Episode 13: "Teaching Holistic Financial Health to Dentists" |Kyle Spencer, Dentist Advisors
May 20, 2020
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 business more and so he got a degree in
management. After school, he did consult for many doctors where he learned a lot of practice
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?
[10:29]
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 its 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?
[20:59]
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.
How would he recommend someone to understand their target audience? [25:47]
Become a product manager and explore with a member of your audience and ask questions for research
to understand what they need and the value you’re trying to offer. This is doable in the shortest amount
of time, especially during the lockdown.
What advice would he give anyone trying to do what he’s doing? [ [28:00]
He believes that you have to pave it and learn both professionally and personally. Surround yourself
with good people to help you get there and remember there’s always room for improvement.
How do you go about identifying an effective team? [29:57]
He prefers consulting over hiring people if it is not an actual job but rather a few hours a week. Only
bringing in permanent people into a company when a small-time project turns into an actual job. He
gives some strategies you can use in the interview process to get an excellent team member.
Kyle Spencer answers the rapid-fire round of questions. [33:04]
Subscribe to the podcast:
Apple Podcasts
https://apple.co/2x0G3Um
Spotify
https://spoti.fi/3dVzK4X
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 business more and so he got a degree in
management. After school, he did consult for many doctors where he learned a lot of practice
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?
[10:29]
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 its 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?
[20:59]
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.
How would he recommend someone to understand their target audience? [25:47]
Become a product manager and explore with a member of your audience and ask questions for research
to understand what they need and the value you’re trying to offer. This is doable in the shortest amount
of time, especially during the lockdown.
What advice would he give anyone trying to do what he’s doing? [ [28:00]
He believes that you have to pave it and learn both professionally and personally. Surround yourself
with good people to help you get there and remember there’s always room for improvement.
How do you go about identifying an effective team? [29:57]
He prefers consulting over hiring people if it is not an actual job but rather a few hours a week. Only
bringing in permanent people into a company when a small-time project turns into an actual job. He
gives some strategies you can use in the interview process to get an excellent team member.
Kyle Spencer answers the rapid-fire round of questions. [33:04]
Subscribe to the podcast:
Apple Podcasts
https://apple.co/2x0G3Um
Spotify
https://spoti.fi/3dVzK4X
Connect with me:
Facebook: https://www.facebook.com/RodneyHuJR
Instagram: https://www.instagram.com/_jrboii_
Twitter: https://twitter.com/RodneyHuJr
LinkedIn: https://www.linkedin.com/in/rodney-hu-ab7a0a16a/
You can learn more about Kyle Spencer:
Website: https://dentistadvisors.com/financial-planning-services/elements/
LinkedIn: https://www.linkedin.com/in/spencerkyle/
Facebook: https://www.facebook.com/RodneyHuJR
Instagram: https://www.instagram.com/_jrboii_
Twitter: https://twitter.com/RodneyHuJr
LinkedIn: https://www.linkedin.com/in/rodney-hu-ab7a0a16a/
You can learn more about Kyle Spencer:
Website: https://dentistadvisors.com/financial-planning-services/elements/
LinkedIn: https://www.linkedin.com/in/spencerkyle/