The Dental Wealth Nation Show with Tim McNeely

🎙️ Welcome to another insightful episode of The Dental Wealth Nation Show, where we explore the intriguing realm of Dental Mergers and Acquisitions (M&A). In this episode, we're joined by Kevin Cumbus, President of Tusk Partners, a veteran dental broker with over a decade of experience navigating the dental industry.

Kevin imparts his wisdom on the progression of dental practice values, the catalysts propelling these increasing values, and the significance of discerning the optimal time to sell your dental enterprise. He also offers indispensable advice on selecting the right partner, structuring the deal for maximum gain, and how to sidestep being exploited by Dental Service Organizations (DSOs).

With the presence of over 150 PE-backed DSOs in the nation and counting, Kevin's insights are vital for anyone contemplating selling their practice or strategizing for retirement. Don't miss this chance to learn from an industry authority and potentially attain financial independence through the sale of your practice.

For further information, visit Tusk Partners at www.TUSK-partners.com or contact them at (704) 302-1043. Join us for this enlightening conversation, and stay tuned for more episodes of The Dental Wealth Nation Show! 🦷💰🎧

🚀🦷 Get ready for a game-changing episode of The Dental Wealth Nation show, featuring the incredible Victoria Peterson! 🌟🌐 Today, we're diving into "Building an Investment-Grade Practice" and shifting your mindset from productivity to long-term value. 💡📈

Join us as Victoria, who uniquely combines a Doctorate in Spiritual Studies with 30 years of dental industry leadership, shares her insights on:

🔸 Predicting Personal Financial Freedom

🔸 Designing a strategy to achieve it (often within 5 years)

🔸 Decreasing stress and loving your practice today

🔸 Building predictable value at the time of sale Don't miss out on this opportunity to infuse your daily operations with the human spirit and make work FUN! 🎉😄

We'll also explore:

🎯 The secret behind the adage "begin with the end in mind" - how do wealthy dentists really do this?

🎯 How is IGP Business Consulting different than traditional practice management consulting?

🎯 In Victoria's opinion, what competitive edge should doctors be focusing on?

After the interview, head to www.productivedentist.com for even more wisdom and practical tools!

👉 Tune in NOW and transform your dental practice into an investment-grade powerhouse with Victoria Peterson! 🦷💥 #DentalWealthNation #InvestmentGradePractice #VictoriaPeterson #ProductiveDentist #FinancialFreedom

Welcome to Dental Wealth Nation, your trusted guide to achieving financial success and delivering exceptional patient care in the dental industry. In our latest episode, "Dental Insurance SOS," we're thrilled to feature Bri Richardson, a renowned dental insurance expert, who will help you navigate the often complex world of dental insurance.

Bri Richardson, with her wealth of experience in assisting doctors with insurance-related challenges, unravels the intricacies of dental insurance in this enlightening episode. She shares invaluable insights on accurately estimating copays, overcoming bureaucratic hurdles, and ensuring prompt payment within 30 days of treatment completion.

Many dentists find themselves grappling with outstanding insurance issues and struggle to handle these effectively. To address this, Bri introduces Dental Insurance SOS, an in-office team training and support system designed to empower your practice to tackle insurance obstacles proactively and prevent future issues.

A highlight of this episode is Bri's foolproof formula for out-of-network doctors to collect payments from insurance companies promptly. This secret could revolutionize the efficiency of your practice!

At Dental Wealth Nation, our mission is to equip you with practical strategies and hidden advice to maximize your net worth and provide the best care for your patients. Our host, Tim McNeely, and esteemed guests like Bri Richardson, offer guidance often undisclosed to most professionals. We encourage you to explore our website, dentalwealthnation.com, for more valuable resources and episodes.

If you're a driven dentist aspiring to build a life of significance while maximizing your net worth, this episode is a must-listen! Get ready to demystify dental insurance and elevate your practice to new heights.

Tune into "Dental Insurance SOS with Bri Richardson" on Dental Wealth Nation to gain access to Bri's proven formula and master insurance-related challenges. Don't forget to subscribe to our podcast for future episodes packed with hidden advice and strategies.

Join us on this journey to a more profitable and fulfilling dental career!

