Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Mark Murphy
These 5 Wealth Transfer Mistakes Can Wipe Out Everything You Worked a Lifetime to Build
Follow us Add us as a preferred source on Google Subscribe to our newsletter The Great Wealth Transfer is already underway, with trillions of dollars expected to pass from one generation to the next over the coming decades. But most Americans spend more time planning a family vacation than working on their personal finances, and the amount of time they spend on their wealth transfer is even less. In my experience, this oversight can have lasting consequences.
The 5 financial questions dentists aren’t asking—but should be
Most dentists I work with are technically excellent. They went to school, learned their craft, and built a practice. What they didn’t get was an education on how to run the financial side of a business. The reality is that if you want to build a successful practice and use it to create your ideal life, your financial acumen needs to match your clinical acumen. You don’t need to master this all at once, but you do need to make sure you’re asking yourself the right questions at the right times.
The greatest asset: Health stands at the forefront of every objective
The greatest asset: Health stands at the forefront of every objective Health and mindset play a critical role in dental practice success, influencing leadership, team performance, and financial outcomes. Prioritizing physical wellness and mental clarity can strengthen productivity, reduce burnout, and drive long-term business growth. Key Highlights Physical and mental health are foundational to business success, providing the stamina and clarity entrepreneurs need to perform at a high level.
Build these 2 income streams: When you have paychecks and “playchecks,” you have financial freedom
Most dentists make the same critical mistake: they fund their entire lifestyle from their business income. If you’re wondering how that could possibly be a mistake, bear with me. Your practice is your money machine. It’s where you create wealth, but it should not be how you maintain your lifestyle. Why? Because even the best practice has ups and downs. Equipment breaks, recessions happen, and patient volumes fluctuate.
8 steps to wealth: Strategies to help dental practice owners build lasting success
8 steps to wealth: Strategies to help dental practice owners build lasting success Dentists who want long-term wealth need more than clinical skill—they need a clear financial road map. These eight wealth optimization strategies cover legal protection, cash reserves, income-building investments, smart debt management, and estate planning to help private practice owners build lasting success.
Embracing failure: The mindset every successful dental entrepreneur must master
Failure is not an option for an entrepreneur, yet we’re all bound to fail no matter what. So goes the paradox of winning. Success invariably necessitates failure along the way. While it’s not the most encouraging sentiment, it holds true for everyone with a fire in their belly to succeed.
New Mexico's well cleanup problem is self-inflicted
The state of New Mexico is sitting on tens of millions of dollars meant to clean up orphaned oil and gas wells. Instead of using those funds to fix the problem, state regulators are pointing fingers at the very industry already doing nearly all the work — and paying the bill. Here’s the reality: When an oil or gas well reaches the end of its life, it’s the producer’s responsibility to plug it and restore the surrounding land. In New Mexico, companies do exactly that for roughly 99% of all wells.
The hidden wealth in your dental practice: Get insurance, retirement, and real estate in sync
The hidden wealth in your dental practice: Get insurance, retirement, and real estate in sync Is your financial “junk drawer” holding your dental practice back? Organizing hidden assets like insurance and retirement accounts can unlock true wealth for dental professionals. What you'll learn in this article Organizing your financial “junk drawer” can streamline your dental practice and boost profits. Insurance can protect your dental career and build lasting multi-generational wealth.
The hidden wealth in your dental practice: Get insurance, retirement, and real estate in sync
The hidden wealth in your dental practice: Get insurance, retirement, and real estate in sync Is your financial “junk drawer” holding your dental practice back? Organizing hidden assets like insurance and retirement accounts can unlock true wealth for dental professionals. What you'll learn in this article Organizing your financial “junk drawer” can streamline your dental practice and boost profits. Insurance can protect your dental career and build lasting multi-generational wealth.
My Two Cents: Focus is the new competitive edge for dentists
My Two Cents: Focus is the new competitive edge for dentists Decisive business owners don’t dwell on what they’re powerless to change. Instead, they acknowledge that whatever exists outside their influence isn’t worthy of their attention. I can tell the likelihood of someone’s success by what they read. The subject matters, and reading is essential. However, you can read yourself into oblivion if what you’re consuming disempowers you, for instance, sensationalist news media.
My Two Cents: Build your wealth, pyramid style
impro studio | Shutterstock.com My Two Cents: Build your wealth, pyramid style What determines a dentist’s wealth has less to do with fortitude and more to do with perspective. Here's how wealth works, so its procurement can become as natural as breathing. You deserve to be wealthy. As a private practitioner, nobody comes as far as you have, only to stall out in mediocrity. Every dentist I’ve met is indisputably hardworking. Yet the harder they work, the more out of reach wealth becomes.
