Profitability & Fulfillment with Dr. Tarun Agarwal

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Bulletproof Dental Practice Podcast Episode 58

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Dr. Tarun Agarwal, owner/dentist Raleigh Dental Arts, owner T-Bone Speaks

Watch the full video of the interview by clicking here!

Key Takeaways:

• Make sure you're not being oversold by predatory companies offering horrible insurance and investment planning.
• Review your estate plans every couple years.
• It's not about how rich or poor you are, it's about preventing your loved ones from inheriting a storm.
• The cost of maintaining a healthy office is significantly higher than it was 15 years ago.
• We should be shooting for profitability in the 10-20% ballpark.
• Profitability should be based on all your normal expenses, plus the following:
  • Each dentist (including yourself) should be paid as an associate
  • Build in an escrow dollar or percentage amount (2-3%) for future improvements, renovations, and technology gains
  • Interest amount (5%) on capital put into the practice
• "All things under one roof" – medical and dental – is the future of dentistry. Cottage industry offices as we know them will be displaced in certain environments.
• Approximately 80% of offices are solo dentists. The believe is within 10 years this number will drop to closer to 50%.
• If you're going to stop practicing within the next 10 years you'll probably be fine. If you're planning to practice longer than that you will get hit by these changes.
• Put away money on an annual basis to cover renovations.
• Make sure you're getting fulfillment in your professional life, as well as in personal.
• If you design your business around you and make yourself happy, others around you will be happy as well.
• Focus on outcomes, not goals.
• People aren't doing enough live training. The magic is being around people and interacting with others.

References:

Creative Planning

Tools of Titans by Tim Ferriss

Tweetables:

"Life's ultimate ROI is fulfillment and happiness." – Dr. Craig Spodak

"What makes people happy is progress." – Dr. Craig Spodak

"Focus on outcomes, not goals." – Dr. Tarun Agarwal