About Bri

Bri Richardson is an expert in the field of healthcare billing and insurance. With her extensive knowledge and experience, she has mastered the art of getting paid within 30 days of completing a treatment. One of her key strategies is accurately estimating co-pays, ensuring that patients and insurance providers are on the same page when it comes to payment expectations. Bri is also well-versed in navigating the complex world of insurance red tape. She guides her team in identifying potential restrictions and denials, such as frequency limitations or missing tooth clauses, to address them proactively during the initial stages of treatment. By doing so, Bri ensures a smoother and more efficient billing process, avoiding delays or issues that may arise later on. With her expertise, Bri helps healthcare professionals and patients alike streamline their payment processes and receive timely and accurate reimbursements.

Discussion Questions:

1. What are some common challenges dental offices face when it comes to insurance and collecting co-pays?
2. How can following a three-step process for collecting co-pays help dental offices avoid red tape?
3. What are some practical steps that dental offices can take to improve their insurance verification process?
4. How can proper preparation of claims positively impact a dental practice's bottom line?
5. What are some potential consequences of not getting a claim right the first time?
6. Why is it important to estimate co-pays accurately and how can this be achieved?
7. How can dental offices effectively deal with outstanding accounts receivable?
8. What are some key lessons learned from working remotely in the insurance industry?
9. Why is it crucial for dental offices to maintain strong IT support and security when working remotely?
10. How can dental practices address the issue of money remaining on the AR report instead of being received?
    

Welcome to Dental Wealth Nation, your go-to show for transforming your dental practice and enhancing patient care. In this enlightening episode, we delve into the fascinating realm of IV sedation and sleep dentistry, guided by the expertise of Dr. William Moorhead.

Discover the immediate strategies that can revolutionize your practice, making it more accessible to fearful and non-scheduling patients. Dr. Moorhead imparts his extensive knowledge on sedation dentistry, offering invaluable insights that can redefine your approach to patient care. Learn about the advantages and challenges of IV sedation, its cost-effectiveness, and predictability in dental procedures.

This episode also explores how IV sedation can alleviate dental fears, creating a more comfortable patient experience. We discuss the potential of billing IV sedation to medical insurance, and how patients can utilize their insurance benefits for necessary dental work.

Dr. Moorhead sheds light on the lasting impact of negative childhood dental experiences and shares empathetic techniques to improve patient comfort. His strategies aim to enhance patient experiences while boosting your practice's financial health.

We also delve into the role of oral conscious sedation and its evolution in dentistry. Dr. Moorhead emphasizes the importance of applying shared knowledge to increase your practice's net worth, offering specialized advice typically unavailable to dentists.

In this episode, we introduce Nucom, a valuable tool for managing fearful patients, even without IV sedation. This safe and effective product can be used with nitrous oxide and is especially useful for handling difficult patients.

Join us on Dental Wealth Nation as we unearth hidden strategies used by successful dental professionals. Take action to improve your practice, increase patient satisfaction, and enhance your wealth in all aspects of dentistry.

If you have any questions or need further information about Nucom or related topics, feel free to reach out to us via email. Remember to like, comment, and subscribe for more insightful episodes. Together, let's revolutionize your dental practice and seize the wealth of opportunities that await!

🎙️🦷 Welcome to The Dental Wealth Nation Show with Wesley Sierk! 🎉💼

In this episode, titled "You Can Make It, But Can You Keep It?", we dive deep into the world of dental insurance and wealth management for dental professionals. Join our knowledgeable host, Tim McNeely, and our esteemed guest, Wesley Sierk, as they share their insights and strategies to help you safeguard your hard-earned wealth 🏦✨💰

🔍 Discover how to navigate the complexities of insurance policies, including professional liability, business interruption, cyber liability, and more. Uncover the key factors that determine whether a company can be considered an insurance entity for tax purposes, and learn how to maximize your insurance coverage while minimizing gaps and exclusions. 💡✅📚

Explore innovative concepts like captive insurance and difference in conditions policies, and understand how they can transform your expenses into profit centers. Find out how to protect yourself from potential lawsuits, audits, and fines, and gain valuable insights on tax-saving strategies for dental practices in community property states. 🏥⚖️💼

Get inspired by success stories of dental professionals who have utilized captive insurance companies to fight legal battles, recover withheld payments, and protect their assets. 🏆🛡️

Whether you're a dental entrepreneur, a practice owner, or simply someone interested in the dental industry, this episode is packed with knowledge, tips, and actionable steps to help you secure your financial future. 📚💪💡

