Sinopse

The Beacon, sponsored by OmniStar Financial Group, provides Business Strategies, Tactics and Insight for Clinical Practices. Our goal is simple; provide actionable knowledge and insight curated from the industries top performers to illuminate blind spots and accelerate your practice growth. If you are ready to add rocket fuel to your practice, tune in here!

Episódios

  • End Of Year Tax Planning

    End Of Year Tax Planning

    06/11/2020 Duração: 32min
  • The Air We Breath (EP19)

    The Air We Breath (EP19)

    17/09/2020 Duração: 29min

    The topic for today is Air Purification.During this podcast, we will take a deeper dive into Air Purification Systems.  It is our intent to make you more knowledgeable of the choices and technologies available so you can make the best decision for your practice.By now you have been back in your practice working hard every day to adapt to the new “normal”.  We are realizing that we are in this COVID-19 Pandemic for the long haul now and that our work practices today may persist for the foreseeable future…this may, in fact, be the “new normal”.As concern for the transmission of HIV, AIDS, and Hep B ushered in the OSHA Blood Borne Pathogens Standard in the early 1990s, it is possible we may see an “Airborne Pathogens Standard” emerge from the present COVID-19 Pandemic.  Especially since we understand better that infection with COVID-19 comes primarily from breathing air in indoor spaces where people with the coronavirus have been.   The greater the exposure, the greater the risk of becoming infected.After urging

  • 12 Mistakes Dentists Make (EP18)

    12 Mistakes Dentists Make (EP18)

    18/08/2020 Duração: 35min
  • Risk Management Doesnt Happen by Accident - Learn How to Plan Now (EP17)

    Risk Management Doesn't Happen by Accident - Learn How to Plan Now (EP17)

    28/05/2020 Duração: 30min

    The primary focus of risk management is the protection of resources from losses due to legal action and the activities associated with risk management are easily adapted to a dental practice. The focus of these activities is directed at identifying areas of legal vulnerability and taking steps directed at mitigating or eliminating these risks. Additionally, purchasing insurance to offset potential financial losses is essential to risk management. The current areas of legal vulnerability center around issues of (1) absence of consent to care, (2) negligence, and (3) breach of contract. Consent to care, to be valid, must be informed and granted voluntarily. To meet the test of "informed," the information given to the patient must be in understandable language and contain the risks, benefits, and alternatives to the recommended treatment. Otherwise, it may not provide much of a defense. In addition, the patient must be given an opportunity to have his or her questions answered. Obtaining consent in th

  • Managing Cash Flow in Uncertain Times (EP16)

    Managing Cash Flow in Uncertain Times (EP16)

    03/04/2020 Duração: 28min
  • Succession Success for Your Practice (EP15)

    Succession Success for Your Practice (EP15)

    29/01/2020 Duração: 20min

    You have been thinking, it might be time. You have enjoyed a wonderful career in dentistry, have grown and nurtured an exceptional practice with wonderful patients. You have invested heavily in CE, for your clinical and business skills along with staff development and training. You would like to share what you have learned with a young doctor and begin to consider transitioning your practice, but you still love what you do.You are not sure though. Should you consider an associate so you can work a few days less every week? The associate can work your old schedule, you say. But wait, do you have enough room in your office for two doctors to be treating patients at the same time, you have never done that. You think I can expand and add an operatory, maybe…possibly? Or, expand our hours, with a staggered schedule? What is the staff going to say?! How about another hygiene room too, our patients are waiting way too long to get into hygiene!Whoa, not so fast partner…Can I afford all of this?How much is my practice

  • Raising Your Fees Without Fear (EP14)

    Raising Your Fees Without Fear (EP14)

