In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, explores the mindset shifts and habits that separate high-income dentists who struggle financially from those who build lasting wealth and freedom.Wes begins by revisiting the connection between money and happiness. He explains that while money can reduce stress, it does not automatically create fulfillment. How you use your money matters more than how much you earn. Many dentists experience stress from debt, high overhead, and lifestyle creep, which erodes both financial stability and mental wellbeing.He encourages building strong financial hygiene early: creating personal and business cash reserves, delegating financial complexity to trusted professionals, and resisting the urge to overspend. True wealth, he explains, is measured not by income but by freedom of time and choice, the ability to live without needing to work.Drawing from the book The Millionaire Next Door by Thomas J. Stanley and William D. Danko, Wes outlines four defining traits of mass affluent millionaires:Frugality — live below their means, avoid lifestyle inflationDiscipline — save and invest consistently, use debt strategicallyIndependence — value time freedom over showing statusStealth wealth — quietly build net worth without outward displayHe warns that many dentists earn high incomes but remain asset-poor because they focus on appearances rather than net worth. Instead, he urges owners to maintain a personal balance sheet, grow appreciating assets, minimize liabilities, and track progress toward financial freedom.This episode reframes wealth not as a number, but as a mindset and discipline choosing simplicity, consistency, and intentional spending so that money supports your life rather than controls it.Key PointsMoney reduces stress only when used intentionally, not emotionally.Build reserves, delegate complexity, and live simply to lower financial anxiety.True wealth is time and choice freedom, not just high income.Millionaires tend to be frugal, disciplined, independent, and understated.Track net worth, not income, to measure real progress.Avoid lifestyle creep; prioritize saving, investing, and debt discipline.Focus on long-term security instead of short-term appearances.
In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor, explores how money impacts happiness, especially for dental practice owners facing financial stress and responsibility. Drawing on landmark studies by Daniel Kahneman, Angus Deaton, and Matthew Killingsworth, Wes uncovers the surprising truths about income, emotional well-being, and life satisfaction and how dentists can build both wealth and contentment.He explains that while money does increase happiness, it does so only up to a point, and then its effect plateaus. Beyond that threshold, happiness depends less on income and more on mindset, purpose, and how money is used. He warns that chasing more income without aligning it to personal values can lead to burnout, not fulfillment.This episode helps dental practice owners reframe how they view money as a tool, not the driver and offers practical guidance on creating both financial security and happiness.The episode breaks down five key concepts:Emotional well-being vs. life satisfactionEmotional well-being (daily happiness) improves with income until basic needs are met (~$100K), then flattens.Life satisfaction (big-picture fulfillment) continues rising with higher income.Diminishing returns of incomeAbove ~$200K especially in high-cost areas like San Diego, extra income produces smaller happiness gains.More money reduces stress, but doesn’t guarantee joy.Dentists’ unique challengesHigh student debt, business pressures, and lifestyle expectations create financial anxiety.Intentional planning, not just earning more, drives peace of mind.Money amplifies your mindsetQuote from Epictetus: Wealth consists not in having great possessions, but in having few wants.Quote from Ayn Rand: Money is a tool. It will take you wherever you wish, but it will not replace you as the driver.Purposeful financial planningAlign spending with values and long-term goals.Build systems that reduce stress, provide security, and support a balanced life.Key PointsMoney increases happiness only until basic needs are met; after that, returns diminish.Life satisfaction rises with income, but daily happiness levels out.More income alone doesn’t solve unhappiness; mindset and purpose are crucial.Dental practice owners face unique financial stress that requires intentional planning.Use money as a tool to support your values, not define your success.Build wealth through consistent habits (saving, reducing taxes, managing expenses).True fulfillment comes from aligning financial choices with personal priorities.
