43. 1993 Jan-Feb;58(4):11-2. 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). All rights reserved. Dentists who want to sell or buy a practice frequently share one primary concern with their lawyers and business advisers-whether the buyer will be able to retain the seller`s patient base. 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. [Why winning over your new staff is the key to winning over your new patients.] Some intraoral cameras cost $50, and others cost $5,000. Would you like email updates of new search results? In some cases, I have treated three generations of your family. Remember that patients don’t really care who “owns” a dental practice. DENTAL PRACTICE TRANSITIONS LETTERS: The General Dental Practice we had listed in Laurel, MD closed last week. If the patient base is not adequately retained, the seller risks losing any remaining portion of the purchase price that is financed. And yet, despite how hard you work to do just that, many patients simply fade away over … Ensure you keep all receipts. In the past, one could build a practice from scratch and have a booked schedule of patients before opening for business. Are you constantly trying to get away from your dental sales rep? In these cases, the seller assumes the role of an associate in the practice and should be compensated at a rate of 30-35 percent of the collections. For full conference information, registration, and early-bird pricing, visit principlesofpracticemgmt.com today! We will not let Wall Street and Big Money take over our profession! Meeting the buyer in person before the closing to explain the impact of the sale on each staff member is critical. Clipboard, Search History, and several other advanced features are temporarily unavailable. It’s smart to avoid the deadly mistakes I shared. This checklist and related resources can be used as a starting point to address many of the issues dentists encounter when opening new practices. Then, we jump to an interview about a real time scheduling service that can schedule patients directly into your practice management software. As an added measure for a more effective transition, the seller might be available for limited office hours for a period of time, not to exceed one month. During this time, the seller might personally introduce patients to the buyer and be available for advice and counsel on operating the dental practice. Over time, these differences allow them to build superior practices that are well run. 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. Such a letter should not only inform the patients of the dentist`s pending retirement, but favorably introduce the buyer as well. 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. This is rarely the case today. U--taking over a dental practice (1)]. You quickly find the answers to your questions and keep up to date with all your family and friends. Moreover, they are not surprised by seeing a new dentist in the office once the buyer takes over. Dentists can take a lesson from their peers in ophthalmology and optometry, who were told their way of life was disappearing. He is a graduate of Holy Cross College and received his law degree from Cornell University. Starting a dental practice: Marketing your business. 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. If you are entitled to free NHS dental care, you should be able to claim back the cost of any treatment.  |  It is difficult to do the business side of the practice, but also do all the dental … So, when planning a transition, the most important element is the manner in which the patients (or the referral sources) will be transitioned over to the new owner. Moreover, this step is so critical that it should be described in the purchase and sales agreement. Navigating all the details takes a close eye to detail – and an attorney who can help make sure you don’t overlook anything critical. Almost always, there is a period of time between when you’ve negotiated the letter of intent and when you walk through the front doors of your new practice, keys in hand, as the brand new owner. Besides these helpful steps, there are other preliminary measures that sellers should undertake in advance of any sale to maximize the profitability of the new dental practice. Those not keeping up run the risk of becoming irrelevant. Attracting new patients, and retaining existing ones is vital to the long-term health and profitability of any dental practice. Stop struggling silently and join the community that will change your business, your practice and your life forever. The cost of the announcement can be shared equally between the seller and the buyer. This question has profound and obvious implications for both parties. I know you will be pleased with Dr. Jones and will extend to her the same courtesy and loyalty that you have afforded me over these many years.  |  Thirdly, some dentists in-volved with the sale of a practice host a reception or social hour, to which all patients are invited. By sending the letter prior to the closing, the patients are informed and prepared for the transition. It certainly is appropriate and advantageous for the buyer to involve the staff in the transition. The seller generally is not compensated for transition activities, which includes business consultations after the closing. Here are the first three episodes of the show: How To Create A Path Towards Clinical Freedom with Jayme Amos Until recently, not much. Dentists who have hosted such cordial receptions have reported that 20-25 percent of their patients visited their offices during these events. The Dental Practice was large enough that the new owner will be able to retain one of the sellers of the dental practice as a full time associate while the other seller will retire. Posing for a photo at the office at 224 N. Wayne St. are, from left, Kari Holder, Troy Holder, Brad Igney and Sandy Igney. In particular, the seller should exercise due diligence to assure that any potential buyer is both professionally and financially suitable to take over the practice. The system maximizes value while minimizing waste. Jordon Comstock says a dental membership program can be one of the smartest business strategies you implement in your practice in 2020. In enhancing the practice’s goodwill, a notification letter to patients about the dental practice sale is a must. Most people dislike change. Dental school will spend about 1/50 of your time in dental school talking about practice management. In German ] Pietrek J ( 1 ) ] join the community that will guide your practice in.... 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