Tune in now to The Dental Wealth Nation Show and join the conversation that's reshaping dental insurance and wealth management! 🎧🌟💼🦷

🎧 Welcome to The Dental Wealth Nation Show with Tim McNeely! 🦷💰 In this episode, we dive into the age-old question: "Buy or Build, which is right for you?" with our guest, Michael Dinsio, a dental expert with a wealth of experience in the industry. 🏢🔍

👥 Are you a dentist considering practice ownership? 🤔💼 Then this episode is a must-listen! Michael discusses the pros and cons of starting a new business (startup) or acquiring an existing practice, providing valuable insights to help you make an informed decision. 💡💼

💵💪 Whether you're an aspiring entrepreneur or looking for a safer option with an established foundation, Michael shares his expertise on the financial aspects, the importance of leadership skills, and the key factors to consider before making your move. 📈💼

📆🔍 Plus, we dive into the impact of the challenging year 2020 and how it shouldn't be factored into practice valuations. 📉💰 Michael also shares lessons from his own journey, including a memorable encounter with basketball superstar LeBron James in high school! 🏀😮

👂 Tune in to gain insights, tips, and inspiration to take your dental practice journey to the next level! 💪🎙️ Don't miss this exciting episode of The Dental Wealth Nation Show! 🔥🦷

You can connect with Michale at www.nxlevelconsultants.com or check out their podcast at www.dentaluncensored.com

🎙️ The Dental Wealth Nation Show: 🦷💰 Improve Your Practice's Financial Health with Membership Plans & Eli Salls! 💪

Looking to take your dental practice to the next level and boost your revenue? Join us on The Dental Wealth Nation Show as we dive into the missing piece of the puzzle for improving your practice's financial health – membership plans! 🏥💸

In this episode, we have the pleasure of hosting Eli Salls from Clear, who will guide us through the ins and outs of implementing successful membership plans. 💡✨ Eli shares valuable tips and strategies to revitalize your patient market, increase hygiene appointments, and enhance your practice's collection percentage. With the right membership plan and patient financing tools, you can significantly improve production and ROI. 💼💯

Discover how Kleer Intelligence, a cutting-edge software integration tool, simplifies payment posting, tracks growth metrics, and helps you reengage dormant patients. 🚀📈 Plus, learn the secret behind creating tailored plans that strengthen patient relationships and generate more revenue. With Eli's expertise, you'll gain the knowledge and support needed to navigate the world of membership plans with ease. 🤝🔍

Tune in to The Dental Wealth Nation Show and transform your practice's financial health today! 💪🎉💼 Don't miss this episode packed with insights, encouragement, and hope for a prosperous future in dentistry. 🌟

Click the link below to schedule a consultation with an account manager and start maximizing the potential of membership plans for your practice. 📅💡💰

https://go.lifestoneco.com/kleer

#DentalWealthNationShow #MembershipPlans #FinancialHealth #EliSalls #ClearIntelligence #DentalPodcast #PracticeManagement #RevenueBoost #DentistrySuccess #PatientCare #ROI

Description

🎙️ Looking to build a successful dental practice? Welcome to The Dental Wealth Nation Show! 🦷💼 

In this episode, join us as we discuss the simplified process to realize your vision with dental architecture expert, Mohsen Ghoreishi. 💡✨

Covering topics like budgeting, vision alignment, and the importance of a well-designed physical environment, this episode is packed with valuable insights for dental professionals. 🏢💸

Discover how to determine a realistic budget, differentiate between must-haves and nice-to-haves, and ensure your office reflects your unique identity and the patient experience you want to provide. 🎯👥

We also delve into the challenges faced by doctors in the dental industry, from building intimate client relationships to attracting top talent. 🤝🌟

Whether you're just starting out or looking to revamp your practice, join us on The Dental Wealth Nation Show as we explore the journey from dental dreams to lasting success. 🎉💼🦷

Key topics: dental practice, budgeting, vision alignment, dental architecture, physical environment, patient experience, dental industry challenges, building client relationships, attracting top talent, dental dreams, lasting success.

💡 Speaker bio

Mohsen Ghoreishi, a man deeply connected to his Persian heritage, is the embodiment of integrity and reliability. Inspired by the deep-rooted meaning of the word "Cohen" in Farsi, he chose this name for his firm as it represents his vision for the present and future. With a rich understanding of the ancient culture and traditions, Mohsen aims to create a lasting impact by providing meaningful and valuable services to his clients. He believes in the importance of upholding timeless values and ensuring that his work remains valid and impactful throughout the ages. Mohsen Ghoreishi is committed to making a lasting difference in his field, guided by his unwavering belief in the power of integrity and everlastingness.