My Two Cents: Building a legacy of generosity: The power of giving
Years ago, I met a soccer coach who was an exceptional man with a big heart. At the time, he lived in a rundown apartment, in a neighborhood where anybody might feel dejected. Despite his humble homelife, he was a top-notch authority on coaching kids on and off the field, and he was a perennial giver. I remember he bought a young boy whose mother was on welfare a new pair of cleats. That’s just who he was. This coach embodied a mix of compassion and pride every single day.
My. Two Cents: You can’t know it all: Team with other experts, and you’ll excel
sorbetto / 664501420 / DigitalVision Vectors Money My Two Cents: You can’t know it all: Team with other experts, and you’ll excel Working with experts outside your own field of expertise will elevate your practice. You can start by listening to podcasts. Orthopreneurs comes highly recommended. Building and maintaining a network of brilliant innovators is fundamental to my success as an advisor.
Inspiring future dental entrepreneurs
36582533 © Iqoncept | Dreamstime.com Money Inspiring future dental entrepreneurs It can be tricky to encourage future dentists' entrepreneurial spirit. One of the best ways is by example, by demonstrating your own happiness and satisfaction. As a father of two daughters and three sons, I’m faced with the task of guiding these young adults to become the best version of themselves. Part of me wants them to follow in my footsteps and embrace the life of an entrepreneur.
The tell-tale signs that companies don’t trust their employees
Lost in the deluge of news about return-to-office policies is a more troubling phenomenon: eroding trust between employers and employees. Despite advances in flexible work models, many companies still cling to outdated practices that betray their lack of trust in their workforce. These companies may not openly admit their mistrust, but their actions and policies often reveal it.
What I learned from two dental legends
Narmeen Arshad / 2098405051 / iStock / Getty Images Plus Money What I learned from two dental legends We can all learn from each other. Consultants, leading dentists, and everyday dentists all have life stories and good advice to share. Have you ever wondered what you would include in a book about your life? I’m a firm believer that everyone has a remarkable story to tell, one that others could benefit from hearing.
Leaders need to give employees room to fail
Sep 30, 2024 Effective leadership isn’t just about making decisions and giving orders. It’s about fostering an environment where employees can grow, learn, and yes, even fail. This might sound counterintuitive, but giving employees room to fail is actually a crucial component of successful leadership and organizational growth.
The importance of transparency in your practice
filo / 1942852956 / Collection: DigitalVision Vectors Practice Human Resources The importance of transparency in your practice Being straightforward with your team will earn their respect and get things done. Tell them what's going on in the practice, and things will operate much more smoothly. When it comes to improving managerial aptitude, there isn’t a business owner or entrepreneur out there who doesn’t want to become a better communicator.
One question that drastically improves your communication
Aug 30, 2024 Have you ever sat in a meeting, feeling like you and your colleagues are speaking entirely different languages? Have you ever felt that, despite your best efforts to convey your message, it what you say seems to bounce off an invisible wall, never quite reaching its intended recipient? Whether this applies to you, or someone you know, these instances are a sadly common phenomenon.
How dentists can sidestep their business blind spots
gettyimages / 165792231170667a Money How dentists can sidestep their business blind spots Everyone needs to acknowledge that they have blind spots. Not addressing these in your dental practice can lead to problems in your business. When it comes to blind spots, perhaps the biggest one of all is assuming you don’t have any. But everyone has blind spots. Thankfully, they pose a serious threat only when we refuse to acknowledge them.
How to motivate your superstar staff
Aug 2, 2024 Think about the superstar employees in your organization. Are they more likely to enjoy the adrenaline rush that comes from doing new things, or would they prefer that their work remains consistent day after day? Would your superstar employees rather be on the cutting edge or would they rather stick to the tried-and-true?
Are your managers hurting employees’ careers with weak goals?
Jun 21, 2024 In an era where employee engagement and career progression are at the forefront of corporate priorities, a disconcerting trend is emerging from the hallways of management: the setting of weak, uninspired goals. This trend, often stemming from a well-intentioned desire to reduce employee stress, may be inadvertently stunting career growth and diminishing job satisfaction.
Practice preventive care for your dental business
gettyimages-1300181866-170667a Money Practice preventive care for your dental business Insurance for your dental practice is as important as insurance for. your vehicle. This dentist learned the hard way and wants to educate his peers. Setting up for success means something different to everyone. But when it comes to running a private dental practice, I advise those in the field to focus on preventive maintenance.
Can workflow technology increase production?
I recently gave a lecture at a high-tech dental conference on how to increase practice production with workflow technology. This would indicate that the answer to the title is affirmative. However, simply adding workflow technology alone does not necessarily increase practice production and can have a dramatic impact on overhead and profit (and not in the right direction).
Investing tips for women: Your questions answered
How does the gender pay gap affect women's investing opportunities? Depending on the shortfall, inadequate pay can decimate one’s ability to properly save. Ideally, people should strive to save at least 20% of their salary. If a woman makes 80 cents to a man’s one dollar, her ability to save is thwarted—either she won’t save anything at all, or her standard of living will need to decrease significantly to account for the budget reduction.