    21/01/2020 Duração: 25min

    We are focusing on one of the most sensitive subjects of the dental practice. That’s right, fees.  Do you routinely raise your fees? If you are like many dentists we encounter, the answer is no. Yet, keeping fees set at one rate for too long ultimately increases your overhead ratio and takes a bite out of profits. This is a controversial subject and one that is quite emotional for practice owners. Despite what many patients believe, dentists rarely feel comfortable about raising their fees. Patients also don’t realize how much overhead is required to operate a top-notch practice – and costs rise every year. Nevertheless, most practice owners are fearful of driving patients out the door if they raise their fees. This tendency to is seen every year, even in the face of a deteriorating bottom line. Now, I know this may be difficult to believe, but all is not lost.  Did you know that patients tend to focus on relationship, experience, and atmosphere, long before they focus on price?  Let’s dive in to this blind-s

  • Meaningful Conversations with Patients (EP13)

    Meaningful Conversations with Patients (EP13)

    14/12/2019 Duração: 16min

    Successful treatment planning begins with meaningful patient conversation. Learn how to ask the right questions and watch your profits rise.

  • Fake News for Dentists: Section 179 (EP12)

    "Fake News" for Dentists: Section 179 (EP12)

    20/11/2019 Duração: 21min

    “Fake News” for Dentists: Section 179With the year-end approaching we will soon be turning our attention to holiday celebrations and festivities; Thanksgiving, Christmas, New Years and Section 179 Deductions!If you are a small business owner, especially a dentist, you will be visited by equipment sales professionals, especially at year-end, who tout the incredible tax savings one can accrue by using Section 179. With those two words, “tax deduction”, dentists become easy prey for the dental equipment sales rep, and many times make large capital purchases for their tax benefits alone.In this podcast, we are going to spend some time learning more about Section 179, and illuminate several Blindspots the sales rep is sure to leave out.Section 179 is a part of the Internal Revenue Tax Code which allows small businesses to take an accelerated tax write-off in the year of purchase for equipment which would otherwise be depreciated, or expensed over time. Most of the equipment in a dental practice qualifies, and unde

  • Clicks to Bricks Social Media Strategy for your Practice (EP11)

    "Clicks" to "Bricks"; Social Media Strategy for your Practice (EP11)

    24/09/2019 Duração: 20min

    That’s from the Film, Logan Lucky, and yes...we are going become “one of those Facebook boys” and get to know “all the twitters” too!Welcome, you’re here at The Beacon, so glad you found us! Prepare to have your Blind Spots Illuminated!In this Podcast episode we are getting Social with an introduction and primer to Social Media Marketing for your Practice.To start… Social Media is hard to get right, but easy to get wrong.Everyday, users send 500 million tweets, make 4.5 million likes on Facebook, and upload 95 million photos and videos to Instagram. Social Media is a powerful influencer in today’s competitive Marketplace. Everyone is doing it, using it and viewing it; the largest to the smallest businesses, Governments and Politicians, superstar athletes and actors, your friends, neighbors, and patients too, and so do you! Your Practice Needs a voice here also, but where do you start? What do you do? The choices are so numerous you can be overcome with “analysis paralysis” and do nothing, or keep doing the sa

  • METRIC MANIA! Analyzing Your Financial Statements (EP10)

    METRIC MANIA! Analyzing Your Financial Statements (EP10)

    05/08/2019 Duração: 27min

    PODCAST EPISODE (EP10) Analyzing Your Financial Statements Welcome, you’re here at The Beacon, so glad you found us! Prepare to have your Blind Spots Illuminated! Over the last 3 episodes we studied and examined the key financial statements you should be receiving monthly; 1. the balance sheet 2. the income statement or P&L 3. and the Statement of Cash Flows Now, what the heck are you supposed to do with all that information! In this episode we will examine some basic financial statement analysis. Much of this analysis involves calculating ratios from the data contained in the financial reports. As I promised at the very beginning, the math here is very simple…Division, nothing more complex than that! The listener may find it easier to follow this analysis and ratios by printing out the show notes and using them as a reference. Ratios offer points of comparison , which can reveal more than the raw numbers alone. Ratios can help you determine if the numbers are favorable or unfavorable. Ratios themse

  • SHOW ME THE MONEY!, the CASH FLOW STATEMENT (EP09)

    "SHOW ME THE MONEY!", the CASH FLOW STATEMENT (EP09)

