Dental Business

Are Your Insurance Contracts Costing You More Than You Realize? In this episode, I take a closer look at how contractual write-offs, insurance mix, and network leasing can quietly eat away at practice revenue and owner income, often without being obvious. You’ll learn the five numbers every practice owner should be watching: Insurance mix Write-off percentage by plan Net collections Effective hour...

A dental practice’s long-term success is driven by the quality of its team and the leadership behind them; not simply by having great systems in place . In many practices, the owner sets the ceiling for what the team is capable of achieving. When the team isn’t performing at its potential, the solution often starts with the owner taking an honest look at their own leadership and being willing to c...

Are you producing $1 million but only collecting $910,000? Where is the other $90,000 going? In this episode, we take a closer look at one of the biggest financial issues facing dental practices: the gap between production and collections . A 91% collection rate may sound good, but on $1 million in production, that means $90,000 is not being collected. Year after year, that gap can turn into hundr...

In this week's episode, Phil Cole, CEO of KLAS Solutions, talks through the critical role of the hygiene department, which is often misperceived as a "cost center" when, in fact, it serves as the vital engine propelling the entire dental practice forward. Through a comparative analysis of two practices within the same area, we look at one practice's hygiene department merely meets payroll while th...

In today's podcast, Phil Cole, CEO of KLAS Solutions, discusses the critical importance of case acceptance in dental practices. We dive into the financial implications of patient treatment refusals result in significant losses, as the expenses incurred prior to a patient's decision to decline treatment remain with the practice while the anticipated revenue dissipates. By emphasizing that case acce...

In this week's episode, our discussion centers on the implications of patient retention within dental practices, wherein we assert that the most financially burdensome patients are those who are new, while the most cost-effective and lucrative are those who are already familiar with the practice. We explore the troubling phenomenon of patient attrition, and look at how practices often inadvertentl...

Today's episode revolves around a critical yet often overlooked metric for dental practice owners: the cost of an open chair. This expense, although invisible in conventional financial statements, can significantly impact the overall profitability of a practice. In this episode, we look at: The cost of an open chair in a dental practice can lead to significant lost revenue. Practices must calculat...

How well do you really know the health of your dental practice? In this episode, Phil Cole challenges practice owners to look beyond production totals and ask a fundamental question: Do you know the numbers that truly drive your business? While most dentists excel clinically, many rely on intuition rather than data when making business decisions. Phil explains why this reactive approach can limit...

The objective of today's discussion revolves around the critical nature of the transition phase following a dental practice acquisition, which is often overlooked by both buyers and sellers. Upon the closing of a deal, it is important to recognize that this event signifies the start of a new chapter, rather than its conclusion. We dive into the intricacies of ensuring that the operational integrit...

This episode is centered around an exploration of the fundamental principles of transitioning dental practices, with a particular focus on the critical elements that contribute to a successful sale. The host, Phil Cole, describes two distinct narratives of dentists who, despite operating under similar conditions, experienced vastly different outcomes upon their retirement. This situation serves to...

Buying a dental practice can be the fastest path to building wealth—but it's also one of the biggest financial decisions you'll ever make. In Part 2 of the Practice Transition Series, Phil Cole breaks down the due diligence process every buyer needs to understand before signing a purchase agreement. Using a real-world cautionary story of a young dentist who overpaid for a struggling practice, Phil...

"The Dental Business Podcast with Phil Cole" Presented by KLAS Solutions You've built your practice from the ground up — but do you actually know what it's worth? In this episode, KLAS Solutions breaks down the real factors that determine practice value, from revenue streams and patient retention to the hidden metrics buyers and investors actually care about. Whether you're years away from a trans...

In this episode... The paramount focus of this podcast episode is the critical importance of cultivating a robust banking relationship for dental professionals, one that extends beyond mere transactional interactions. We delve into the nuances of dental-specific lending, the distinct differences between lenders who understand the unique financial dynamics of dental practices and general banks that...

In This Episode: Why most dental practices struggle with team dynamics The difference between predictive trust and vulnerability-based trust Why healthy conflict is necessary for growth How poor team communication impacts profitability and productivity The hidden cost of employee turnover Why accountability should not rely solely on the doctor The direct connection between leadership and practice...

This episode focuses on one of the biggest business decisions dentists make: whether to lease or buy their practice space. Phil sits down with real estate experts Mark and Ron from Commercial Resources Advisory to talk about how real estate can impact the growth, profitability, and future value of a dental practice. They break down: The difference between leasing and buying Which option makes the...

Takeaways: Understanding the distinction between gross collections and adjusted collections is critical in practice valuation. Buyers must evaluate not only revenue but also the overhead percentage to gauge profitability. The quality and loyalty of the patient base significantly impacts a dental practice's overall value. Staff stability and tenure are essential indicators of a practice's goodwill...

This episode is all about helping dental practices build a marketing plan that actually works. I talk about the difference between just doing random marketing tasks and having a real strategy with clear goals and the right audience in mind. We also break down the basic pieces every practice needs first, like a strong Google Business Profile and a good website, before spending time or money on bigg...

This story shows how even a good dentist can run into serious trouble when the business side of the practice gets off track. Dr. Marcus was a strong clinician with loyal patients, but behind the scenes, his practice was struggling. Collections had stalled, his fee schedule was outdated, and communication with the team was not working the way it should. Over time, those issues started to pile up an...

This episode breaks down why understanding overhead is so important in a dental practice. We talk about how overhead is more than just a number or percentage. It includes everything from staff wages and supplies to lab bills and facility costs, and all of it affects how healthy and profitable a practice really is. We also go over helpful benchmarks and practical tips doctors can use to keep their...

In this episode of the KLAS Solutions Dental Business Podcast , Phil Cole (CEO of KLAS Solutions) talks about one of the biggest moves in dentistry: going from being an associate to becoming a practice owner. Phil shares real-world insight from helping dentists through practice transitions and breaks down what associates need to know before they buy a practice. They cover common mistakes, why unde...

The podcast delves into the multifaceted journey of Dr. Ryan Brunworth, a dentist with over two decades of experience, who shares both his triumphs and tribulations in the dental profession. Initially, Dr. Brunworth's career began with an acquisition of a dental practice shortly after his graduation from the University of Michigan. However, this rapid ascent was fraught with challenges, as he face...

The predominant focus of this discussion centers on the financial missteps frequently encountered by dental practice owners. I explain the five most significant financial mistakes that dentists commonly make, which often lead to suboptimal profitability despite apparent success. We commence with the critical issue of conflating personal and business finances, including tax inefficiencies and dimin...

The Dental Business Podcast enters a new era with its rebranding, emphasizing a dual focus on clinical excellence and business proficiency. Understanding that the traditional dental curriculum often neglects essential business principles, we aim to provide our listeners with a comprehensive toolkit that encompasses financial management, effective marketing strategies, and operational efficiencies....

Takeaways: The procrastination penalty emphasizes the critical need for early planning in exit strategies. Valuation illusions can lead to unrealistic expectations about the worth of dental practices. Understanding tax implications is pivotal to maximizing the proceeds from a practice sale. The successor mirage highlights the dangers of informal transitions without binding agreements. The high inc...

Key Takeaways from your host Phil Cole, CEO of KLASSOLUTIONS The podcast has officially rebranded from the Dental Education Podcast to the Dental Business Podcast to better align with its focus on business strategies for dental practice owners. The episode emphasizes the importance of partnerships in dentistry, highlighting how collaboration can lead to reduced workloads and improved work-life bal...