Welcome to the Art of Dental Finance with Art Wiederman, CPA. This is the show that will help you to meet your personal and business financial goals thru saving taxes, investing and planning wisely and managing your dental practice so it can become as profitable as possible. Here is your host…CPA Art Wiederman.
Nov. 6, 2019 | Legal Issues for Dentists with Dental Attorney Pat Wood
Today Art visits with colleague dental attorney Pat Wood. Pat and his team have worked with over 6,000 dentists spanning his 35 year career as an attorney for dentists. Art and Pat dialogue about associate agreement content and how covenants not to compete work. They also cover issues for senior doctors and associates involved in these contracts, as well as legal issues for buyers and sellers in the purchase and sale of a dental practice. Lots of insightful nuggets that could save dentists from legal issues when entering into contracts.ellers in the purchase and sale of a dental practice. Lots of great pearls that will save dentists from legal issues when entering into contracts.
Oct. 30, 2019 | Research Based Continuing Education for Dentists with Johnny Kois, CEO of The Kois
Today Art has the privilege of spending the hour with Johnny Kois, CEO of The Kois Center in Seattle, Washington. Johnny’s father, Dr. John Kois, is one of the most well-known and iconic dentists in the world. His courses and curriculum on clinical dentistry are among the best in the world. Johnny and Art talk about the three core concepts students of Dr. Kois learn: (1) how the curriculum is research based, (2) how dentists who come to the Kois Center are happier in their practices, and (3) how they teach dentists their system of developing a treatment plan, presenting cases, and to taking their game to the next level. Dr. Kois and his team have trained thousands of dentists and the information you will get on this episode might just change the way you learn and how you practice.
Oct. 23, 2019 | Pearls from one of the best Dentists and Coaches I Know with Dr. Phil Potter
On today’s show, Art spends the hour with his dear friend, CPA client and partner in his practice transitions business Dr. Phil Potter. Dr. Potter practiced high level restorative and cosmetic dentistry in his private practice in San Clemente, California for 31 years and after his retirement he spent many years as a coach working with and lecturing with Dr. Paul Homoly all over the country talking about complex care case acceptance, leadership and what makes dentists successful.
Oct. 16, 2019 | Tips for Hiring an Associate Dentist & Forming and Operating Dental Partnerships
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.
Oct. 9, 2019 | How to Avoid the 10 Biggest Financial Mistakes Dentists Make
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!
Oct. 2, 2019 | Does your dental practice have the right insurance coverage?
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.
Sept. 25, 2019 | Does your dental practice haFinancial and Business Tips for Success at All Levelsve the right insurance coverage?
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.
Sept. 18, 2019 | Global and National Economic Update
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.
Sept. 11, 2019 | Is Your Dental Practice Best-in-Class?
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.
Sept. 4, 2019 | Is Your Dental Practice HIPAA Compliant?
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.
Aug. 28, 2019 | Entrepreneurship and Advice for Dentists at all Stages of their Careers
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.
Aug. 21, 2019 | Are You Monitoring Key Metrics in Your Dental Practice?
Today Art talks with fellow Academy of Dental CPAs member Jess Bogumil of Fluence CPAs in Portland, Oregon. Jess discusses the importance of monitoring key metrics in your practice, such as comparing surface restorations to crowns diagnosed, comprehensive versus emergency exams, and more. Art and Jess share stories about clients who review their metrics and how they are more successful. They also discuss verbal skills a dentist needs in case presentation and the numbers from a dental CPAs prospective. With two dental CPAs on the interview, a lot of good information is exchanged in this episode.
Aug. 14, 2019 | Everything You Wanted to Know About CEREC
Today Art speaks with one of his firm clients and CEREC consultant Dr. Juste Karvelyte. Before going into private practice, Dr. Karvelyte was a CEREC trainer for five years with Patterson Dental. Art and Dr. Karvelyte discuss the history of CEREC, what types of offices it is best used in, the economics of CEREC, and many uses of CEREC many dentists don’t take advantage of. To round off the discussion, Dr. Karvelyte details how the dental team needs to be involved, how to market the technology, and mistakes dentists make when they purchase the technology. If you currently own or are contemplating purchasing CEREC or other CAD-CAM technology, this is a must-listen episode.
