*In this episode of Beyond Bitewings, Robert and Ash talk numbers, but it’s the good numbers that are crucial to know in order to determine the health of your practice. They talk about the importance of basic financial knowledge and how it can help clients make better decisions. They touch on the differences in collection percentages based on location, and where you should fall with collections versus take home pay. They also cover marketing budgeting and how it should be based on target collections rather than current collections. Ash and Robert also discuss why consultants can offer a big return on  your investment by helping you see the blindspots in your practice. Plus they discuss rent percentages, and why you may not be able to stay within the national average based on where you live. Additionally, they discuss continuing education expenses, and what you can write off when it comes to travel. Finally, they explore the financial differences between pediatric practices, orthodontists, and general one-dentist practices.If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash’s financial course.*Replay from 2023Topics Discussed:* Impact of consultants on dental practice efficiency* Real-world example of improved collections* Financial benchmarks for dentists* Importance of managing team member expenses* Marketing strategies for specific dentistry fields* Educational resources for understanding the business side of dentistry

The pandemic was four years ago, so why are we still talking about the ERC (Employee Retention Credit)?It's a topic that doesn't seem to go away, and so Lynne is joining Ash for another episode to jump into the complexities of this ever-evolving topic. Many are still unclear about the intricacies of ERC eligibility and the recent legal developments affecting those who have claimed it. Lynne breaks down the essential criteria for eligibility, updates on IRS actions, and necessary precautions and responsibilities for dental practice owners.In other episodes, they have warned of the potential pitfalls of engaging with ERC mills—companies promising easy money through the ERC without proper adherence to the rules. Now, as the situation unfolds, Lynne updates us on the IRS crackdown on invalid claims, criminal prosecutions, and what this might mean for dental practices caught in the middle. She also sheds light on the IRS's recent offer allowing practices to return erroneous claim amounts for a limited-time reduced penalty.If you're unsure on what steps you should take with your ERC claim or if you have specific questions about any of these topics for your practice, please feel free to reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course. Visit us at: https://EandAssociates.comEpisode Breakdown:The Employee Retention Credit (ERC) DiscussionMisinterpretation and Abuse of ERC ClaimsCriminal ProsecutionsValidity of ERC ClaimsRed Flags Identified by the IRSVoluntary Correction Program Offered by the IRS

There's been a lot of buzz about the new Beneficial Ownership Information reporting requirement, but have you filed yours yet? Are you still trying to figure out what it even is?In this episode, Ash and Lynne discuss a crucial topic that has been making waves in the business world throughout the United States. They discuss FinCEN's new reporting requirement and shed light on who needs to comply, the potential penalties for noncompliance, and the complexities of reporting for different entities. They also talk about the risks associated with entrusting sensitive information to third-party companies and provide insights for business owners and professionals handling multiple entities. This is definitely something that, as a business owner, you don't want to sleep on, and make sure you take care of as soon as possible.If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.comKey Topics:Introduction to BOICategories of Entities Subject to BOIPenalties and Filing DeadlinesResponsibility for Compliance and Potential RisksAdditional Considerations for Complex Business StructuresForms and Filing Process

Have you ever noticed when you search for something near you on Google, there are always 3 places that pop up on a map? That's called the Google 3-Pack, and it's the key to having Google become a lead-generating machine for your business.In today's episode of Beyond Bitewings, Ash welcomes Darren Tessitore, CEO of Thrive Reviews, to unravel the mysteries of local SEO and how to maximize your Google Business Profile to drive traffic. Darren sheds light on the importance of frequent updates, active social media engagement, and strategic use of customer reviews to climb up the rankings of the Google Map 3-pack and soar above your competitors without paid ads. Darren also provides crucial tips on the importance of commenting on reviews while remaining HIPAA compliant. He also talks about how you can incentivize your staff to encourage and ask for reviews, and why it's an important factor when staying on top of Google's local search. To get in contact with Darren, you can visit https://thrivereviews.net/ or call him at 727.300.1084If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.comEpisode Breakdown:The Importance of Google Business Profiles The science of optimizing Google Business for top-rankingGoogle marketing strategy to boost local rankingsThe importance of social media to your Google ProfileAutomated updating, posting, and review managementThe importance of understanding HIPAA to ensure compliance and avoid lawsuits.Lowering the cost for customers

