Whatever answer you get to this question, it tells you less about what patients actually say than about what the selling dentist thinks patients say. If you are thinking about buying a dental practice, you will naturally have several smart questions. When you acquire a dental practice, you inevitably have to make certain changes to set the business up for success. Welcome new team members? By knowing what you want and need, you can more easily sift through your options. It's also smart to apply the same approach when considering the purchase of a dental practice. The doctors feel secure in the knowledge that they have a partner on their side. The Types of Dental Practice Sales Have Changed Over Time. Go into a possible purchase with this attitude and there will be way more friction in your future than you want. Specifically, pay attention to the following elements of a practice when you make an in-person visit: Before you finalize a purchase, make sure you analyze the breakdown of services currently offered. It is important to consider the number hours necessary to operate the clinic, as well as whether that schedule suits your lifestyle, especially if you have younger children.
We will work with the CPA you choose to form a team of advisors who will all help you navigate through the dental practice purchase process. But what about some of the less obvious things that can make or break a situation? What are the details of the lease? The more information you have before buying a practice, the better off you will be and the more likely your new practice will be all you expect it to be. Before you sign any contract, ask the seller if they will introduce you to existing patience so that you can get to know them and assure them that their quality of care will not change. And Philip M. Bogart, Esq. Contact us online and have a Henry Schein Professional Practice Transitions expert help take the stress and confusion out of dental practice transitions.
As part of the interview/evaluation process, ask to see the current schedule. Look at how much time is allotted for different procedures and see where you might add value. There must be some things that impressed you. They seek the help […]. As you begin the process of buying or selling a dental practice, you will naturally have many smart questions. Location – Is the practice's physical location in an area that will support how you visualize your practice?
The seller may own the building and not want to include that in the deal. Growth potential — Assume you analyzed several years of a potential practice's production reports and saw that the majority of perio and endo services have been referred out. If so, you may want to ask how much input they had and is the entire layout of the dentist's design. Too often, this issue is not addressed at the right time. It is not enough to review a summary of a valuation report or rely upon the broker's opinion. First, consider where you want to live. This one is more targeted, less open-ended. You should also be looking at the practice's gross revenues for areas of growth and decline, Stalcup said, as well as a practice's net income to see how profitable it is. Are they fixed or floating, and what is the fee structure? Some buyers have said this meeting can seem somewhat like a first date. In addition, does the practice own or lease the equipment?
There are a lot of banks and financing options out there. You're operating on the same principle here. Location, location, location doesn't just apply to real estate. Having the right representative on your side frees you up to focus on the clinical aspects of the transition (what you know best) while knowing your representative is focusing on the business and transition plan. Before you even start shopping around, it's key to think through what you'll need and expect.
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