Avsnitt
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Thad Harker is a project advisor at Primus Dental, a design and build full-service construction company that has built close to a 1000 dental offices across the Midwest.
Thad and I have a great conversation about dental office design and construction. He emphasizes that the construction process is all about managing people. We talk about how things have changed with higher interest rates and construction costs, but that it still makes financial sense to not lose opportunity cost and get yourself a "golden hammer."
Some topics we discuss in this episode:
- Why are construction costs high, and will they come back down?
- Why does location matter?
- Does it make sense to price shop a build-out?
- How have pediatric office designs changed post-COVID?
- Is it still worth it to do a start-up and be a practice owner?
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Where would we be if we didn’t have the support of our non-dentist spouse/significant other/partner? This episode is specifically for them!
Today my wife, Jenna Goetz, reflects on her impact on my journey to become a pediatric dentist. We talk about when does it make sense for the spouse to work in the office, pursue his or her own career, or to stay home with kids. Jenna gives some advice to young power couples and how to get the most out of this journey. We also joke about how annoying dentists can be when you get them all around each other at conventions and meetings.
This is a great episode to listen to with your significant other who is not a dentist!
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Saknas det avsnitt?
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Chip Fichtner is the co-founder of Large Practice Sales and a return guest on the podcast. His firm helps practice owners complete transactions and partner with DSOs and "invisible" DSOs who allow the doctor to maintain autonomy and a minority position. We last spoke on the podcast about two years ago. Because of our episode, his firm closed a $50+ million dollar deal on a large pediatric office.
Chip has a tight pulse on what's going on in the DSO world. I wanted to get an update on what DSOs are doing with pediatric practices in light of the higher interest rates. I try to ask Chip some tougher questions in this interview.
In this episode, we discuss:
- Is access to capital an issue for DSOs right now?
- Have we seen any DSOs struggle or go under because of lower free cash flow?
- What happens to the dentist's retained equity in the parent company if the parent company fails?
- Who calculates EBITDA in these transactions, and where does all the variability come from?
- How does LPS keep tabs and verify the quality and financials of the DSOs they work with?
- What does the ideal pediatric dental practice look like in terms of commanding a high multiple?
Chip can be reached at www.largepracticesales.com
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Everybody in pediatric dentistry is talking about the Soan right now, so I had to learn more. On today's episode, I hosted Dr. Ann Bynum and Chris Malzone from NuSmile. Chris had sent me a demo model to try out, so I took this opportunity to talk with him and Ann about the technology.
The Soan is an cordless electronic anesthetic pen. It allows you to give intraosseous injections to kids without collateral numbness. I specifically talk with Ann about the benefits of the device, technique questions, cost of using the device, and limitations.
Anybody that would like to learn more is welcome to check out Nusmile.com, as they host free webinars to learn more about the device.
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Dr. Benjamin Morgan joins us on the podcast today. He's a pediatric dentist and the owner of Rockwall Pediatric Dentistry in the greater Dallas, Texas area.
Ben comes on to talk about a variety of topics, including his journey to practice ownership, why he dropped Texas Medicaid, creative ways that he increases his revenue, how he structures a 2-doctor practice, and what life is like being a pediatric dentist in a crowded Dallas market. We also discuss his decision NOT to build a 15,000 sq ft facility after buying the land and designing the space.
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Dr. Bobby is a pediatric dentist, speaker, and authority on oral sedations. After 8 years as a pediatric dentist in the air force, he transitioned to an academic roll at Ohio State and now Cincinnati Children's Hospital. He frequently lectures for the AAPD at their sedation courses.
Dr. Bobby cracks a beer with me and we talk about some great topics, including life in academics, changing parent expectations that make our job difficult, and how he uses oral conscious sedation to manage those kids that fall in between the spectrum of full mouth rehab and minimally invasive dentistry.
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Kent Miller is the Co-Founder of Dentagraphics. His company helps dentists research and identify areas of opportunity for practice start-ups. We discuss what services they provide, and how they work with new and existing dentists to analyze demographics and quantify the potential opportunity that the area offers.
I try to ask Kent some tough questions, like what areas of the country does he see potential, and where is the competition. We talk about how important things like family, growth, and household income levels are to starting a pediatric practice.