Have you considered what you'll really need to create true financial freedom?In this episode of Beyond Bitewings, Lynne and Ash welcome Eric Miller, co-owner of a national financial planning company dedicated to serving the needs of healthcare owners. They discuss why it's so important for dental practice owners to think beyond just the month-to-month expenses and plan for their future. Eric shares insights on managing finances for medical professionals and the importance of integrating the cash flow of a dental practice with personal finances. Plus, they talk about the roles dental practice owners should play as practitioners and investors. He emphasizes the need for owners to receive fair compensation from their practices and how they can use their business as a vehicle to create multiple income streams and build the life they desire. He also discusses the various investment opportunities, such as stocks, real estate, and insurance-based products, to help dental professionals secure their financial future. To find out more and connect with Eric, you can find him at: www.econologicsfinancialadvisors.comIf you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.comEpisode Breakdown:Why it's important to understand your practice to improve personal financesHow to find investments that benefit your household's financeHow owner compensation should be linked to practice income but also moreGetting out of the race of the practices needs to make more money to survive.Why moving money is the key to retiring wiselyDiverse investments create multiple income sources for retirementFinancial advisors help people plan for retirement

Imagine having a process in place where you set up your team to handle conflict resolution and address issues more easily? Or what if you could easily be able to identify the right team members to hire?It may feel too good to be true, but it's a system that many businesses throughout the world use to clarify, simplify, and achieve their vision. In today's episode of Beyond Bitewings, Ash welcomes EOS implementor Jeff Schafer to discuss how dental practices could use this system to grow a better and stronger practice.They talk about the role of the Entrepreneurial Operating System (EOS) in enhancing leadership, management, and overall organizational effectiveness and give examples he's seen in different companies, but especially dental practices. They also talk about why company values are crucial to creating the right culture and fostering team cohesion, building organizational health, and ultimately driving business success within the dental industry. To find out more and look up Jeff, visit: https://www.eosworldwide.com/implementerIf you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Visit us at: https://EandAssociates.comEpisode Breakdown:After selling a business, why Jeff was rehired and grew the business, and became a successful coach Emphasizing core values for building dream teamsWhy core values are crucial for employee alignmentThe book "Good to Great" by Jim Collins emphasizes core values and right people in the right seatSimplify systems and focus on key functionsCreating discipline and accountability to solve issuesThe People Analyzer tool validates core values, facilitates conversationsTeach and execute efficient business strategiesImplementing EOS tools can help achieve business objectives.

Do you feel confident that you have the best dental distribution partner for your dental practice?In today's episode, Ash is joined by Jeff Van Hess, a sales rep for Patterson Dental, who talks about five tips for choosing a reliable dental distribution partner. Jeff discusses crucial factors to consider, such as the significance of tenure, building relationships, distribution center proximity, financing capabilities, loyalty programs, and the importance of trust in the relationship. Additionally, Jeff provides an exclusive preview of the latest advancements in dental equipment and the changing dynamics of the market.To learn more or to connect with Jeff, visit: www.pattersondental.comIf you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

Have you lost employees because another practice offered better benefits packages? If you wonder how you can create a more competitive package for your employees but feel it's too expensive or your office isn't large enough, we may have a solution.Today, Ash is joined by Michael Battaglia. Michael is the owner of Insure You Too, a company that helps small businesses create benefits packages for their employees, and he works with companies as small as four employees. Michael and Ash discuss why a one-size-fits-all package is not what you want to create for your employees and why it's essential to understand what they need before offering anything. They also talk about the options you should consider before putting together options.Michael offers valuable insights into the strategic aspects of benefits administration and emphasizes the significance of understanding the human impact behind the numbers. If you're interested in potentially offering benefits, you can connect with Michael at https://insureyoutoo.com/If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

As we get ready for another year to close, have you taken full advantage of tax-saving opportunities?In this episode, Ash breaks down everything you need to know before the year ends to ensure you’re setting yourself up for success when tax season comes. Ash covers topics ranging from retirement accounts, proper tax deductions, and ensuring you’re taking full advantage of tax savings but still not doing anything that would worry the IRS. Ash also discusses COVID-related financial assistance and why you need to make sure you’re reporting any help you may have received. Plus, he talks about something you may not have considered regarding the long-term planning of your business and some of the money you may have received from the PPP loan. Be sure you listen before you jump into the new year (or this is an excellent review as you start the following year). Saving money is always a good thing!If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

Does technology sometimes feel like it's causing more confusion and work in your practice?In this episode of Beyond Bitewings, host Ash welcomes a special guest, Megan Sak, a former hygienist who has transitioned into the sales world of dentistry. Megan discusses the world of practice management software, with a specific focus on Archy, a cloud-based platform. She talks about the benefits of Archy over traditional software, the complexities of data migration, and the importance of efficient and user-friendly support systems. Megan also sheds light on the unique feature of Archy integrating with a well-known payroll service to streamline practice operations. If you feel like you're spending more time on all of the technology in your practice, then make sure you're using the right software for you.You can find out more about Archy by visiting: https://www.archy.com/If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

