There's nothing overly complex about the business of owning a dental practice.
And while anybody who’s graduated from dental school can understand the operational side of running a practice, you still need to take the time to learn how it all works.
Dr. Mark Costes is Founder and CEO of The Dental Success Institute, a coaching program that helps dentists become more knowledgeable, more profitable and more fulfilled in their careers.
On this episode of The Dental Boardroom, Dr. Costes joins host Wes Read to explain how associates can design their own internship in the business of running a practice—even if they’re working for a DSO.
Dr. Costes discusses the importance of identifying a purpose beyond money, describing how Smile Outreach International affords him fulfillment now that he’s achieved financial freedom.
Listen in as Dr. Costes shares the business framework he used to grow his practice from one dental office to 16 and learn where to go for coaching in the business of scaling your own dental practice!
[0:13] What inspired Dr. Costes’ interest in dentistry and entrepreneurship
[8:31] Dr. Costes’ early experience as a dentist prior to buying his own practice
[15:21] What associates can do learn about the operational side of running a dental practice (especially if you’re working for a DSO)
[19:32] How to create your own internship in the business of running a dental practice
[28:28] The business framework Dr. Costes designed as he grew his practice from one dental office to 16
[37:06] Who’s the right fit for Dr. Costes’ Dental Success Institute coaching program
[41:21] Dr. Costes’ growing role as an advisor to dental business startups
[43:58] What Dr. Costes has learned from building charitable dental clinics in Third World countries
[47:57] The relationship between living your purpose and feeling fulfilled
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.