In this episode, Wes Read, CPA and financial advisor, highlights a common mistake among dental practice owners: treating financial planning as a one-time task instead of an ongoing cycle. Just like dental hygiene requires regular checkups, financial hygiene needs consistent monitoring, updating, and adjustment.Wes explains the fourth phase of financial planning: Implement → Monitor → Revise → Repeat. Following a structured rhythm ensures clarity, accountability, and faster progress toward financial independence.Seven Key Activities for Dental Practice Owners:Review monthly financial statements (profit & loss, balance sheet, cash flow).Update long-term personal financial plan annually (ideally in January).Revisit personal spending plan annually to track expenses accurately.Complete tax projections twice yearly (June and October/November).Update family payroll annually in January to optimize taxes and 401(k) contributions.Adjust doctor payroll three times yearly (January, June, October) for taxes and retirement.Complete cash flow forecasts and allocate surplus capital in June and October.Wes notes that traditional CPAs often focus on historical data and compliance, while dental-specific financial advisors help align practice cash flow with personal financial goals, creating real traction toward wealth.Key Takeaways:Financial planning is an ongoing cycle, not a one-time event.Monthly reviews and annual updates keep you proactive.Semi-annual tax and cash flow planning prevent surprises.Working with a dental-specific advisor accelerates wealth building.Consistency compounds into financial freedom and lifestyle flexibility.Resources Mentioned:Financial Activity Cadence
In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, shares key financial and tax strategies for dental practice owners. He covers retirement plans (401(k), SEP IRA, Simple IRA, defined benefit/cash balance plans) and explains how to maximize contributions while managing employee costs and staying compliant. Roth IRAs and backdoor Roth conversions are also discussed for tax-free growth.Wes advises a disciplined investment approach, highlights the risks of speculative investments, and explains how to evaluate debt, use tax deductions, and leverage payroll strategies for family members. He also explores fringe benefits, state-level tax breaks, and practical ways to improve practice profitability, like raising fees and moving toward fee-for-service models.Finally, he emphasizes automating savings, debt payments, and retirement contributions to secure long-term financial success. This episode gives practice owners practical tools to reduce taxes, boost cash flow, and grow wealth inside and outside their practice.Key PointsUnderstand the differences and trade-offs among 401(k), SEP IRA, Simple IRA, and defined benefit/cash balance plans.Use Roth IRAs and backdoor Roth conversions to secure tax-free retirement growth.Avoid risky, illiquid investments inside retirement accounts—stick to disciplined, diversified portfolios.Evaluate debt payoff vs. investing by considering interest rates, volatility, and financial goals.Use payroll strategies (kids, spouses) to reduce taxable income and build long-term wealth.Document home office deductions and leverage allowable fringe benefits cautiously.Maximize savings with state-level pass-through entity tax deductions.Regularly raise UCR fees and consider transitioning to fee-for-service to boost profitability.Automate savings and contributions to build financial resilience and consistency.Resources Mentioned📄 Financial and Tax Strategies PDF
121: Dental Financial Planning – Cash Flow Projection & Surplus AllocationIn this episode of the Dental Boardroom Podcast, host Wes Read, CPA, CFP® returns from a break to continue the Turning Chaos into Financial Freedom series for dental practice owners. This installment focuses on one of the most important pieces of financial planning: creating a cash flow projection and determining how to allocate surplus capital.Wes breaks down:Why identifying your “cash cushion” is essential for peace of mind and financial stability.How to forecast collections, overhead, debt payments, personal living costs, and taxes.The prioritization ladder for using surplus dollars—paying down debt, funding retirement accounts, reinvesting in the practice, or building personal wealth.How effective tax planning is built into cash flow forecasting (and why to avoid risky “too good to be true” tax schemes).The role of seasonality, budgeting for major life events, and automation in building long-term wealth.Why reinvestment, whether into equipment, facilities, or financial markets, accelerates financial independence.“Your cash flow projection is your financial x-ray. It tells you exactly where your money is going, what’s left, and how to put that surplus to work so you control your money—instead of your money controlling you.” — Wes Read📄 Supplemental Resource: Download the sample cash flow projection discussed in this episode here: Sample Cash Flow Projection (PDF)Whether you’re aiming to pay down debt, fund a 401(k) or defined benefit plan, or reinvest in your practice, this episode provides a practical framework for putting every extra dollar to work.