    18/06/2019 Duração: 15min

    In this Podcast we continue our deconstruction, decoding and deciphering of the key financial statements. Last episode we dug into the Income Statement. I hope you found that insightful. If you haven’t heard it yet no worries, check it out when we finish here! This Episode is about the STATEMENT OF CASH FLOWS. The third and final Financial Report you should be reviewing monthly. To begin, let’s make sure your accountant is providing this report to you. I have found that the CASH FLOW STATEMENT is not always included in the monthly reports, but can be added simply by requesting it. And as you will learn here, this is an important report to review! In fact, it could be the most important report, since CASH is least subject to estimates and assumptions and critical to keep your business afloat. In each of the three financial statements we have studied, there is a measure, or indicator, of business performance; In the Balance Sheet we have Owner’s Equity, or Retained Earnings. In the Income Statement we

  • The 3 Profits of the Income Statement, Do you know them? (EP08)

    The 3 Profits of the Income Statement, Do you know them? (EP08)

    07/05/2019 Duração: 20min

    THE 3 PROFITS of the INCOME STATEMENT…do you know them? Yes, understanding Financial Statements is an essential business skill. In this Podcast we continue our deconstruction, decoding and deciphering of the key financial statements. Last episode we dug into the Balance Sheet. I hope you found that episode insightful. If you haven’t heard it yet no worries, check it out when we finish here! This Episode is about the INCOME STATEMENT. The Income Statement goes by many other names and aliases, Profit and Loss Statement, the P&L, Revenue Statement, Statement of Financial Performance, Earnings Statement or Statement of Earnings, Operating Statement, or Statement of Operations…geeezzzz, enough already, if one name wasn’t hard enough to remember. I’ll stick with calling it an Income Statement, but my lenders and banker’s always ask me for our P&L. Of all the financial statements this is the one you are probably most aware of and check because is contains one number everyone wants to know…. THE BOTT

  • Cracking the Code!, Deconstructing your Financial Statements, Balance Sheet Basics (EP07)

    "Cracking the Code!", Deconstructing your Financial Statements, Balance Sheet Basics (EP07)

    26/03/2019 Duração: 27min

    “If you don’t know your numbers you don’t know your business !!” Marcus Lemonis, from the popular TV series The Profit. Welcome, you’re here at The Beacon, so glad you found us! Prepare to have your Blind Spots Illuminated! Hello and welcome to our series on “Cracking the Code”, or alternatively, “Deciphering Your Practice’s Financial Statements”. We will spend the next 3 Podcasts reviewing, deconstructing and dissecting the 3 financial statements you should be reviewing at least monthly; the balance sheet, the income statement (P&L) and the statement of cash flows. If you are like most doctors, financial statements are that “Stack of Stuff” your accountant sends you every month, but you tend to ignore! You may take a peek at a few areas you understand, Income, revenue, expenses, and of course profit, it all looks ok so not wanting to throw it out you add it to the constantly growing stack of stuff you know is important and will get to one day, but that one day never seems to come!! You secretly may

  • Got Likes, Tweets and Follows...then You dont have Jack for Strategy! (EP06)

    Got Likes, Tweets and Follows...then You don't have Jack for Strategy! (EP06)

    20/02/2019 Duração: 24min

    Today there is a new Strategy framework that is growing in popularity called Blue Ocean Strategy. I wish to introduce some of its Ideas here. This is an improved alternative to the intense industry competition and rivalry of Red Oceans. Blue Ocean Strategies emphasize Creating Not Competing, Creating New Market Space and Not Competing in the existing space. Again, Create don’t Compete. Value Innovation is the Cornerstone of Blue Ocean Strategy. Value innovation reduces Cost by Eliminating and Reducing factors not needed or desired by customers, while simultaneously raising customer value by creating elements the industry has never offered. This combines what previously had been considered impossible; lowering cost and improving value. In the old strategy framework, great value could be created only by adding more features with more cost. If one desired to be the low-cost provider, features had to be removed so costs could be cut. Consider what follows to be a Primer on Blue Ocean Strategy. The liste

  • Aspen Dental Opens in Walgreens Part II, Become the CEO of YOU! (EP05)

