It is probably one of the biggest decisions a dentist has to
make while purchasing a dental practice and there are some steps you should
climb carefully to make the right decision which would satisfy all your need.
The number of years of experience that you have in the field of dentistry does
not matter when it comes to practice management. As Robbie Rothenberg suggests here, you have to
be diligent and rely heavily on others and also review all the key information
so that you are sure that finally, you are going to make the right choice for
the stability of your professional future as well as your financial health.
There are some demographic considerations to be made before
the buying of the dental practice. After you have identified one or more than
one such practices that you may be interested in buying, you have to assess a
list of data and analyze them as well. All these data include both financial
and the demographic aspect of the property which must be wisely calculated. To
start with, you must see and consider the size of the property as it is obvious
that a practice that can house two thousand patients has more potential than
one that can hold only two hundred of them.
Delving deeper into such data, you must analyze the zip code
of the property so that you can predict, roughly if not accurately, the number
of your patients that would leave you during the transition in the ownership of
the property. This is applicable even more to the patients who would want to
stay close to their family and home during treatment. Next thing to analyze is
the age of the patients along with the type of treatment undergone. The last
demographic information that needs careful review is the number of new patients
that your practice is providing to you to understand the growth of your
business.
When you move forward after taking the ownership of the new
property being satisfied with the negotiations and the price of it with the
present owner you have to consider some steps to ease the process of transfer
and ensure a smooth handover. Get a knowledgeable attorney to review all the
agreements and also to decide how the account would be handled during the money
transfer. The payment of the vendor bills, dealing with the unpaid vacation
time of the staff, accessibility of the seller to the office and its
limitations and much more must also be considered carefully.
You must also decide about the time when you should inform
the patients about the transfer. All these transitional processes would make it
easier for you to plan ahead for a developmental strategy for your business in
a new place. The arrangement of all
documents like payroll services and HR policies, patient management software
and bookkeeping all should be in place and order from the day one. Therefore,
get hold of a good realtor which you can only do if you conduct some research
regarding reliability, credibility, knowledge, and skill in dealing with real
estate.
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