The NLRB’s Stericycle ruling may impact you
The National Labor Relations Board (NLRB) made a major ruling in 2023 overturning previous, more employer-friendly decisions. This federal ruling applies to all businesses with one or more employees. The ruling significantly impacts HR policies on employee behavior and interactions with others, and understanding it is crucial to preventing future liability.
How to (properly) structure a layoff memo
Apr 17, 2024 Layoffs are painful enough, but they’re even worse when the memo that announces them is a meandering and cliché-riddled mess that obfuscates the central message; people are about to be let go. For instance, it’s common for memos announcing staff cuts to spend the opening paragraph (or longer), touting the company’s successes and lofty aspirations, leaving employees to wonder about the purpose of this “Company Update” (or whatever the memo was titled).
I have it-you need it! iMatrix Clear, FluoroCal 5% Sodium Fluoride, and Stela Self-Cure Composite & Primer
iMatrix Clear System For those of us committed to composite resin dentistry, tight contacts can sometimes be a challenge. Potentially there is the problem of inadequate photocuring of the resin restorative material around the marginal interface with the tooth. Often, I have used two curing lights—one buccal and one lingual—to ensure uniformity. The iMatrix Clear system has clear rings, clear sectional bands, and clear wedges to allow light to pass through and fully cure the resin.
DE Rising Star Award Recipient: James Wanamaker, DDS
The ability for a young dentist to see the forest through the trees is remarkable. Many dentists focus their energy within the four walls of their dental practices, without acknowledging or contributing to a greater cause. This incredible dentist demonstrates an unwavering commitment to his practice, CE, his family, and his peers and colleagues through his contributions to organized dentistry. Read on to see why Dr. James Wanamaker is this month’s DE Rising Star! When and where did you graduate?
What about my patients (if I join a DSO)?
If you’ve heard horror stories about DSOs, you’ve probably heard terrible things about patient care—stories about sales quotas, or having to recommend, even force-feed, treatment plans that aren’t in the patient's best interests. Stories about policies that force you into certain treatment plans even if you don’t agree with them. Stories about increasing patient volume so much that you’re down to just seconds to diagnose before moving on to the next operatory.
Your mindset matters for the success of your dental practice
When I coach dentists about how to elevate their private practices, I don’t start by examining their business or employees. Instead, we discuss how they can elevate their own mindset. I ask, “What are you willing to do that you’re not doing now in order to get what you don’t have?” This is a straightforward question, but the way someone answers will determine whether they’ll get what they’re aiming for.
The asset of authenticity: Social media’s secret weapon
Since we practice on opposite ends of the country, social media has allowed us to keep in touch. When we show the reality of our work on platforms such as Instagram and TikTok, we can tap into a community of other dentists and like-minded clientele. Our story We met at Glidewell’s 2023 Guiding Leaders program and instantly hit it off. After connecting during the personal branding and social media courses, we were able to speak together about our own personal journeys.
Why people hate performance reviews
Apr 5, 2024 A startlingly low percentage of employees, managers, and even CEOs find value in their organizations’ performance appraisal systems. The dislike is so pervasive that a Leadership IQ study found 88% of managers and employees believe these types of appraisals tarnish their view of HR. This damning statistic does, I feel – reveal a deep-seated issue with the conventional approach to performance reviews.
Substance abuse in dentistry: Are you an addict? with Dr. Alan Mead and Gary Kadi
Prepare to confront a crucial issue in the dental profession head-on in our latest episode! Join David Rice and Pam Maragliano-Muniz as they delve into the sobering reality of substance abuse among dentists, a problem that often starts in dental school and continues into professional life. In this candid conversation with Dr. Alan Mead and Gary Kadi, we shine a light on the factors that contribute to this alarming trend and offer valuable insights into recognizing the signs of struggle.
Chicago Midwinter: Tokuyama Dental
How the practice next door works half as hard and makes twice as much | with John Riley
How to help leaders flick their leadership-style switch
Mar 15, 2024 In today’s ever-changing and diverse workplaces, the ability of leaders to adapt their leadership style to meet the evolving needs of their teams and situations isn’t just an advantage, it’s nigh-on a necessity. But convincing leaders to change their style isn’t easy; leaders can often think their style is as innate and immutable as their bone structure or blood type.
A dentist's oracle: The accountant
When it comes to success for private practitioners, money management often takes a backseat as a focal point. I’m an ardent believer that your core values must remain front and center, however, your ability to properly budget cannot be ignored. Yes, you need to make company culture the top priority, but your financial wherewithal should be embedded in the fabric of who you are, right alongside your commitment to service and leadership.