🧞‍♂️ Discussion questions

1. What are some factors to consider when determining a realistic budget for a dental practice?
2. How can an architect help in creating a vision for the patient experience in a dental office?
3. Why is it important for a dentist to have a clear vision for their business?
4. Can you share an example of a client who didn't consider long-term implications when it came to their office size? What were the consequences?
5. What are the necessary professionals and advisors that a dentist should work with when starting a practice?
6. How can renovating a dental practice space, even without major changes, improve the overall environment?
7. What are the key issues to consider when buying an existing dental practice?
8. What factors should be taken into account when selecting an architect for a dental project?
9. How does having an attractive physical environment impact a dental practice in terms of attracting new patients and professionals?
10. How does a dentist's vision impact other aspects of their practice, such as cost and time?

🎞️ Clip finder: Quotes, hooks, and timestamps

The Joy of Dental Design: "Because it is new every time, it is joyful. And, the amount of care the doctors have on patient experience is amazing."
— Mohsen Ghoreishi [00:06:26 → 00:06:31]
The Importance of Architects in Dental Practice Design: "what an architect does, the architect, takes this suite, takes the shell, the space, or built the environment, and it's really vision where when you walk in, you can capture the patient experience without, without an architect, you can't do then everything becomes quite a bit of cookie cutter because everything is designed on a flat plane. You have to think be able to think three dimensionally. and of course, be if you're a talented architect, then you can put parts and pieces together where the look looks good, and it is the vision of the dentist or the provider. the vision is a big deal that the architect can bring to life."
— Mohsen Ghoreishi [00:09:17 → 00:10:00]
The Importance of Vision: "Vision is a big deal and it's important because it impacts other things. it impacts dollars. It impacts time. that's that's why vision is very important."
— Mohsen Ghoreishi [00:12:33 → 00:12:47]
The Importance of Having a Clear Vision: "vision has 2 parts. So one is you're starting to practice and what is it? How do you see yourself in 5, 10, 15 years from today?"
— Mohsen Ghoreishi [00:13:44 → 00:13:53]
Budgeting for a Dental Practice: "You don't have to build a Taj Mahal to have a beautiful office. You could really have a simple, beautiful building with a low budget, but you have to know what it takes to have that."
— Mohsen Ghoreishi [00:19:05 → 00:19:13]
Building Your Dental Practice: "Your dental architect becomes one of the most important people that you can talk to and to basically help you bring the team together."
— Mohsen Ghoreishi [00:27:19 → 00:27:28]
The Importance of a Unique Office: "Well, it only matters if the doctor is really it's important for doctor to have a office which portrays himself and talks about who the doctor is, what kind of services he what kind of patient experience he or she wants to give to their patients. If that is important to them, if they are, they want to be unique, then that should matter, and they need to look for that."
— Mohsen Ghoreishi [00:32:00 → 00:32:28]
Renovating Your Practice: "You could simply refresh, like you said, change the carpet, put a new coat of paint, maybe change couple of, you know, various different decorative lights, and bring a whole new life to the space."
— Mohsen Ghoreishi [00:42:54 → 00:43:06]
Choosing an Architect: "You may wanna talk to some of the clients they've had to see the process, to see if how was the process from the beginning to end and how the architect or an institution treated you and worked with you from the 0 to occupancy."
— Mohsen Ghoreishi [00:46:05 → 00:46:22]
The Importance of a Welcoming Physical Environment in Dental Practices: "If you have a state of the art technology, if you have a beautiful environment, you will attract some of the best dentists to come over and become your associates. Those are the ones that actually can eventually take over the practice."
— Mohsen Ghoreishi [00:51:12 → 00:51:23]

Welcome to The Dental Wealth Nation Show with Tim McNeely! In this episode, Tim is joined by Jason Schneller, the regional director of project loans at Provide, to unpack the intricacies of dental practice startup lending. 

This insightful discussion delves into the essential steps and resources required for dentists looking to acquire a practice. Jason emphasizes the need for meticulous research, understanding the available options, and the importance of seeking guidance from mentors and professionals, such as lenders, realtors, and consultants. 