In this episode of The Dental Boardroom Podcast, host Drew Phillips breaks down how to fully use your dental practice’s provider and facility capacity to drive growth. Building on the last episode, Drew shows how to measure your true capacity, find gaps in your schedule, and use simple strategies to close those gaps.Running a dental practice is about more than filling appointments—it’s about making every chair, provider, and day count. Drew shares a step-by-step approach to understanding your practice’s numbers, improving scheduling, and creating predictable growth.Key Points:Learn how to calculate your true provider and facility capacity.Find and close the gap between your current schedule and full capacity.Improve reappointment and reschedule rates to grow your patient base faster.Discover scheduling changes that can take your practice from $900K to $2.6M revenue.Plan hiring and future growth based on clear, predictable data.Use technology to re-engage patients and fill seats.Focus on making one location highly profitable before expanding.If you’re a dental practice owner or manager, this episode shows you exactly how to grow smarter, not harder. Instead of adding more locations or spending more on marketing, learn how to maximize the resources you already have. This clear, practical guide will help you create a profitable, predictable practice and reach financial independence faster.
In this episode of the Dental Boardroom Podcast, host Drew Phillips breaks down how your dental practice’s calendar is more than just a schedule—it’s your growth engine and valuation tool. This is the first of a two-part deep dive on practice capacity, focusing on how to measure, optimize, and leverage both provider and facility capacity to maximize revenue, improve cash flow, and set your practice up for long-term growth.Key Points:Your calendar is your growth engine – it’s not just a schedule.Capacity = how many patients your practice can see.Facility capacity: What your building can handle (rooms, ops, equipment).Provider capacity: How many patients each doctor or hygienist can see.Personal capacity: Your own limits or preferences.Dentistry pricing is limited, so growing patient volume is key to increasing revenue.Small scheduling changes can create big growth (e.g., moving new patient exams out of hygiene chairs).Utilization gaps (open spots in your schedule) cost money—filling them boosts profit.You can grow revenue without adding staff or overhead by optimizing schedules.Next episode: How to grow your patient base and predict future needs.
118:Dental Financial Planning: Turning Chaos into Financial Freedom - Part 8In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, continues the financial planning series for dental practice owners by focusing on a critical phase three step: determining your payroll (W-2 income) as an S-Corp owner.Wes explains how payroll fits into your broader business financial plan, why it matters for tax efficiency, and how it interacts with retirement plan strategies like 401(k)s and defined benefit plans. You’ll learn when to keep your W-2 lower to save on FICA taxes, and when to raise it to maximize retirement contributions and long-term wealth building.What You’ll Learn in This Episode:The five-step sequence of financial planning for dental practice owners.Why S-Corp owners must pay themselves a W-2 salary and how the IRS views it.The relationship between W-2 income, K-1 distributions, and taxable income.How different retirement plan strategies (solo 401k, Roth 401k, profit share, defined benefit) affect payroll decisions.The three funding “buckets” in a 401(k): elective deferral, safe harbor, and profit sharing.Why Roth 401(k)s are powerful for building a tax-free retirement bucket.Guidelines for setting W-2 payroll:No retirement plan: Keep W-2 as low as possible ($75K–$100K minimum).Basic 401(k) without profit share: Stay around $100K–$125K.401(k) with profit share and defined benefit plan: Increase W-2 up to IRS maximums (~$350K in 2025).The benefits and costs of defined benefit plans—and why they can be worth it for high earners.How “tax diversification” (tax-free, tax-deferred, taxable buckets) increases long-term flexibility and savings.
