The Biggest Financial Lessons from Series One of Just4Dentists

What have we really learned so far — and what does it all mean for your financial future?

In this special roundup episode of Just4Dentists, Dr Ruth Baidoo pauses to reflect on the biggest themes and lessons that have emerged across series one. From high-need communities in Blackburn to RAF dental careers, implant specialism to property portfolios and anxiety-led practice models — this episode brings it all together in one place.

Featuring highlights and key moments from:

• Dr Khalid Master on why being a great clinician doesn't automatically make you a great business owner — and the four quarter model that keeps his practice resilient
• Dr Anta Riekstina on the real financial and personal cost of building a specialism from scratch and what she'd do differently
• Dr Satinder Kelly on his golden rule for property investment and why working harder isn't always the answer when things go wrong financially
• Dr Celia Burns on why investing heavily in nervous patients upfront creates some of the most loyal and valuable patients a practice can have

Ruth also shares eight key financial takeaways from the series — covering everything from treating CPD as a strategic investment to the never sell rule for property, lifestyle creep and what it really takes to recreate financial structure when you leave salaried employment.

Whether you're new to Just4Dentists and want a flavour of the series before diving in, or you've been listening from the start and want to consolidate what you've learned — this episode is the perfect place to land.

Have a question, or want expert insight?
 📩 Email info@j4d.co.uk

💬 Join the Just4Dentists Facebook community to keep the conversation going: https://www.facebook.com/groups/just4dentists/

Presented by Dr Ruth Baidoo

Produced by Your Podcast Producer for the Just4Dentists team 

Additional Information:

Just4Dentists: https://j4d.co.uk/

Dr Ruth Baidoo: https://dr-ruth-dentist.com/

Your Podcast Producer: https://www.yourpodcastproducer.com/

Music Credits:

InPlusMusic: ‘Funk Funky Beat Music’

Raspberry Music: ‘Feel Good’

Cold_Fire: ‘Base and Claps’

Disclaimer: The information provided in this podcast is for educational and informational purposes only and does not constitute formal financial or legal advice. Every dentist’s career pathway and financial situation is unique; therefore, you should not rely on this content as a substitute for professional advice tailored to your specific circumstances. The value of investments can go down as well as up, and past performance is not a reliable indicator of future results.

Transcript

Dr Ruth Baidoo 0:00

Hi everyone, welcome to a very special edition of Just for Dentists. I'm Dr. Ruth Baidoo, and we've reached a point in the series where I wanted to pause, look back at some of our standout conversations, and really pull back the curtain on the biggest lessons that we've had so far. We've travelled from the high-need communities of Blackburn with Dr. Khalid Master to the specialised clinical world of Dr. Anta Riekstina and then into the high-states property portfolio of Dr. Satinder Kelly and even explored the regimented life of the RAF with Dr. Oliver Hinton. There's been a lot of guests this season. Along the way, I was joined by Andrew Brown, Director and Mortgage Broker at Mortgages for Dentists, and Martin Febery, Principal Advisor at Money 4Dentists, who provided their expert opinion on the key points which came up in the conversations. Now, a quick reminder: this podcast is for informational and educational purposes only. The views expressed by myself and my guests are our own and are providers as general expert guidance and industry insight. Because every clinician's circumstances are unique, you should always seek independent advice tailored to your specific situation before making any major financial decisions. And remember, the value of investments can go up as well as down. With that in mind, let's dive into the themes that really stayed with me.

Dr Khalid Master and his four tiered model

Dr Ruth Baidoo 1:16

Right, so if you can cast your mind back to the first episode of the series where I sat down with Dr. Khaled Master, who's the co-owner of Bankview Smile Studios in Blackburn. Khaled established an award-winning practice in a highly deprived UK area. Our conversation went deep into how he uses a four-quarter model to stay resilient in this economic climate. But he also dropped a truth bomb about how being a great clinician doesn't automatically make you a great business owner. Let's listen back.

