In this episode, hosts Casey and Jarrod delve into the unexpected parallels between two seemingly unrelated fields - basketball and dentistry. From the precision required for a perfect jump shot to the meticulous attention to detail needed for a successful root canal, they explore how both disciplines demand skill, strategy, and teamwork.
Announcer:
Hello, everyone. Welcome to The Millionaire Dentist Podcast, brought to you by Four Quadrants Advisory. On this podcast, we break down the world of dentistry finances and business practices to help you become the millionaire dentist you deserve to be. Please be advised, we do speak with an honest tongue and may not be safe for work.
Casey Hiers:
Hello and welcome. This is Casey Hiers back at The Millionaire Dentist Podcast in-studio with Jarrod Bridgeman, aka, the champ is here.
Jarrod Bridgeman:
Hey, yes.
Casey Hiers:
For any listeners out there, we have a March Madness bracket tournament. Of course, we don't gamble, wink-wink.
Jarrod Bridgeman:
No.
Casey Hiers:
But you're the big winner, congratulations.
Jarrod Bridgeman:
Thank you, thank you. Yeah, I was very excited. I picked Kansas. Fun thing is I'm not a big sports guy, so I really just randomly picked things and I won.
Casey Hiers:
I was going to ask you, what was the origin or motivation for you to pick Kansas?
Jarrod Bridgeman:
I don't know. A lot of my picks were either, have I heard of that school? Was a big one. I had Purdue going to the Final Fours because they're from here in Indiana and my dad went to Purdue. So I was like, "Let's support the home teams here."
Casey Hiers:
As a boilermaker, the healing starts today. Because the season's over, it's going to be a long journey for me.
Jarrod Bridgeman:
But one of my favorite parts was, last time you mentioned the brackets on the podcast here, you were in first place.
Casey Hiers:
Interesting.
Jarrod Bridgeman:
Yeah. And now I think you were fifth.
Casey Hiers:
I'm out of the money. Out of the money.
Jarrod Bridgeman:
Out of the, wink-wink, money. Yes.
Casey Hiers:
Yeah, yeah. Now what a tournament. March Madness is a great time of year, even for people who may not love college basketball.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
You enjoyed it a little bit.
Jarrod Bridgeman:
I did.
Casey Hiers:
[crosstalk 00:01:39] winning.
Jarrod Bridgeman:
It was a lot of fun just to be able to... The winning was great, but being able to pay attention, I felt a part of the group.
Casey Hiers:
Yeah. Amazing games, amazing highs, amazing lows, heartache, the Cinderellas, all of those things.
Jarrod Bridgeman:
This is my first year really paying attention. It was really cool just to see some of the really lower-tiered teams really kick some butt.
Casey Hiers:
Yeah. And what? Two and a half weeks, a lot of action.
Jarrod Bridgeman:
Yep.
Casey Hiers:
And so we were just talking about this, and there is a lot that can relate to dentistry and being a practice owner. And we were going to dive into that a little bit, but I was looking at that.
Jarrod Bridgeman:
Is it because of the dribbling? In basketball you dribble, sometimes the patients dribble slobber, you know?
Casey Hiers:
I didn't even think of that stretch of a... I guess that's a joke. But yeah, looking at Gonzaga, Kentucky, Arizona, Baylor, 1's and 2 seeds, great programs, lots of success, and yet they underachieved. They did not... I mean, they got knocked out early some of these teams, and then the entire Big 10 probably falls-
Jarrod Bridgeman:
And coming off of a great season.
Casey Hiers:
Great season, historically great programs, high expectations. But yeah, when you've got Baylor, Arizona, Kentucky, Gonzaga in the entire Big 10 for the most part, you prepare, you do all these things, and then something happens. And you're not all that you can be, you're disappointed. And it was incredible, the excellent programs out there that had that heartbreak in the tournament, and things don't always go how we think. And so as we compare that to dentistry and practice owners, any thoughts around that?
Jarrod Bridgeman:
Yeah. Let me cut to the chase here. You're the expert here, how do you think it compares? You tell me.
Casey Hiers:
I see what you did there. You know what? As I looked at this, things don't always go how you think. And if you talk to many people, basketball coaches or teams, especially these. Hey, coach of Gonzaga, Mark Few did. "Did the season go how you thought it would go?" "No, not at all. We did 500 things really, really good. Preparation and recruiting and getting the right team and learning the play..." You go on and on and on, yet things still happen.
Casey Hiers:
Some examples I was thinking about is that's a tax surprise. Think about an upset.
Jarrod Bridgeman:
Right.
Casey Hiers:
End of the year, all of a sudden you've paid your quarterlies, you've done what you thought were the right things. You've had a great year. And then there's that voicemail or phone call, or in-person meeting and they say you are either getting refunded or you're owed 20, 30, 40, $50,000.
