The Dentist Money Show | Financial Planning & Wealth Management

Student loans, practice loans, real estate loans. Dentists and debt go together like presidential elections and economic uncertainty. With speculation of rising interest rates, many are wondering if now is the right time to borrow money or refinance existing loans. In this episode of Dentist Money™, Reese welcomes Wells Fargo practice finance expert, Kent Murphy, who lists a number of factors to c...

How do you know when it's time to hire a financial advisor? For a lot of dentists there's a trigger that goes off ― a shortage of cash, an investment gone bad, stagnant collections ― and they wonder if it's time to call for help. But it's not always clear what's causing your pain or which professional has the right prescription. In this episode of Dentist Money™, Reese & Ryan explain when it makes...

There are two types of people in the world: those who have heard a sales pitch about permanent life insurance, and those who will hear a sales pitch about permanent life insurance. And the way these policies are sold ― on the premise of guaranteed returns and tax-free withdrawals ― often give investors a false sense of security. In this episode of Dentist Money™, Reese & Ryan walk through the stag...

Do you know the difference between a stock and a bond? Maybe you do. But even if you grasp the concept of fixed income versus equity, you may not realize how complex the bond market is. In this episode of Dentist Money™, Reese & Ryan describe the different types of bonds you can own, the risk levels associated with each, and how bonds can be used to lower your taxes. (And they make it through the...

Have you ever looked at your investment statements and wondered if your returns are as good as they could be? You've been told cheap index funds are the most responsible way to invest, but is it really that simple? What other funds can you buy? In this episode of Dentist Money™, Reese & Ryan list six factors to consider when building your investment portfolio. They discuss tradeoffs between active...

If your office has a qualified retirement plan like a 401(k), chances are you're paying fees you didn't know existed and taking on liability you didn't know you had. Matt Bradley and his company BenefitGuard help dentists fix their 401(k)s by lowering costs and offloading risk associated with compliance. In this Dentist Money™ interview, Matt explains where the fees are hiding, how to evaluate you...

IRA? 401(k)? Profit sharing plan? Pension? Mosts dentists know that choosing the right plan will put them on a faster track to retirement. But deciding which plan is best isn't always straightforward. In this episode of Dentist Money™, Reese & Ryan discuss the most important factors to consider when choosing a retirement plan for you and your employees. They also describe how TPAs, advisors, fiduc...

Lisa Knowles opened her dental practice in 2005… two years before the recession... in Michigan. With economic conditions stacked against her, she built a thriving practice on a model of "making things right for patients no matter what." Driven by her passion for communication and coaching, Dr. Knowles started Intentional Dental to help other dentists grow referral pipelines using a more mindful ap...

Dr. Mike Abernathy, founder of Summit Practice Solutions, joins the Dentist Money™ Show from his ranch outside of Dallas where he reflects on the most valuable lessons he's learned as a practice owner and consultant. Mike's approach to business management and personal finance allowed him to retire ahead of schedule and become a mentor for dentists all over the United States. In this interview, he...

Remember the personal bio you wrote for your practice website? You probably started with a paragraph about where you grew up, the schools you attended, and your involvement with dental associations. Then you added a couple lines about your family and personal hobbies, and emailed it over to your web designer. Now it sits on your website like a relic etched in stone. And in today's content-charged...

Morgan Hamon lives dangerously. He started his career as a fighter pilot and then became a tax accountant. The fight against taxes is real, and Morgan's firm, HDA Accounting Group, is the first line of defense for hundreds of dentists across the country. Because he works exclusively with dentists, Morgan has a deep understanding of tax issues faced by practice owners. In this Dentist Money™ interv...

Dr. Mark Costes is founder of the Dental Success Institute, Horizon Schools of Dental Assisting, and author of Pillars of Dental Success. He runs multiple practices, speaks at dental forums around the world, and coaches over 50 practice owners to help maximize profits. In this Dentist Money™ interview, Dr. Costes talks about the bumps and bruises he's experienced while acquiring multiple practices...

