketing series. If you've missed the earlier episodes, I highly encourage revisiting Part 1 and Part 2 for a full spectrum of dental marketing expertise.

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1856: Innovation in Dental Patient Acquisition Pt. 2 Nov 23, 2023

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Welcome back to Part 2 of our TPL event series on the Dentalpreneur Podcast. Today, Dr. Mark Costes, Dr. Taher Dhoon, Dr. Chris Green, and Laura Maly discuss key strategies for growing your patient base with goodwill, maximizing Google My Business, the realities of DIY marketing vs. using agencies, and the power of authentic internal marketing.

This installment focuses on cultivating goodwill for sustainable growth. Discover strategies for enhancing your practice's digital presence, especially through Google My Business. The speakers weigh the advantages and drawbacks of DIY marketing versus agency collaboration. Emphasis is also placed on authenticity in internal marketing and mastering the art of conversation to connect with patients.

Ready to take your marketing to the next level? Tune in to Part 3, where we cover building effective signage, engaging local influencers, and more. If you missed Part 1, be sure to check it out for foundational marketing strategies!

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