Jarrod Bridgeman:
Right.
Casey Hiers:
Whoops.
Jarrod Bridgeman:
And sometimes that comes right down to the wire too.
Casey Hiers:
Whoops. Yeah. It's, well, what happened? That wasn't the plan. What happened?
Jarrod Bridgeman:
All our practicing that we did, not expected.
Casey Hiers:
Growth.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
No, absolutely. And you may or may not know this, do you remember the movie Moneyball?
Jarrod Bridgeman:
Yeah, yeah. With Brad Pitt and Jonah Hill?
Casey Hiers:
Brad Pitt, what a dreamboat, right? Sorry to Jonah Hill. Anyway, analytics, that was sort of the first mainstream movie that got us thinking about analytics. Well, fast forward, I don't know when that movie was made, fast forward 10, 15, 20 years, every team for the most part in college and certainly-
Jarrod Bridgeman:
And professional.
Casey Hiers:
...the professionals, they have analytics. They have a whole bunch of statistics and numbers that they are mulling over to not only look at face value what's going on but to look at the data and the numbers and to get an idea of where improvements can be made.
Jarrod Bridgeman:
Now the analytics, is this something the head coach does? Does he sit down and kind of figure this out?
Casey Hiers:
Each team brings in somebody who, their sole focus is analytics.
Jarrod Bridgeman:
So they have an expert they bring in?
Casey Hiers:
Correct.
Jarrod Bridgeman:
Okay.
Casey Hiers:
Yeah, yeah. No. Yeah, that's exactly right. They'll have an analytics person who they bring in, and that's what they're doing. I mean, they've got the graduate assistants on the bench may be collecting the data, reviewing the film, making sure the numbers are correct. And then they plug it into their, we'll just say "analytics" for a broad stroke.
Jarrod Bridgeman:
Sure.
Casey Hiers:
And it tells them a lot of information.
Jarrod Bridgeman:
And is this because, A, they're the expert, so they know how to do this. And B, I mean, the head coach has a lot more to worry about than just analytics.
Casey Hiers:
Well, that's right. There are so many pieces for the head coach. In this example, the head coach and the practice owner can really align. But those analytics, it's knowing your numbers. And again, I'm Purdue alumni, thought this was our year, it's like the Cubs, well, man, we got next year, the heartbreak's real, the healing has begun.
Jarrod Bridgeman:
That's all right.
Casey Hiers:
But that being said, here's one simple example. When we're talking about analytics, what does that mean? Purdue's guy told the coaching staff, "When our big man Trevion Williams runs up the court when he posts up on offense on the left side, his percentage is double digits more to make a shot." Right? To have a good move and to complete the play and make a basket.
Jarrod Bridgeman:
So from there, we could, we could assume then that the head coach is like, "Let's focus on some plays."
Casey Hiers:
There you go.
Jarrod Bridgeman:
Right?
Casey Hiers:
Right.
Jarrod Bridgeman:
That focus on him going on the left-hand side.
Casey Hiers:
That's exactly right. Because when he goes on the right-hand side, it goes in at a much less... But without that analytics, with all of that, without that knowledge, the head coach is going to go on field, go on the look and so it's incredibly helpful. But for these teams, you better guarantee again, Gonzaga, Kentucky, Arizona, Baylor, the entire big 10, they're looking at film, but they're looking at numbers and analytics and to understand what scenarios and situations potentially cause this. What can we predict, adjust and change from it?
Jarrod Bridgeman:
Right.
Casey Hiers:
This aligns with how we help practice owners, right? I mean-
Jarrod Bridgeman:
How so?
Casey Hiers:
Well, we're more than just the analytics, but knowing your numbers.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
Right? For the head coach and for the coaching staff to know their numbers and tendencies of their highly talented players, they're not going to be able to help them unless they know those numbers. Does that make sense?
Jarrod Bridgeman:
It does. But that makes me want question, how often does the head coach or the practice owners, how often do they know their actual, accurate numbers?
Casey Hiers:
When I'm talking the practice owners, the ones that think they know, some do, some are close. I would say the majority of people either do not know, or they're off by a little bit.
Jarrod Bridgeman:
Okay.
Casey Hiers:
And by a little bit, I mean, I'll ask early, what do you think your overhead percentage is?
Jarrod Bridgeman:
Right. And even being off by a little bit in a million-dollar practice, a little bit can really be extrapolated by a large amount.
Casey Hiers:
Well, the example is, "I think I'm probably right at 60." Well, the data actually shows, no, you're 67.8, and here's the-
Jarrod Bridgeman:
Sure, 7% sounds small.
