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1929: Everything DSN

On today’s episode, we’re joined by Ashlee Hirschfeld, the COO of the Dental Success Network (DSN), for a deep dive into the latest in dental practice management, upcoming educational webinars, and the most engaging topics within the DSN community. They kick off the discussion with an overview of the exciting webinars scheduled for February, covering topics from presenting large treatment cases to understanding the crucial numbers for your practice. Mark and Ashlee highlight the importance of these webinars for practitioners looking to enhance their skills and adapt to the current social and financial climate.

The conversation then shifts to the benefits of DSN membership, emphasizing the substantial savings on dental supplies and services negotiated for members. Mark proudly shares that DSN’s negotiated discounts often surpass those available through larger DSOs, underscoring the value of DSN membership.

Answering community questions, Mark offers his expert advice on insurance verification, the criteria for hiring an associate based on patient numbers, and the metrics for evaluating hygienist performance. Each answer is tailored to encourage dental practitioners to analyze their practices’ unique situations and make informed decisions.

The episode wraps up with a reflection on the impact of dental mission work and the fulfillment derived from giving back to underserved communities. Mark and Ashlee’s discussion underscores the importance of community, continuous learning, and the pursuit of excellence in dental practice management.

Listeners are encouraged to participate in the upcoming webinars and events to further their knowledge and connect with like-minded professionals. For more information on the Dental Success Network and to join the community, visit their website and explore the resources available to help dental practices thrive.

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1928: Financial Strategies Pt. 2

On today’s 2-part episode, we’re featuring Brent Saunier and Chris Sands from Profi 2020, the conversation takes an intriguing turn into various strategic aspects of tax planning for dental practitioners. Here, the discussion revolves around the use of luxury items like jets for business purposes, the implications of the Corporate Transparency Act for small business owners, the nuances of the 1031 exchange strategy in real estate, and the complexities of achieving real estate professional status for tax benefits.

The episode elaborates on how significant investments, such as purchasing a jet, can potentially be justified as a business expense under certain conditions, emphasizing the importance of aligning with the tax code’s requirements. The discussion then shifts to the Corporate Transparency Act, highlighting the necessity for small business owners to report beneficial ownership information to combat financial misconduct and enhance national security efforts. This segment stresses the importance of compliance to avoid hefty penalties and legal repercussions.

Further, the dialogue explores the intricacies of the 1031 exchange strategy, allowing property owners to defer taxes by reinvesting the proceeds from the sale of one property into another. The conversation underscores the importance of like-kind exchanges and the need to identify the next property promptly to leverage this tax-deferral opportunity effectively.

Lastly, the episode touches on the coveted real estate professional status, which can offer substantial tax benefits by allowing owners to claim losses against their active income. However, achieving this status requires meeting strict criteria, making it a challenging goal for full-time professionals.

This podcast episode is packed with invaluable insights and practical advice for dental entrepreneurs looking to navigate the complex landscape of tax planning and investment strategies. Whether it’s understanding the legal requirements of new tax laws, exploring real estate investment opportunities, or leveraging tax codes for business growth, this discussion provides a wealth of knowledge for savvy business owners aiming to optimize their financial planning.

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1927: Financial Strategies Pt. 1

On today’s 2-part episode, we delve into the realms of taxation and financial strategies for dental professionals. In this episode, we’re joined by Brent Saunier and Chris Sands, the founders of Profi 2020, Marks’ personal CPA firm. As regular contributors to the podcast, Brent and Chris offer their expert insights on taxation changes and strategies that could significantly impact dental practitioners.

One of the highlights of this episode is the discussion on the Tax Relief for American Families and Workers Act of 2024, a piece of legislation that could potentially extend 100% bonus depreciation through the end of 2025. This could mean significant tax savings for dental practitioners who have made or are planning to make substantial investments in their practices.

We also dive into the intricacies of cost segregation studies, a strategy that can lead to substantial tax deductions for those who own their dental practice buildings. Brent and Chris explain how these studies work, the potential benefits, and the importance of timing when making such investments.

The conversation takes a turn towards the practicalities of dealing with IRS audits, sharing insights from a recent audit experience and strategies for minimizing the risk of triggering an audit. They shed light on common red flags, including the home office deduction and the use of cars within the business.