You can visit the company website to learn more or use their free app at www.dentagraphics.com
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I had the pleasure of hosting the great Dr. Greg Psaltis on the podcast today. Dr. Psaltis came recommended by 3 different listeners of the podcast, so I figured let's give the people what they want to hear! Dr. Psaltis recently retired after a 40 year career as a pediatric dentist. He is an accomplished speaker and lectures on behavior management all across the country.
Today we discuss how behavior management has changed over the decades. Dr. Psaltis gives some tips and guidance on dealing with difficult parents and helicopter moms.
Don't forget to follow Brews and Tiny Teeth on Facebook to get updates on upcoming episodes! Happy New Year!
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Ok the title is a bit of a click-bait, but I did have the pleasure of interviewing Dr. Staci Whitman on the podcast. Dr. Whitman is a practicing pediatric dentist in Portland, Oregon. She is a "functional" pediatric dentist who practices in a demographic that caters to more natural and holistic modalities. Her practice is heavy in dietary guidance, vitamin supplementation, ozone therapy, tie/lip tie release, myofunctional therapy, hard tissue lasers, and also traditional SSCs and general anesthesia.
I wanted to have this conversation to widen my horizons and provide me with more context to educate and converse with my own patients who have concerns about fluoride, toxins, and materials. I was surprised to find that I agreed with the majority of points that Dr. Whitman discussed. You can tell that she's passionate about educating her patients, promoting a healthy diet, and focusing on prevention rather than picking up a handpiece to fix the world's problems. I think this will be a great episode for stimulating some critical thinking skills about the way we discuss treatment options with our crunchier families that we all know and love!
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Dr. Alex Otto and her husband, Tim, are previous guests on the podcast. Dr. Alex is a pediatric dentist, they own and operate four offices in the Austin, Texas area. Tim has an MBA and a strong business background working with fortune 500 companies.
They join me on the podcast to discuss their latest project, Alcan Dental Cooperative. Alcan is a cooperative model in which pediatric dentists can join in exchange for a minority equity position. Unlike DSO/PE buyouts, a dental cooperative works by helping dentists systemize and grow their practice without being forced to sell out to a majority shareholder. The dentist keeps the practice but gets the benefit of outsourcing A/R, marketing, HR, etc. using scalable systems. This also increases practice valuation in the both companies as well.
Tim and Alex explain this model to me and describe the benefits that it offers to pediatric dentists who are stuck somewhere in between the grind of solo practice ownership, and selling out the entire practice to a DSO. You can learn more at www.alcandentalcooperative.com -
Chris Sands joins us today to talk debt, taxes, and wealth building. Chris is the founder of Pro-Fi 20/20, a multi-disciplinary CPA firm which helps dentists grow and increase profitability. We talk through 3 different scenarios and Chris gives his opinion on the best way to build wealth at different stages of a dentist's career.
1. Does a resident or young dentist pay off student loans at the higher interest rate, or invest in retirement?
2. Does a new practice owner focus on paying off practice debt? What are the tax implications of keeping a large debt burden around.
3. Does a seasoned practice owner expand and build a new building for tax purposes? How do you create income streams in the most tax efficient manner as possible?
Chris can be reached for a consultation at [email protected]
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Today I have the pleasure of hosting my former boss, but current friend and mentor, Dr. Dennis Carreras. Dennis started and ran a large practice with four offices in central Minnesota for years before recently selling his practice equity to his partner. I worked for their office after residency prior to COVID and starting my own practice in Missouri. Dr. Carreras retired in Florida where he spends his time on the beach, while making sure to stay busy with dental mission trips and teaching back in Minnesota at the dental school.
Dennis and I reflect on his successful career and practice ownership journey. We talk about areas where he excelled, and also identified things that he wish he would have done differently. He also shares his thoughts on growth, partnerships, and surrounding yourself with good team members. -
Dr. Roger Lucas is a pediatric dentist and practice owner in the state of Washington. He is a trained biochemist and is passionate about advocating for dietary modification to help his patients. Seven years ago he wrote a book titled "More Chocolate, No Cavities." Dr. Lucas and I discuss the key concepts in the book, and the importance of educating our parents on the harmful effects of sticky processed carbohydrates.