Dr Khalid Master 1:42

So when I bought the practice, and this is one of the reasons why I bought this one compared to any of the others, is that almost uh one quarter each, there were four different systems that were operating within the practice. So one quarter was NHS, so there was a NHS commitment still, a substantial one. Then one quarter was private fee per item. So people who weren't linked to the practice but would just come and have odd procedures done when they felt like it. Then one quarter was at the time Denp lan Essentials. So that will take care of the long-term care and maintenance. And then there was a one quarter on comprehensive care. Almost. I mean, it was almost perfectly 25%, 25%, 25%, 25%. Now, my accountant was uh unbelievably happy at that because ultimately we've not put all our eggs in one basket. And of course, the the the NHS contracted changed four years before that. 2006, I bought the practice in 2010. So this this allowed me to then diversify according to where I felt the growth area was. And the growth area for me, out of those four systems that worked well for the patient and work well for me, was the essentials package. And we now have a setup where more than 50% of our patients are on an essentials package. And then the other 50% is broken up. Our NHS commitment is the same as it was before, but it's now less than 10% because of the growth of the other areas in the business.

Dr Ruth Baidoo 3:14

Amazing. So, I mean, you've been practicing for quite a while now. In your opinion, this sort of model that you have seems to be working quite well for you and for your business. Is this something that you think more principles should consider doing from a financial perspective or not?

Dr Khalid Master 3:28

100%. What you can do is look at the model that we have here at Bankview and you can roll that out locally. All you might have to do is just tweak the numbers slightly. But I was very fortunate. I worked with a management accountant within a year of owning this practice. And I and I soon realised, having been an associate for so long, that being a principal is not necessarily, as I said earlier, for everyone. Now, my forte is clinical dentistry. That's what I'm trained to do, that's what I'm hardwired. Running a small business is a completely different discipline. And for for heaven's sake, please don't think because you're a good dentist, you'll be a good businessman. In fact, I would say that I would say it's the total opposite. The better you are as a clinician, the worse you will be as a businessman.

Dr Ruth Baidoo 4:17

When I first heard that, I asked Andrew and Martin how a dentist actually breaks out of that trap. They explained that success isn't just about doing the work, it's about designing the systems. And here's what they had to say.

Martin Febery 4:28

It comes to clinical excellence versus business leadership. There's some really, really great dentists, and you know, dentistry trains you to focus on precision and outcomes and patient care, not necessarily, as you said, cash flow and staffing structures and performance metrics and how to look after a building. So there's two parts to it. You have to be a kind of that kind of person that's either going to get into it, understand it, or the advice and the people helping you do it have to be given the responsibility to it because cash flow and overheads and planning income and debt commitments, they aren't complicated, but they need to be watched.

Andrew Brown 5:08

Yeah, yes, yeah. And it's maybe to just to add to what Martin said that you don't have to help have help forever, but in the early years it makes a lot of sense. And I remember when I first run my first business, and this was to do with buying and selling a property about 15 years ago, I didn't know what a bookkeeping system was. I didn't know what at that time Sage was all the rage, everyone had Sage. And I actually paid a consultant to come and help me set up Sage with all the right nominal codes so I could track the income and expenditure. And I remember in the meeting, I was with them for two or three hours, and I thought, this is so alien. And I'm a mathematician, and it still seemed like really difficult. But actually, you learn. And now over 15 years experience, 20 years maybe of running businesses, you can take on more yourself. So I think don't be afraid to get help in the early years.

Dr Ruth Baidoo 5:55

That insight is so vital. So you don't have to be an expert in everything, but you must have the right experts in your corner. If you want to hear Khaled's full strategy for thriving in higher need communities, check out episode one in the series.

Dr Anta Riekstina

Dr Ruth Baidoo 6:09

Next, we move on to the story of Dr. Anta Riek stina. Anta's dedication is incredible. She spent over 20 years transitioning from general dentistry to high-level implant dentistry and self-funded over 100 courses along the way. But that growth came with a heavy emotional price. She shared how her children were affected by her absence while she concentrated on her career. It was a sober reminder of the return of investment on our clinical training.

Dr Anta Riekstina 6:44

But I have put my career first. And you know, you ask me, do I regret anything? I know that my kids have suffered because of that. I know that they had much less friends in the schools, especially in a small age, in a young age, because I was constantly building my own practice up. I was constantly at work. I didn't have the time to go to mother's coffee meetings or book readings or or anything like that. So my children, and and they they do remind me that.

Dr Ruth Baidoo 7:14

So when you're starting out, how do you decide financially how you're gonna fund this? You've done over a hundred courses just on dental implants alone. That's a lot. So how do you continue to fund that and get also get a return on your investment as well as the money that you've spent?