For dental practitioners looking to optimize their tax strategies and navigate the complexities of IRS audits, this episode is packed with valuable information and actionable advice.

To learn more about Profi 2020 and how they can help you with your taxation and financial strategies, visit their website. Stay tuned for more insightful episodes aimed at helping you grow your dental practice efficiently and effectively.

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1927: Financial Strategies Pt. 1

On today’s 2-part episode, we delve into the realms of taxation and financial strategies for dental professionals. In this episode, we’re joined by Brent Saunier and Chris Sands, the founders of Profi 2020, Marks’ personal CPA firm. As regular contributors to the podcast, Brent and Chris offer their expert insights on taxation changes and strategies that could significantly impact dental practitioners.

One of the highlights of this episode is the discussion on the Tax Relief for American Families and Workers Act of 2024, a piece of legislation that could potentially extend 100% bonus depreciation through the end of 2025. This could mean significant tax savings for dental practitioners who have made or are planning to make substantial investments in their practices.

We also dive into the intricacies of cost segregation studies, a strategy that can lead to substantial tax deductions for those who own their dental practice buildings. Brent and Chris explain how these studies work, the potential benefits, and the importance of timing when making such investments.

The conversation takes a turn towards the practicalities of dealing with IRS audits, sharing insights from a recent audit experience and strategies for minimizing the risk of triggering an audit. They shed light on common red flags, including the home office deduction and the use of cars within the business.

For dental practitioners looking to optimize their tax strategies and navigate the complexities of IRS audits, this episode is packed with valuable information and actionable advice.

To learn more about Profi 2020 and how they can help you with your taxation and financial strategies, visit their website. Stay tuned for more insightful episodes aimed at helping you grow your dental practice efficiently and effectively.

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1926: Fixed Vs. Growth Mindset Pt. 2

On todays’ two-part series with Dr. Arman Taghizadeh, affectionately known as Dr. T, whose expertise in psychiatry bridges the gap between mental health and peak performance in athletics. As a distinguished Johns Hopkins-trained psychiatrist and a six-time “TopDoc” honoree, Dr. T brings invaluable insights from his impressive career in both medicine and sports.

In this second episode, we delve into the transformative power of visualization. Dr. T elucidates how this technique not only helps athletes surmount mental hurdles but also serves as a critical tool for performance enhancement across various fields. He walks us through the practical application of visualization, demonstrating how it can be used for mental rehearsal and to deconstruct complex tasks into manageable steps.

The conversation then shifts to address the often-overlooked issue of compassion-fatigue, offering guidance for professionals inundated daily by the emotional demands of their work. Additionally, we underscore the profound effect of compliments and positive reinforcement in acknowledging individual effort and contributions, a simple yet potent strategy to bolster morale and motivation.

For anyone looking to elevate their mental game, whether in sports or daily life, Mark and Dr. T’s insights in this series are indispensable. Don’t forget to revisit part one if you haven’t already, and join us as we continue to navigate the intricate landscape of mental fortitude and resilience.

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1925: Fixed Vs. Growth Mindset Pt. 1

On today’s 2-part episode, we are joined by Dr. Arman Taghizadeh, also known as “Dr. T,” a distinguished Johns Hopkins trained psychiatrist specializing in General Adult Psychiatry, Child and Adolescent Psychiatry, and Sports Psychiatry. As a six-time “TopDoc” in Baltimore Magazine and a committed educator at Johns Hopkins Hospital, Dr. T brings his rich background as a wrestling All-American and an advocate for mental and physical health in students and professional athletes to our discussion.

In part one of this series, Dr. T delves into his personal and professional journey, providing insights into the experiences that have honed his expertise. He shares effective strategies for developing robust mental health and fitness, emphasizing the cultivation of resilience and emotional well-being. Our conversation also covers breakthrough methods for professional athletes to overcome mental blocks, and how these can be universally applied to various professions, encouraging optimal performance and mental agility.

Don’t miss the wisdom and strategies Dr. T and Mark offer for enhancing your mental fitness. Be sure to catch the continuation of our enlightening discussion in part two, where we delve deeper into the mental aspects of competitive sports and everyday life challenges.

