One simple formula can bring your entire financial picture into focus. Do you know what it is? On this episode of Dentist Money™, Reese and Ryan discuss an English Friar, the Principle of Parsimony, why Reese hates peacocks—and why tracking your net worth is a critical part of understanding your financial health. They break down the net worth formula and explain the pace at which yours should grow. It’s a back-to-basics conversation to help you spend your energy on the fundamentals that matter most.
On this episode of Dentist Money™, Reese and Ryan discuss how dentists can successfully position practices to “know what they are not” - and how to avoid becoming a “drive-by” dental practice. Plus, they discuss ways to build a thriving team, celebrate success with patients and - and why dentists could learn a thing or two from the Foo Fighters.
On this episode of Dentist Money™, Reese interviews Dave Monahan, CEO of Kleer. Dave offers his expert take on why uninsured patients are avoiding the dentist because they overestimate the cost of treatment, and how implementing subscription pricing can help overcome that concern. Plus, you’ll hear some surprising statistics on dental insurers' profit margin, and why cutting them out—when you can—will increase your bottom line.
You need financial advice, but how can you judge whether you’re getting real value from your “advisor?” In this episode of Dentist Money™ Reese and Ryan discuss how financial planning services are still in their infancy, and why so many advisors misuse the word “planning.” They also discuss the building blocks of a comprehensive plan. And, since financial planning isn’t a term either of them care for, you’ll finally hear why every Dentist Advisors podcast opens with “helping dentists make smart financial decisions.”
When’s the last time you gave your practice a financial x-ray? Would an expert accountant find any hidden problems? Morgan Hamon, founder of HDA Accounting Group, is Reese’s guest on this episode of Dentist Money™. By focusing his firm’s tax, accounting, and consulting services solely on dentists, Morgan has gathered valuable benchmarking data to measure key performance indicators of a dental practice. During this interview, he shares his thoughts on profitability improvement and overhead management. He also discusses if and when it’s time to invest in more growth.