Casey and Jarrod are more than ecstatic to see warmer temps finally starting to show up. In this episode, they discuss the first quarter of 2021 and what they hope to see in the near future as the year continues.
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 it again on The Millionaire Dentist Podcast. Jarrod Bridgeman is in studio with me today, and we're just going to do a first quarter review, or update of sorts. What do you think, Jarrod?
Jarrod Bridgeman:
I think it's a good idea. We haven't really touched upon many subjects, besides just generically, since the beginning of the year.
Casey Hiers:
Yeah, we're just going to see where this goes. First off, it's getting warm, most dentists have been vaccinated if they've chosen to do so, most staffs. People are feeling a little more confident, getting out there a little bit. What are you seeing out there?
Jarrod Bridgeman:
From what I've been seeing, not just dentists just people in general, is people are happier to be able to get out of the house for a minute. Not only is it, as you said, getting warmer outside, no more seasonal depression. People are getting vaccinated, people are happy to get out there, there's less mandates. At least here in Indiana, I know that our mask mandate ends, I think next week, so April. That's very exciting. So by the time you hear this, I believe our state level will be washed away now. Still, there's different city and county levels, but it's still all very promising. I think it's giving a lot of people hope for this year, compared to what was last year.
Casey Hiers:
Yeah. It's nice to see general attitudes are more positive, weather's getting better, people are vaccinated, people are maybe less fearful.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
That might be the best word.
Jarrod Bridgeman:
More restaurants fully opening, which means more money flowing, which means potentially people needing dental work done.
Casey Hiers:
Well, when it comes down to it we just want our liberty and freedom. We want to be able to move as we want. Or maybe, some people still choose not to, and that's okay.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
But with liberty and freedom comes hope and excitement, and good weather, spring break. I know we've got a lot of our clients and a lot of practice owners out there, they're going to take a week off. They're going to recharge a little bit, whether with family, or maybe go on an adventure. But, that's always good. Any time I get away, you get forest from the trees. The day-to-day, most of our listeners, they're producing, they're managing, they're doing a whole bunch of things, and they can get away and look big picture.
Jarrod Bridgeman:
Yes.
Casey Hiers:
A lot of people don't even want to think of their practice. They just want to get away, they want to not think about it.
Jarrod Bridgeman:
Are you going anywhere this year?
Casey Hiers:
You know, I was in South Florida a couple weeks ago. I like to get away when it's still chilly. Really again, same thing, you get a couple days and you just relax. And then, you start to have this calm and clarity of thought, if you will.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
For our listeners out there, again, normally it's in those moments that they maybe have a marketing idea for their practice, or they say, "Hey, I want to learn a new procedure. I'm going to challenge myself to get some CE." Or potentially, look to improve their insurance situation, or their overhead. I think that's good, I think that reflection can be very beneficial. I'm sure for our listeners, nobody wants to make more, or save more, or have a plan or lower overhead, right?
Jarrod Bridgeman:
Oh no. Come on, now. That seems ridiculous to me.
Casey Hiers:
Well Jarrod, I actually was able to travel. We had our first in-person continuing education event, and it was a dental group. They decided, for those who want to get in-person, they were going to get together and they brought me in.
Jarrod Bridgeman:
When was the last time you went in-person and presented?
Casey Hiers:
March 9th 2020, to be specific.
Jarrod Bridgeman:
So it's been well over a year?
Casey Hiers:
Yeah. Yeah, that was right around when everything shut down, and I was out West presenting CE to a couple places. It was really nice to get back in-person. There's energy involved in that, and that's important. I know a lot of study clubs and a lot of dental groups are starting to consider getting back. We've got four or five in-person events that we're doing, and again it just points to all right, first quarter of 2021, we've made some progress. That's a good thing.
Jarrod Bridgeman:
Let me ask you, for our listeners out there that may not know. You said CE, which is continuing education. What do you present? What are you going out there and doing? In case someone wanted to book you and say, "Hey, come out and speak to us," what is it you teach on?
Casey Hiers:
A lot of people who run these things say they want clinical. And then I talk to the practice owners and they roll their eyes and they say, "Yeah, it's good. I've seen it before, I know how to do this." Ours is on the business side of dentistry, a practice owner's guide to the business side of dentistry. Wonderful audience, over 20 people on a random Monday.
Jarrod Bridgeman:
Wow, yeah.
Casey Hiers:
They were excited not just to get together, but if anything, over the last year it has been the business side of dentistry that has been exposed potentially, because production was shut down for a period of time. Captive audience, but the misconception ... They said, "We can't wait to learn about the business side and how to produce more." I stopped them there. I said, "Okay."