117: Dental Financial Planning: Turning Chaos into Financial Freedom - Part 7In this episode of The Dental Boardroom Podcast, host Wes Read, CPA, CFP®, breaks down how dentists can turn tax chaos into predictable, stress-free planning. He shares why relying on your CPA only at tax time often leads to big surprises and how a structured approach, meeting mid-year and again in Q4, keeps finances on track. By using payroll strategically to cover nearly all taxes, dentists can avoid penalties, manage their cash flow more effectively, and replace large, unexpected bills with a small, manageable refund.Wes also explains why payroll is more than just a paycheck; it’s a tax strategy tool. From maximizing retirement contributions to putting kids or a spouse on payroll, timing expenses, and leveraging deductions like the home office, payroll decisions drive both tax savings and financial efficiency. Integrated planning across tax, payroll, and financial management ensures dentists stay ahead and build long-term wealth without the stress of last-minute fixes.Key PointsAim for a small refund ($1K–$5K), not big surprise bills.Forecast taxes 2–3 times per year (mid-year + Q4).Use payroll withholdings to cover 100% of taxes and avoid late penalties.Payroll drives key strategies: retirement savings, FICA planning, and paying family members.Most tax strategies must be implemented before December 31.Integrated planning avoids inefficiencies from juggling multiple advisors.
In this episode of The Dental Boardroom Podcast, Wes Reed, CPA, CFP, continues his financial planning series for dental practice owners by diving deeper into the concept of break-even levels and the importance of creating a business financial plan that supports your personal financial goals.Wes revisits the three key break-evens every dentist should know:Practice Break-Even – Covering fixed costs, variable costs, and debt.Living Budget Break-Even – Covering your practice costs, personal living expenses, and taxes.Financial Independence Break-Even – Covering all the above while setting aside money for your future.From there, he outlines the five critical steps to building a business financial plan, with a special focus on Step 3: Completing a Tax Plan. Wes shares why tax planning is not just a one-time event but an ongoing process tied to your overall cash flow and long-term financial independence.Whether you’re just starting your practice or have years of experience, this episode offers a practical roadmap for aligning your business and personal finances so that your work today fuels the life you want tomorrow.Key PointsRecap of the three break-evens: Practice, Living Budget, and Financial Independence.Why defining your version of financial independence is essential before planning.Four core steps in the financial planning sequence for dentists.Five steps to creating a business financial planImportance of structuring your practice as an S Corporation for tax efficiency (in most cases).Tax planning as an ongoing process, not a one-time task.Balancing current needs with future goals through strategic planning.#DentalBoardroom #PracticeCFO #DentalPracticeManagement #FinancialPlanningForDentists #BreakEvenAnalysis #TaxPlanning #SCorporation #DentalBusinessPlan #DentistFinances #WealthPlanning #CashFlowManagement #DentalCPA #FinancialIndependence
In this episode of The Dental Boardroom Podcast, Wes Read, CPA, CFP, continues the series on turning financial chaos into financial freedom for dental practice owners. Building on previous episodes covering team assembly, personal financial planning, and implementation strategies, Wes dives deep into the third step: developing a business financial plan that supports your personal financial goals.He explains why organizing your financial reporting is the foundation for success, how to interpret monthly financial “X-rays” of your practice, and why understanding your break-even points is critical for long-term wealth accumulation.Whether you’re aiming to stabilize cash flow or strategically grow your practice, this episode offers the insights you need to take the next step toward financial clarity and independenceVisual Reference: Break-Evens ChartKey PointsDeveloping a business financial plan is step three in the dental financial planning journey.Organizing financial reporting (balance sheet, income statement, forecast) provides a monthly “X-ray” of your practice’s health.Practice CFO’s monthly CFO Analysis offers in-depth trend data, industry comparisons, and a “Where Did My Cash Go?” report.Understanding break-even points helps track when collections start contributing toward personal wealth.Fixed costs (rent, labor, marketing, administrative expenses, debt) make up 75–85% of a dental practice’s expenses.Variable costs (labs, supplies, merchant fees) fluctuate with production and collections.Dental practices’ high fixed cost structure can amplify the impact of slow months on cash reserves.Hitting break-even levels for obligations, debt, taxes, and personal pay is necessary before wealth accumulation begins.#DentalBoardroomPodcast #DentalFinancialPlanning #DentalPracticeManagement #DentalBusinessTips #DentistWealth #BreakEvenPoint #DentalCFO #FinancialFreedomForDentists #DentalBusinessGrowth #DentalPracticeOwners