Dr Anta Riekstina 7:29

Well, I haven't been the wisest financially. I actually never looked. And never the financial part was never the reason why I went to this course or that course. My first course was simply a professor who was the most famous in our area, and then I literally was just going on and on and on, and I was just looking, and I never looked financially really, but that's why probably I struggled financially. So I think you are right there. You have to kind of um look on the financial part, obviously. You know, you can't just keep paying and not thinking what you will gain back.

Dr Ruth Baidoo 8:06

Now, Martin's response to this really hit home. He refrained clinical education. It shouldn't be a surprise expense. It's actually a calculated business investment that needs a clear return.

Martin Febery 8:16

It was actually really good that Anta was really open about her journey and how she hasn't fully planned for CPD and equipment. But here's something you see a lot. Probably most people don't like really to admit it. Early in your career, it's easy to treat CPD and equipment as occasional expenses and things that just pop up rather than an ongoing investment, a commitment. So you tend to focus on what you really need right now rather than stepping back, as we've said already, and looking at a bigger picture and planning forward. So CPD and equipment, just for examples, they're the constant features of career development. They need to be planned in properly, a clear annual budget, which would scare the life out of some dentists, I'm sure, and an understanding of how they could be funded. Remember, tax efficiently, because it's through a business. So it's it just all needs to be taken into account and it will stop feeling like unpleasant surprises.

Dr Ruth Baidoo 9:10

It's a powerful reminder that clinical growth is a financial decision as much as a professional one. You can find Anta's story on the Just 4Dentists feed.

Dr Satinder Kelley

Dr Ruth Baidoo 9:19

Then later on in the series, we shifted gears and heard from Dr. Satinder Kelly. Satinder is a serial entrepreneur with a massive property portfolio. His golden rule for property, never sell.

Dr Satinder Kelley 9:30

I think if you do go into something that's outside of your comfort zone, massively outside of your comfort zone, make sure you do your due diligence first. So as dentists, again, we earn well, thankfully. We have a lot of pressure, we work hard, but we we earn well. Your income's not a bottomless pit. So I've learned over the last five or six years that when you get into financial trouble, just working harder doesn't make it any easier. You've got to be smarter at that. For a young person, I'd say definitely, definitely, definitely let your money compound in a pension. And then passive income, buy to left mortgages, buy to their properties and never sell them. Hang on to never sell them.

Dr Ruth Baidoo 10:14

He did, however, have his own regrets of letting go of some of his properties.

Andrew Brown 10:18

Me and Satinder have got very, very similar backgrounds to property investment. I'm originally from Grimsby and I bought my first flat in Grimsby. I then have bought biotype properties in Hull, in Manchester, in Wales, in various places around the country in a very similar fashion to Satinder. And some of them have done well on rental yields, some have done well on capital appreciation. I've probably never hit both really well. I think it's still a challenge for me hitting both a yield and capital appreciation. But it's interesting because we both had similar lessons learned. And I've actually sold all of mine, all of them, because I live in London and there were his flat that he regretted selling. I live on the Isle of Dogs in East London. And I felt that it became a stress. When I'm 45 now, very busy job, and then I'm trying to be the best dad I can be, the best husband I can be, and then try and add on the mix loads of buy-to-let properties with things going wrong that are miles away from your house. I really struggled. And so a big lesson learned for me was to not do that. And I actually have now got a smaller number of properties all very, very close to me. So I've got a couple of regrets. I'm looking out my window now of my house. And there's two doors down about 10 years ago, I could have bought a house. I even have my offer accepted. I got the mortgage in principle. Um, but I was really stretching myself at the time to do it. And I pulled out, and it's been pretty hard to take that it's doubled in value. Why did I not like why did I not do it? So yeah, I did ultimately I was too risk-averse at that time. I was a bit scared. So it's quite multifaceted this stuff. There's so many things that kind of factor into making a decision that it is very personal and very bespoke, and each individual has to kind of talk to their family and work out what's right for us.

Dr Ruth Baidoo 12:13

Satinder proved that your dental degree can be the engine for a much larger investment life. Listen back to the full conversation with Satinder on the Just4Dentists feed.

Dr Celia Burns

Dr Ruth Baidoo 12:24

We also explored a very different model with Dr. Celia Burns, founder of Nothing But the Tooth in Sutton Coldfield . Celia's practice supports nervous and anxious patients, and she admits that her investment in people is high, involving three hour-long chats with a patient care coordinator before a patient even sits in the chair.

