Re-releasing a DAT listener favorite!

Morgan Hamon, president of HDA Accounting Group, is on the pod! HDA is a dental-specific accounting group, and knows dentistry inside and out. Kiera and Morgan discuss profit margins, benchmarks, and AR aging, plus why having good financials will help you make smarter decisions.

A profitable practice is more helpful for patients, more secure for team members, and less stressed out in times of uncertainty. Don't run your practice blind; get a good CPA.

About Morgan:

Morgan is a graduate of the University of Arizona school of business. Following graduation, he was commissioned as an officer in the United States Navy and served for over ten years as a Naval Aviator flying carrier-based F/A-18 Hornets. During that time, he deployed to Persian Gulf and flew combat missions over Iraq in support of Operation Southern Watch. He also served as a flight instructor and landing signal officer for newly winged Naval Aviators transitioning to the Hornet, training pilots in air-to-air combat and landing on aircraft carriers.

After leaving the Navy, Morgan obtained a master's degree in accounting with a concentration in taxation from Metropolitan State University of Denver. He is a Certified Public Accountant (CPA) and is the co-founder and President of HDA Accounting Group leading a large staff of professional accountants delivering a variety of financial accounting and tax services. Morgan regularly conducts practice profitability advising for over 500 dentists nationally, helping them analyze their financial data and identifying strategies for profit improvement.

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Transcript:

Kiera Dent (00:00)

Hello, Dental A Team listeners. This is Kiera. And today we are bringing you something so special. I am so excited because this is one of our most popular episodes from the archives. Whether you're hearing this for the first time or catching it again, I am so excited because it's jam packed with a ton of takeaways that you can start using right now in your practice. We have released thousands, literally thousands of episodes. And I wanted to start bringing a few of these amazing episodes back for you. So I hope you enjoy. And as always, thanks for listening and I'll catch you next time.

on the Dental A Team podcast.

speaker-0 (00:33)

Dental A Team listeners. This is Kiera and you guys, I am so excited. It's always fun when I'm getting ready to start a podcast and the person on the other side of it is somebody that I have just idolized. I refer to their company all the time and then I'm like, oh my gosh, it's you. And that was what just happened with this guest. Today I'm bringing you guys Morgan Hamon He is the president of the HDA accounting group. So you guys know we have a lot of accounting groups that we work with at the Dental A Team. I'm really pro vetting them.

and finding out one of things I love about HDA is they literally have incredible forms for profitability of a practice. Also, watching all your different overhead and you guys know we're super, super pro. But something really fun about Morgan before we bring him on is that he is a graduate of the University of Arizona School of Business. So after that, he actually was commissioned as an officer in the United States Navy and served for over 10 years as a naval aviator flying carrier-based F-18 Hornets. So I'm dying to find out about that.

because he was deployed to the Persian Gulf and flew combat mission over Iraq in support of Operation Southern Watch. Insanely cool stuff. So not only are you a CPA and sometimes CPAs can be boring people. So the fact that you did this and I say that with love to all my CPAs, I was almost fired from a CPA firm once upon a time because I talk too much. So I'm super jazzed. So Morgan, welcome to the show today. How are you?

speaker-1 (01:51)

Thanks, I'm doing well. Appreciate being here.

speaker-0 (01:53)

ha, awesome, okay, so I brought you in. You are with HDA CPA, which is amazing. We have a client in Hawaii right now looking to work with you guys. Several of our clients work with you. you guys, I, Bailey, those are my top two CPAs, Profi, top three that I usually refer. So I'm super jazzed to have you on the podcast. But before we dive into like CPA stuff, which I'm always excited about because I feel as a business owner, that was where I was the most weak. And so I'm excited for you to share some tips and ideas. But tell us about flying.

being, you know, flying hornets, like just kind of give us a quick like one or two stories because I'm dying to hear about that.

speaker-1 (02:30)

Sure. Yeah. So I like my family is all CPAs. My dad's a CPA brother, cousins. And I, that wasn't what I wanted to do growing up. You know, I wanted to be a fighter pilot. So I went off to college, Navy paid for it, which is a super deal. And then I, then I owed them some time after that, of course. off the flight school, um, did an operational tour.

and F-18s as a West Coast guy. And that's where we went over to Persian Gulf, over Iraq and all that. And ⁓ after that, I was an instructor pilot on the F-18. So that was definitely my favorite part of my service was teaching the young pilots how to actually use the F-18 as a weapon system and landed on the carrier, which was ⁓ probably obviously my favorite part of naval aviation.

pretty exhilarating. Could be incredibly stressful too, especially at nighttime. And I think there's definitely a few stories where I was just absolutely terrified because the weather was terrible. ⁓ There's nowhere else to land. The ship's rocking around and you literally have to figure it out or you're not gonna see the next day. And it's all gonna be happening in seven minutes. It's very...

So it really, grows you up really fast. And I think, you know, after close to 11 years, my wife and I were ready for, you know, a little more normalcy in our life. moved off to private industry. My wife's ⁓ a nurse. She's been in healthcare for 25 years. ⁓ But in terms like the, like what the Navy did for me and how I apply that to business is you,

learn to assimilate a lot of data, complex data, and hash out what you really need to know so you can execute in a very timely manner. there's a lot of noise. You learn how to disregard that and boil it down to some key action items that'll get you through the mission. And that's how I approach business ownership myself.

And I am definitely not the typical CPA. My value is not that I can no account, like I'm the best accountant in the world, not far from it. But I do know how to run a business and systemize. being a business leader is a completely separate skillset from being a clinician. And I see that, I get it. And the reports...

that you mentioned is those full color dashboard style reports that practice profitability analysis. That is straight from my Navy background. It just serve up what you need to know. Here it is. Here's the checklist, so to speak, so that you can make it happen. that's ...