Welcome back to another episode of the Dental Boardroom Podcast, where we help dental practice owners break down the world of finance and build a path to financial independence.We’re now entering Phase 3 of our series Financial Planning for Dental Practice Owners: Turning Chaos into Financial Freedom. This phase focuses on developing your business financial plan, and today’s episode dives deep into Step 1: Organizing Your Practice Financial Reports.You’ll learn how your financial statements act as "financial X-rays" for your business and why reviewing them monthly is essential—not just for tax filing, but for understanding and strengthening the economic health of your practice. We explore the history of financial reporting, how it revolutionized commerce, and how the right structure can help you make better business decisions and accumulate wealth.Whether you're a numbers person or not, this episode will help you see your P&L and balance sheet in a whole new light—and help you start using them as tools for growth.📥 Resources Mentioned:Ten Questions to Ask Your CPAQuestions to Ask Yourself When Reviewing FinancialsSample Profit and Loss Statements🔑 Key Points:Phase 3 of financial planning focuses on your business financial planStep 1 is to organize your practice financial reportsFinancial statements should be used to tell the story of your practice—not just file taxesMost dentists don't regularly review financial reports, but doing so is crucialMonthly reporting is vital to make informed financial decisionsGood formatting of reports reveals financial health and wealth-building opportunitiesThe historical context of double-entry accounting and its transformative powerFinancial statements can and should be customized for dental practicesReviewing reports consistently helps prevent fraud, optimize tax planning, and guide smarter spendingAccountants and advisors play a key role in structuring meaningful, dentist-specific reports#DentalBoardroom #DentalFinance #PracticeManagement #FinancialFreedom #DentalCPA #DentistBusiness #DentalPracticeGrowth #AccountingTips #CashFlowPlanning #ProfitAndLoss #DentalPodcast #SmallBusinessFinance #DentalLeadership #FractionalCFO #PracticeCFO
Welcome back to The Dental Board Room Podcast! In this episode, we continue our multi-part series on financial planning for dental practice owners. Phase 1 covered building the right financial team. Now in Phase 2, we shift the focus from the business to you personally — developing a Personal Plan for Financial Independence.In today's episode, we deep dive into Step 2 of Phase 2:Creating a Personal Spending Plan – or how to design a smart, sustainable approach to how you use your money today.You’ll learn how to separate your business cash flow into short-term personal spending and long-term savings, why most dentists mistakenly reverse this process, and how you can proactively plan for both your current lifestyle and your financial future.🔑 Key Points:Phase 1 was about constructing your financial team.Phase 2 is focused on your personal financial independence, not the business side (which comes in Phase 3).Step 1 of Phase 2: Create a long-term financial plan (covered in the previous episode).Step 2: Complete a Personal Spending Plan to manage today's spending.There are two main outflows from your business checking account: → Personal spending today (checking account) → Future savings (investment or savings accounts)Dentists often save what’s left after spending — but this should be reversed. Prioritize savings and plan spending based on what remains.Understand your business cash flow: → Collections → Minus Overhead = Profit → From Profit, subtract Debt, Taxes, and 401(k) contributions → What's left is your take-home amountOwners (S Corp) take money out either via W2 (payroll) or owner draws/distributions.Importance of separating operating costs from debt payments and understanding the tax implications of draws vs. dividends. #DentalBoardRoomPodcast #DentalFinancialPlanning #PersonalSpendingPlan #FinancialFreedomForDentists #DentalPracticeOwners #BusinessToPersonalCashFlow #OwnerDistributions #SCorporationTips #DentistWealthPlanning #PracticeProfitability #DentistMoneyManagement #FinancialEquilibrium
