In this episode, Ash welcomes Kevin Henry from Kevin Speaks Dental, a seasoned advocate for dental assistants with over twenty years of experience in the field. Kevin shares his insights about the evolving roles of dental assistants and the challenges they face, including compensation concerns, feelings of undervaluation, and workplace culture. They discuss the importance of communication, team accountability, and culture in retaining and supporting dental assistants, explaining how these factors often outweigh pay in promoting job satisfaction.

The conversation covers practical ways practice owners can support their assistants, from regular check-ins about career goals to fostering a sense of empowerment and belonging within the team. Kevin also discusses how technology and generational shifts are impacting dental practices, stressing that open dialogue and targeted training help ease the adoption of new tools and responsibilities. They also talk about why it's so important for practice owners to stay updated on state regulations and to invest in knowing their numbers, ensuring both patient care and a profitable, harmonious workplace.

Key Topics Discussed:

• Common challenges for dental assistants: pay, respect, and team culture
• Ways to add value for assistants beyond compensation
• Importance of regular check-ins and career goal discussions
• Team accountability and the role of leadership throughout the practice
• Improving the hiring process and assessing team fit
• The impact of technology on dental practice workflow
• Managing generational differences and communication styles
• Ensuring compliance with state regulations for assistant duties
• Balancing business profitability with patient care and staff satisfaction

To learn more about or connect with Kevin, you can find him at: https://www.kevinspeaksdental.com/

In this special episode of Beyond Bitewings we're sharing our favorite conversations with a few experts who discuss how dental practice owners can create generational wealth by thinking beyond their day-to-day income.

Ash is joined by former guests like Paul Montelongo, Eric Miller, and Nathan Turner as they share practice advice and non-traditional options when it comes to investing your hard-earned income.

In this episode, they unpack traditional and alternative investment strategies designed specifically for dental practice owners. From stocks and bonds to multifamily syndicates and mortgage note buying, this episode covers what you need to know to make your money work for you beyond the dental chair.

Discover how to evaluate different investment options, set up multiple revenue streams for your household, and ensure you're properly compensating yourself as a business owner. The episode also features a practical look at passive investing, how to navigate business plans for real estate syndications, and the ins and outs of buying mortgage notes.

Key Topics Discussed:

• Approach to investing for dental practice owners
• How multifamily syndications work for passive investors
• Typical hold periods, returns, and distributions in real estate syndicates
• Defining the role of limited partners (LPs) and their rights
• Structuring practice owner compensation and ensuring proper payment
• The importance of generating additional revenue streams beyond practice income
• Overview of investment options: stocks, bonds, real estate, and insurance products
• Mortgage note investing: process, returns, and investor protection
• Reporting and payout timelines for investors

In this episode of Beyond Bitewings, we're focusing on helping dental practice owners stand out in what may feel like a very overcrowded space. Ash shares some of his favorite insights from several different interviews he has done with marketing experts Erin Gregor, Darren Tesatori, and Brandon Hubbard. The conversation starts with Erin explaining the importance of creating engaging content and effectively using social media to connect with potential patients. She suggests starting by answering common patient questions and advises against generic posts, emphasizing the value of authenticity in differentiating a dental practice in a crowded market.

Darren sheds light on the critical role that Google Business Profiles play in attracting new patients. He highlights the importance of optimizing these profiles and accumulating positive reviews to secure a spot in the coveted Google three-pack. Brandon expands on the concept of marketing investment, advising that a proper budget and consistent branding efforts can significantly impact a practice's growth. Together, they discuss the idea that marketing shouldn't be passive and should reflect the unique style and story of the dentist to build a strong connection with potential patients.

You can find the full episodes of each of these interviews here:

Darren: https://eandassociates.com/secrets-to-growing-your-dental-practice-with-google-reviews-and-local-seo/

Brandon: https://eandassociates.com/dental-marketing-demystified-how-to-drive-growth-and-stand-out-in-the-industry/

Erin: https://eandassociates.com/how-to-use-social-media-to-grow-your-dental-practice/

Key Topics Discussed:

• Creating engaging content for social media
• Choosing the right social media platforms
• Time and resource allocation for social media efforts
• Setting and managing marketing budgets
• Understanding costs related to acquiring new patients
• Building and maintaining trust with marketing teams
• Importance of content in current marketing strategies
• Transition from traditional to content-driven marketing
• Optimizing Google Business Profiles
• Leveraging online reviews for better visibility

In this episode. Ash welcomes Lorraine Kent, the current tax manager at Edwards and Associates, to discuss essential tax strategies and tips specifically for dental practitioners. They start by discussing topics like deductible expenses, common tax mistakes, and audit red flags. Lorraine shares insights on what expenses are deductible for rental properties and the implications of depreciation recapture when selling such properties. She also provides guidance on loss harvesting strategies and the importance of tax planning while reviewing personal and business investments.

They also explore common tax mistakes that can be easily avoided, such as the importance of sharing all necessary tax documents with accountants, and they discuss key audit triggers like meals, travel, and auto expenses. They round the conversation with real-world examples of tax horror stories they've encountered due to miscommunication or oversight.