Aug. 7, 2019 | Implementing an In-House Dental Membership Plan
Today Art talks with Jordan Comstock, CEO and founder of BoomCloud. Jordan’s company has assisted over 1,000 dental offices in creating, organizing, and automating an In-House Dental Membership Plan. Jordan discusses how this is a great tool to move further and further away from being dependent on insurance companies; how it generates a stream of ongoing and consistent revenues; how these types of plans actually increase the amount of dentistry accepted by patients; and how the mechanics of such a plan work. He also discusses how to market such a plan, and how to go to local businesses to attempt to get them to join the dental office plan. A great interview and motivation to find more fee-for-service patients in your dental practice.
July 31, 2019 | Retirement Planning 101 for Dentists
This week Art does a show on his own about a subject that he is very passionate about – helping dentists retire. He begins with a case study explaining how you should think about calculating the numbers of retirement and your many choices. He then dispels myths about retirement, and talks about not retiring and perhaps working back in your practice or in an area you have a passion for. He provides three main areas you must consider (1) when you want to retire, (2) where you want to retire, and (3) what type of lifestyle you want to have. Art outlines the three types of retirement plans dentists can have: (1) SIMPLE-IRA plans, (2) Profit Sharing/401(k) plans, and (3) defined benefit plans. He closes with client and personal stories on retirement. The goal: get listeners to take action and begin immediately planning for a great retirement! Be sure to tune in for this valuable information.
July 24, 2019 | Strategies for Paying Off Your Dental Student Loan Debt
Today Art chats with Mark Johnson, a financial planner who spends most of his time helping dentists with strategies on how to repay and manage their student loan debt. Mark has significant knowledge of how the student loan process works – from what options doctors have when initiating a loan, to designing plans for his dentist clients to payoff their loans within seven to ten years after graduation. Art and Mark also discuss the different types of student loans, how to structure them, how to obtain interest subsidies, when to use income-based repayment programs, and how student loan debt is affected when a dentist goes to work in public health. An essential podcast for any dentist with student loan debt – at any time in their career.
July 17, 2019 | Leadership Uncomplicated-An Initiative Way to Lead Your Team
In this episode, Art and Katherine discuss key leadership skills for a dentist that include how to lead a dental team and how to create a great culture. In addition, they converse about creating and building a world-class dental team who believes in and executes the dentist’s vision and goals for the practice. Katherine talks about dentists using the same instincts that lionesses use to help their lion cubs go out into the wild and be successful, relating that to training a team. Finally we’ll discuss how to hold team meetings, how to train team members, and other communication issues between team and doctor. If you’re looking for leadership development tips, this episode is a must.
July 10, 2019 | Tips on Designing a World Class Dental Office
Today Art talks with his long-time friend from his Pride Institute days, Dr. Michael Unthank. Dr. Unthank is both a dentist and a world class dental architect who has designed over 1,000 dental offices all across the United States. Art and Mike talk about the process of choosing an architect and contractor; things he likes to see in dental treatment rooms, front offices, and sterilization areas; and mistakes he has observed. Mike is one of the most knowledgeable people in the country when it comes to dental office design, and he gives many tips on what dentists should consider when contemplating their design. His key question is “How do you want to practice?” This opens the door to the vision of the doctor and helps create an office where his clients are very happy practicing. Whether you’re looking at revamping your office, moving to a new office, or launching a new practice, there are lots of great tips for you in this episode.
July 3, 2019 | Estate Planning 101 for Dentists
Today Art visits with his friend and colleague Kelly Cruz, a top notch estate planning attorney. She discusses with Art the dangers of not having estate documents, how wills and trusts are used, and how to protect assets when leaving them to family members. Also they dialogue about difficult decisions, such as how to choose a guardian and whether to hire a corporate trustee to manage your assets upon death. If you have not finished your estate planning, there are lots of great tips in this episode for you.