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Inspiring Lessons in Dental Practice Success

Business Strategies For Success In Dentistry

Episode #43
Tax Savings for Entrepreneurs | Craig Cody

Key Points at a Glance

  • Craig Cody, Founder of Craig Cody & Company, in conversation with Naren Arulrajah
  • CPA, Certified Tax Coach, Author, Business Owner, and former New York City Police Officer for 17 years
  • Most business owners don’t know what a tax plan is
  • Many dentists are looking for help or guidance
  • Using real estate as an advantage in your taxes
  • Depreciating equipment and other assets in your tax & accounting
  • It’s important to communicate with your accountant and vice versa
  • ‘Good Will’ needs to be advertised or depreciated
  • Using your vehicle and a home office opens up options for tax deductions
  • Continuing Education, marketing, coaches, etc are all deductible
  • Cash flow in your business
  • Complimentary consultation available

Visit: www.craigcodyandcompany.com/growingdentist/
Call Profitable Dentist: 516-869-4051
Episode #41
Getting Equity off The Table and Back Into Your Dental Practice | Diana Thompson

Key Points at a Glance

  • Diana Thompson, Founder of Dental Performance Institute, in conversation with Naren Arulrajah
  • Started working in a dental practice after high school
  • In the dental field for 32 years
  • In a dental practice, it’s all about performance
  • You can never stop learning
  • What is ‘Operational Equity’
  • Analyzing the operational module of a practice
  • Evaluating patient experience and improving it
  • Having the right person with the right mindset in the right position
  • The follow up program needs to be structured to where things are done in a timely manner
  • The dentist should work with the treatment coordinator to get the patients back to overall health
  • Money left ‘on the table’
  • The ‘metrics plan’ to stay on track

Email: Diana@DentalPerformanceInstitute.com
Visit: www.dentalperformanceinstitute.com
Call Profitable Dentist: (630) 549-3224
Episode #40
The business side of a today's dental practice | Steve Parker

Key Points at a Glance

  • Steve Parker, Editor & Chief of The Profitable Dentist Magazine and President & CEO of Excellence in Dentistry, in conversation with Naren Arulrajah
  • Got involved in dentistry about 15 years ago
  • Started consulting on the business side of dentistry
  • The Profitable Dentist (started out as an idea, into a newsletter, then into a magazine)
  • Excellence in Dentistry (Seminars, Workshops, Forums)
  • Topics that people want to learn about
  • The way things are done today, is very different to the way things were done a generation ago
  • LTV- Life time value of a customer
  • Older generation vs younger generation dentists
  • Younger doctors understand dentistry is a business
  • Knowing the inputs and outputs of a business

Email: steve@dentivadental.com, steve@theprofitabledentist.com
Visit: LinkedIn, Facebook
Call Profitable Dentist: 812-949-9043
Episode #38
Take Profit First | Mike Michalowicz

Key Points at a Glance

  • Mike Michalowicz, Entrepreneur and Author, in conversation with Naren Arulrajah
  • Writes books for small businesses
  • Latest book is Profit First
  • Learning from mistakes
  • 83% of businesses run paycheck to paycheck
  • Sales – profit= expenses
  • Parkinson’s Law. Greater supply, greater consumption
  • Once you possess something, you make more of an effort to retain it
  • Have a separate bank account that you put a percentage in and use itonly for one purpose
  • Don’t let your business be led by your expenses, let profit drive your business
  • Start slowly, don’t try to do it all at once

Visit: www.mikemichalowicz.com or www.profitfirstbook.com
Episode #35
Implementing a Business Model | Amy Deschamps

Key Points at a Glance

  • Amy Deschamps, founder of D4Metrics, in conversation with Naren Arulrajah
  • In dentistry field for 25 years
  • Started in dentistry due to sister being a dentist, was studying law at the time
  • Business Model 4 quadrants: The facility, the team, the patient base and the schedule
  • The buyers point of view/end in mind
  • Patient base
  • Data & using a dental software
  • Phase treatment plans
  • Build on relationships
  • Insurance driven world