Casey Hiers:
We've done a podcast on this. Multiple location, a lot of times people think you've just got to produce more, produce more. Our talk isn't necessarily about that, it's how to maximize your current situation before growing. Because as we say, you're just going to magnify the issues. If you've got high overhead and you grow, you're going to continue to have high overhead.
Jarrod Bridgeman:
Not to shoot down anybody's preferences. If you like to produce a lot and that's your personal preference, have at it. But, you should be looking at, at all the times, the other things that you can help control within that.
Casey Hiers:
It's funny you say that. We had a client, their March was a monster month. They produced what some smaller practices produce in a year.
Jarrod Bridgeman:
Whoa.
Casey Hiers:
That's the kind of March that they had. Make hay when the sun's shining, it's an old probably Indiana farm term, but there's a time to produce and you want to produce a lot so people are doing that. But, it's personal preference. Others tell me that they're practice is similar to our business model. They want less patients, they want bigger cases or deeper, more time with them, so it really is personal preference. Again, what kind of shop are you running? Some people run a quantity shop, and they really would prefer the other business model. That's very possible. Our clients have the option. What do you want, what's your vision? There's more than one way to get there, we'll help you. It's not all about production always.
Casey Hiers:
Well Jarrod, speaking of traveling and doing some in-person events, we're doing a few state meetings, too, which good for them. It's all about leadership, right?
Jarrod Bridgeman:
Yeah.
Casey Hiers:
But we're actually doing our own Midwest tour of private events that we'll be doing.
Jarrod Bridgeman:
Oh! How many cities do you have lined up so far?
Casey Hiers:
I feel like I need to get one of those old ... remember those old shirts back in the '90s where it was world tour, and it named all the cities?
Jarrod Bridgeman:
Nice.
Casey Hiers:
We've got a handful. We don't have a full docket of cities, but we're just going to do a handful of private events. Again, for those who are comfortable getting out, who want to learn potentially how to improve the business side of dentistry. And of course, have a nice steak and maybe a nice glass of red wine, or whatever your flavor is.
Casey Hiers:
Yeah, we're going to launch those, that's our second and third quarter, one of our initiatives here, just to continue to spread the word and the education about the business side of dentistry.
Jarrod Bridgeman:
Nice. And if you're interested in seeing where those may be popping up, I would check out our Facebook page, as events will be created as we go.
Casey Hiers:
Jarrod, I don't have a Facebook page.
Jarrod Bridgeman:
Oh, do you have the ...
Casey Hiers:
I imagine most of our listeners do.
Jarrod Bridgeman:
Do you have internet?
Casey Hiers:
The interwebs? Yes, absolutely.
Jarrod Bridgeman:
Well, they will also be on our website, fourquadrantsadvisory.com. There will be places to register there. And again, I think what we really want to do is come out and inform people, and get people together. You know, we're going to say, "You know, here's the company we work for, maybe we can help you out." But from everything I've seen in the world of dentistry, it almost feels like maybe not a brotherhood, but a fraternity almost, where people have a respect for each other and like to be around each other.
Casey Hiers:
No doubt. You know what the one thing they don't talk about is?
Jarrod Bridgeman:
What's that?
Casey Hiers:
The business side of their practice.
Jarrod Bridgeman:
What?
Casey Hiers:
Which is why our subject matter is typically so well received and so popular in the feedback.
Jarrod Bridgeman:
Could it be ... Personally, growing up I remember always arguing with my mom about any time finances are brought up. Anytime my mom's like, "You're spending too much. Where is your money going?"
Casey Hiers:
It's a personal topic, it's a sensitive topic.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
We've talked about this before, practice owners talk about their team or their staff, they'll vent about them. They'll vent, and like you said, in community, they'll share a whole bunch of information on procedures and different technologies, but that personal side of finance, a lot of people don't talk about it. Even in the general sense of overhead or insurances, it's easy, that first layer, maybe complain about insurances, but then what?
Casey Hiers:
What our course-
Jarrod Bridgeman:
With insurance companies, that's a combined enemy.
Casey Hiers:
A catch-all phrase that everybody can get behind.
Jarrod Bridgeman:
Yeah, everybody doesn't like that.
Casey Hiers:
But, that's just the first level, and that's the problem. What are you going to do about it? What are you going to do about it for your practice? What do my peers do about it?
Casey Hiers:
We do a lot of case studies where we show some of these decisions. If you quantify correcting them versus not, you're talking hundreds and hundreds of thousands of dollars. That's what, when people see our presentation or the one that we're doing right now, boy I can just see the eyes wide open and the wheels turning. Because when you start to quantify it and they say, "Wait. If I correct these areas, I can have another $150,000 in income?" Maybe be able to save for retirement the way you know you need to, and that's what comes out of this.