If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

Key Topics Discussed:

• Deductible expenses for rental properties
• Depreciation recapture and tax strategies
• Harvesting tax losses effectively
• Common tax mistakes to avoid
• Audit red flags: meals, travel, and auto expenses
• Community property state tax impacts
• Business property tax explanations
• Impact of volunteer services on taxes
• Importance of communicating with your CPA
• Real-world tax miscommunication examples

In this episode of Beyond Bitewings, hosts Robert and Ash discuss the essential financial concept of BAM, or the Basic Amount of Money needed to operate a dental practice. This isn't just another metric like production per hour; BAM is crucial for ensuring that a practice is financially healthy and meeting all its obligations. Unlike a simple break-even point, BAM includes not only overhead costs but also salaries, loan repayments, and even the financial goals of the practice owner, such as retirement contributions. The episode emphasizes how understanding and setting an accurate BAM figure can also play a role in establishing a fair bonus system for practice staff, aligning financial goals across the team.

Robert and Ash explore the components that make up the BAM, including considerations for future expenses such as new hires, potential rent increases, and loan payments. They also discuss the importance of setting realistic and achievable financial goals, which take into account both historical financial data and future projections. The conversation highlights that calculating BAM annually is a best practice to accommodate changes like market growth and inflation. Lastly, they touch on personal financial goals—like charitable contributions or income for family members—and whether they should be factored into BAM calculations.

Key Topics Discussed:

• Definition and importance of BAM (Basic Amount of Money)
• The difference between BAM and break-even
• BAM's significance in establishing staff bonuses
• Considerations for calculating BAM, including future expenses
• Ensuring BAM is realistic and achievable
• Impact of loan payments, rent, and retirement contributions on BAM
• Personal financial goals in BAM calculations
• Annual recalculation and projection adjustments for BAM

In this episode of Beyond Bitewings, the team at Edwards & Associates is joined by Allen. Schiff to discuss the prevalent issue of embezzlement in dental practices. Alan, the president of the ADCPA and a certified fraud examiner, shares his insights on the unexpected frequency of embezzlement cases, stating that one in six dental practices will experience or have already experienced embezzlement. Alan explains common signs that business owners can look out for, such as behavioral changes in trusted employees and discrepancies in financial records. The conversation emphasizes the importance of not immediately terminating suspected employees to allow for proper investigation and gathering of evidence.

They also offer practical strategies for minimizing the risk of embezzlement. This includes segregating financial duties among staff to prevent any one individual from having too much control, regularly reviewing day sheets, and ensuring robust internal controls like setting audit trails at the highest level in practice management software. Alan highlights the psychological deterrents, such as having doctors visibly review financial statements and records, and discusses the complications of background checks due to unreported offenses.

Key Topics Discussed:

• Understanding dental practice embezzlement frequency
• Recognizing behavioral signs of embezzlement
• Importance of independent investigation
• Strategies for minimizing embezzlement risk
• Setting internal controls and segregation of duties
• Psychological deterrents in financial monitoring
• Common types of fraud in dental offices
• Challenges in prosecuting embezzlement cases
• Tips for effective fraud prevention and detection

Have you ever noticed when you search for something near you on Google, there are always 3 places that pop up on a map? That's called the Google 3-Pack, and it's the key to having Google become a lead-generating machine for your business.

In today's episode of Beyond Bitewings, Ash welcomes Darren Tessitore, CEO of Thrive Reviews, to unravel the mysteries of local SEO and how to maximize your Google Business Profile to drive traffic.

Darren sheds light on the importance of frequent updates, active social media engagement, and strategic use of customer reviews to climb up the rankings of the Google Map 3-pack and soar above your competitors without paid ads.

Darren also provides crucial tips on the importance of commenting on reviews while remaining HIPAA compliant. He also talks about how you can incentivize your staff to encourage and ask for reviews, and why it's an important factor when staying on top of Google's local search.

To get in contact with Darren, you can visit https://thrivereviews.net/ or call him at 727.300.1084

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Episode Breakdown:

• The Importance of Google Business Profiles
• The science of optimizing Google Business for top-ranking
• Google marketing strategy to boost local rankings
• The importance of social media to your Google Profile
• Automated updating, posting, and review management
• The importance of understanding HIPAA to ensure compliance and avoid lawsuits.
• Lowering the cost for customers

Are you overpaying on your credit card processing fees?

Most dental providers have no idea how much they're overpaying on their processing fees, losing them, literally, thousands of dollars of their bottom line each year.

In this episode of Beyond Bitewings, Ash welcomes Jeremy Lessaris, founder and CEO of Payment Brokers, a fintech company specializing in AI-enabled cost reductions within the payment processing industry. With a background as a seasoned entrepreneur who has successfully built and exited eight companies across diverse sectors like tech, SaaS, payments, and healthcare, Jeremy brings a wealth of expertise to the table.

Jeremy offers some history of the payment processing industry, revealing pricing tactics that can burden small to medium-sized enterprises, including dental practices. He also shares his journey from being affected by high credit card processing fees to creating a solution that helps businesses avoid these pitfalls. Through Payment Brokers, Jeremy utilizes advanced machine learning tools to analyze merchant statements and negotiate better rates for clients, ensuring significant savings without requiring businesses to switch providers or disrupt their operations.

They also touch upon Jeremy's entrepreneurial journey, the importance of sound advisory, and how addressing small operational costs can lead to massive impacts on business valuation, especially for those planning an exit strategy.

To find out more about Jeremy, visit: paymentbrokers.com.

Key Topics Discussed:

• Origin and mission of Payment Brokers
• Challenges in the payment processing industry
• AI and machine learning applications
• Specific advice for medical and dental practices
• Importance of good advisory support
• Insights from Jeremy’s entrepreneurial journey
• Cost-saving strategies for businesses