Welcome back to The Dental Boardroom Podcast! In this episode, we continue our deep-dive series on financial planning for dental practice owners — turning financial chaos into true financial freedom.Today, host Wes Read, CPA and CFP, explores Phase Two of the financial planning journey: Developing a Personal Plan for Financial Independence. Wes shares his unique approach, combining technical expertise and life planning philosophy, to help dentists create a personalized roadmap toward their ideal lifestyle — whether it’s a simple, peaceful life or one filled with travel and luxury.This episode emphasizes that every dentist has two financial clients: the current you and the future you. And balancing both is key to achieving long-term independence.📝 Download the companion worksheet to help you build your personal financial plan: 👉 Financial Goals and Spending Plan Worksheet (PDF)Wes also shares insight into his own experiences working with hundreds of dentists and introduces the proprietary planning tools developed specifically for dental professionals by Practice CFO.📌 If you missed the previous episode on Dental Financial Planning, make sure to go back and start there to get the full framework before continuing with this episode.🔑 Key Points:There are four phases in the financial planning journey: assembling your team, developing a personal plan, building a business plan to support it, and implementing and revising as needed.As the CEO of your dental practice, it's essential to build a strong strategic team around you.Your financial team should include a CFO, a practice management consultant, and an operations manager.Set regular meeting cadences to keep your leadership aligned and focused.Personal financial planning starts by defining what a meaningful and fulfilling life looks like for you.You must consider both your present self and your future self when creating a financial plan.The first step is to create a long-term financial plan based on your ideal future life.The second step is to build a personal spending plan that aligns with your current financial reality.The third step is to reach financial equilibrium by balancing today’s needs with tomorrow’s goals.Download the Financial Goals and Spending Plan Worksheet to begin shaping your personal plan.Achieving financial independence often means making sacrifices today to gain freedom tomorrow.Your financial plan should be uniquely tailored to your lifestyle goals, values, and vision of success.#DentalBoardroomPodcast #DentalFinancialPlanning #PracticeCFO #FinancialFreedom #DentistCEO #FutureYou #PersonalFinanceForDentists #DentalPracticeGrowth #FinancialPlanningJourney #CFP #DentalBusinessStrategy #MoneyMindsetForDentists #DentalSuccess #DentalPodcast
In this kickoff episode of a brand-new series, host Wes Read shares the foundation of financial planning tailored specifically for dental practice owners. Drawing from his widely presented talk, Dental Financial Planning: Turning Chaos into Financial Freedom, Wes explains why every dentist—regardless of age—should have a personal financial plan. He discusses the importance of building a roadmap for your future, even if life takes unexpected turns, and outlines how thoughtful planning today leads to financial independence tomorrow.Check this out: Leadership Team Diagram – Download PDF🔑 Key Points:New Series Launch: Introduction to a focused series on financial planning for dentists.Tailored to Practice Owners: Why generic financial advice often falls short for dental professionals.Importance of Planning: Even if your life doesn’t follow the plan exactly, the act of planning drives better decision-making.The Goal of Practice CFO: Help clients reach financial independence—where work becomes optional.Life and Money Interconnected: How life planning and financial planning go hand-in-hand.Stephen Covey Reference: Climbing the right “ladder” matters—choose your financial path intentionally.Complex Financial Ecosystem: Addressing the “chaos” of multiple accounts, debts, and financial instruments dentists manage.No One Too Young or Too Old: Whether you're 30 or 60, financial planning remains crucial.#DentalBoardroomPodcast #PracticeCFO #DentalFinancialPlanning #FinancialFreedom #DentistMoneyTalk #DentalPracticeOwner #WesReed #WealthPlanning #LifePlanning #DentistFinance #DentalSuccess #SmartMoneyMoves