    Aspen Dental Opens in Walgreens; Part II, Become the CEO of YOU! (EP05)

    21/01/2019 Duração: 16min

    This Podcast is a continuation of the previous Podcast on the announcement of Aspen Dental opening locations in 2 Walgreens located in Florida. Please turn-in to that episode for those details. Briefly, in that episode, I reviewed data provided by the ADA which illustrated the changes occurring in dentistry, both in regard to 1) utilization, and 2) practice ownership. I also shared some distinct differences between dentistry and medicine, as it is proposed that as Medicine goes so goes Dentistry. Medicine is 5 times the size of dentistry, both in the number of providers as well as total expenditures. To equate them is an oversimplification of market forces. My takeaway points from that episode were the following: 1. The Utilization of dental care is changing. 2. The delivery setting of care is also changing as is the payment method. 3. Seniors are going to become an important driver of the dental care economy. 4. Cost, no teeth, fear, inconvenient location or time, trouble finding a dentist, as we

  • Aspen Dental Opens In Walgreens, a Strategic Opportunity or the Beginning of the End, Part I (EP04)

    Aspen Dental Opens In Walgreens, a Strategic Opportunity or the Beginning of the End, Part I (EP04)

    07/01/2019 Duração: 20min

    Welcome and Happy New Year! The big news in dentistry is the announcement of Aspen Dental-branded Offices opening in 2 Walgreens located in Florida. This collaboration, brings together Walgreens, a leader in understanding the intersection of retail and health care, and Aspen Dental, a brand that has made dental care affordable and accessible to millions of patients for more than 20 years.” The announcement of the Aspen/Walgreens partnership will serve as an example for the experts to repeat the rhetoric that the solo dental practitioner is a lone wolf and dying breed and that the dentistry of the future will be delivered through a DSO corporate structure with an employee dentist, rather than an owner dentist. It has already been predicted that since physician practices have followed this trend, dentistry will too. I wish to use this podcast episode as an opportunity to dig little deeper and maybe go down some rabbit holes to say, like Mark Twain said, “The news of my death has been greatly exaggerated!” I

  • Expenses or Profits, Which Will You Choose? (EP03)

    Expenses or Profits, Which Will You Choose? (EP03)

    26/12/2018 Duração: 12min

    Expenses or Profit, Which is will you choose? The answer should be easy! As with all things financial, one must dig beneath the surface of your financial statements for the facts as well as to evaluate the impact of these recommendations on your year-end. Many times practice advisors are accountants whose emphasis is on minimizing taxes and finding deductions, not finance. In the corporate world, there is a considerable difference between a CFO, Chief Financial Officer, and a CPA. Accountants and CPA’s emphasize the historical, transactional and tax implications of an entity, while a CFO’s aim is to manage assets to grow profits, share price and dividends for stockholders. Please know, there is Nothing wrong or incorrect with this, both are critically necessary for accurate decision making, but it is important to understand their perspective so one can be aware of possible bias and blindspot. The blindspot is that all of these tactics are directed at the Income Statement, increasing expenses and reducing

  • Section 179- A Primer for Year End! (EP02)

    Section 179- A Primer for Year End! (EP02)

    16/12/2018 Duração: 10min

    The Section 179 deduction is a small business tax incentive that allows practices to immediately deduct up to the full purchase price of equipment – with limitations – without having to depreciate the full deduction over the useful life of the asset usually 5 to 7 year. The claim that it’s an automatic benefit to all customers is an inaccurate and misleading statement, without first knowing what the anticipated financial and tax impact would be to the doctor. This episode explores Section 179 greater detail reviewing a potential "tax trap" in later years. https://www.section179.org/ Disclaimer: This podcast is for information only. Please always consult your legal, tax and financial professionals for advice regarding your particular situation.

  • OmniStar Financial Group the Beacon (EP01)

    OmniStar Financial Group the Beacon (EP01)

    06/12/2018 Duração: 01min

    This is our introductory Trailer. Thank you for visiting and checking us out! Please let us know what you think or how we can help you!

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