For those eager to transform their mental approach to sports, career, and life, visit the Mindset Training Institute, founded by Dr. T, to explore their services and resources. Tune in tomorrow for the conclusion of this powerful interview.

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1924: Leadership & Accountability Pt. 2

On today’s episode, we have the concluding part two of our enlightening crossover episode with Dr. Desiree Yazden from the Social Dentist podcast. In this episode, we delve deeper into the operational aspects of running a successful dental practice. Dr. Yazden and Mark dissect the importance of understanding the cost per procedure to ensure financial health and discuss the critical role of leadership and team engagement in effectuating change. They emphasize the power of regular, focused meetings in keeping the team aligned and nurturing a positive practice culture. Additionally, they explore how demographic research plays a pivotal role in choosing the right market and location for your practice, alongside strategies for boosting revenue and efficiently managing overhead to maximize profitability. If you haven’t caught up with part one, now is the time to do so before diving into this insightful conclusion. Enjoy this episode, packed with practical advice for enhancing your dental practice’s success.

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1923: Leadership & Accountability Pt. 1

On today’s episode, we have a captivating crossover from Dr. Desiree Yazden’s Social Dentist podcast. Dr. Yazden, a highly accomplished cosmetic dentist from Newport Beach, California, shares her expertise in leveraging social media to attract new patients and establish trust in her community. This first installment of a two-part series delves into the vital aspects of leadership and accountability in dental practice management. Mark and Dr. Yazden discuss the importance of setting clear expectations, defining team roles, conducting regular meetings for alignment, and the significance of involving the team in decision-making and system development for a thriving practice culture. Join us for a deep dive into the strategies that underpin successful dental practice ownership and team management. Stay tuned for part two, and don’t miss out on more insightful discussions aimed at enhancing your practice’s success.

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1922: Three E’s of Phone Etiquette

On today’s episode, we are joined by Sydney Robinson, the Executive Director inside the Dental Success Network (DSN), and they delve into the crucial topic of mastering phone skills within the dental practice. With over 1,400 members under her wing, Sydney shares invaluable insights on creating positive first impressions and enhancing patient communication through effective phone handling. The duo emphasizes the significance of the initial phone call as a pivotal touchpoint in the patient’s journey, highlighting that poor handling can result in losing potential patients without ever realizing it.

The conversation covers the “three E’s” of phone communication—Empathy, Energy, and Edification—outlining strategies to ensure every caller feels valued, understood, and excited about their visit. They discuss the importance of active listening, prioritizing calls, and utilizing technology like call tracking KPIs to improve patient service and practice efficiency. Sydney introduces practical tools and strategies for efficient call management, including outsourcing calls to manage high volumes and after-hours inquiries without compromising the quality of patient care.

Listeners are encouraged to implement these strategies to transform their practice’s approach to phone communications, enhancing both patient satisfaction and practice growth. By focusing on building rapport, actively listening, and communicating effectively, dental practices can significantly improve their patient interactions and overall satisfaction.

For more insights and tips on improving your dental practice, check out the Dental Success Network (DSN). Explore the tools, strategies, and best practices discussed in this episode to elevate your patient communication and ensure your practice stands out in the dental industry.

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1921: Team Based Management

On today’s episode, we delve into the remarkable journey of Elaine Houle, a dedicated veteran in the dental industry whose career has been marked by innovation and resilience.

Elaine’s journey began with aspirations of becoming a hygienist, but an unexpected turn led her to uncover an embezzlement scheme early in her career. This pivotal moment redirected her path towards front office management and systemic improvements within dental practices. Elaine shares the challenges she faced, the importance of creating effective systems for managing practices, and her approach to revamping practices through team-based management. With 16 embezzlement cases identified, she highlights common schemes and stresses the importance of regular audits and proper checks and balances. Elaine offers advice on choosing the right insurance plans and managing secondary insurances. Reflecting on personal growth, she shares how support and encouragement played a crucial role in her professional development and hints at future projects aimed at contributing to the dental community. For listeners looking to revolutionize their practices or seeking guidance on preventing embezzlement, Elaine’s expertise is invaluable. Visit her website at dentaladvisorygroup.com for more information.

This episode is a testament to overcoming challenges and turning them into opportunities for growth and success. Join us to hear Elaine’s full story and discover how her lessons and strategies can transform your practice.

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