In this episode, Wes Read dives deep into a topic that keeps many dental practice owners awake at night: embezzlement. Drawing from real-life cases and his years of experience working with dentists, Wes explores how trusted team members can sometimes become the source of financial harm. He emphasizes the importance of "professional skepticism", a principle he adopted early in his career at Ernst & Young, and how applying this mindset can help dentists protect their finances without damaging team morale.Download the Embezzlement Protection Guide for Dentists from Practice CFO:https://practicecfo.com/wp-content/uploads/PracticeCFO-Embezzlement-Protection-Guide.pdf🔑 Key PointsReal-Life Case Study: A dentist in Oregon lost $250,000 over seven years due to embezzlement by a trusted office manager.Trust vs. Verification: Even with loyal employees, verification processes are essential.Professional Skepticism: A lesson from Wes’s auditing career — trust is good, but professional skepticism is better.The Value of Accountants: CPAs bring price transparency, which underpins financial confidence — not just in public companies, but in small businesses like dental practices.Common Discovery: Most dental embezzlement cases are uncovered accidentally, making proactive systems critical.#DentalBoardroomPodcast #PracticeCFO #DentalEmbezzlement #ProtectYourPractice #FinancialTransparency #TrustButVerify #DentalFinance #ProfessionalSkepticism #CPAWisdom #FraudPrevention #DentalOfficeTips
In this quarter’s deep dive, Wes Read unpacks the latest insights from the ADA Health Policy Institute’s Q2 2025 report—a comprehensive look at the state of the U.S. dental economy. Using AI to summarize key findings, we explore economic confidence among dentists, patient spending patterns, workforce trends, and the paradox of continued investments despite growing uncertainty. Whether you’re a dental professional, healthcare investor, or simply curious about the business of smiles—this episode is for you.📌 Key Points:Economic Confidence Down: Dentist sentiment in Q2 2025 hits a record low across personal practices, the dental sector, and the broader U.S. economy.Top Concerns Identified: Pessimism driven by government policies, tariffs, inflation, global instability, and general economic uncertainty.Real Voices, Real Frustrations: Dentists express concern over unpredictable policies and rising operating costs in candid quotes from the report.Positive Outlooks Still Exist: Some dentists remain confident, citing strong patient demand, resilient consumer behavior, and support for current policies.Investments Continue: Despite low confidence, many practices are moving forward with software upgrades, equipment purchases, and dropping insurance networks.Hiring Surge Surprises: Nearly 38% of dentists added staff—far surpassing the 22% who originally planned to.#DentalEconomy #ADAreport #DentalPracticeTrends #HealthcareBusiness #DentistryInsights #DentalPodcast #EconomicConfidence #AIandDentistry #DentalWorkforce #DentalInvestments #PracticeGrowth #DentalBoardroomPodcast
In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, is joined by Myles Davis, founder of Dentrec—a platform designed to bring clarity and consistency between dental practice management systems, bank accounts, and accounting software like QuickBooks.Wes and Myles explore the common yet often overlooked issue of reconciling collections data with actual deposits. They dive deep into how disorganization or gaps in reconciliation can lead to embezzlement, financial misstatements, patient trust issues, and inefficiencies in team performance tracking.Myles shares how Dentrec is helping DSOs and solo practices alike automate reconciliation, allocate deposits correctly (especially across multiple offices or tax IDs), and keep all systems—from PMS to bank accounts to financials—in sync. Learn why this simple yet powerful solution is transforming dental practice accountability, financial health, and team transparency.Key PointsDentrec helps reconcile collections data from PMS (like Open Dental, Dentrix, Eaglesoft) with actual bank deposits and QuickBooks.Lack of reconciliation can lead to embezzlement, financial misstatements, tax underreporting, and loss of patient trust.Dentists often don’t catch missing funds or misallocated deposits due to lack of time, process, or tools.Dentrec is especially useful for DSOs with centralized banking or shared TINs across practices.Automation and accountability reduce human error and increase practice efficiency.Embezzlement remains alarmingly common—40% of dentists experience it at least once.Dentrec also tracks whether payments were correctly posted to patient ledgers.The “fork test” analogy shows how disorganized workflows cost teams time and money.Aligning PMS, financial reporting, and bank data helps owners stay informed and in control.#DentalBoardroomPodcast #Dentrec #DentalFinance #DentalEmbezzlement #PracticeManagement #DSO #DentalTech #FinancialReconciliation #WesReed #MylesDavis #QuickBooksDental #OpenDental #DentalAccounting #CashFlowManagement #DentalPracticeGrowth