Is your website doing its job? Does it really drive new patients, or does it just sort of exist? Mike Pedersen, founder of The Dental Boost, helps hundreds of dentists showcase their practices with powerful websites that make it easy for visitors to find what they're looking for. In this Dentist Money™ interview, Mike explains what it means to build your website with the user in mind, how to incor...

Perhaps nothing in dentistry is more important than surrounding yourself with the right people. It's also one of the most difficult things to do. Hiring is never an exact science, firing is no picnic, and outsourcing can feel like a crapshoot. So how do you put together a winning team? In this Dentist Money™ interview, Pat Rosenzweig, co-owner of Mosaic Management Professionals, discusses the proc...

When Joseph McGregor was a young attorney in Cleveland, his friends in the Case Western Dental program started asking for advice about practice buy-in agreements. The questions kept coming, and before he knew it, Joseph had a side job through which he met several players in the dental industry. His experience led him to open a dental-focused law firm in 2009. (His desire to make it big led him to...

While working with his endodontist father, Chris Tayler became all too familiar with the inequities imposed by insurance companies on dentists. Seeing an opportunity to help other practice owners, Chris put his MBA and finance background to work and started a company called Cobalt Analytics, which specializes in optimizing insurance plans for dentists. In this episode of Dentist Money™, Chris expl...

Consultant, coach, practice owner, professor, founder of the Thriving Dentist Show, internationally-acclaimed speaker. Dentists around the globe refer to Gary Takacs by a number titles. We simply call him The Legend. Having worked with over 2,200 practices, perhaps no one is better qualified than Gary to motivate and mentor dentists at every career stage. In this Dentist Money™ interview, he share...

Ben Tuinei, President of Veritas Dental Resources, has worked with over 6,000 dentists across the country to negotiate fair and reasonable reimbursements from insurance carriers. Using Ben's 7 Steps of Negotiation, dentists gain leverage against providers to get the highest fee schedules available. In this Dentist Money™ interview, he explains what it means to build an insurance profile, how to ov...

Jordon Comstock is founder of BoomCloud Apps, provider of in-house membership software for dental practices all over the country. Inspired by his deep knowledge of the dental industry, a passion for user interface design, and a book called The Automatic Customer, Jordon built a platform that allows practices to offer, manage, and track a variety of membership solutions for their patients. In this...

Dr. James Anderson wasn't wired to follow the traditional path of dentistry. Within a year of starting a practice, he hired his first associate and caught the entrepreneurial bug (or as he calls it, "A.D.D."). Since then, he started nine successful practices, built one of the largest dental billing companies in the nation, and even opened an arcade. In this episode of Dentist Money™, Dr. Anderson...

If you enjoy the charming sound of a Boston accent and getting advice from one of the dental industry's most experienced consultants, then you won't want to miss this episode of Dentist Money™ with Nancy Kagan. Nancy was a hygienist for several years, then formed a temporary dental placement agency before managing two successful practices for over twenty-five years. In 2004, she founded Summit Den...

Social media marketing is an essential part of driving growth for a practice, but a lot of dentists struggle to understand the evolving digital landscape and how to implement a solid online strategy. In this Dentist Money™ interview, Seth Dahle of My Social Practice offers his expert advice for boosting patient counts using social media and other digital channels. He explains ways to improve your...

CPAs (and father-son tandem), Don & Dave Mantyla, talk all things taxes and explain the most common mistakes that put dentists at odds with Uncle Sam. They discuss the primary tax problems faced by dentists, the ramifications of making extra debt payments, when equipment write-offs make sense, and how some dentists get caught in a downward cycle of tax avoidance.

Heather Colicchio is Founder & President of the American Association of Dental Office Managers — the largest association for dental business teams in the country. In this episode of Dentist Money™, Heather shares the philosophies behind her company's mission to strengthen dental practices by maximizing the talents of office managers. She offers considerations to make when hiring an office manager,...

Reese interviews Dr. Richard Engar, former clinical dentist of ten years, and current CEO of Professional Insurance Exchange. Dr. Engar draws from decades of experience to explain how dentists can prevent unnecessary malpractice claims from putting their wealth and reputations at risk. He also offers advice for dealing with malpractice threats, describes the most common (and most expensive) types...