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Ok the title might be a bit click-baitey, but today we are talking all things IV sedation. Dr. Casey Rhoads is a pediatric dentist and owner of Honey Bee Pediatric Dental Co. with two practices in the Kansas City area. Her and her fellow practice partner, Dr. Rebecca Ferns, do 6-7 days of in-office IV sedation cases (open airway) per month. She shares her practice journey with us and how they have structured sedations in their busy new practice. We talk about what verbiage to use, treatment plan presentation, and things to say/not say when trying educate nervous parents who might be hesitant about sedating their child for dental care.
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Dr. Richard Baxter is a previous guest on the podcast. He is a young pediatric dentist leading the charge to educate and bring awareness to the tethered-oral-tissue movement. He is the author of the best-selling book Tongue Tied, founder of the Alabama Tongue-Tie Center, and prominent speaker. He has performed over 10,000 lip and tongue ties in his career.
On today's episode, we talk about when it makes sense to scale your practice and expand to create a stand-alone tongue and lip-tie clinic. Richard reviews the business side of the discussion, what the physical space should like look, and when you have sufficient patient-demand to make it feasible. We also spend a little time talking about local anesthesia with a Light Scalpel, and how to release the infamous posterior tongue-tie.
You can find Dr. Baxter's book "Tongue Tied" on Amazon. He also created and teaches the virtual Tongue-Tied Academy Program, and he's giving Brews and Tiny Teeth listeners a $400 discount with a promo code he announces at the end of the podcast.
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Dr. Kevin Stock is a general dentist, social media influencer, and founder of Meat Health. He is an advocate for a meat-based "Carnivore" diet and has eaten a strict diet of red meat, eggs, and raw milk for nearly six years. He is passionate about educating about the harmful effects of a modern, highly-processed diet on oral health.
Dr. Stock discusses how our diet can influence and shape the way our teeth and jaws develop. His premise is that our modern diet of highly-processed, soft foods lead to underdeveloped jaws and crowding. Our ancestors had virtually zero crowding issues, but in modern times it's common for many of our patients to have expansion, wisdom teeth removed, headgear, and tonsillectomies. We dive in to why this is happening and what practical solutions there are to use a natural diet to improve health and oral development.
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Howard Farran is an icon in the world of dentistry, and a guest that I've wanted to interview for a long time. He's the founder of Dental Town, an international speaker who has lectured in over 50 countries, author, host of the Dentistry uncensored Podcast, and just an all around cool personality.
Dr. Farran joins Dr. Casey Goetz for a discussion of all things pediatric dentistry. We talk about how pediatric dentistry has changed as a profession, practice ownership, DSOs, student loans, and the future of dentistry. Howards shares his words of wisdom to the young upcoming work force of pediatric dentists.
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Dr. Josh Solomon is a pediatric dentist and the owner of Pediatric Dentistry and Orthodontics of Livermore in Livermore, California. Over his 20 year career he has developed a reputation for being a leader and educator in advanced restorative techniques related to pediatric dentistry. He frequently hosts online and in-person CE courses and specializes in using the Bioclear matrix system. Dr. Josh is currently building a brand new office that includes a teaching center where he can host his courses.
We have a fantastic discussion related to all things composite resins. We talk about magnification, isolation, light curing, injection molding, heating composite, using flowable, air abrasion, disclosing solution, bulk-filled resins.... the list goes on and on. We pack a ton of pearls and content into an hour long conversation. You can reach Dr. Josh on social media or his email for questions on upcoming CE events.
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Joe Sparacino is a general dentist who joins me for what may be one of the most interesting conversations I've had yet on the podcast. Dr. Joe started a large practice out of dental school down at the southern Texas border providing care to underserved kids with Medicaid. He built two large practices before selling and putting his practice proceeds into bitcoin back in 2019. He since has bought and sold four other practices and has walked away from clinical dentistry (at least for now). He has spent early retirement pursuing a passion for music, along with casually starting the company Membersy. Membersy is a dental membership technology service that has rapidly grown and is now used by many of the large DSOs.
Dr. Joe is a risk-taker, a free-thinker, and very obviously driven to create and grow his ideas into something special. He currently lives in Colorado and is working on his next idea, the Happy Patient Company. This would be a service to streamline resources and remove barriers to grow practices for dentist who are looking to achieve their goals.
- Visa fler