Pearls for Your Practice: True Dental Dam by Clinician’s Choice, Jiffy Spin Composite Shaping and Finishing Disk Kit by Ultradent, Compex HD by AdDent
Jiffy Spin Composite Shaping and Finishing Disk Kit by Ultradent During my restorative dentistry training, we used a lot of finishing burs to shape restorations. This makes sense for posteriors, and is still what I do today. However, my tactics have totally changed for anterior composite restorations, especially class IVs. I now do much more shaping with a disk. I still may use some burs on low speed to add some anatomy, but disks are my go-to for shaping and then polishing anteriors.
Escaping inside-the-box thinking in dentistry to achieve meaningful success
Within our challenging profession, rife with burnout that accrues when rewards are deemed inadequate for the sacrifices demanded, achieving excellence is its own reward as it creates excitement, motivation, satisfaction, and even joy. (And, as the quote popularly attributed to Aristotle states, “Pleasure in the job puts perfection in the work.”) But one doesn't attain sustained superiority by doing quotidian things.
The hypocrisy of forcing employees back to the office
Mar 4, 2024 This article is part of a series called COVID-19 Coverage. In the wake of the global pandemic, the world of work underwent a seismic shift. For the first time, a significant portion of the workforce experienced the benefits of remote work – flexible hours, no commute, and the comfort of home. Yet, as the world continues to normalize, many companies are demanding employees return to the office, citing collaboration and culture as key reasons.
Real-world biomimetic dentistry: Cases and the associated economics
Many dentists realize the value of biomimetic dentistry but are unsure how to practically apply it to clinical practice. Biomimetic concepts permeate all aspects of dentistry, from resin infiltration to deep margin elevation, or restoration of teeth with undermined cusps. I’ll share some practical tips that demonstrate not only a biomimetic approach to restorative dental care, but the economic impacts of such therapies. Diagnosis must precede care recommendations.
Selling smart: The return of DSOs in 2024
Although activity in dental mergers and acquisitions (M&A) markets has slowed over the last 18 months, TUSK completed more transactions in 2023 than in 2022. Our clients continued to see very high valuations for their businesses amid market headwinds. The interest rate environment has drastically shifted the buy-side environment from its recent peak in 2021.
My Two Cents: How dentists can create wealth in 2024
The financial world is awash with the latest ways to accumulate more wealth, especially now that it’s 2024, a year that promises swift and abundant change. While most analysts are talking about dividend stocks ripe for the plucking, opportunities in real estate, or the power of side hustles, I encourage people to start from a more nuanced premise. Instead of focusing on how to grow one’s bank account, I encourage people to focus inward, to consider themselves as their primary investment.
I have it-you want it! Ecosite One, Strata-G Sectional Matrix System, and Rodin Bond
Images courtesy of DMG America, Garrison Dental Solutions, and Pac-Dent Science & Tech I have it—you want it! Ecosite One, Strata-G Sectional Matrix System, and Rodin Bond Ecosite One Ecosite One is an innovative one-shade composite for highly esthetic posterior restorations that features easy handling, 3 mm depth of cure, and rapid polymerization with only a 10-second photocure.
Are your leaders sabotaging employees with unspoken expectations?
Feb 16, 2024 There’s a frequent challenge that employees face – and it’s deciphering the true expectations of their bosses, especially regarding deadlines. This phenomenon, often rooted in the disparity between stated deadlines and the unspoken, earlier ones in a boss’s mind, can significantly impact employees’ performance and recognition.
Telltale Signs of Poor Financial Health
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. When it comes to identifying poor financial well-being, outside appearances don't give you any clues. We tend to think of the truly prosperous as well-dressed, polished and professional. We assume they drive fancy cars and live in fashionable neighborhoods, sending their children to elite private schools.
How many of your leaders are career blockers?
Jan 19, 2024 I’m almost certain your organization has – within its walls, or working remotely – some exceptionally good leaders; leaders for whom employee growth is a top priority. But if your company is like most companies, you’ve also probably got at least a few career blockers – that is managers who actually neglect or even disrupt their employees’ development. Finding out who the career blockers are You may already know which of your company’s managers fit this description.
When your people are burned out, try this leadership style
Dec 20, 2023 As we head into 2024, and all want to try to do things better than we have done, then here’s something for you to consider: if you’re not measuring employee burnout on your annual engagement surveys, take note: Recent data shows that as much as two-thirds of your workforce could be experiencing some degree of burnout.
Practice Production Prioritized: One simple technique to increase case acceptance
112678259 | Healthcare © Piksel | Dreamstime.com Practice Practice Production Prioritized: One simple technique to increase case acceptance Author's note: Levin Group has reviewed and prioritized hundreds of strategies to increase practice production. Each month, we highlight a powerful idea ranked in order of priority. There is a simple, easy-to-adopt technique that will increase case acceptance immediately.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Mark
Contact Mark, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack