EP 13: Teaching Holistic Financial Health to Dentists |Kyle Spencer, Dentist Advisors

Kyle Spencer is the Director of Strategy for Dentist Advisors, a practice that helps dentists understand holistic financial health.

In this episode of the HealthTech Hustle, Kyle shares how he fell in love with healthcare technology and the desire to help healthcare practitioners. He also shares his journey of being in the service industry, going back to school, and starting a program that teaches dentists how to take care of their finances as they excel in their practice.

“If the finances aren’t in order, it’s really hard to feel good and be positive about the healthcare that’s being provided.”- Kyle Spencer7:46

Who is Kyle Spencer and how did he end up in his area of expertise? [1:04]
He spent a lot of time in the healthcare technology and with healthcare professionals over the last decade as either an advisor, a consultant, or a service provider in multiple practices. He is passionate about healthcare technology and making sure health care professionals are taken care of because there is a lot of pressure on them.

What is he doing at Dentist Advisors? [2:04]
It is a speciality financial services firm that caters and helps dentists make smart decisions with their money. They are different from financial planners since they have created a proprietary system where they can measure people’s financial indicators called the Elements system. They’re planning to launch Elements platform/ financial indicator sometimes this year for any professional service provider. These are indicators that tell people how to make smart decisions with their money. They provide research and reports to their dentists’ clients so they know the best moves to make their money which is based on a system that measures all of these areas of financial health.

Was there a problem he noticed in the industry that he was trying to solve? [4:09]
He started in the services industry and wanted to understand the business more and so he got a degree in management. After school, he did consult for many doctors where he learned a lot of practise management and practice management systems. After getting his MBA, he partnered with someone who had built a practice management system that was running his practice and other practices and they enhanced it then marketed it to doctors.

Working with doctors helped him understand healthcare information technology, the problems, the opportunities, and the possibilities. He realized that doctors have so much on their plates with the technology they use. Non-medical doctors like dentists often run their own practices and it can be overwhelming to run their finances as well even when they have a financial education. He exited MediYeti and joined Dentists Advisors since he believed that practice was what doctors needed to become their own CFO. The platform helps them understand and have the support for their finances as they focus on being the best practitioners they can be.

How did he go about putting out the right team together while building the foundation?
Getting the right people and thoroughly understanding the job that needs to be done. Thoroughly
understanding what needs to be done in someone’s financial situation so that they embrace the habits of holistic financial health which is what they’re doing at Elements. The app and technology are a phenomenally well researched in-depth spreadsheet with a beautiful user interface that’ll cost millions of dollars after it's finished but it's intuitive for the user.

How did they get their first group of beta testers? [13:15]
It helped that they were a working company that already had clients, an audience, and people that want to learn what they had. They show what the elements are because they are educating people who want to find the right solutions for their situation. He explains all the technical processes of the Element program- what it is and will be provided for clients in the long run.

What companies trying to reach out to doctors and service providers should be focusing on?
They should make sure that what they offer is crystal clear and put a price on it.

What role does their podcast play in getting their message out and connecting with their
audience? [21:46]
It helps grow an audience and providing value. Their motive is to educate the audience by providing valuable trusted information. They don’t bring on people who don’t understand healthcare enough to be able to provide advice. They bring guests with knowledge and sometimes even highly knowledgeable than them.

Are there any tools that he would recommend for getting the message out there? [24:35]
He recommends google docs, slides, or a piece of online paper and then paying a designer to make it look good. As long as you know what you’re providing, you can spell it out and pay to have a digital piece.