Casey Hiers:
Here's the thing with insurance, if you don't, oh I'm sorry, with overhead, if you don't know what your overhead percentage is, that's not great, but overhead tends to sneak up real quick on people. So again, if you don't know, how are you going to fix it?
Jarrod Bridgeman:
So we're talking overhead, which would spill into supplies, staff, payroll, and things like that. What are some other numbers that these analytics can help with?
Casey Hiers:
Great question. So in basketball, I mean, they're looking at how many passes, how soon into the shot clock did they do things? Again, the side, the location. I mean, there's so many data points. So for practice owners, you hit on a couple of them, but employee wages, insurance write-offs, overhead, fees, right. You want to be probably in the 80th percentile on your zip code. Yeah. I haven't talked to many practice owners that don't think they're at least the 80th percentile best in their area. So why are your fees 20 or 30 or 40% off?
Jarrod Bridgeman:
Yeah. Yeah.
Casey Hiers:
And you can't just point to insurance all the time or say, "I'm in this unique geography that it's just not possible." That's true.
Jarrod Bridgeman:
Everybody says they're-
Casey Hiers:
Every now and again.
Jarrod Bridgeman:
... geography is unique.
Casey Hiers:
Correct. Yeah. But are your QuickBooks up to date? Is your profit and loss statement accurate? Are your financials correct? Balance sheet, all those things. Those are the analytics that practice owners must and need to know. I'm shocked how many don't know them. How can you get better? Right.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
So the relatable moment is, I know for a fact that Purdue University is looking at tons of game film and tons of analytics and figuring out, "What can we do to not get knocked out of the sweet 16 every year?" Right?
Jarrod Bridgeman:
Yep.
Casey Hiers:
"What can we do?" And there's so many components to it, but the first one is knowing your numbers and for practice owners that don't know their numbers, or aren't real confident with, again, just the four or five or six things that I mentioned, it's going to be really hard to get better.
Jarrod Bridgeman:
Yeah. And if they don't know their numbers and that continues year after year, after year, you're just going to perform worse and worse and worse. Right. I mean, it's just, they add and they add together and you may have grown more this year potentially. And now oops, now an even bigger tax surprise the next year.
Casey Hiers:
Yeah. Well, and who was the Cinderella team this year?
Jarrod Bridgeman:
That would be St. Peter's right? I mean, they were pretty low on the seat if I remember correctly.
Casey Hiers:
Yeah. Yeah. And when you think about St. Peter's-
Jarrod Bridgeman:
Yeah. St. Peter's, I believe they were what? 15th?
Casey Hiers:
Mm-hmm (affirmative) 15 seed.
Jarrod Bridgeman:
Yeah. And then holy cow, did they knock out some big players.
Casey Hiers:
Yeah.
Jarrod Bridgeman:
Big teams, I should say.
Casey Hiers:
Yeah. No, they took out Kentucky.
Jarrod Bridgeman:
It was a number one at the time.
Casey Hiers:
Number 2 seed.
Jarrod Bridgeman:
A number 2 seed, sure.
Casey Hiers:
From the guy who won it all. Good Lord. No, but a but, but a historical blue blood program.
Jarrod Bridgeman:
Yes.
Casey Hiers:
Right?
Jarrod Bridgeman:
So let me ask you with, with St. Peter's, sure, knocking out Kentucky, break number 2 seed, very first game of their plays, did they have the best team, personnel? I mean, data and equipment, all that kind of stuff. When they came out, did they have the best of all that?
Casey Hiers:
St. Peter's, Cinderella, fun to watch. Of course, 15 seed beat Purdue, 3 seed, wah. Again, the healing is beginning. I'll be fine.
Jarrod Bridgeman:
There's always next year.
Casey Hiers:
I'll be fine. But here's the point? No, they didn't have the best, but they were able to beat the best. I'll tell you how that comes into line.
Jarrod Bridgeman:
Okay.
Casey Hiers:
Do you know how many practices out there that it's a nice facility? They have more than adequate equipment and technology, and they have a good staff, right. But there's million-dollar practices out there that the owners make in 450, they're saving 150, their overhead is incredibly low. It's a gorgeous practice, but it's almost unassuming. Right? It's like the guy wore $30 million and he is wearing Wrangler jeans-
Jarrod Bridgeman:
That's right, and a t-shirt.
Casey Hiers:
Nothing against Wrangler jeans and a t-shirt, and you wouldn't know. There's a lot of practices out there like that, but unfortunately, for so many practice owners, they don't know their basic numbers, but they think going buying a plot of land and building the nicest practice and having 15 ops and millions of dollars worth of equipment, it's going to be the difference. And sometimes it's not.
Jarrod Bridgeman:
Right.
Casey Hiers:
You can be St. Peter's, know your numbers.
