Everything Dentists Need to Know about the Latest Tax Reform Bill

with Robby Apple CPA - Episode 311

In December 2017 Congress released the latest Tax Reform Bill providing the most sweeping changes in the tax code in over 30 years. Gary invited his friend Robby Apple CPA to discuss the details in the latest tax reform bill and specifically how these changes will affect you.

Running Time: 63:19 minutes

Gary deliberately chose Robby for this interview because he is an authority on the topic and he has a great way of making this information both educational and interesting! In this Thriving Dentist Show Gary and Robby discuss; The Academy of Dental CPA’s (ADCPA) and how they serve their Dentist clients, Robby’s perspective that there is considerable good news for Dentists in the tax reform bill, how the bill may stimulate the economy and positively impact dental practices, the 7 specific changes that might affect most Dentists, why you might want to change your business structure because of the new tax bill, changes or elimination of deductions in the tax bill, details that did not change and common misperceptions about the tax reform bill. As a service to listeners of the Thriving Dentist Show, Robby has provided a set of detailed notes covering our interview available as a pdf document. To receive these valuable notes click Here.

Website for the Academy of Dental CPA’s

Robby’s website

Click here to receive a free copy of Robby’s notes detailing the changes in the new tax reform bill

Financial Freedom is Achievable for Dentists but you Must Know the Rules of the Game!

with Josh Robbins and Tom Zgainer - Episode 310

Gary defines Financial Freedom as the day when you can go to work because you want to, not because you have to. Despite having a very attractive annual income, most Dentists struggle with achieving Financial Freedom. A recent study reported that only 3% of the Dentists in the US could retire at age 65 without reducing their lifestyle. Gary Invited his friends Josh Robbins and Tom Zgainer to provide great tips on how Dentists can achieve Financial Freedom.

Running Time: 61:23 minutes

In this Show, Gary, Josh and Tom discuss; The retirement tools that Dentists can use at every stage of their career to achieve Financial Freedom, how to determine an appropriate savings rate at various stages of your career, how most Dentists are being adversely effected by high investment-related fees that are eroding your Net Worth, how to discover if you are over paying investment-related fees, how a properly designed 401K plan can be a powerful tool for you to achieve Financial Freedom and throughout the interview Josh and Tom share great, actionable information from Tony Robbins book titled Unshakeable. This powerful book is a #1 New York Times Best Seller filled with information that will help you achieve Financial Freedom.

To receive a FREE copy of the book; Unshakeable written by Tony Robbins:
uncovermyfees.com

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The Specific Reasons Why Dentists Retire 5 years Later Than the Average American

with Reese Harper - Episode 305

The American Dental Association recently released a study on the financial success of Dentists. Among other findings, this study concluded that the average retirement age for a dentist is 67, which seems reasonable until you compare it with the retirement age of the average American, which according to Gallup is 62. This seems especially perplexing given that the typical Dentist’s income is much higher than the average American.

Running Time: 69:59 minutes

In this Thriving Dentist Show, Gary interviewed his friend Reese Harper on how Dentists can achieve Financial Independence. In this Show, Gary and Reese discuss; How behavior and personality traits play a big role in how Dentists make decisions about money, an in-depth discussion about the 9 specific financial archetypes and the relationship between personality traits and financial behavior, how to avoid the common mistakes that each of the personality types tend to make, how to determine an appropriate savings rate, how to fund your children’s education and how to develop the specific habits that will allow you to achieve financial independence. The goal of this interview is to help you practice dentistry because you want to, not because you have to!

Reese’ website:
http://www.dentistadvisors.com

Reese’ Podcast:
The Dentist Money Show
http://dentistadvisors.com/series/dentistmoney/

Reese Phone Number
833-DDS Plan (833-337-7526)

Empowering Office Managers with Practical Tools and Resources

with Kiera Dent - Episode 303

Office Managers are very important in a Thriving Practice! In this Thriving Dentist Show, Gary invited his friend Kiera Dent to talk about all things related to Dental Office Manager Success.

Running Time: 51:06 minutes

In this inspiring interview Gary and Kiera discuss; Why it is important for office managers to have a community of colleagues where they can connect with other brilliant office managers, the most common problems that office managers face on a daily basis, how Kiera (as an office manager) grew a practice from 500K to 2.4M in 9 months, insurance tips to help you better serve your patients, why pre-determinations (Kiera calls them pre-denials!) are a trick by the insurance company to reduce the incident of treatment for patients, positive expectations for your office manager, how your office manager can help you reduce practice overhead, leadership tips for office managers and how Dentists can best support their office managers. You will love Kiera’s knowledge, experience and passion!

Kiera’s website:
http://www.kierasdentalconsulting.com

Access to: ‘Be the Best Office Manager’ Webinar on Wednesday, December 7, 2017
http://www.kierasdentalconsulting.com/webinar

Kiera’s website for Dental Placement Pros:
http://www.dentalplacementpros.com

The Model of a Single Location Group Practice that Produces $10M+ per year Driven by a Noble Cause

with Dr. Craig Spodak

There are many different models of success in dentistry. In this Thriving Dentist Show Gary interviews his friend Dr. Craig Spodak from Delray Beach, FL about his practice model. Craig’s model is a single location group practice that produces over $10M per year driven by a Noble Cause.

Running Time: 58:03 minutes

In this Show Gary and Craig discuss; Craig’s experience as a 3rd generation Dentist, his vision of an ideal building which is LEED (Leadership in Energy Environmental Design) Gold Certified, the importance of creating a ‘Noble Cause’, Craig’s 14 Core Values in his practice, the power of intention, importance of learning from mistakes, Craig’s model of a single location vs. building a group of multiple locations, how Craig discovered that the was paying excessively high fees in his pension plan, the influence of Tony Robbins on Craig’s life and throughout the interview Gary and Craig discuss the meaning of ‘Geek Sheik’. You will love Craig’s powerful vision and his passion for our amazing profession!

