Art of Dental Finance and Management

Today, Art spends the hour talking about one of his favorite topics - associates and partnerships. Art will cover the reasons a dentist would want to bring on an associate, the steps a dentist would take in finding and interviewing a prospective associate, what should be important to the senior doctor as far as characteristics of an associate dentist, and whether to pay that associate as an employee or independent contractor. He then discusses the formation of a partnership, how much of the practice to sell to a young associate, how to determine the splitting of profits, and other issues a senior doctor needs to consider when adding an associate dentist to his or her practice. This is an area where Art consults frequently with dentists and helps them structure their partnership so all parties are successful. If you have a growing practice and are looking to add an associate dentist and perhaps ultimately a partner, this episode is information you need.

Today Art outlines the ten biggest financial mistakes dentists make and how to avoid them. He talks about building an office that is too expensive, putting too much emphasis on income tax savings, not understanding investments, and more. This is a highly requested topic that Art has presented to many dental societies and other groups. It's always chock-full of information and great tips. Art goes one-on-one with his audience - always informative and entertaining!

Today Art talks with his long-time friend and colleague Rich Walton, who has worked with over 1,500 dentists helping them obtain proper malpractice, workers compensation, office liability, and other types of insurance. Rich discusses the difference between a claims-made policy and an occurrence policy, why it is important to read the policy, what to do if a patient is unhappy and threatening to sue, and what to do if a lawsuit is filed. Rich and Art also discuss mistakes dentists make in purchasing different types of insurance and why it is important to buy insurance from someone who knows your profession. Finally, Rich provides information about employee liability insurance, which covers discrimination and harassment exposure. This very informative episode is important for every dentist in practice to discover what is in their respective insurance policies and how it affects them.

In this episode, Art visits with Dr. Nicholas Rauber and fellow Academy of Dental CPAs member Robby Apple. Robby's dental CPA firm in Baton Rouge is one of the premier dental CPA firms in the Southeastern United States, working with close to 200 dentists. Dr. Nicholas Rauber is on the faculty at the Louisiana State University School of Dentistry. Nick discusses what is currently taught to dental students regarding the business of dentistry, his experience with his current and former students, lessons he teaches his students, and life experience of also being a practicing dentist in Baton Rouge. Robby provides lots of financial tips that he gives his dentist clients on buying a practice, whether to buy a house or a practice first, retirement and overall financial planning, and how to monitor their business. The interaction with Robby and Nick provides great information for dentists at all stages of practice.

Today Art interviews Dennis Kushner who has spent his career in corporate turnarounds and mergers and acquisitions. Dennis gives an economic update titled "The Kushner Report" at Art's monthly networking breakfast. Dennis has amazing insight into the global economy and in this episode he and Art discuss: • the economic outlook for the remainder of 2019 • how the trade battles between the United States and China are effecting the global and U.S. economies • the situation with Great Britain and their battles in leaving the European Union • national debt, jobs, manufacturing, retail and much more. Dennis also discusses how companies grow: mistakes they make in growing too fast or out of control, and how that relates to the dental profession. A fascinating interview!

On today's episode, Art talks with Debra Engelhardt-Nash, a long-time colleague from his days at the Pride Institute of Management. Debra is one of the most sought after speakers, teachers, and practice coaches in the country. Art and Debra recall their days at Pride, and Debra talks about what makes dental offices great. Communication skills, team management, and patient interaction is critical. Be sure to listen in - Debra is not only very informative but very entertaining.

In this episode Art talks with his good friend Danielle McKinley of PCIHIPAA, who is a certified HIPAA specialist. Danielle has worked in risk mitigation for 10 years and has consulted thousands of practices. She has a passion for helping doctors understand how to protect their practice from a HIPAA incident with minimal time and resources needed. Art and Danielle discuss topics like: What is HIPAA and how to comply How to prevent and protect your practice from HIPAA penalties Misconceptions and common mistakes dentists make in not complying with HIPAA Why conducting a HIPAA Risk Assessment is required and a critical first step What to do if your practice has a data breach or ransomware attack Every dentist who owns a practice, even if you think you are in total compliance, should listen to this episode. The maximum penalty for failure to comply, which Danielle will reveal, is staggering.

Today Art spends the hour with long-time friend and colleague Kate Willeford. Kate is the president of The Willeford Group, a dental-specific CPA firm with clients all over the country. Kate spends much of her time helping her clients become better business people and thrive as entrepreneurs. Art and Kate discuss what being an entrepreneur means, but also they give advice to dentists just graduating dental school, those buying their first practice, and dentists in the middle of their career. Finally, Kate gives great advice for dentists who are at the beginning stages of planning to sell their practices and retire. Very good life advice and tips for our listeners.