During the process of purchasing a practice you will need to have a complete analysis of the current debt service and profitability. This is how you can find lost income which will allow you to stabilize your cash flow in the first months of ownership.
Historically when you purchase a practice you should expect some reduction in production in the beginning which can be offset by adding services that the past doctor was not providing. These include things such as lost income from a lack of x-rays , a lack of periodontal procedures, inefficient coding , referring out implants, a lack of fee balancing and many other various items of mismanagement.
Transitioning from being an associate to owning a practice will save you a lot on taxes, therefore putting more money into your own pocket. We will go over the tax advantages of being a practice owner.
Attracting the target market is of utmost importance. One must be using social media, optimization and an up to date website in order to compete in today’s dental world.
There are many things that you didn’t learn in dental school that we can teach you so that you can focus on what you were trained to do. Let us show you how to be a practice owner and what the advantages will be.
The current market value of a dental practice is solely based on a percentage of your average collections….THAT’S IT !!! If you have declining revenues it can make it difficult for a buyer to get a loan. We see many doctors who have “slowed down” before they retire and when they try to sell their practice, it is a big disappointment when they find out what their practice is actually worth. You must start researching about selling your practice at least THREE YEARS BEFORE YOU ACTUALLY WANT TO SELL.
- Our goals are the following:
- Find a good match for your patients
- Retain all present employees and their current salaries
- Find a buyer with a similar philosophy
- Maintain or extend current lease
- Negotiate the sale of your building