Dental Practice Purchase: 2 Key Tips
Dental Practice Purchase
Dental Practice Purchase | Purchasing an existing dental practice is both exciting and overwhelming. Once the legal work is complete, how do you properly transition? And before that, how do you find a successful practice? Great questions. Many dental professionals struggle with this part of the transaction. Therefore, we simplified the process. Learn more below and contact us today.
As you already know, purchasing an existing dental office is a huge investment. Make the right choice! But, how? It’s actually quite simple. We recommend identifying what you envision your ideal practice to be. Is it sophisticated and conservative? Or, is it more casual and family-oriented? Everyone has a different preference. Therefore, choose what works for you and not what you think others would choose. In the end, you will be representing the office and your personality should reflect the atmosphere.
Once you’ve identified your preference, look for similar practices. And now that you’ve narrowed your search, research their employees, success rate, and community. Can you overcome the office’s challenges such as competitors and patient turn-over? How so? This is when you should consult with a dental CPA as they understand the market and current trends of the industry. They will assure you if your selection is ideal and recommend further steps to make it successful.
Before signing on the dotted line, request a meeting with the current owner and staff to learn of their service procedures. What are their follow-up routines for before and after an appointment? When a patient walks in, how are they greeted? What are common complaints or existing challenges? Once you know of the office’s strengths and weaknesses, think of how you can take it to the next level. In other words, how can you improve the patient’s experience and the office’s success rate?
After the purchase is complete, acquaint yourself with the patients and community. Be transparent and introduce yourself. Patients are quick to compare service so be sure to offer a better one with the knowledge you gained from your meeting. Also, acknowledge patient feedback. You may stumble upon an opportunity to further enhance your new practice.
Every dental practice purchase and transition is unique and requires a personalized plan for success. Learn more by scheduling a complimentary consultation today. Our office has over 20 years of experience guiding practices of all sizes and structures. Call (508) 433-0029 or booking an appointment online. Additionally, our office is located at 945 Concord Street #100A Framingham, MA 01701.