Craig’s website:
spodakdental.com

Connect with Craig on Facebook

Connect with Craig on Instagram

To receive a Free copy of the book Unshakeable by Tony Robbins:
thrivingdentist.com/tony

Demystifying the Process of Buying or Selling a Practice

with Matt Porter

Buying or selling a dental practice is one of the most important decisions that most Dentists in their career. Unfortunately there are many ‘Myths’ on the topic of buying or selling a practice. Gary invited his friend Matt Porter on the Thriving Dentist Show to demystify the process and share information that separates fact from fiction.

Running Time: 62:56 minutes

In this interview Gary and Matt discuss; Matt’s financial background that is 3 generations deep, specific tips that Dentists can do to maximize the value of their practice, strategies for a smooth transition, pros and cons of selling to a corporate or DSO buyer, great tips for Dentists who are preparing to buy a practice and a thought provoking discussion of the differences between a Partnership of an Ambiguityship. Matt brings a wealth of knowledge to the topic of buying or selling a practice and you will benefit from his wisdom and passion for the subject.

Matt’s website:
www.menlotransitions.com

‘5 Reasons we are About to Enter a New Golden Age of Dentistry’

with Qadeer Ahmed

Last week, Gary interviewed his friend Qadeer Ahmed about a Patient Benefits plan that addresses all the ills that are wrong with the current dental insurance system. Let’s face it, the current dental insurance system is broken!

Running Time: 65:58 minutes

The current system suppresses claims. Patients, Dentists and Employers all lose. This is Part II of Gary’s interview with Qadeer Ahmed all about how we are about to enter a new Golden Age of Dentistry. Qadeer brings a deep background in business to the dental profession and he decided to look at the dentistry from a ‘clean slate model’. In doing so, he came up with a five-part plan that will significantly benefit Dentists.

Here are those 5 elements;
1) A coverage plan that actually benefits Patients, Dentists and Employers
2) Co-Management of complex cases
3) Profit Velocity and Quality
4) Capital Equipment available on a cost-per-use basis, and
5) Equity Conversion; The ability to convert equity in your practice to cash.

We truly are about to enter a new Golden Age of Dentistry and this interview will provide you with new ways of thinking about our amazing profession!

 

‘ProCare-Dental Coverage Controlled by Dentists and Patients’

with Qadeer Ahmed

It is no secret that the current system of dental insurance is totally broken! The current system only benefits the Insurance companies. Employers, Patients and Dentists all lose in the current system. Gary invited his friend Qadeer Ahmed on this Thriving Dentist Show to share how he and his Team have created a system that corrects all the flaws in the current system.

Running Time: 67:19 minutes

In this Show, Gary and Qadeer discuss; Why quality of care MUST be central to any patient benefit program, a discussion of how the current dental insurance system is completely broken, the story of a Dentist from Seattle who offered a free clinic day and experienced a line of people over two miles long to receive care and the reality was that the vast majority of these people had jobs and in some cases multiple jobs!, how ProCare addresses the flaws of the current insurance system and provides significant benefits for Employers, Patients and Dentists alike. You will enjoy the ‘origin story’ of ProCare and Qadeer’s passion for building a system that corrects all the flaws in the current insurance system. Ultimately, Qadeer’s goal is to help more patients receive the care they need and deserve and that is a powerful motivator, indeed!

 

Digital Gateway: Solutions for Success in 2017 and Beyond

with Dr. Mark Morin

The Dental Profession is experiencing radical changes as a result of a variety of market forces. Sadly, the profession is dividing into those who are struggling and those who are Thriving!

Running Time: 58:12 minutes

In this Show, Gary interviews his friend Dr. Mark Morin on how to thrive in these changing times. Gary and Mark discuss; Specific factors impacting the dental profession today and how to successfully navigate these changes, how Mark has been able to thrive in an area of the country (Detroit) that has been devastated economically, the specific technology that Mark feels is a ‘Must Have’ today, the biggest mistakes that Dentists make with technology, how to use technology to grow your practice, how to calculate ROI on technology, why you need to know about Section 199 in the tax code and the specific technology Mark suggests you start with if you are a new Dentist and the technology Mark recommends if you are an experienced Dentist.

Mark’s website:
www.drmarkmorin.com

Mark’s email address:
drmorin@earthlink.net

Everything You Need to Know About Pension Plans

with Reese Harper

Recently, Gary received an email from a Thriving Dentist Show listener asking about the benefits of Pension Plans for Dentists. Gary thought this would be of interest to all Thriving Dentist Show listeners so he interviewed his friend Reese Harper on ‘everything you need to know about pension plans’.

Running Time: 73:03 minutes

In this Show Gary and Reese discuss; The various types of pension plans available to Dentists, how to determine which type of plan is best for you, tax considerations and how to use a pension plan for tax advantages, appropriate investments within your pension plan, the three-factor model of investing developed by Eugene Fama and Kenneth French, reporting and administrative responsibilities when you have a pension plan and how a pension plan can be an important part of your path to financial independence. This interview provides great information that any Dentist considering a pension plan needs to know.

Most recent Thriving Dentist Show Interview with Reese Harper:
‘The Science of Achieving Financial Independence’

Link to Reese’s Podcast:
‘The Dentist Money Show’

Reese’s website: www.dentistadvisors.com

Reese’s email address: reese@dentistadvisors.com