The Nifty Thrifty Dentists

David Kolbe is a family man, an attorney, and the CEO of Kolbe Corporation which provides the Kolbe Assessment. The Kolbe Assessment is the only validated assessment that measures a person’s conative strengths. Not just another personality test, Kolbe helps one to understand the talent they were born with and how to “Be Your Best Self.” The assessment is a tool that has been used with companies ranging from Fortune 500 companies to Dental Practices. David joins Glenn and Vinh to review their Kolbe assessments and to give them reasons why they should retire as Dentists and become full-time podcasters. Notes of Interest *The Kolbe A Index is the most common Assessment given by Kolbe Corporation *Kolbe measures your instinctive way of doing things and the Result is called your MO (method of operation). *Kathy Kolbe, David’s Mom, founded the corporation 35 years ago *Kathy and her team dedicated themselves to helping adult and child learners overcome barriers and maximize their success. *David Kolbe has lived and breathed the Kolbe Concept® from its inception. *He worked as an attorney and as a Legislative Director before he becoming the CEO of Kolbe. *David feels that the Kolbe Assessment is a great way to help you and your staff pinpoint their stregnths *Beyond the assessments, the Kolbe Corporation provides seminars and training for businesses *David Kolbe admits that he put his future wife through the Kolbe Assessment *David’s grandfather is E.F. Wonderlic who is the founder of the famous Wonderlic Test *Take the Kolbe A Index Assessment – Take the Kolbe ATM Index Links Kolbe Corp – http://www.kolbe.com/ Wonderlic – https://www.wonderlic.com/ *Acknowledgements * Family Feud is owned by ABC Network SNL is owned by NBC

Show notes What is an EA? An enrolled agent, a licensed tax person who can represent people before the IRS. Why did you work with dentists? They don’t have the God complex like the surgeons they had worked with initially. What are common mistakes you see in dentistry? Most all dentists overpaid. Make sure you are practicing in the right entity. You can practice as a different entity for different parts of your practice. Learning to stack them appropriately can be advantageous. How can you pay less taxes? It depends on the types of practices and needs. What can you write off legitimately? There needs to be a business reason. Writing off travel requires a minimum of 4 hours of business related time to write off the trip. Most dentists can and should set up as an S-corp Vehicles that are used for business can provide a good write off. Keep a simple mileage log with mileage and purpose. Can you pay your kids for work done in your practice such as photos for marketing. To write off meals, write on the receipt who you were with and what was discussed. All receipts need to be kept at least 3 years. Can you take more in distributions than your W-2 salary? It all comes down to reasonableness. A home office is a reasonable deduction if you do work such as management or accounting from home. You can also write off the mileage from your business location to your home office. Owning or leasing a car through the business is about personal preference. His approach is to try to make things deductible when possible. Can we rent our home out as write it off? Yes, up to 14 days for a comparable rate to a similar house in your area. You can pay student loans through the business, but you cannot personally deduct the interest. Nifty Thrifty Deal: Submit your most recent tax return for a FREE analysis! There are no obligations, just the opportunity to find your missed deductions! A $5000 value for FREE!

Vanessa Gilbert, head of Marketing at Quantum Labs Toothcases are a great way to give your hygiene kits. The plastic zipper cases are reusable and have a spot for your business card. A reusable item that your patient enjoys can be personalized and gives frequent reminders of your office all the time. Imprinting is only $.13 each with no setup fee for your image. Lip balm that can be customized for your office as well as floss and other products. The kits allow you to leave a great final impression on your patients. The company started with exam gloves, toothbrush heads, suction bottom kids brushes, and more. Where did the name Quantum come from? It was chosen for the technical aspect starting with their gloves. They focus on gloves that have consistent fit and style so you never have to guess if you are getting the same product quality. Toothcase kits start at $.30 each and go up depending on style to around $.80 each. Adding the toothbrush, toothpaste, and floss is only $1.09 for their basic kit. The bags are TSA compliant. Online you can build your own case and additions. Save even more if you join their savings plans with scheduled ordering. Order samples online to check out, and there is a 100% satisfaction guarantee. They will even pay for the return shipping! Prepack your kits for an additional $50 if you choose. Prices are kept low because they are direct from the manufacturer. By testing and keeping only the products that are both good quality and value, they can save you even more money. Some brushes are customizable with a logo or lines of print. Quantum labs is offering an ongoing Nifty Thrifty 10% discount to new and existing customers. Phone 800-328-8213 and mention Nifty Thrifty Use promo code NiftyThrifty online at www.QuantumLabs.com to save 10% off your orders. ***It is not combinable with other promotions except the 11th case glove promo.