Delving into the lending process, Jason elucidates how Provide uses a prequalification process involving soft credit inquiries and essential questions to gather information about a doctor's credit score, personal debts, liquidity, licensing, and production.

The episode spotlights the efficiency of Provide's streamlined online lending process, which delivers a loan approval typically within 7 business days for a startup. Jason further discusses how the lender collaborates closely with realtors to define a budget and find an appropriate space for the dental office, emphasizing the significance of speed in securing loan approvals to enable the timely commencement of practice operations.

Throughout the conversation, Jason addresses common roadblocks faced by dentists seeking ownership, dispelling misconceptions regarding loan requirements and collateral. He highlights the specialized lending options available in the dental industry, underscoring how specialized lenders cater specifically to healthcare professionals and can lend 100% of the construction and equipment costs without requiring personal collateral beyond the practice itself.

The episode also explores the changing landscape of starting a dental practice over the years and the importance of building a knowledgeable team to guide dentists in realizing their practice vision and brand, even before they have a space.
Listeners are encouraged to consider the statistical success of dental practices and the benefits of ownership, along with the importance of seeking specialized advice to maximize net worth and make a meaningful impact.

Join Tim McNeely and Jason Schneller in this engaging episode as they provide valuable insights into the dental practice startup lending process, ownership benefits, and the significance of teamwork within the dental industry.

🎙️🦷 Discover the secrets to building wealth and success in the dental industry with Dental Wealth Nation Show! 💰💼 Hosted by Tim McNealy, this podcast is your ultimate guide to creating a lucrative and fulfilling life as a dentist. 💡✨ In episode 0084, "Family Business Succession - An Overview for Owners and Heirs," we dive into the critical topic of business succession planning for family-owned dental practices. 🤝👪✅

🏛️📝 Lack of a solid succession plan can lead to family conflicts and jeopardize the legacy of your practice. Discover why successful family businesses prioritize and take succession planning seriously, and learn valuable insights to smoothly pass on your business to the next generation. 🌟

📈 With the transfer of family-owned businesses expected to increase in the coming years, it's essential to know the key questions to consider when deciding to continue the business as a family enterprise or sell it. 💡🔑

👥🗣️ Join the conversation as we uncover the little-known advice and strategies used by successful individuals and families, aimed at maximizing net worth, taking care of loved ones, and making a positive impact on the world. 💪❤️

🎯👨‍⚕️ If you're a dentist looking to build a successful and abundant life, this show is a must-listen! Tune in to Dental Wealth Nation Show and visit dentalwealthnation.com to access exclusive resources to help you achieve your financial and personal goals. 🦷💰💼✨

Unlock the secrets to a prosperous retirement with the latest episode of Dental Wealth Nation! As a dental entrepreneur, you're constantly striving for success. But have you given enough thought to your retirement plan? Don't settle for the familiar, challenge yourself to take control of your future and make it better than ever!

Join us as we explore the world of retirement plans and reveal the exciting potential for saving big. You'll learn about:

• The compelling reasons for qualified plans
• The power of defined contribution plans
• The untold benefits of defined benefit plans

This is your chance to level up your retirement game and secure your financial future! So, grab your headphones and listen now! Thrive towards a brighter tomorrow!

Are you a Dental Entrepreneur who is struggling to Thrive into todays uncertain world?

If so, you will want to tune in today and learn:

• How to make sure you are setting yourself up to get the best terms on your real estate
• Where does your practice stand in the market today
• Build a plan for the next steps in your career

Laura will also share: How you can save thousands on your lease and some hot tips for things you should look for in your lease.

Thanks so much for being with us this week. Have some feedback you'd like to share? Please leave a note in the comments section below!

If you enjoyed this episode on four success drivers that help some of the most successful individuals and families grow and sustain their sizable net worth., please share it with your friends by using the social media buttons you see at the bottom of the post.

Don't forget to subscribe to the show on iTunes to get automatic episode updates for our "Dental Wealth Nation!"

And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the ranking of the show and I make it a point to read every single one of the reviews we get.

Would you like to understand what coaching is and how it can be used effectively to unlock potential and maximize performance? Are you ready to learn how Mudasser Hussain was able to transition to being a part-time dentist and provide business exec coaching? Or even how to increase revenue, productivity, well-being, and your mental health? If so you won't want to miss "Coaching your way to Success with Mudasser Hussain"