Dr Celia Burns 12:42

So the first point of contact is reception, but we take the new patient calls off the reception desk. So I have a patient care coordinator. Most people call them TCOs or treatment coordinators. And I've got a thing about that term because they're not coordinating treatment. They're coordinating the care that the patients need. So they're a patient care coordinator. And that patient then has a link with that PCC, that patient care coordinator, and they're the person they can link with and ask questions to, and so on. Because the PCC is on the payroll, the PCC can spend as long as we like with them on the phone, on Zoom. They can come in for an appointment, they can have a cup of coffee with her. We have people who've come in four or five times for free half-hour, hour-long chats with the PCC. Once they are then comfortable that they trust us enough and they like what they see enough, they can then come in and see the dentist. Some patients aren't like that. Some people say, No, I'm ready to see the dentist straight away. But when they do come in to see the dentist, the key thing there is building trust.

Dr Ruth Baidoo 13:53

So Martin pointed out that while the cost per acquisition is high, the payoff is extreme loyalty. These patients become fans for life.

Martin Febery 14:00

Key is to stop thinking about those early conversations with the PCC as sunk time. They are relationship-building investments. And you see this kind of stuff in a lot of different types of business. It's not so common in dentistry, but it's actually great. So the upfront cost of acquiring a nervous patient is higher. There's more admin and more staff time and longer appointments. But if that patient stays with a practice for 10 or 15 or 20 years, as she said, the lifetime value it far outweighs the early spend. So you would start to measure return on investment by tracking things like retention and treatment acceptance rates and even word of mouth referrals from that cohort. If your patient joins on a chat-first basis and goes on a complete course of treatment, joins a plan or brings their family in, that's an excellent return. So I think it's a really good investment and it's treating a dentistry like a proper business.

Dr Ruth Baidoo 14:52

Celia's story proves that purpose and profitability can coexist if you value your time correctly. Her full episode is on the feed to listen back to.

Key Learnings

Dr Ruth Baidoo 15:01

Now, as I do at the end of every episode, I recap some of the top learnings and episodes. This is no different. Rather than my top three learnings, as I would usually do, here's a few more to add to the mix. Alright, so number one, clinical versus business. So being a great clinician doesn't make you a great business owner. You need to be able to build a team to handle the business so you can focus on the clinical aspects of things. Number two, value your time correctly. If you move to low volume or a slower pace of dentistry, you must have the confidence to adjust your fees to stay viable. Number three, treat CPD as strategy. So treat your education as a planned investment with a specific return on investment, not just something that's nice to have on your CV. Number four, harness your portfolio power. Specialising could be beneficial to your income, but it could also require other commitments such as traveling. So you need to have a clear mindset and financial boundaries if you are considering this. Number five, acknowledge the personal costs. Growth has a price. Make sure your financial and professional goals are always in sync with your life and with your family's life as well. Number six, consider the never sell rule. For long-term wealth, you may want to hold onto your property assets and use remortgaging to release equity rather than losing your gains to tax by selling. Number seven, intentionality beats income. It doesn't matter how much you earn, surplus income will disappear without a trace into lifestyle creep unless you are deliberate with your savings and other investments. Number eight, recreate your structure. When moving from a salaried position to a self-employment position, you need to deliberately build up your own financial safety net. A huge thank you to all the guests I've spoken to so far in this series, and also a massive thanks to my financial experts, Martin Febery, Principal Advisor at Money4Dentists, and Andrew Brown, Director and Mortgage Broker at Mortgages for Dentists. This series has been an incredible journey because it's shown that while dentistry is our craft, our financial security is what gives us the freedom to practice it on our own terms. Now, if you're ready to take your own micro step towards a more secure future, please reach out to our Just 4 Dentists experts at info at j4d.co.uk. You can also join us in the Just4Dentists Facebook community group to stay connected. And if that wasn't enough, drop me a line at ruth at j4d.co.uk to suggest future topics or even suggest yourself as a potential guest if you have an interesting story that you want to share with others. I'm Dr. Ruth Baidoo and thank you so much for listening. See you all soon. Bye.

Ending

Dr Ruth Baidoo 17:33

You've been listening to Just4 Dentists, presented by me, Dr. Ruth Baidoo. Just 4Dentists is brought to you by the Just4 Dentists team, experts who are proud to provide dental professionals with the right insights to navigate the financial and business decisions dental school didn't teach us. For more resources, insights, and tools to help you get the most out of your career, head over to www.j4d.co.uk.