In this quarterly market update, Wes Read is joined by Chief Investment Officer Brandon Hobson and investment committee member Paul Lipcius to unpack the swirling forces shaping the markets in mid-2025. From geopolitical tensions and legislative changes to the explosive innovation in AI, the team explores why this year has been anything but predictable.They discuss the surprising resilience of markets, the impact of currency fluctuations, and why disciplined diversification across small caps, value stocks, and international equities is paying off for investors. Whether you’re curious about why international stocks are leading or how Practice CFO strategically tilts portfolios to manage risk and seize opportunity, this episode provides clarity and perspective for investors navigating uncertain terrain.Key PointsBetter Than Expected Performance: Despite early-year uncertainty, markets have performed more strongly than most anticipated.Volatility Remains High: After a volatile start, recent months have stabilized, though many unknowns persist.International Equity Surge: International developed and emerging markets are outperforming U.S. equities, buoyed in part by currency effects.Small Caps Poised for Upside: With expected Fed rate cuts, small cap stocks are positioned for potential outperformance.Value Over Growth: In this phase of the cycle, portfolios are tilted toward high-quality value stocks to manage risk.Disciplined Diversification: Practice CFO avoids market timing and instead uses tactical tilts to align with long-term objectives.Currency Dynamics Matter: Dollar weakness has amplified international returns, demonstrating the importance of currency diversification.Recency Bias Caution: The temptation to overweight recent winners is strong, but buy-low-sell-high discipline remains critical.Long-Term Focus: While tech-led growth has dominated for a decade, historical trends favor value and small caps over time.#DentalBoardroomPodcast #MarketUpdate #InvestmentStrategy #Diversification #InternationalEquities #SmallCaps #ValueInvesting #FinancialPlanning #PracticeCFO #DentalFinance
In this important episode, Wes Read walks dental and healthcare practice owners through the major tax provisions of the sweeping “One Big Beautiful Bill,” passed just before July 4th. This landmark legislation includes hundreds of provisions designed to extend prior tax cuts, adjust deductions, and shape the future of business and personal tax planning. Wes distills the dense legislation into clear, actionable takeaways to help you make informed decisions for your practice.Who This Is For:Dental and healthcare practice owners, business managers, and anyone interested in staying ahead of tax law changes that can affect practice profitability and personal finances.Special Note:This episode focuses exclusively on the tax-related provisions of the bill. Other elements, such as savings accounts or unrelated policy changes, are not covered.Key PointsExtension of 2017 Tax Cuts: The bill makes the 2017 Tax Cuts and Jobs Act tax brackets “permanent,” preventing them from reverting to pre-2017 higher rates in 2026.National Debt Concerns: Despite extending lower rates, the U.S. continues running significant deficits, adding trillions in debt—raising questions about long-term fiscal sustainability.SALT Deduction Increase: The state and local tax deduction cap rises from $10,000 to $40,000, especially benefiting practice owners in high-tax states like California and New York.Pass-Through Entity Tax (PTE): Practice owners still have the option to deduct state taxes via their business entity rather than personal Schedule A—requiring careful planning to choose the optimal strategy.Phase-Out Thresholds: SALT benefits phase out for married couples earning over $500,000 ($600,000 for full phase-out), making PTE elections more favorable for higher earners.Child Tax Credit Increase: The credit increases slightly from $2,000 to $2,200 per child through 2028, with income phaseouts beginning at $400,000 for married filers.Tax Planning Imperative: Proactive tax forecasting is critical to maximize deductions and avoid missed opportunities in this evolving tax environment.#DentalPractice #TaxPlanning #SALTdeduction #DentalFinance #PracticeCFO #DentalBoardroomPodcast #HealthcareFinance #TaxLawUpdate #SmallBusinessTaxes #PassThroughEntityTax