Why is the front office so difficult for many doctors? It’s a lack of knowledge and the fear to say, “I don’t know what I’m doing”. What are some of the most common questions? How do I deal with the doctors? The front does not get the same kind of training that a doctor may get. A lack of communication and a lack of training creates a big disconnect. There is no school for front office like there is for the doctor, hygiene, or assistant. Most of the time they have to learn as they go. Front office rocks has over 300 videos that focus on different topics and positions. Their coordinators work through the practice’s individual issues and customize the track. Team members can watch together and learn. The hot topics are insurance, phones, and cancellations. There are three types of no shows: new patients, doctor production, and hygiene. Each has a different issue that must be addressed. The focus of doctors is production, but they need to focus on case acceptance. That falls on the doctors for responsibility to spend time with the patients to build trust and to show the need for treatment. The front needs to know the numbers, just like everyone else on the team. Knowing the metrics helps them to be more productive like the back office. In regards to phones, make sure the phones are being answered all the time by trained people. The phone is the most important piece of technology in our practice. How do we need to handle price shoppers? Don’t give prices when possible. We can’t diagnose over the phone and stress that they should be in the office for diagnosis. Try to turn calls into consultations. There are 3 ways to use or system: New hires, subject-specific, or as a team activity. If you want anything to change, you need time planned to make those changes. Ongoing training is important because we get beat up in our jobs and become frustrated, complacent, or need new skills. If you aren’t growing, you’re stagnant. Next year they will do events that are small, subject-specific events that include live stream option with CE. They will be a day and a half in three different locations. The information will be on the Front Office Rocks website. How do we get today’s employees to be engaged? State your why, goal and focus. Allow them to buy into the goal and they will work hard for you.

NOTES:

• Dr. Glenn Vo was happy to have the founder and CEO of Brockman Health, Dylan Brockman, on for another episode of the Nifty Thrifty podcast.
• As a practice owner, Glenn has often run into the problem of team members coming up to him and asking if he offers benefits. Unfortunately, as a small business owner, it’s really hard to offer benefits—it’s just not affordable.
• However, thanks to guys like Dylan and his team over at Brockman Health, things don’t have to be that way anymore.
• Dylan’s team consists of experienced agents with an honest, transparent, and educational approach. They’re dedicated to providing innovative health and life insurance solutions for self-employed individuals, families, small business owners, and contract workers.
• Dylan knows what it’s like to be a small business owner. Prior to getting a start in the insurance industry, he was an entrepreneur himself. He ran into the same problems, struggling to find a way to offer health insurance benefits that would fit into his budget.
• He was stuck between two disparate options. One option was a plan that was costly but made a lot of sense. The other option was a plan that was affordable but offered high deductibles, crazy amounts of barriers to entry before getting benefits, and so on.
• Dylan thinks a big reason so many practice owners run into this problem is that they simply don’t know where to find the right programs. He believes that, “there are a lot of options out there for you so long as you know where to look.”
• For the past five years, Dylan has been doing just that—helping people (self-employed people, small business owners, families, etc.)—with finding affordable healthcare.
• According to Dylan, there are only three avenues someone can go to get insurance. None of these “avenues” are any better than the other; everyone is unique and the best approach plans on your specific situation.
• 1) If you’re employed, you can go through your employer. That means you have a W-2 job, work for a Fortune 500 company, etc. and can utilize the benefits of your organization.
• 2) Self-employed people don't get these perks. Then use the Obamacare marketplace. These plans approve everyone and cover everyone without exclusions.
• The problem with these programs is often charged based on income. If you're making decent money, you'll pay more for insurance than rent or a mortgage.
• 3) Another option for those who are self-employed is through the private market. According to Dylan, this is a bit of a “wild west” option where a plan might cover you for 3-6 months before kicking you out and telling you to look elsewhere—it’s hard to get good, long-term coverage.
• Private programs give greater rates depending on medical history. They work similarly to life insurance, where you must prove you're low-risk.
• If you’re someone who isn’t in need of high-risk procedures, this could be a good option for you.
• Dylan doesn't just help dentists. Practicing doctors who want family benefits are in luck. While the first is his "niche," he can help the second.
• Believe it or not, Dylan’s services are "free." He's paid by insurance contracts. Dylan's customers can use his services for free, and he gets the same pay from any company.
• Dylan lacks hidden motives. He's just looking for your ideal company.

Learn about:

• According to Dylan, why is it a misconception that small businesses can’t offer health insurance benefits to their team?
• Why doesn’t insurance offer “one-size-fits-all” solutions?
• And more!
• Tune in to watch Glenn go through a screen share presentation where he scrolls through Dylan’s website and highlights what he can do for you. There’s no harm in at least reaching out; email Dylan at [email protected] or give him a call at 1-954-243-5893!

NIFTY DEAL:

• Free review of current health insurance plan and situation. Consultation will determine if current health plan is best for their situation or if there are better alternatives.

Get the Deal here: https://www.brockmanhealth.com/free-quote