What lengths would you go to to fix a problem that’s affecting quite a few others within your industry?In this episode of Beyond Bitewings, Ash welcomes Dr. Joseph Hull of Hull Dental Health. Dr. Hull is a dental practice owner in a more rural area of South Dakota, and discusses the problems with finding qualified staff, especially after the pandemic. Instead of accepting things as is, Dr. Hull decided to find ways to improve the situation by finding new solutions and seeing what he would do to make his own state change laws and offer further training. This law would teach dental assistants to provide coronal scaling or scaling of the teeth above the gum.This would help alleviate some of the problems with staffing he’s been experiencing in his practice. After seeing other states have been allowing this for quite some time and other states are just passing their law allowing it, Dr. Hull is trying to push for more states to do the same. He has now talked to his association for the state of South Dakota and is working on other ways to help figure out how they can implement this. This is an excellent example of leading and trying to have an impact on something bigger than just what’s happening in your office. It’s also about helping others in an impactful way. If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

How soon should you start seeing results from your marketing company? In this episode of Beyond Bitewings, Ash welcomes Brandon Hubbard, Founder of Pain-Free Dental Marketing to talk about what every dental practice should know about marketing. They discuss the ins and outs of marketing expenses in dental practices, and they shed light on the essential aspects that play a role in successful marketing, such as building trust, effective communication with marketing firms, and the emotional connections that patients make when choosing a dentist. From appointment reminders to content generation, they discuss the various elements that contribute to exceptional patient experiences and the overall success of a dental practice. Plus, they discuss the marketing budget, address misconceptions about SEO, and offer valuable insights into measuring the effectiveness of marketing efforts. To connect with Brandon and Pain-Free Dental Marketing, visit: https://www.painfreedentalmarketing.com/.If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

Is every patient a good patient?Welcome to another episode of Beyond Bitewings, where we welcome Rick Willeford, a dental CPA with 40 years of experience and the founding president of ADCPA, for a second part of our conversation. In this episode, Rick continues his conversation about KPIs for practice owners and gets more in-depth about what metrics you should look at and why only some patients are great.Rick also talks about the desire to stop working with PPOs and the fear and belief that it's impossible. He also discusses the importance of accurate statistical calculations, the benefits of leaving dental plans, and the potential impact on patient retention. Plus, he and Ash talk about the human factor of your numbers and why personality and interpersonal skills are crucial even in a business like dentistry. This is part 2 of our 2-part conversation with Rick, as he gave so much fantastic information in this interview.If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.Visit us at: https://EandAssociates.com

Are you running a practice that you love, or does it feel like your practice is running you?Welcome to another episode of Beyond Bitewings, where we welcome Rick Willeford, a dental CPA with 40 years of experience and the founding president of ADCPA. Rick discusses his background in electrical engineering and how it eventually led him to become a leader in the world of Dental CPAs.Rick and Ash discuss key performance indicators (KPIs) and analytics in the dental industry. Rick talks about why being busy isn't always good, and dentists often need to take a deep look into what they really want from their business. He also discusses key metrics that show the proper health of your business, not just how much money you're making. If you're making millions, it doesn't matter if your costs are also millions or if you're running yourself ragged to make any money.This is part 1 of our 2-part conversation with Rick, as he gave so much fantastic information in this interview.If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash’s financial course.Visit us at: https://EandAssociates.com

On this episode of Beyond Bitewings, we are joined by Kiera Dent, a dental practice consultant and host of The Dental A Team podcast. Kiera consults in over 100 dental offices nationwide, and tackles in-person dental office coaching. Her goal is to help clients achieve maximum success and efficiency.Kiera and Ash talk about why it’s so important to create systems from processes, and why you should find one or two systems that will make the biggest impact on your practice. Plus, they discuss the best way to seek out experts in the industry. Kiera also offers advice about setting a clear vision for your team, and how to set up automation around tasks so the team can work more efficiently. Keira also talks about why it’s so crucial that dental practice owners know how to manage the business side of their practice by dedicating time to focusing on the business and checking KPIs. She also recommends finding successful people to emulate and filtering through the noise to focus on one or two resources at a time. Connect with Kiera here: https://www.thedentalateam.com/Listen to the podcast here: https://www.thedentalateam.com/blogIf you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash’s financial course.Visit us at: https://EandAssociates.com

The tables are turning in this episode of Beyond Bitewings, and the Edwards and Associates team is being asked the questions that so many practice owners want to know. They’re welcoming Prosthodontist Dr. Giancarlo Aymerich to this episode so he can ask all the questions about how he can save more money on taxes for his practice.They cover common questions about deducting equipment, including when you can deduct equipment, how you can use it as a tax saving, and various cost thresholds. They also cover the common questions about cars including how you can deduct your car as a business expense, and what you need to report to the IRS when it comes to a car’s expenses. Plus, they talk about leasing vs. purchasing and which one is best if you’re using your car as a business expense.They also talk about when the right time is to switch your company to an S-Corp, and the income thresholds when you typically see the most tax savings. Plus, they cover other strategies to save on your taxes when it comes to retirement accounts for yourself and your employees.This is the perfect episode to listen to as we enter the last quarter of 2023. Make sure you don't miss out on potential write-offs before the year ends!If you have specific questions about your expenses on your taxes, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

