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This episode discusses the importance of increasing the value of a practice every year, especially for early practice owners. It emphasizes the importance of constantly improving and increasing the value of a practice, even if it’s not sold later in life. The most valuable asset in a dentist’s net worth is their practice, which can be the value of their home, practice, or other investments. The value of a practice is likely to be a significant part of their net worth, and it’s not taxed until a transaction. This strategic investment in one’s practice can be customized based on factors like clinical mix of services, whether it’s a solo or multiple doctor practice. The episode emphasizes the importance of focusing on the value of a practice and its potential benefits.
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Timestamps
- 00:00:27 – Introduction
- 00:00:49 – Announcements
- 00:02:33 – Marketing Tip by Dr Ryan Davies on “How to identify the source of every one of your new patients.”
CIA Segment
- 00:08:15 – Reduce your overhead
- 00:08:30 – Increase the value of your practice every year, your practice is worth more than it was before.
Q&A Segment
- 00:27:06 – Q1 – In your second example, I noticed that particular practice production decreased from 1.9 to $1.8 million. Is that a typical result from resigning from P P O plants?
- 00:29:25 – Q2 – What valuation models do? DS OS typically use?
- 00:37:18 – Q3 – The difference between your usual fee and your contracted fee as a marketing expense?
- 00:40:20 – Q4 – How do you know when you’re ready to add that associate doctor?
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