Jarrod Bridgeman:
And if you have questions about retirement stuff, just check out the episode that came out on April 1st.
Casey Hiers:
That's right!
Jarrod Bridgeman:
We had a retirement episode come out.
Casey Hiers:
That's right, yeah. Our listeners out there, if you guys have a suggestion, I should probably say this more often, get on our website, reach out to us. If there's a topic that you would like us to discuss, we've got a lot of subject matter experts we can bring in. Obviously, you and I can talk about it. But, we would love ideas on, "Hey, will you guys talk about this topic? I want to know more." We'd love that, right?
Jarrod Bridgeman:
Yeah.
Casey Hiers:
That's part of this time of reflection, time of thinking bigger and big ideas, and that's what you and I have been doing. But with this podcast, we want to help you, we want to help our listeners, and we want you to tell your friends.
Jarrod Bridgeman:
You know, I wanted to touch upon, again, happier days, sunnier days, vaccines, and all that stuff. Things are looking very hopeful. Very hopeful, very positive. What are some goals that you think a practice should have for the second quarter, or even for the end of the year? What are some small tick marks someone can make today that may make a decent difference?
Casey Hiers:
That's a good question. It's what, end of March, beginning of April? Now is the time to think about your tax situation. Tax due dates and deadlines have been moved around and expanded or whatever, but historically speaking, beginning of April people are thinking money and taxes. Now is the time to make sure you're getting quarterly estimates, now is the time to be speaking with your accountant and your financial planner and planning ahead. Not just looking at last year, so that you don't get in the pickle at the end of the year.
Jarrod Bridgeman:
Let's say, because you could be filing our taxes right now, and all of a sudden you owe 20 grand.
Casey Hiers:
Oh sure, yeah. When you look back at 2020, there's not a lot you can do about that. So again, in terms of planning, look at your tax situation, have those conversations now. Tell your team what you expect from them.
Jarrod Bridgeman:
If you don't have a team, you should probably get one.
Casey Hiers:
Yeah, yeah. No, the high-achieving dentist that tries to do it themselves, I know I remember I had a podcast on the DIYers out there, but you can't be all things to all people.
Jarrod Bridgeman:
My tax situation isn't all that complicated and I still have someone that helps me out. I just don't trust myself.
Casey Hiers:
Sure. Listen, the days of somebody doing it themselves is few and far between, but they are out there.
Jarrod Bridgeman:
That's why I think it's cool working here because everybody can handle this stuff.
Casey Hiers:
Right. Well, you said goals and I think taxes is just one area.
Casey Hiers:
Talking to a guy the other day, heavy PPO producing a ton, not collecting as much and he's frustrated. Listen, there's no time but now to look at that. Let's do a deep dive.
Jarrod Bridgeman:
If you don't do it now, when will you?
Casey Hiers:
If not now, then when?
Jarrod Bridgeman:
Because you're going to turn around and be 60.
Casey Hiers:
Here's what's frustrating. Everybody's situation is different, but we hear the same frustrations. Your team, your staff, insurance, maybe corporate dentistry, those are the easy ones. But, you all want to make more, and save more, and have a plan. The time and stress associated with the business side of a practice, my goodness. The bonus job of running the business, I think a lot of folks, if they knew that before dental school, they may have thought twice about getting into dental school. I hear that so often, people love the dentistry but man they've got to spend a lot of time on the business side. And, not only spending time on it but not mastering it, a lot of people know that in the pit of their stomach.
Casey Hiers:
Again, we try to give general tidbits on this podcast but ultimately, when I present I challenge people. If you're not getting this level, you need to challenge your current team, tell them what you expect, and really take ownership of it because unfortunately, they're not going to be proactive unless you hold them to it, or find people that can be.
Jarrod Bridgeman:
That's awesome. All right, I think it's about time for us to wrap up this particular podcast. Again, if you have any awesome ideas out there, anything in particular that we don't even talk about that you would love to hear, or at least our opinion on, shoot us an email.
Casey Hiers:
Hey, we're pretty open and flexible. We're open to new ideas. We've got a great second-quarter lineup of podcasts, and we're looking forward to doing that.
Casey Hiers:
But Jarrod, I appreciate it. I just thought it would be fun to do a little first-quarter review.
Jarrod Bridgeman:
I didn't hate it.
Casey Hiers:
All right, well thanks, man.
Jarrod Bridgeman:
All right, thank you.
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 Dentist 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 fourquadtrantsadvisory.com and see why, year after year, they retain over 95% of their clients. Thank you again for joining us, and we'll see you next time.