It's hard to go anywhere without hearing about Chat GPT and AI, as everyone is talking about how they're using it in their businesses, from minimal tasks to complex solutions.However, the question becomes how can you use it to benefit your practice. In this episode, Lynn joins Robert and Ash to discuss the opportunities she has found where dental practices can benefit from Chat GPT.They also discuss why you need to be careful as this may not be an easy, no-brainer solution since the data it provides is only as good as the data it holds.There are still great uses for it, including marketing messages, client emails, and job description creation, where Chat GPT will save precious time for you and your staff. It may put something together better than you could have done by yourself.If you have specific questions about mindfulness, or if you would like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Visit us at: https://EandAssociates.com

Many dentists feel burnout when running their practices and think the answer might be selling to a DSO. After all, they take on the parts of running the business, which leaves being able to do what you enjoy, practicing dentistry. However, before you decide to make this huge decision, there are quite a few questions you should ask to ensure you’re making the deal that’s best for you.On this episode of Beyond Bitewings, Ash and Robert are joined by Todd Wilson of Star Dental Partners. Todd discusses how different DSO agreements work in addition to some of the most important questions you should ask before selling. They also discuss what you can expect to change when selling to a DSO and some key things you should have set up before you’ll be considered. To learn more and connect with Tim visit: https://stardentalpartners.com/If you have specific questions about mindfulness, or if you would like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Visit us at: https://EandAssociates.com

In a world that feels full of chaos, a simple moment of returning to your breath and re-centering yourself can make a world of difference. In this episode of Beyond Bitewings, Ash is joined by Priyanka, a graduate student at Northwestern University and a counselor in training under supervision at Meltzer Counseling. Priyanka talks about the importance of intentionality and deliberate practice in our daily lives. When we feel doing our jobs or running our practices can become overwhelming, it’s essential to train our minds to take that moment to better understand ourselves and the world around us. Throughout the episode, Priyanka and Ash explore various techniques and exercises that can help cultivate mindfulness. They also discuss the significance of having a routine and structure in our lives that allows us to achieve success. They discuss how practicing intentional breathing can help us to create a better environment by creating more intention with our staff and patients. Priyanka offers practical exercises that can be easily incorporated into our daily routines. From catching ourselves distracted or slumping to taking a deep breath and refocusing, these techniques help us regain our center and stay present. They also suggest starting the day by feeling the ground beneath our feet when getting out of bed, grounding ourselves in the present moment before diving into the day's chaos. Priyanka also offers an exercise that focuses on engaging our five senses. If you have specific questions about mindfulness, or if you would like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Visit us at: https://EandAssociates.com

Are you thinking about selling your practice? Before you sign any agreements or decide to sell to a DSO, you definitely want to have a conversation with Brannon Moncrief.On this episode of Beyond Bitewings, Brannon joins Robert and Ash to discuss everything dental practice owners need to know before selling their practice and what they need to know before signing any agreements with a DSO.They discuss the common mistakes dentists make when considering offers from DSOs without exploring other options and the importance of proper representation and shopping the practice to multiple DSOs. They explore the reasons why dentists may consider a DSO affiliation, such as economic reasons, administrative support, or additional capital. However, they also highlight the importance of evaluating the practice's value through EBITDA analysis, as DSOs often manipulate the numbers to their advantage. Breenon talks about how important it is to not sign any offer or NDA with exclusivity provisions without seeking professional guidance. They talk about how these contracts can hurt a seller but benefits the buyer. To connect with Brannon, visit: Are you thinking about selling your practice? Before you sign any agreements or decide to sell to a DSO, you definitely want to have a conversation with Brannon Moncrief.On this episode of Beyond Bitewings, Brannon joins Robert and Ash to discuss everything dental practice owners need to know before selling their practice and what they need to know before signing any agreements with a DSO.They discuss the common mistakes dentists make when considering offers from DSOs without exploring other options and the importance of proper representation and shopping the practice to multiple DSOs. They explore the reasons why dentists may consider a DSO affiliation, such as economic reasons, administrative support, or additional capital. However, they also highlight the importance of evaluating the practice's value through EBITDA analysis, as DSOs often manipulate the numbers to their advantage. Breenon talks about how important it is to not sign any offer or NDA with exclusivity provisions without seeking professional guidance. They talk about how these contracts can hurt a seller but benefits the buyer. To learn more about Brannon, visit: https://dentaltransitions.com/If you have specific questions about any of these topics for your practice, or if you would like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash’s financial course.Visit us at: https://EandAssociates.com