In the meantime, the seller also should formally introduce the staff to the buyer. However, the transition of ownership can be an arduous process that takes time, effort and patience … not to mention help. The letter should include, whenever possible, a brief biography of the buyer, the individual`s educational credentials and areas of specialization, as well as a description of the spouse and family. For full conference information, registration, and early-bird pricing, visit principlesofpracticemgmt.com today! Legal issues Two legal issues that are often overlooked are the federal Truth in Lending Act (TLA) and the federal Fair Debt Collection Practice Act (Fair Debt Act). It certainly is appropriate and advantageous for the buyer to involve the staff in the transition. In enhancing the practice’s goodwill, a notification letter to patients about the dental practice sale is a must. Be a good dentist first, but a solid marketer second, Tau says. Dental buying groups explained: How strength in numbers helps independent practices, How 3 dentists added revenue despite a turbulent economy, Managerial vs. financial accounting: Why it matters for dental practice owners, Generate recurring revenue to increase your practice’s valuation, Take the plunge into digital transformation and boost your bottom line. Is more expensive always better? Troy Holder is taking over the dental practice of Dr. Brad Igney on Nov. 19. Are you constantly trying to get away from your dental sales rep? Blue Chip Dental is putting the Power back into Private Practice. The concept of “lean business” came from a Toyota manufacturing production system popularized in 1990. While the trends in dental practice values are going up, without question buyers should continue to look at purchasing a practice as a solid career strategy. Sixth, in those states where it is permissible, the seller may permit the buyer to use his or her name on outdoor signs, in the telephone directory or on stationery, for a limited period of time (i.e., 12 months), after the closing. Recent Dental Practice Management articles have identified a significant number of potential problems that dental private practice appears to have with the apparent takeover by DSOs. She served a one-year residency in General Dentistry at Worcester City Hospital. When buying a dental practice, how do you know what to do after the letter of intent? Throughout this delicate process, it is important to remember one undeniable fact of life. Would you like email updates of new search results? Practice goodwill is the most important asset of any dental office. Dr. Jones and I have worked closely together to ensure a smooth transition in response to your specific needs. Starting a dental practice: Marketing your business. Here is a sample letter: After practicing dentistry for 35 years, I have decided to announce my retirement. Get the latest public health information from CDC: https://www.coronavirus.gov, Get the latest research information from NIH: https://www.nih.gov/coronavirus, Find NCBI SARS-CoV-2 literature, sequence, and clinical content: https://www.ncbi.nlm.nih.gov/sars-cov-2/, NLM The staff can be particularly helpful with the transition. USA.gov. When does it make sense for new dentists to buy a practice? Others are very informal, verging on non-professional. These events, which generally are scheduled on a Sunday, provide patients with an opportunity to wish the seller well and to meet the buyer and his or her family. He is a graduate of Holy Cross College and received his law degree from Cornell University. The value of your practice is more than just financial. Although goodwill is an intangible asset, it carries the most weight when buying a practice. Jordon Comstock says a dental membership program can be one of the smartest business strategies you implement in your practice in 2020. Finally, your many kindnesses have always been appreciated; I will miss you. Practice transition consultant or broker — Dental practices can be sold directly by the owner or through a business broker, who may have multiple buyers waiting for the right practice to come along. Dental Consultants recommend a letter that introduces a new dentist (due to retirement or new associate) to the practice should reflect the personality of the practice. J Phila Cty Dent Soc. These suggestions underscore the need to involve patients and staff in the transition, so that all become more comfortable with the impending changes. Dental Practice Phone Abuse Is it Taking Over? Remember that patients don’t really care who “owns” a dental practice. (The photograph can be a portrait of just the dentist or the dentist with the family.) They are better funded, organized, and staffed, while wielding buying power that we could never imagine in a solo practice. In fact, practice ownership rarely crosses their minds. And yet, despite how hard you work to do just that, many patients simply fade away over … Here are some tips to help you set up a program in your practice. DENTAL PRACTICE TRANSITIONS LETTERS: The General Dental Practice we had listed in Laurel, MD closed last week.  |  Each of you has become a valued friend. It is difficult to do the business side of the practice, but also do all the dental … Your phone is attached at the hip. In this instance, the buyer and seller have to sign appropriate transfer forms with the telephone company. Sign up for Dental Economics eNewsletters. This article will address the legal and practical issues of the billing and collection practices in your dental practice. Not only is technology more accessible than ever, it shapes patient perceptions. Having sold two of my own general dental practices and hundreds of practices for my clients over the past 18 years, I am always impressed with how well patients of a general practice transfer to the new buying dentist. All it takes is a little re-imagining and some innovative thinking. Dentists who have hosted such cordial receptions have reported that 20-25 percent of their patients visited their offices during these events. There are a number of strategies to boost practice revenues, while trying to survive in a PPO environment. You won’t really get anything out of this and it is essentially up to you to figure it out once you’re on your own. By taking strategies from other more business-oriented industries, dental practices can maximize their effectiveness, build their customer bases and be prepared for industry-wide changes. When taking over a dental practice with an established client base, ideal location and new equipment can be a great way to streamline your career. Horfield Dental Practice - Gloucester Road (Image: Phillip Chan). Dental practice phone abuse is more common than you think, but it doesn’t have to happen to you. It is important to ensure that you find a dental practice that has all the required documentations as this will prove ownership and authenticity. The seller also should determine whether the potential buyer is insurable for life and disability insurance. You can have the best dental skills in the world, but if no one knows that you’re open for business, you won’t ever get the chance to show your skills—and you might not have success when it comes to opening a dental practice. When a buyer chooses the right dental practice for their future, they consider income and expenses, cash flow, practice statistics, location, office space and size, lease, equipment, patient demographics, and the availability of quality practices on the market. Over the next 10 years there is an estimated 49,421 dentists that plan to sell their dental practice and retire. This question has profound and obvious implications for both parties. Dental school will spend about 1/50 of your time in dental school talking about practice management. This is particularly beneficial for those patients whose initial appointments are for recall visits and may not be seeing the purchasing dentist. Unquestionably, the most important step that can be undertaken is to prepare a straightforward letter of introduction from the seller to each patient. Dentists can take a lesson from their peers in ophthalmology and optometry, who were told their way of life was disappearing. Corporate Dentistry vs Private Practice are two dental practice models in a battle for prominence. Moreover, this step is so critical that it should be described in the purchase and sales agreement. Here are the first three episodes of the show: How To Create A Path Towards Clinical Freedom with Jayme Amos May 08, 2017. As with all powerful tools, however, the transition letter can be misused and serve to confuse or worry patients. Many want a better return for all of their schooling and efforts. Ensure you keep all receipts. What most don’t know is the truth that may shock you. Please enable it to take advantage of the complete set of features! It has been my singular honor to be your dentist. Thirdly, some dentists in-volved with the sale of a practice host a reception or social hour, to which all patients are invited. How to Run A Dental Office: Taking Control of Spending It costs quite a bit to keep a dental office running, and those operating expenses come out of practice revenues before you see any income. Matthew Newman shares a handful of ways that your sales rep can be making a huge difference in your bottom line. 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