Jarrod Bridgeman:
Watch your numbers and play into the numbers that you have. Play into the analytics that you have. Yeah, you're not a $2 million practice, but what you have works.
Casey Hiers:
Yeah. If you're St. Peter's, your margin for error is less. And so if you know that you can do two or three things better, that's going to be the difference to help you win a game. As a practice owner, it's very difficult for a practice owner to be massively successful, be great at dentistry, be a great leader, know all their numbers, make sure they don't... Again, that's where you bring in a statistician and some analytics or an expert recruiter, or somebody that's really good at five things that the head coach isn't good at, because then the head coach is going to thrive.
Jarrod Bridgeman:
Right.
Casey Hiers:
Then he's going to get renewed contracts and he is going to be making tons of money. And his team's going to have tons of success because he knows what he is good at and he knows what he's not. And what he's not, they bring those folks in.
Jarrod Bridgeman:
Right. And the analytics people tend to have less emotion involved. You know what I mean? They look right at the numbers.
Casey Hiers:
Oh, that makes sense.
Jarrod Bridgeman:
Not because it's my favorite player or whatever the case is.
Casey Hiers:
100%. And for practice owners, I just want to ask you, why are you trying to keep piecing this together? And find an external team that can be experts in all of these things. Get your financial house in order, and then thrive. But if you're spending your career just thinking, if I just had-
Jarrod Bridgeman:
A new machine.
Casey Hiers:
... the biggest practice, or the best of this, or the... It's great to want to improve yourself...
Jarrod Bridgeman:
For sure.
Casey Hiers:
... but that's not the only way.
Jarrod Bridgeman:
Right.
Casey Hiers:
Right? And again, the analogy between basketball, there's amazing programs that they got knocked out pretty early.
Jarrod Bridgeman:
Yeah. Like I said with the machinery. Maybe you bought this new machine that you thought was probably going to change your practice, but you didn't look at the numbers and you thought maybe, oh, this will help me with my taxes this year, and things like that turn out to not really be a good idea.
Casey Hiers:
Very expensive coat racks.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
There's a lot of those in practices. Again, the basketball analogy is fun. The tournament was great, but ultimately it's tying in analytics, it's not just recruiting in basketball. It's not just one thing. And in dentistry, it's not just one thing. You need a nice place.
Jarrod Bridgeman:
Yep.
Casey Hiers:
You need a good team and you need to know your numbers, and you need to know where the gaps are and how to improve them. That's a lot for a practice owner to do. And unfortunately, lot of folks don't know their income. They don't really know how much they make. So if you don't know how much you make, how are you going to know what your overhead and your write-offs are? You're probably not.
Jarrod Bridgeman:
No.
Casey Hiers:
So then you're flying blind, right?
Jarrod Bridgeman:
Which sounds rough. And boy are my arms tired, you know?
Casey Hiers:
Good lord. Well, and to kind of wrap us up, we were also just talking while Kansas are the champions, congratulations, Jayhawks. They've also been under investigation for a couple years by the NCAA. So the chances of that trophy getting taken back in a couple years, I don't know. Again, be good with your taxes. Don't get audited down here in two years, right?
Jarrod Bridgeman:
Oh, yeah.
Casey Hiers:
There's probably a whole another thing we can dive into with that, but ultimately, analytics, numbers, having a good staff and a good team, and a good external team, it all ties in.
Jarrod Bridgeman:
Are there any good... Sometimes, coaches, they go into the locker room, they give out a pep talk, and things like that. Do we have anything like that for practice owners? Something that's a good talking point?
Casey Hiers:
Oh, I mean, just love yelling. No, I'm actually going to the east coast to present three hours of continuing education, later this, later this week to, I don't know, probably about 100 practice owners. Yeah. These are things that you can get better at. You can get better at by learning and being aware. And we do that all over the country.
Jarrod Bridgeman:
Yeah. If you're not in on the east coast, I know we're coming to Omaha, we're coming to Salt Lake City. We're coming to Vegas. Listen, if you want to see us in person and listen to Casey give an amazing pep talk that is, check us out on Facebook or go to fourquadrantsadvisory.com/events, and you'll be able to find all our upcoming events there.
Casey Hiers:
Congratulations again on the big win, Jarrod.
Jarrod Bridgeman:
Thank you. I'm buying myself lunch today.
Casey Hiers:
I've always got next year.
Jarrod Bridgeman:
Right.
Announcer:
That's all the time we have today. Thank you to our guests for their insight and for sharing some really great information. And thank you to you, the listener for tuning in. The Millionaire Dentistry Podcast is brought to you by Four Quadrants Advisory. To see if they might be a good fit for you and your practice, go on over to fourquadrantsadvisory.com and see why year after year, they retain over 95% sent other clients. Thank you again for joining us and we'll see you next time.