Visit: www.d4metrics.com, Email: amy@d4metrics.com, Call: 602-690-6031
Episode #28
Expanding the business growth formula | Alex Nottingham, JD, MBA

Key Points at a Glance

  • Alex Nottingham, JD, MBA, Founder of All Star Dental Academy, in conversation with Naren Arulrajah
  • Alex is an attorney, international speaker & a best-selling author
  • Father is a dentist, encouraged him to NOT become a dentist
  • You have to have a form of lead generation
  • The Business Growth Formula
  • Improve each area of the Business Growth formula by 5%, you’ve improved your practice by 40%
  • Don’t get distracted by all the ‘new things’ in dentistry
  • You have to commit to patient service & experience
  • Corporate dentistry
  • Be a ‘boring’ practice
  • Don’t be afraid to change
  • Avoid the Get ‘em in philosophy
  • The transition statement
  • Build a great business, a great brand
  • Stepping out of your comfort zone
  • Keep following your vision

Visit: www.allstardentalacademy.com, www.allstardentalacademy.com/free-training/
Episode #24
Have a strategic plan with a primary focus to grow your practice | Mr. John Cotton

Key Points at a Glance

  • John Cotton, Dental Team Performance in conversation with Naren Arulrajah
  • Worked with banks and financial advisors to grow their business
  • Started in the dentistry field by helping a friend/neighbor who is a dentist
  • You must have a well thought out strategic plan and a focus to grow your practice
  • Changing the behavior of patients to want the dentistry that was diagnosed
  • Team members need to have a performance mindset
  • It’s your job as a dentist to create the ‘want’
  • Patients want 3 things: value, appreciation, reasonable pricing
  • Figure out what the 3 key production drivers are
  • With a strategic plan, it creates accountability for the dentist and the team
  • Engage the team
  • Building the protocol

Visit: www.whydtp.com or Email: john@whydtp.com
Episode #12
Getting your dental practice where you want it to be financially & ethically | Mr. Kerry Straine

Key Points at a Glance

  • Kerry Straine, CEO Straine Consulting, in conversation with Naren Arulrajah
  • Has worked with over 6,000 practices in the past 30 years
  • How it all began in 1986, as a CPA having lunch with a friend who was a dentist
  • Divine intervention when things in life weren’t the best
  • The starting point of where you want to be financially
  • Building the culture of yes
  • Putting together what practices want
  • The 4 components to your business plan
  • Communication ‘engagement’ moments
  • The services of Straine Consulting

Visit: www.Straine.com Email: Stephanie@straine.com to schedule a time to chat with Mr. Kerry Straine
Episode #6
Maximizing Capacity by fixing your Practice within | Dr. Christopher Phelps

Key Points at a Glance

  • Dr. Christopher Phelps of Carolinas Dental Center in conversation with Naren Arulrajah
  • Entrepreneur turned dentist: Has own dental practices, teaches other dentists
  • Strategic Coach – taught to solve problems, turned 60 patients into 300
  • Maximize capacity and grow within. Went from 4 offices to 1 by building up and selling
  • Converting – Why calls were not converting (The big 3) Capacity / Insurance Questions / Price Shopper
  • Mindset of the patient
  • Dr. Phelps Call Tracking Service – calltrackerroi.com and Dr. Phelps Course – guidethemtoyes.com
  • Reciprocity: Gifting, Likes, How to’s
  • Principals – getting the patient to commit and follow through on the appointment
  • More on reciprocity, how much is your patient worth to you? 1) receiving a ‘thank you’ 2) what can you give as a reward 3) bringing in referrals
  • Liking. Liking those who like us, finding a commonality with those we pre-judge.

Visit: Dr. Phelps Call Tracking Service and Dr. Phelps Course or call: (704) 845-1107